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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.
Doric Nimrod Air Three (LSE:DNA3) 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.
Doric Nimrod Air Three's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Sep. 2025 )
=
0.64
/
1.83
=
0.35
* 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.
Doric Nimrod Air Three Graham Number Related Terms
Doric Nimrod Air Three 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.
LSE:DNA3 vs URI, FTAI, AER: Graham Number Comparison
For the Rental & Leasing Services subindustry, Doric Nimrod Air Three'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.
Doric Nimrod Air Three Price-to-Graham-Number vs Business Services Industry
For the Business Services industry and Industrials sector, Doric Nimrod Air Three's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Doric Nimrod Air Three'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.
Doric Nimrod Air Three (LSE:DNA3) has a Graham Number of £1.83 as of Sep. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Doric Nimrod Air Three and its competitors. This is 281% above median its historical median of 0.48. Over the past decade, Doric Nimrod Air Three's Graham Number has ranged from 0.35 to 3.43.
Is Doric Nimrod Air Three's Graham Number too high?
Doric Nimrod Air Three's current Graham Number of £1.83 is 281% above median its 10-year median of 0.48. Over the past 10 years, this metric has ranged from a low of 0.35 to a high of 3.43. Overall, Doric Nimrod Air Three has a GF Score™ of 24/100, reflecting its overall financial health beyond just this single metric.
How does Doric Nimrod Air Three's Graham Number compare to URI and FTAI?
Doric Nimrod Air Three's Graham Number of £1.83 can be compared against companies in the Business Services industry. The industry median Graham Number is 1.18. Historically, Doric Nimrod Air Three's own Graham Number has ranged from 0.35 to 3.43 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 Business Services company?
The median Graham Number among Business Services companies is 1.18, based on 701 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 Doric Nimrod Air Three and its competitors. For the Business Services industry, the median Graham Number is 1.18 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Doric Nimrod Air Three's current Graham Number is £1.83, which is 281% above median its own 10-year median of 0.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Doric Nimrod Air Three stock overvalued right now?
Doric Nimrod Air Three (LSE:DNA3) has a current Graham Number of £1.83. The stock's GF Value™ is £0.62, compared to a current price of £0.64 — trading 3.2% above its estimated fair value. The current Graham Number is £1.83, which is 281% above median its 10-year median of 0.48. Doric Nimrod Air Three's overall GF Score™ is 24/100 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 Doric Nimrod Air Three (LSE:DNA3), the current Graham Number is £1.83 as of Sep. 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 Doric Nimrod Air Three (LSE:DNA3) Overvalued in 2026?
Based on GuruFocus' analysis, Doric Nimrod Air Three stock appears to be overvalued.
The current stock price of £0.64 is trading 3.2% above its estimated GF Value™ of £0.62.
Key valuation signals for LSE:DNA3:
Graham Number: £1.83 (281% above median its 10-year median of 0.48)
GF Value™: £0.62 vs. price of £0.64 (3.2% above fair value)
No single metric tells the full story. See the LSE:DNA3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Doric Nimrod Air Three Ltd is a Guernsey-domiciled company. Its investment objective is to obtain income returns and a capital return for its shareholders by acquiring, leasing, and then selling aircraft. The company is engaged in a single business segment which is acquiring, leasing, and then selling aircraft. The company has four Airbus A380 aircraft, which it is leasing to Emirates Airline.
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