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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.
As of today (2026-08-24), the stock price of Hawthorn Bancshares is $39.07. Hawthorn Bancshares's graham number for the quarter that ended in Jun. 2026 was $46.54. Therefore, Hawthorn Bancshares's Price to Graham Number ratio for today is 0.84.
The historical rank and industry rank for Hawthorn Bancshares's Graham Number or its related term are showing as below:
HWBK'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.55 Med: 0.79 Max: 1.49
Current: 0.84
During the past 13 years, the highest Price to Graham Number ratio of Hawthorn Bancshares was 1.49. The lowest was 0.55. And the median was 0.79.
HWBK's Price-to-Graham-Number is ranked worse than 54.41% of 1428
companies
in the Banks industry
Industry Median: 0.8
vs HWBK: 0.84
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Hawthorn Bancshares (NAS:HWBK) 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.
Hawthorn Bancshares's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
39.07
/
46.54
=
0.84
* 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.
Hawthorn Bancshares Graham Number Related Terms
Hawthorn Bancshares Graham Number Historical Data
* Premium members only.
The historical data trend for Hawthorn Bancshares's Graham Number can be seen below:
* 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.
HWBK vs ISBA, ATLO, FXNC: Graham Number Comparison
For the Banks - Regional subindustry, Hawthorn Bancshares'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.
Hawthorn Bancshares Price-to-Graham-Number vs Banks Industry
For the Banks industry and Financial Services sector, Hawthorn Bancshares's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Hawthorn Bancshares'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.
Hawthorn Bancshares (HWBK) has a Graham Number of $46.54 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Hawthorn Bancshares and its competitors. According to the industry distribution chart, Hawthorn Bancshares ranks #777 out of 1428 companies in the Banks industry, placing it in the top 54.4%.
Is Hawthorn Bancshares' Graham Number too high?
Hawthorn Bancshares' current Graham Number is $46.54. The Banks industry median Graham Number is 0.80. Hawthorn Bancshares' value of $46.54 is 5717.5% above this industry median. Based on the distribution chart, Hawthorn Bancshares ranks #777 out of 1428 companies in the Banks industry, which is below the industry midpoint. Overall, Hawthorn Bancshares has a GF Score™ of 63/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hawthorn Bancshares' Graham Number compare to ISBA and ATLO?
According to the Banks industry distribution chart, Hawthorn Bancshares ranks #777 out of 1428 companies for Graham Number. This places Hawthorn Bancshares in the lower half of its industry. The industry median Graham Number is 0.80. Hawthorn Bancshares' value of $46.54 is 5717.5% above this benchmark. 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 Banks company?
The median Graham Number among Banks companies is 0.80, based on 1,428 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. Hawthorn Bancshares's current Graham Number of $46.54 is 5717.5% 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 Hawthorn Bancshares and its competitors. For the Banks industry, the median Graham Number is 0.80 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hawthorn Bancshares's current Graham Number is $46.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hawthorn Bancshares stock overvalued right now?
Based on GuruFocus' analysis, Hawthorn Bancshares (HWBK) is currently considered Modestly Overvalued. The stock's GF Value™ is $34.74, compared to a current price of $39.07 — trading 12.5% above its estimated fair value. The current Graham Number is $46.54 and 5717.5% above the Banks industry median of 0.80. Hawthorn Bancshares' overall GF Score™ is 63/100 with 4 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 Hawthorn Bancshares (HWBK), the current Graham Number is $46.54 as of Jun. 2026. 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 Hawthorn Bancshares (HWBK) Overvalued in 2026?
Based on GuruFocus' analysis, Hawthorn Bancshares stock appears to be overvalued.
The current stock price of $39.07 is trading 12.5% above its estimated GF Value™ of $34.74.
GuruFocus considers Hawthorn Bancshares to be Modestly Overvalued.
Key valuation signals for HWBK:
Graham Number: $46.54
GF Value™: $34.74 vs. price of $39.07 (12.5% above fair value)
Industry Position: 5717.5% above the Banks median (#777 of 1428)
No single metric tells the full story. See the HWBK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hawthorn Bancshares Inc is a financial holding company that, along with its subsidiary bank, provides commercial banking for small and mid sized businesses, including equipment, operating, commercial real estate and SBA loans, and personal banking services such as real estate mortgage lending, installment and consumer loans, certificates of deposit, and checking, savings and money market accounts. It has two segments, banking and wealth management, with the banking segment earning the majority of its revenue and conducting general banking business, offering checking and savings accounts, internet banking, debit cards, certificates of deposit, brokerage services and others. Its primary source of revenue is net interest income derived from lending and deposit taking activities.
63GF Score
Get the complete analysis for HWBK
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