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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.
Japan SystembankNGO:5530 -0.09%49 Graham Number is 円1,843.13 as of Mar. 2026, which is 100% below its 10-year median of 0.57. GuruFocus rates NGO:5530 with a GF Score™ of 49/100 and a GF Value™ of 円938.42 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 1,213 Construction companies, Japan Systembank ranks better than 77% 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 (2026-08-20), the stock price of Japan Systembank is 円1079.00. Japan Systembank's graham number for the quarter that ended in Mar. 2026 was 円1,843.13. Therefore, Japan Systembank's Price to Graham Number ratio for today is 0.60.
The historical rank and industry rank for Japan Systembank's Graham Number or its related term are showing as below:
NGO:5530'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.45 Med: 0.57 Max: 0.71
Current: 0.59
During the past 6 years, the highest Price to Graham Number ratio of Japan Systembank was 0.71. The lowest was 0.45. And the median was 0.57.
NGO:5530's Price-to-Graham-Number is ranked better than 77% of 1213
companies
in the Construction industry
Industry Median: 0.99
vs NGO:5530: 0.59
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Japan Systembank (NGO:5530) 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.
Japan Systembank's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
1079.00
/
1,812.31
=
0.60
* 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.
Japan Systembank Graham Number Related Terms
Japan Systembank Graham Number Historical Data
* Premium members only.
The historical data trend for Japan Systembank'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.
Japan Systembank Graham Number Competitor Comparison
For the Infrastructure Operations subindustry, Japan Systembank'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.
Japan Systembank Price-to-Graham-Number vs Construction Industry
For the Construction industry and Industrials sector, Japan Systembank's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Japan Systembank'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.
Japan Systembank (NGO:5530) has a Graham Number of 円1,843.13 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Japan Systembank and its competitors. This is 323256% above median its historical median of 0.57. Over the past decade, Japan Systembank's Graham Number has ranged from 0.45 to 0.71. According to the industry distribution chart, Japan Systembank ranks #279 out of 1213 companies in the Construction industry, placing it in the top 23%.
Is Japan Systembank's Graham Number too high?
Japan Systembank's current Graham Number of 円1,843.13 is 323256% above median its 10-year median of 0.57. Over the past 10 years, this metric has ranged from a low of 0.45 to a high of 0.71. Based on the distribution chart, Japan Systembank ranks #279 out of 1213 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Japan Systembank has a GF Score™ of 49/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Japan Systembank's Graham Number compare to competitors?
According to the Construction industry distribution chart, Japan Systembank ranks #279 out of 1213 companies for Graham Number. This places Japan Systembank in the top 23% of its industry — outperforming the majority of peers. The industry median Graham Number is 0.99. Historically, Japan Systembank's own Graham Number has ranged from 0.45 to 0.71 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 Construction company?
The median Graham Number among Construction companies is 0.99, based on 1,213 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 Japan Systembank and its competitors. For the Construction industry, the median Graham Number is 0.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Japan Systembank's current Graham Number is 円1,843.13, which is 323256% above median its own 10-year median of 0.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Systembank stock overvalued right now?
Based on GuruFocus' analysis, Japan Systembank (NGO:5530) is currently considered Modestly Overvalued. The stock's GF Value™ is 円938.42, compared to a current price of 円1,079.00 — trading 15% above its estimated fair value. The current Graham Number is 円1,843.13, which is 323256% above median its 10-year median of 0.57. Japan Systembank's overall GF Score™ is 49/100 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 Japan Systembank (NGO:5530), the current Graham Number is 円1,843.13 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 Japan Systembank (NGO:5530) Overvalued in 2026?
Based on GuruFocus' analysis, Japan Systembank stock appears to be overvalued.
The current stock price of 円1,079.00 is trading 15% above its estimated GF Value™ of 円938.42.
GuruFocus considers Japan Systembank to be Modestly Overvalued.
Key valuation signals for NGO:5530:
Graham Number: 円1,843.13 (323256% above median its 10-year median of 0.57)
GF Value™: 円938.42 vs. price of 円1,079.00 (15% above fair value)
No single metric tells the full story. See the NGO:5530 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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