Harvey Norman HoldingsHNORF 79 Graham Number is $4.14 as of Dec. 2025, which is 393% above its 10-year median of 0.84. GuruFocus rates HNORF with a GF Score™ of 79/100 and a GF Value™ of $4.32. The stock has 5 warning signs investors should review. Among 754 Retail - Cyclical companies, Harvey Norman Holdings ranks better than 74.27% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Harvey Norman Holdings's Graham Number or its related term are showing as below:
HNORF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.53 Med: 0.84 Max: 1.13
Current: 0.76
During the past 13 years, the highest Price to Graham Number ratio of Harvey Norman Holdings was 1.13. The lowest was 0.53. And the median was 0.84.
HNORF's Price-to-Graham-Number is ranked better than 74.27% of 754
companies
in the Retail - Cyclical industry
Industry Median: 1.2
vs HNORF: 0.76
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Harvey Norman Holdings (OTCPK:HNORF) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Harvey Norman Holdings's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
3.72
/
4.14
=
0.90
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Harvey Norman Holdings Graham Number Related Terms
Harvey Norman Holdings Graham Number Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Specialty Retail subindustry, Harvey Norman Holdings's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Harvey Norman Holdings Price-to-Graham-Number vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Harvey Norman Holdings's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Harvey Norman Holdings's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Harvey Norman Holdings (HNORF) has a Graham Number of $4.14 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Harvey Norman Holdings and its competitors. This is 393% above median its historical median of 0.84. Over the past decade, Harvey Norman Holdings' Graham Number has ranged from 0.53 to 1.13. According to the industry distribution chart, Harvey Norman Holdings ranks #194 out of 754 companies in the Retail - Cyclical industry, placing it in the top 25.7%.
Is Harvey Norman Holdings' Graham Number too high?
Harvey Norman Holdings' current Graham Number of $4.14 is 393% above median its 10-year median of 0.84. Over the past 10 years, this metric has ranged from a low of 0.53 to a high of 1.13. The Retail - Cyclical industry median Graham Number is 1.20. Harvey Norman Holdings' value of $4.14 is 245% above this industry median. Based on the distribution chart, Harvey Norman Holdings ranks #194 out of 754 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Harvey Norman Holdings has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does Harvey Norman Holdings' Graham Number compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Harvey Norman Holdings ranks #194 out of 754 companies for Graham Number. This puts Harvey Norman Holdings in the upper half of its industry. The industry median Graham Number is 1.20. Harvey Norman Holdings' value of $4.14 is 245% above this benchmark. Historically, Harvey Norman Holdings' own Graham Number has ranged from 0.53 to 1.13 over the past decade. While the company's 10-year median is 0.84 vs. the industry median of 1.20, Harvey Norman Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Retail - Cyclical company?
The median Graham Number among Retail - Cyclical companies is 1.20, based on 754 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Harvey Norman Holdings's current Graham Number of $4.14 is 245% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Harvey Norman Holdings and its competitors. For the Retail - Cyclical industry, the median Graham Number is 1.20 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Harvey Norman Holdings's current Graham Number is $4.14, which is 393% above median its own 10-year median of 0.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Harvey Norman Holdings stock overvalued right now?
Harvey Norman Holdings (HNORF) has a current Graham Number of $4.14. The stock's GF Value™ is $4.32, compared to a current price of $3.72 — trading 13.9% below its estimated fair value. The current Graham Number is $4.14, which is 393% above median its 10-year median of 0.84 and 245% above the Retail - Cyclical industry median of 1.20. Harvey Norman Holdings' overall GF Score™ is 79/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Harvey Norman Holdings (HNORF), the current Graham Number is $4.14 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Harvey Norman Holdings (HNORF) Overvalued in 2026?
Based on GuruFocus' analysis, Harvey Norman Holdings stock appears to be undervalued.
The current stock price of $3.72 is trading 13.9% below its estimated GF Value™ of $4.32.
Key valuation signals for HNORF:
Graham Number: $4.14 (393% above median its 10-year median of 0.84)
GF Value™: $4.32 vs. price of $3.72 (13.9% below fair value)
Industry Position: 245% above the Retail - Cyclical median (#194 of 754)
No single metric tells the full story. See the HNORF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Harvey Norman Holdings Limited is the franchisor of Harvey Norman, a leading Australia-based retailer that sells goods from the electrical, computer, furniture, entertainment, and bedding sectors. The majority of earnings are generated in Australia, with the international divisions gradually growing in significance.
79GF Score
Get the complete analysis for HNORF
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