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Metalpha Technology HoldingMATH -0.10%42 Graham Number is $1.93 as of Sep. 2025, which is 20% above its 10-year median of 1.61. GuruFocus rates MATH with a GF Score™ of 42/100 and a GF Value™ of $2.30 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 528 Capital Markets companies, Metalpha Technology Holding ranks better than 83.9% 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.
The historical rank and industry rank for Metalpha Technology Holding's Graham Number or its related term are showing as below:
MATH'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.51 Med: 1.61 Max: 5.64
Current: 0.51
During the past 11 years, the highest Price to Graham Number ratio of Metalpha Technology Holding was 5.64. The lowest was 0.51. And the median was 1.61.
MATH's Price-to-Graham-Number is ranked better than 83.9% of 528
companies
in the Capital Markets industry
Industry Median: 1.135
vs MATH: 0.51
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Metalpha Technology Holding (NAS:MATH) 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.
Metalpha Technology Holding's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Sep. 2025 )
=
0.99
/
1.93
=
0.51
* 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.
Metalpha Technology Holding Graham Number Related Terms
Metalpha Technology Holding 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.
MATH vs HGBL, GSIW, PLUT: Graham Number Comparison
For the Capital Markets subindustry, Metalpha Technology Holding'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.
Metalpha Technology Holding Price-to-Graham-Number vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Metalpha Technology Holding's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Metalpha Technology Holding'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.
Metalpha Technology Holding (MATH) has a Graham Number of $1.93 as of Sep. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Metalpha Technology Holding and its competitors. This is 20% above median its historical median of 1.61. Over the past decade, Metalpha Technology Holding's Graham Number has ranged from 0.51 to 5.64. According to the industry distribution chart, Metalpha Technology Holding ranks #85 out of 528 companies in the Capital Markets industry, placing it in the top 16.1%.
Is Metalpha Technology Holding's Graham Number too high?
Metalpha Technology Holding's current Graham Number of $1.93 is 20% above median its 10-year median of 1.61. Over the past 10 years, this metric has ranged from a low of 0.51 to a high of 5.64. The Capital Markets industry median Graham Number is 1.14. Metalpha Technology Holding's value of $1.93 is 70% above this industry median. Based on the distribution chart, Metalpha Technology Holding ranks #85 out of 528 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, Metalpha Technology Holding has a GF Score™ of 42/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Metalpha Technology Holding's Graham Number compare to HGBL and GSIW?
According to the Capital Markets industry distribution chart, Metalpha Technology Holding ranks #85 out of 528 companies for Graham Number. This places Metalpha Technology Holding in the top 16% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.14. Metalpha Technology Holding's value of $1.93 is 70% above this benchmark. Historically, Metalpha Technology Holding's own Graham Number has ranged from 0.51 to 5.64 over the past decade. While the company's 10-year median is 1.61 vs. the industry median of 1.14, Metalpha Technology Holding 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 Capital Markets company?
The median Graham Number among Capital Markets companies is 1.14, based on 528 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. Metalpha Technology Holding's current Graham Number of $1.93 is 70% 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 Metalpha Technology Holding and its competitors. For the Capital Markets industry, the median Graham Number is 1.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Metalpha Technology Holding's current Graham Number is $1.93, which is 20% above median its own 10-year median of 1.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Metalpha Technology Holding stock overvalued right now?
Based on GuruFocus' analysis, Metalpha Technology Holding (MATH) is currently considered Possible Value Trap. The stock's GF Value™ is $2.30, compared to a current price of $0.99 — trading 57% below its estimated fair value. The current Graham Number is $1.93, which is 20% above median its 10-year median of 1.61 and 70% above the Capital Markets industry median of 1.14. Metalpha Technology Holding's overall GF Score™ is 42/100 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 Metalpha Technology Holding (MATH), the current Graham Number is $1.93 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 Metalpha Technology Holding (MATH) Overvalued in 2026?
Based on GuruFocus' analysis, Metalpha Technology Holding stock appears to be undervalued.
The current stock price of $0.99 is trading 57% below its estimated GF Value™ of $2.30.
GuruFocus considers Metalpha Technology Holding to be Possible Value Trap.
Key valuation signals for MATH:
Graham Number: $1.93 (20% above median its 10-year median of 1.61)
GF Value™: $2.30 vs. price of $0.99 (57% below fair value)
Industry Position: 70% above the Capital Markets median (#85 of 528)
No single metric tells the full story. See the MATH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Metalpha Technology Holding Ltd is a digital asset focused wealth management company. The company predominantly generates revenue from the execution of cryptocurrency-related transactions, which includes the issuance of derivative products to over-the-counter (OTC) clients and its proprietary trading activities. It has partnered with a crypto exchange to provide crypto derivative market-making services for its clients, facilitating the trading of crypto derivative products. In addition, the company also engages in providing traditional financial derivative products, and asset management services. It operates in a single segment which is the trading of proprietary digital assets and derivative contracts, and generates majority of its revenue from Hong Kong.
42GF Score
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