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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.
The historical rank and industry rank for Equity Lifestyle Properties's Graham Number or its related term are showing as below:
MEX:ELS'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 3.03 Med: 3.98 Max: 5.61
Current: 3.31
During the past 13 years, the highest Price to Graham Number ratio of Equity Lifestyle Properties was 5.61. The lowest was 3.03. And the median was 3.98.
MEX:ELS's Price-to-Graham-Number is ranked worse than 93.96% of 729
companies
in the REITs industry
Industry Median: 0.74
vs MEX:ELS: 3.31
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Equity Lifestyle Properties (MEX:ELS) 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.
Equity Lifestyle Properties's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
1332.85
/
362.00
=
3.68
* 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.
Equity Lifestyle Properties Graham Number Related Terms
Equity Lifestyle Properties 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.
MEX:ELS vs AMH, UDR, CPT: Graham Number Comparison
For the REIT - Residential subindustry, Equity Lifestyle Properties'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.
Equity Lifestyle Properties Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, Equity Lifestyle Properties's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Equity Lifestyle Properties'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.
Equity Lifestyle Properties (MEX:ELS) has a Graham Number of MXN362.00 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Equity Lifestyle Properties and its competitors. This is 8995% above median its historical median of 3.98. Over the past decade, Equity Lifestyle Properties' Graham Number has ranged from 3.03 to 5.61. According to the industry distribution chart, Equity Lifestyle Properties ranks #685 out of 729 companies in the REITs industry, placing it in the top 94%.
Is Equity Lifestyle Properties' Graham Number too high?
Equity Lifestyle Properties' current Graham Number of MXN362.00 is 8995% above median its 10-year median of 3.98. Over the past 10 years, this metric has ranged from a low of 3.03 to a high of 5.61. Based on the distribution chart, Equity Lifestyle Properties ranks #685 out of 729 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Equity Lifestyle Properties has a GF Score™ of 85/100, reflecting its overall financial health beyond just this single metric.
How does Equity Lifestyle Properties' Graham Number compare to AMH and UDR?
According to the REITs industry distribution chart, Equity Lifestyle Properties ranks #685 out of 729 companies for Graham Number. This places Equity Lifestyle Properties in the lower half of its industry. The industry median Graham Number is 0.74. Historically, Equity Lifestyle Properties' own Graham Number has ranged from 3.03 to 5.61 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 REITs company?
The median Graham Number among REITs companies is 0.74, based on 729 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 Equity Lifestyle Properties and its competitors. For the REITs industry, the median Graham Number is 0.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Equity Lifestyle Properties's current Graham Number is MXN362.00, which is 8995% above median its own 10-year median of 3.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Equity Lifestyle Properties stock overvalued right now?
Equity Lifestyle Properties (MEX:ELS) has a current Graham Number of MXN362.00. The stock's GF Value™ is MXN1,390.04, compared to a current price of MXN1,332.85 — trading 4.1% below its estimated fair value. The current Graham Number is MXN362.00, which is 8995% above median its 10-year median of 3.98. Equity Lifestyle Properties' overall GF Score™ is 85/100 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 Equity Lifestyle Properties (MEX:ELS), the current Graham Number is MXN362.00 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 Equity Lifestyle Properties (MEX:ELS) Overvalued in 2026?
Based on GuruFocus' analysis, Equity Lifestyle Properties stock appears to be undervalued.
The current stock price of MXN1,332.85 is trading 4.1% below its estimated GF Value™ of MXN1,390.04.
Key valuation signals for MEX:ELS:
Graham Number: MXN362.00 (8995% above median its 10-year median of 3.98)
GF Value™: MXN1,390.04 vs. price of MXN1,332.85 (4.1% below fair value)
No single metric tells the full story. See the MEX:ELS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Equity Lifestyle Properties is a residential REIT that focuses on owning manufactured housing, residential vehicle communities, and marinas. The company currently has a portfolio of 455 properties across the US with a higher concentration in the Sunbelt; 38% of the company's properties are in Florida, 12% in Arizona, and 8% in California. Equity Lifestyle targets owning properties in attractive retirement destinations. More than 70% of the company's properties are either age-restricted or have an average resident age over 55.
85GF Score
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