What is NYLI MacKay DefinedTerm Muni Opportunities Fund Graham Number?
NYLI MacKay DefinedTerm Muni Opportunities FundMMD 30 Graham Number is $6.29 as of Nov. 2025, which is 607% above its 10-year median of 0.89. GuruFocus rates MMD with a GF Score™ of 30/100. The stock has 4 warning signs investors should review. Among 1,171 Asset Management companies, NYLI MacKay DefinedTerm Muni Opportunities Fund ranks worse than 90.35% 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.
MMD's Price-to-Graham-Number is ranked worse than 90.35% of 1171
companies
in the Asset Management industry
Industry Median: 0.71
vs MMD: 2.43
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
NYLI MacKay DefinedTerm Muni Opportunities Fund (NYSE:MMD) 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.
NYLI MacKay DefinedTerm Muni Opportunities Fund's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Nov. 2025 )
=
15.28
/
6.29
=
2.43
* 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.
NYLI MacKay DefinedTerm Muni Opportunities Fund Graham Number Related Terms
NYLI MacKay DefinedTerm Muni Opportunities Fund 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.
NYLI MacKay DefinedTerm Muni Opportunities Fund Graham Number Chart
NYLI MacKay DefinedTerm Muni Opportunities Fund Annual Data
For the Asset Management subindustry, NYLI MacKay DefinedTerm Muni Opportunities Fund'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.
NYLI MacKay DefinedTerm Muni Opportunities Fund Price-to-Graham-Number vs Asset Management Industry
* 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.
NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has a Graham Number of $6.29 as of Nov. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on NYLI MacKay DefinedTerm Muni Opportunities Fund and its competitors. This is 607% above median its historical median of 0.89. Over the past decade, NYLI MacKay DefinedTerm Muni Opportunities Fund's Graham Number has ranged from 0.66 to 2.44. According to the industry distribution chart, NYLI MacKay DefinedTerm Muni Opportunities Fund ranks #1058 out of 1171 companies in the Asset Management industry, placing it in the top 90.4%.
Is NYLI MacKay DefinedTerm Muni Opportunities Fund's Graham Number too high?
NYLI MacKay DefinedTerm Muni Opportunities Fund's current Graham Number of $6.29 is 607% above median its 10-year median of 0.89. Over the past 10 years, this metric has ranged from a low of 0.66 to a high of 2.44. The Asset Management industry median Graham Number is 0.71. NYLI MacKay DefinedTerm Muni Opportunities Fund's value of $6.29 is 785.9% above this industry median. Based on the distribution chart, NYLI MacKay DefinedTerm Muni Opportunities Fund ranks #1058 out of 1171 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, NYLI MacKay DefinedTerm Muni Opportunities Fund has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does NYLI MacKay DefinedTerm Muni Opportunities Fund's Graham Number compare to RMM and PMO?
According to the Asset Management industry distribution chart, NYLI MacKay DefinedTerm Muni Opportunities Fund ranks #1058 out of 1171 companies for Graham Number. This places NYLI MacKay DefinedTerm Muni Opportunities Fund in the lower half of its industry. The industry median Graham Number is 0.71. NYLI MacKay DefinedTerm Muni Opportunities Fund's value of $6.29 is 785.9% above this benchmark. Historically, NYLI MacKay DefinedTerm Muni Opportunities Fund's own Graham Number has ranged from 0.66 to 2.44 over the past decade. While the company's 10-year median is 0.89 vs. the industry median of 0.71, NYLI MacKay DefinedTerm Muni Opportunities Fund 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 an Asset Management company?
The median Graham Number among Asset Management companies is 0.71, based on 1,171 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. NYLI MacKay DefinedTerm Muni Opportunities Fund's current Graham Number of $6.29 is 785.9% 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 NYLI MacKay DefinedTerm Muni Opportunities Fund and its competitors. For the Asset Management industry, the median Graham Number is 0.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NYLI MacKay DefinedTerm Muni Opportunities Fund's current Graham Number is $6.29, which is 607% above median its own 10-year median of 0.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NYLI MacKay DefinedTerm Muni Opportunities Fund stock overvalued right now?
NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has a current Graham Number of $6.29. The current Graham Number is $6.29, which is 607% above median its 10-year median of 0.89 and 785.9% above the Asset Management industry median of 0.71. NYLI MacKay DefinedTerm Muni Opportunities Fund's overall GF Score™ is 30/100 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 NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD), the current Graham Number is $6.29 as of Nov. 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.
NYLI MacKay DefinedTerm Muni Opportunities Fund Business Description
NYLI MacKay DefinedTerm Muni Opportunities Fund is a USA-based diversified closed-end management investment company. The fund's investment objective is to seek current income exempt from regular U.S. Federal income taxes as well as total return. The company predominantly invests in municipal bonds, the interest on which is, in the opinion of bond counsel to the issuers, generally excludable from gross income for regular U.S. Federal income tax purposes.
30GF Score
Get the complete analysis for MMD
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MMD has been successfully added to your 
