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.
Golf Do CoNGO:3032 +1.30%59 Graham Number is 円137.77 as of Mar. 2026, which is 100% below its 10-year median of 1.20. GuruFocus rates NGO:3032 with a GF Score™ of 59/100 and a GF Value™ of 円212.74 (Fairly Valued). The stock has 7 warning signs investors should review. Among 764 Retail - Cyclical companies, Golf Do Co ranks worse than 64.4% 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.
As of today (2026-08-18), the stock price of Golf Do Co is 円233.00. Golf Do Co's graham number for the quarter that ended in Mar. 2026 was 円137.77. Therefore, Golf Do Co's Price to Graham Number ratio for today is 1.69.
The historical rank and industry rank for Golf Do Co's Graham Number or its related term are showing as below:
NGO:3032'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.54 Med: 1.2 Max: 1.69
Current: 1.69
During the past 13 years, the highest Price to Graham Number ratio of Golf Do Co was 1.69. The lowest was 0.54. And the median was 1.20.
NGO:3032's Price-to-Graham-Number is ranked worse than 64.4% of 764
companies
in the Retail - Cyclical industry
Industry Median: 1.23
vs NGO:3032: 1.69
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
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.
Golf Do Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
233.00
/
137.77
=
1.69
* 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.
Golf Do Co Graham Number Related Terms
Golf Do Co Graham Number Historical Data
* Premium members only.
The historical data trend for Golf Do Co's Graham Number can be seen below:
* 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.
NGO:3032 vs CASY, WSM, ULTA: Graham Number Comparison
For the Specialty Retail subindustry, Golf Do Co'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.
Golf Do Co Price-to-Graham-Number vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Golf Do Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Golf Do Co'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.
Golf Do Co (NGO:3032) has a Graham Number of 円137.77 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Golf Do Co and its competitors. This is 11381% above median its historical median of 1.20. Over the past decade, Golf Do Co's Graham Number has ranged from 0.54 to 1.69. According to the industry distribution chart, Golf Do Co ranks #492 out of 764 companies in the Retail - Cyclical industry, placing it in the top 64.4%.
Is Golf Do Co's Graham Number too high?
Golf Do Co's current Graham Number of 円137.77 is 11381% above median its 10-year median of 1.20. Over the past 10 years, this metric has ranged from a low of 0.54 to a high of 1.69. Based on the distribution chart, Golf Do Co ranks #492 out of 764 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, Golf Do Co has a GF Score™ of 59/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Golf Do Co's Graham Number compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Golf Do Co ranks #492 out of 764 companies for Graham Number. This places Golf Do Co in the lower half of its industry. The industry median Graham Number is 1.23. Historically, Golf Do Co's own Graham Number has ranged from 0.54 to 1.69 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 Retail - Cyclical company?
The median Graham Number among Retail - Cyclical companies is 1.23, based on 764 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 Golf Do Co and its competitors. For the Retail - Cyclical industry, the median Graham Number is 1.23 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Golf Do Co's current Graham Number is 円137.77, which is 11381% above median its own 10-year median of 1.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Golf Do Co stock overvalued right now?
Based on GuruFocus' analysis, Golf Do Co (NGO:3032) is currently considered Fairly Valued. The stock's GF Value™ is 円212.74, compared to a current price of 円233.00 — trading 9.5% above its estimated fair value. The current Graham Number is 円137.77, which is 11381% above median its 10-year median of 1.20. Golf Do Co's overall GF Score™ is 59/100 with 7 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 Golf Do Co (NGO:3032), the current Graham Number is 円137.77 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 Golf Do Co (NGO:3032) Overvalued in 2026?
Based on GuruFocus' analysis, Golf Do Co stock appears to be overvalued.
The current stock price of 円233.00 is trading 9.5% above its estimated GF Value™ of 円212.74.
GuruFocus considers Golf Do Co to be Fairly Valued.
Key valuation signals for NGO:3032:
Graham Number: 円137.77 (11381% above median its 10-year median of 1.20)
GF Value™: 円212.74 vs. price of 円233.00 (9.5% above fair value)
No single metric tells the full story. See the NGO:3032 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Golf Do Co Ltd is engaged in the operation of direct and franchised chain stores that buy and sell second-hand clubs. Its products include new and second-hand golf clubs, golf goods, such as golf balls, caddy bags. It also provides free rental from the abundant clubs at the shop during lessons.
59GF Score
Get the complete analysis for NGO:3032
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
NGO:3032 has been successfully added to your 
