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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 Inovio Pharmaceuticals's Graham Number or its related term are showing as below:
MEX:INO's Price-to-Graham-Number is not ranked *
in the Biotechnology industry.
Industry Median: 1.73 * Ranked among companies with meaningful Price-to-Graham-Number only.
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Inovio Pharmaceuticals (MEX:INO) 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.
Inovio Pharmaceuticals's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
11.50
/
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.
Inovio Pharmaceuticals Graham Number Related Terms
Inovio Pharmaceuticals 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:INO vs TELO, ELTX, ALPS: Graham Number Comparison
For the Biotechnology subindustry, Inovio Pharmaceuticals'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.
Inovio Pharmaceuticals Price-to-Graham-Number vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Inovio Pharmaceuticals's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Inovio Pharmaceuticals'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.
Inovio Pharmaceuticals (MEX:INO) has a Graham Number of MXNN/A as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Inovio Pharmaceuticals and its competitors. According to the industry distribution chart, Inovio Pharmaceuticals ranks #999999 out of 251 companies in the Biotechnology industry.
Is Inovio Pharmaceuticals' Graham Number too high?
Inovio Pharmaceuticals' current Graham Number is MXNN/A. Based on the distribution chart, Inovio Pharmaceuticals ranks #999999 out of 251 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Inovio Pharmaceuticals has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Inovio Pharmaceuticals' Graham Number compare to TELO and ELTX?
According to the Biotechnology industry distribution chart, Inovio Pharmaceuticals ranks #999999 out of 251 companies for Graham Number. This places Inovio Pharmaceuticals in the lower half of its industry. The industry median Graham Number is 1.73. 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 Biotechnology company?
The median Graham Number among Biotechnology companies is 1.73, based on 251 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 Inovio Pharmaceuticals and its competitors. For the Biotechnology industry, the median Graham Number is 1.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Inovio Pharmaceuticals's current Graham Number is MXNN/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Inovio Pharmaceuticals stock overvalued right now?
Based on GuruFocus' analysis, Inovio Pharmaceuticals (MEX:INO) is currently considered Significantly Overvalued. The stock's GF Value™ is MXN3.68, compared to a current price of MXN11.50 — trading 212.5% above its estimated fair value. The current Graham Number is MXNN/A. Inovio Pharmaceuticals' overall GF Score™ is 40/100 with 4 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 Inovio Pharmaceuticals (MEX:INO), the current Graham Number is MXNN/A 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 Inovio Pharmaceuticals (MEX:INO) Overvalued in 2026?
Based on GuruFocus' analysis, Inovio Pharmaceuticals stock appears to be overvalued.
The current stock price of MXN11.50 is trading 212.5% above its estimated GF Value™ of MXN3.68.
GuruFocus considers Inovio Pharmaceuticals to be Significantly Overvalued.
Key valuation signals for MEX:INO:
Graham Number: MXNN/A
GF Value™: MXN3.68 vs. price of MXN11.50 (212.5% above fair value)
No single metric tells the full story. See the MEX:INO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Inovio Pharmaceuticals Inc is a clinical-stage biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from diseases associated with human papillomavirus (HPV), cancer and infectious diseases. INOVIO's platform harnesses the power of in vivo protein production, featuring optimized design and delivery of DNA medicines that teach the body to manufacture its own disease-fighting tools. Its candidate is INO-3107 for the treatment of recurrent respiratory papillomatosis (RRP), a chronic, rare and debilitating disease of the respiratory tract caused by HPV infection. In its completed Phase 1/2 clinical trial of INO-3107 for the treatment of HPV-6 and HPV-11-associated RRP.
40GF Score
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