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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.
The historical rank and industry rank for PT Merdeka Battery Materials Tbk's Graham Number or its related term are showing as below:
ISX:MBMA'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 2.43 Med: 4.74 Max: 33.37
Current: 2.43
During the past 7 years, the highest Price to Graham Number ratio of PT Merdeka Battery Materials Tbk was 33.37. The lowest was 2.43. And the median was 4.74.
ISX:MBMA's Price-to-Graham-Number is ranked worse than 79.18% of 610
companies
in the Metals & Mining industry
Industry Median: 1.25
vs ISX:MBMA: 2.43
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
PT Merdeka Battery Materials Tbk (ISX:MBMA) 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.
PT Merdeka Battery Materials Tbk's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
505.00
/
207.45
=
2.43
* 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.
PT Merdeka Battery Materials Tbk Graham Number Related Terms
PT Merdeka Battery Materials Tbk 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.
PT Merdeka Battery Materials Tbk Graham Number Chart
For the Other Precious Metals & Mining subindustry, PT Merdeka Battery Materials Tbk'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.
PT Merdeka Battery Materials Tbk Price-to-Graham-Number vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, PT Merdeka Battery Materials Tbk's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where PT Merdeka Battery Materials Tbk'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.
PT Merdeka Battery Materials Tbk (ISX:MBMA) has a Graham Number of Rp207.45 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on PT Merdeka Battery Materials Tbk and its competitors. This is 4277% above median its historical median of 4.74. Over the past decade, PT Merdeka Battery Materials Tbk's Graham Number has ranged from 2.43 to 33.37. According to the industry distribution chart, PT Merdeka Battery Materials Tbk ranks #483 out of 610 companies in the Metals & Mining industry, placing it in the top 79.2%.
Is PT Merdeka Battery Materials Tbk's Graham Number too high?
PT Merdeka Battery Materials Tbk's current Graham Number of Rp207.45 is 4277% above median its 10-year median of 4.74. Over the past 10 years, this metric has ranged from a low of 2.43 to a high of 33.37. Based on the distribution chart, PT Merdeka Battery Materials Tbk ranks #483 out of 610 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, PT Merdeka Battery Materials Tbk has a GF Score™ of 49/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Merdeka Battery Materials Tbk's Graham Number compare to HL and SIND?
According to the Metals & Mining industry distribution chart, PT Merdeka Battery Materials Tbk ranks #483 out of 610 companies for Graham Number. This places PT Merdeka Battery Materials Tbk in the lower half of its industry. The industry median Graham Number is 1.25. Historically, PT Merdeka Battery Materials Tbk's own Graham Number has ranged from 2.43 to 33.37 over the past decade. 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 Metals & Mining company?
The median Graham Number among Metals & Mining companies is 1.25, based on 610 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. 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 PT Merdeka Battery Materials Tbk and its competitors. For the Metals & Mining industry, the median Graham Number is 1.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PT Merdeka Battery Materials Tbk's current Graham Number is Rp207.45, which is 4277% above median its own 10-year median of 4.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Merdeka Battery Materials Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Merdeka Battery Materials Tbk (ISX:MBMA) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp837.77, compared to a current price of Rp505.00 — trading 39.7% below its estimated fair value. The current Graham Number is Rp207.45, which is 4277% above median its 10-year median of 4.74. PT Merdeka Battery Materials Tbk's overall GF Score™ is 49/100 with 6 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 PT Merdeka Battery Materials Tbk (ISX:MBMA), the current Graham Number is Rp207.45 as of Mar. 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 PT Merdeka Battery Materials Tbk (ISX:MBMA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Merdeka Battery Materials Tbk stock appears to be undervalued.
The current stock price of Rp505.00 is trading 39.7% below its estimated GF Value™ of Rp837.77.
GuruFocus considers PT Merdeka Battery Materials Tbk to be Significantly Undervalued.
Key valuation signals for ISX:MBMA:
Graham Number: Rp207.45 (4277% above median its 10-year median of 4.74)
GF Value™: Rp837.77 vs. price of Rp505.00 (39.7% below fair value)
No single metric tells the full story. See the ISX:MBMA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Merdeka Battery Materials Tbk Business Description
PT Merdeka Battery Materials Tbk is an integrated battery materials and nickel processing company focused on the electric vehicle (EV) battery value chain in Indonesia. The company engages in nickel mining, smelting, and downstream battery material processing activities. Its business operations include the SCM Mine, RKEF smelters, Nickel Matte operations, AIM Project, IKIP industrial area development, and HPAL projects. The company operates through Mining, Manufacturing, and Other segments, with the majority of revenue generated from the Manufacturing segment.
49GF Score
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