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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.
NML's Price-to-Graham-Number is ranked worse than 90.67% of 1168
companies
in the Asset Management industry
Industry Median: 0.7
vs NML: 2.44
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Neuberger Berman Energy Infrastructure &ome Fund (AMEX:NML) 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.
Neuberger Berman Energy Infrastructure &ome Fund's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Nov. 2025 )
=
10.72
/
4.39
=
2.44
* 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.
Neuberger Berman Energy Infrastructure &ome Fund Graham Number Related Terms
Neuberger Berman Energy Infrastructure &ome 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.
Neuberger Berman Energy Infrastructure &ome Fund Graham Number Chart
Neuberger Berman Energy Infrastructure &ome Fund Annual Data
For the Asset Management subindustry, Neuberger Berman Energy Infrastructure &ome 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.
Neuberger Berman Energy Infrastructure &ome 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.
Neuberger Berman Energy Infrastructure &ome Fund (NML) has a Graham Number of $4.39 as of Nov. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Neuberger Berman Energy Infrastructure &ome Fund and its competitors. This is 1119% above median its historical median of 0.36. Over the past decade, Neuberger Berman Energy Infrastructure &ome Fund's Graham Number has ranged from 0.28 to 2.44. According to the industry distribution chart, Neuberger Berman Energy Infrastructure &ome Fund ranks #1059 out of 1168 companies in the Asset Management industry, placing it in the top 90.7%.
Is Neuberger Berman Energy Infrastructure &ome Fund's Graham Number too high?
Neuberger Berman Energy Infrastructure &ome Fund's current Graham Number of $4.39 is 1119% above median its 10-year median of 0.36. Over the past 10 years, this metric has ranged from a low of 0.28 to a high of 2.44. The Asset Management industry median Graham Number is 0.70. Neuberger Berman Energy Infrastructure &ome Fund's value of $4.39 is 527.1% above this industry median. Based on the distribution chart, Neuberger Berman Energy Infrastructure &ome Fund ranks #1059 out of 1168 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Neuberger Berman Energy Infrastructure &ome Fund has a GF Score™ of 31/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Neuberger Berman Energy Infrastructure &ome Fund's Graham Number compare to VKQ and CHW?
According to the Asset Management industry distribution chart, Neuberger Berman Energy Infrastructure &ome Fund ranks #1059 out of 1168 companies for Graham Number. This places Neuberger Berman Energy Infrastructure &ome Fund in the lower half of its industry. The industry median Graham Number is 0.70. Neuberger Berman Energy Infrastructure &ome Fund's value of $4.39 is 527.1% above this benchmark. Historically, Neuberger Berman Energy Infrastructure &ome Fund's own Graham Number has ranged from 0.28 to 2.44 over the past decade. While the company's 10-year median is 0.36 vs. the industry median of 0.70, Neuberger Berman Energy Infrastructure &ome 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 0.70, based on 1,168 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. Neuberger Berman Energy Infrastructure &ome Fund's current Graham Number of $4.39 is 527.1% 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 Neuberger Berman Energy Infrastructure &ome Fund and its competitors. For the Asset Management industry, the median Graham Number is 0.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Neuberger Berman Energy Infrastructure &ome Fund's current Graham Number is $4.39, which is 1119% above median its own 10-year median of 0.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Neuberger Berman Energy Infrastructure &ome Fund stock overvalued right now?
Based on GuruFocus' analysis, Neuberger Berman Energy Infrastructure &ome Fund (NML) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.50, compared to a current price of $10.72 — trading 2044% above its estimated fair value. The current Graham Number is $4.39, which is 1119% above median its 10-year median of 0.36 and 527.1% above the Asset Management industry median of 0.70. Neuberger Berman Energy Infrastructure &ome Fund's overall GF Score™ is 31/100 with 10 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 Neuberger Berman Energy Infrastructure &ome Fund (NML), the current Graham Number is $4.39 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.
Is Neuberger Berman Energy Infrastructure &ome Fund (NML) Overvalued in 2026?
Based on GuruFocus' analysis, Neuberger Berman Energy Infrastructure &ome Fund stock appears to be overvalued.
The current stock price of $10.72 is trading 2044% above its estimated GF Value™ of $0.50.
GuruFocus considers Neuberger Berman Energy Infrastructure &ome Fund to be Significantly Overvalued.
Key valuation signals for NML:
Graham Number: $4.39 (1119% above median its 10-year median of 0.36)
GF Value™: $0.50 vs. price of $10.72 (2044% above fair value)
Industry Position: 527.1% above the Asset Management median (#1059 of 1168)
No single metric tells the full story. See the NML stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Neuberger Berman Energy Infrastructure &ome Fund Business Description
Neuberger Berman Energy Infrastructure & Income Fund Inc is a closed-end investment management company based in the United States. Invest in Capital Markets, Chemicals, Oil, Gas & Consumable Fuels, Electric Utilities, Independent Power and Renewable Electricity Producers, Multi Utilities. Maximum is done in Oil, Gas & Consumable Fuels.
31GF Score
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