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Innovent BiologicsIVBXF 77 Graham Number is $1.42 as of Dec. 2025, which is 79% below its 10-year median of 6.70. GuruFocus rates IVBXF with a GF Score™ of 77/100 and a GF Value™ of $12.63 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 251 Biotechnology companies, Innovent Biologics ranks worse than 94.42% 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.
As of today (2026-08-04), the stock price of Innovent Biologics is $10.68. Innovent Biologics's graham number for the quarter that ended in Dec. 2025 was $1.42. Therefore, Innovent Biologics's Price to Graham Number ratio for today is 7.50.
The historical rank and industry rank for Innovent Biologics's Graham Number or its related term are showing as below:
IVBXF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 6.7 Med: 6.7 Max: 7.8
Current: 7.8
During the past 10 years, the highest Price to Graham Number ratio of Innovent Biologics was 7.80. The lowest was 6.70. And the median was 6.70.
IVBXF's Price-to-Graham-Number is ranked worse than 94.42% of 251
companies
in the Biotechnology industry
Industry Median: 1.75
vs IVBXF: 7.80
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Innovent Biologics (OTCPK:IVBXF) 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.
Innovent Biologics's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
10.68
/
1.42
=
7.50
* 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.
Innovent Biologics Graham Number Related Terms
Innovent Biologics Graham Number Historical Data
* Premium members only.
The historical data trend for Innovent Biologics'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.
IVBXF vs VRTX, REGN, RVMD: Graham Number Comparison
For the Biotechnology subindustry, Innovent Biologics'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.
Innovent Biologics Price-to-Graham-Number vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Innovent Biologics's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Innovent Biologics'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.
Innovent Biologics (IVBXF) has a Graham Number of $1.42 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Innovent Biologics and its competitors. This is 79% below median its historical median of 6.70. Over the past decade, Innovent Biologics' Graham Number has ranged from 6.70 to 7.80. According to the industry distribution chart, Innovent Biologics ranks #237 out of 251 companies in the Biotechnology industry, placing it in the top 94.4%.
Is Innovent Biologics' Graham Number too high?
Innovent Biologics' current Graham Number of $1.42 is 79% below median its 10-year median of 6.70. Over the past 10 years, this metric has ranged from a low of 6.70 to a high of 7.80. The Biotechnology industry median Graham Number is 1.75. Innovent Biologics' value of $1.42 is 18.9% below this industry median. Based on the distribution chart, Innovent Biologics ranks #237 out of 251 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Innovent Biologics has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Innovent Biologics' Graham Number compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Innovent Biologics ranks #237 out of 251 companies for Graham Number. This places Innovent Biologics in the lower half of its industry. The industry median Graham Number is 1.75. Innovent Biologics' value of $1.42 is 18.9% below this benchmark. Historically, Innovent Biologics' own Graham Number has ranged from 6.70 to 7.80 over the past decade. While the company's 10-year median is 6.70 vs. the industry median of 1.75, Innovent Biologics has consistently been below 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 Biotechnology company?
The median Graham Number among Biotechnology companies is 1.75, based on 251 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. Innovent Biologics's current Graham Number of $1.42 is 18.9% below 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 Innovent Biologics and its competitors. For the Biotechnology industry, the median Graham Number is 1.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Innovent Biologics's current Graham Number is $1.42, which is 79% below median its own 10-year median of 6.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Innovent Biologics stock overvalued right now?
Based on GuruFocus' analysis, Innovent Biologics (IVBXF) is currently considered Modestly Undervalued. The stock's GF Value™ is $12.63, compared to a current price of $10.68 — trading 15.4% below its estimated fair value. The current Graham Number is $1.42, which is 79% below median its 10-year median of 6.70 and 18.9% below the Biotechnology industry median of 1.75. Innovent Biologics' overall GF Score™ is 77/100 with 2 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 Innovent Biologics (IVBXF), the current Graham Number is $1.42 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 Innovent Biologics (IVBXF) Overvalued in 2026?
Based on GuruFocus' analysis, Innovent Biologics stock appears to be undervalued.
The current stock price of $10.68 is trading 15.4% below its estimated GF Value™ of $12.63.
GuruFocus considers Innovent Biologics to be Modestly Undervalued.
Key valuation signals for IVBXF:
Graham Number: $1.42 (79% below median its 10-year median of 6.70)
GF Value™: $12.63 vs. price of $10.68 (15.4% below fair value)
Industry Position: 18.9% below the Biotechnology median (#237 of 251)
No single metric tells the full story. See the IVBXF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Innovent Biologics is one of the leading biotechnology companies in China. Listed on the Hong Kong stock exchange in 2018, Innovent has 12 commercialized oncology products and four commercialized nononcology products as of January 2026, and 34 drugs in its research and development pipeline. Its core assets are Tyvyt, a PD-1 inhibitor included in the National Reimbursement Drug Lists (NRDL) for the first-line treatment of five major cancers, and mazdutide, a GLP-1/glucagon dual agonist drug for weight loss, fat breakdown, and Type 2 diabetes. Mazdutide is the first domestic GLP-1 drug produced and competes with Eli Lilly and Novo Nordisk in China. Tyvyt's main competition includes drugs from Junshi, Jiangsu Hengrui, BeOne, Merck, and Bristol Myers.
77GF Score
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