Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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.
Mach Natural Resources LPMNR +1.70%43 Graham Number is $17.95 as of Jun. 2026, which is 2359% above its 10-year median of 0.73. GuruFocus rates MNR with a GF Score™ of 43/100 and a GF Value™ of $13.43 (Fairly Valued). The stock has 6 warning signs investors should review. Among 621 Oil & Gas companies, Mach Natural Resources LP ranks better than 73.75% 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.
Mach Natural Resources LP (NYSE:MNR) 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.
Mach Natural Resources LP's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
13.18
/
17.95
=
0.73
* 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.
Mach Natural Resources LP Graham Number Related Terms
Mach Natural Resources LP 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.
For the Oil & Gas E&P subindustry, Mach Natural Resources LP'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.
Mach Natural Resources LP Price-to-Graham-Number vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Mach Natural Resources LP's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Mach Natural Resources LP'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.
Mach Natural Resources LP (MNR) has a Graham Number of $17.95 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Mach Natural Resources LP and its competitors. This is 2359% above median its historical median of 0.73. Over the past decade, Mach Natural Resources LP's Graham Number has ranged from 0.48 to 2.65. According to the industry distribution chart, Mach Natural Resources LP ranks #163 out of 621 companies in the Oil & Gas industry, placing it in the top 26.2%.
Is Mach Natural Resources LP's Graham Number too high?
Mach Natural Resources LP's current Graham Number of $17.95 is 2359% above median its 10-year median of 0.73. Over the past 10 years, this metric has ranged from a low of 0.48 to a high of 2.65. The Oil & Gas industry median Graham Number is 1.09. Mach Natural Resources LP's value of $17.95 is 1546.8% above this industry median. Based on the distribution chart, Mach Natural Resources LP ranks #163 out of 621 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Mach Natural Resources LP has a GF Score™ of 43/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Mach Natural Resources LP's Graham Number compare to NOG and TALO?
According to the Oil & Gas industry distribution chart, Mach Natural Resources LP ranks #163 out of 621 companies for Graham Number. This puts Mach Natural Resources LP in the upper half of its industry. The industry median Graham Number is 1.09. Mach Natural Resources LP's value of $17.95 is 1546.8% above this benchmark. Historically, Mach Natural Resources LP's own Graham Number has ranged from 0.48 to 2.65 over the past decade. While the company's 10-year median is 0.73 vs. the industry median of 1.09, Mach Natural Resources LP 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 Oil & Gas company?
The median Graham Number among Oil & Gas companies is 1.09, based on 621 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. Mach Natural Resources LP's current Graham Number of $17.95 is 1546.8% 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 Mach Natural Resources LP and its competitors. For the Oil & Gas industry, the median Graham Number is 1.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mach Natural Resources LP's current Graham Number is $17.95, which is 2359% above median its own 10-year median of 0.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mach Natural Resources LP stock overvalued right now?
Based on GuruFocus' analysis, Mach Natural Resources LP (MNR) is currently considered Fairly Valued. The stock's GF Value™ is $13.43, compared to a current price of $13.18 — trading 1.9% below its estimated fair value. The current Graham Number is $17.95, which is 2359% above median its 10-year median of 0.73 and 1546.8% above the Oil & Gas industry median of 1.09. Mach Natural Resources LP's overall GF Score™ is 43/100 with 6 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 Mach Natural Resources LP (MNR), the current Graham Number is $17.95 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 Mach Natural Resources LP (MNR) Overvalued in 2026?
Based on GuruFocus' analysis, Mach Natural Resources LP stock appears to be undervalued.
The current stock price of $13.18 is trading 1.9% below its estimated GF Value™ of $13.43.
GuruFocus considers Mach Natural Resources LP to be Fairly Valued.
Key valuation signals for MNR:
Graham Number: $17.95 (2359% above median its 10-year median of 0.73)
GF Value™: $13.43 vs. price of $13.18 (1.9% below fair value)
Industry Position: 1546.8% above the Oil & Gas median (#163 of 621)
No single metric tells the full story. See the MNR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Mach Natural Resources LP is an independent upstream oil and gas company. The company is focused on the acquisition, development and production of oil, natural gas, and NGL reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas and the panhandle of Texas; the San Juan Basin region of New Mexico and Colorado; and the Permian Basin region of West Texas. The company is organized and managed as a single reportable segment, which is the exploration and production of oil, natural gas and NGLs (E&P Segment).
43GF Score
Get the complete analysis for MNR
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
MNR has been successfully added to your 
