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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 (2026-08-03), the stock price of Tata Steel is $20.20. Tata Steel's graham number for the quarter that ended in Jun. 2026 was $N/A. Therefore, Tata Steel's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Tata Steel's Graham Number or its related term are showing as below:
LSE:TTST'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.32 Med: 0.99 Max: 13.17
Current: 1.53
During the past 13 years, the highest Price to Graham Number ratio of Tata Steel was 13.17. The lowest was 0.32. And the median was 0.99.
LSE:TTST's Price-to-Graham-Number is ranked worse than 74.18% of 426
companies
in the Steel industry
Industry Median: 0.95
vs LSE:TTST: 1.53
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
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.
Tata Steel's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
20.20
/
N/A
=
N/A
* 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.
Tata Steel Graham Number Related Terms
Tata Steel Graham Number Historical Data
* Premium members only.
The historical data trend for Tata Steel'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.
LSE:TTST vs NUE, STLD, RS: Graham Number Comparison
For the Steel subindustry, Tata Steel'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.
Tata Steel Price-to-Graham-Number vs Steel Industry
For the Steel industry and Basic Materials sector, Tata Steel's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Tata Steel'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.
Tata Steel (LSE:TTST) has a Graham Number of $N/A as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Tata Steel and its competitors. Over the past decade, Tata Steel's Graham Number has ranged from 0.32 to 13.17. According to the industry distribution chart, Tata Steel ranks #316 out of 426 companies in the Steel industry, placing it in the top 74.2%.
Is Tata Steel's Graham Number too high?
Tata Steel's current Graham Number is $N/A. Over the past 10 years, this metric has ranged from a low of 0.32 to a high of 13.17. Based on the distribution chart, Tata Steel ranks #316 out of 426 companies in the Steel industry, which is below the industry midpoint. Overall, Tata Steel has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Tata Steel's Graham Number compare to NUE and STLD?
According to the Steel industry distribution chart, Tata Steel ranks #316 out of 426 companies for Graham Number. This places Tata Steel in the lower half of its industry. The industry median Graham Number is 0.95. Historically, Tata Steel's own Graham Number has ranged from 0.32 to 13.17 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 Steel company?
The median Graham Number among Steel companies is 0.95, based on 426 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 Tata Steel and its competitors. For the Steel industry, the median Graham Number is 0.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tata Steel's current Graham Number is $N/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tata Steel stock overvalued right now?
Based on GuruFocus' analysis, Tata Steel (LSE:TTST) is currently considered Fairly Valued. The stock's GF Value™ is $18.35, compared to a current price of $20.20 — trading 10.1% above its estimated fair value. The current Graham Number is $N/A. Tata Steel's overall GF Score™ is 77/100 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 Tata Steel (LSE:TTST), the current Graham Number is $N/A 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 Tata Steel (LSE:TTST) Overvalued in 2026?
Based on GuruFocus' analysis, Tata Steel stock appears to be overvalued.
The current stock price of $20.20 is trading 10.1% above its estimated GF Value™ of $18.35.
GuruFocus considers Tata Steel to be Fairly Valued.
Key valuation signals for LSE:TTST:
Graham Number: $N/A
GF Value™: $18.35 vs. price of $20.20 (10.1% above fair value)
No single metric tells the full story. See the LSE:TTST stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tata Steel Ltd is an India-based company that is engaged in the production and marketing of various steel products. Its products are basically classified into flat products and construction products. Flat products include hot-rolled steel, cold-rolled steel, metallic-coated steel, direct-coated steel, tubes, packaging steel, electro-plated steel, and narrow strips. Its segments include Tata Steel India, Neelachal Ispat Nigam Limited, Other Indian operations, Tata Steel Europe, Other trade related operations, South-East Asian operations, and Rest of the world. It generates the majority of its revenue from the Tata Steel India segment.
77GF Score
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