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Japan Airlines CoJAPSY -0.36%82 Graham Number is $13.71 as of Mar. 2026, which is 1728% above its 10-year median of 0.75. GuruFocus rates JAPSY with a GF Score™ of 82/100 and a GF Value™ of $9.97 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 743 Transportation companies, Japan Airlines Co ranks better than 71.74% 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 (2026-07-20), the stock price of Japan Airlines Co is $8.85. Japan Airlines Co's graham number for the quarter that ended in Mar. 2026 was $13.71. Therefore, Japan Airlines Co's Price to Graham Number ratio for today is 0.65.
The historical rank and industry rank for Japan Airlines Co's Graham Number or its related term are showing as below:
JAPSY'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.6 Med: 0.75 Max: 1.54
Current: 0.68
During the past 13 years, the highest Price to Graham Number ratio of Japan Airlines Co was 1.54. The lowest was 0.60. And the median was 0.75.
JAPSY's Price-to-Graham-Number is ranked better than 71.74% of 743
companies
in the Transportation industry
Industry Median: 1.02
vs JAPSY: 0.68
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Japan Airlines Co (OTCPK:JAPSY) 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.
Japan Airlines Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
8.85
/
13.71
=
0.65
* 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.
Japan Airlines Co Graham Number Related Terms
Japan Airlines Co Graham Number Historical Data
* Premium members only.
The historical data trend for Japan Airlines Co'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.
For the Airlines subindustry, Japan Airlines Co'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.
Japan Airlines Co Price-to-Graham-Number vs Transportation Industry
For the Transportation industry and Industrials sector, Japan Airlines Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Japan Airlines Co'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.
Japan Airlines Co (JAPSY) has a Graham Number of $13.71 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Japan Airlines Co and its competitors. This is 1728% above median its historical median of 0.75. Over the past decade, Japan Airlines Co's Graham Number has ranged from 0.60 to 1.54. According to the industry distribution chart, Japan Airlines Co ranks #210 out of 743 companies in the Transportation industry, placing it in the top 28.3%.
Is Japan Airlines Co's Graham Number too high?
Japan Airlines Co's current Graham Number of $13.71 is 1728% above median its 10-year median of 0.75. Over the past 10 years, this metric has ranged from a low of 0.60 to a high of 1.54. The Transportation industry median Graham Number is 1.02. Japan Airlines Co's value of $13.71 is 1244.1% above this industry median. Based on the distribution chart, Japan Airlines Co ranks #210 out of 743 companies in the Transportation industry, which is above the industry midpoint. Overall, Japan Airlines Co has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Japan Airlines Co's Graham Number compare to DAL and UAL?
According to the Transportation industry distribution chart, Japan Airlines Co ranks #210 out of 743 companies for Graham Number. This puts Japan Airlines Co in the upper half of its industry. The industry median Graham Number is 1.02. Japan Airlines Co's value of $13.71 is 1244.1% above this benchmark. Historically, Japan Airlines Co's own Graham Number has ranged from 0.60 to 1.54 over the past decade. While the company's 10-year median is 0.75 vs. the industry median of 1.02, Japan Airlines Co 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 Transportation company?
The median Graham Number among Transportation companies is 1.02, based on 743 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. Japan Airlines Co's current Graham Number of $13.71 is 1244.1% 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 Japan Airlines Co and its competitors. For the Transportation industry, the median Graham Number is 1.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Japan Airlines Co's current Graham Number is $13.71, which is 1728% above median its own 10-year median of 0.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Airlines Co stock overvalued right now?
Based on GuruFocus' analysis, Japan Airlines Co (JAPSY) is currently considered Modestly Undervalued. The stock's GF Value™ is $9.97, compared to a current price of $8.85 — trading 11.2% below its estimated fair value. The current Graham Number is $13.71, which is 1728% above median its 10-year median of 0.75 and 1244.1% above the Transportation industry median of 1.02. Japan Airlines Co's overall GF Score™ is 82/100 with 3 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 Japan Airlines Co (JAPSY), the current Graham Number is $13.71 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 Japan Airlines Co (JAPSY) Overvalued in 2026?
Based on GuruFocus' analysis, Japan Airlines Co stock appears to be undervalued.
The current stock price of $8.85 is trading 11.2% below its estimated GF Value™ of $9.97.
GuruFocus considers Japan Airlines Co to be Modestly Undervalued.
Key valuation signals for JAPSY:
Graham Number: $13.71 (1728% above median its 10-year median of 0.75)
GF Value™: $9.97 vs. price of $8.85 (11.2% below fair value)
Industry Position: 1244.1% above the Transportation median (#210 of 743)
No single metric tells the full story. See the JAPSY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Japan Airlines Co Ltd is an international air transport services company. It offers scheduled and non-scheduled air transport services and aerial work services. The company operates large aircraft, medium-sized aircraft, small aircraft, and regional jets. The company is also engaged in the travel planning and sales business, which covers travel planning and sales, baggage delivery, system development and operation, ticketing systems for the travel industry, and credit card services related to air travel.
82GF Score
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