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.
The historical rank and industry rank for Nomura Real Estate Master Fund's Graham Number or its related term are showing as below:
NMMRF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.04 Med: 1.34 Max: 1.81
Current: 1.2
During the past 11 years, the highest Price to Graham Number ratio of Nomura Real Estate Master Fund was 1.81. The lowest was 1.04. And the median was 1.34.
NMMRF's Price-to-Graham-Number is ranked worse than 76.68% of 729
companies
in the REITs industry
Industry Median: 0.74
vs NMMRF: 1.20
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Nomura Real Estate Master Fund (OTCPK:NMMRF) 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.
Nomura Real Estate Master Fund's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Feb. 2026 )
=
1008.35
/
832.14
=
1.21
* 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.
Nomura Real Estate Master Fund Graham Number Related Terms
Nomura Real Estate Master 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.
Nomura Real Estate Master Fund Graham Number Chart
For the REIT - Retail subindustry, Nomura Real Estate Master 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.
Nomura Real Estate Master Fund Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, Nomura Real Estate Master Fund's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Nomura Real Estate Master Fund'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.
Nomura Real Estate Master Fund (NMMRF) has a Graham Number of $832.14 as of Feb. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Nomura Real Estate Master Fund and its competitors. This is 62000% above median its historical median of 1.34. Over the past decade, Nomura Real Estate Master Fund's Graham Number has ranged from 1.04 to 1.81. According to the industry distribution chart, Nomura Real Estate Master Fund ranks #559 out of 729 companies in the REITs industry, placing it in the top 76.7%.
Is Nomura Real Estate Master Fund's Graham Number too high?
Nomura Real Estate Master Fund's current Graham Number of $832.14 is 62000% above median its 10-year median of 1.34. Over the past 10 years, this metric has ranged from a low of 1.04 to a high of 1.81. The REITs industry median Graham Number is 0.74. Nomura Real Estate Master Fund's value of $832.14 is 112351.4% above this industry median. Based on the distribution chart, Nomura Real Estate Master Fund ranks #559 out of 729 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Nomura Real Estate Master Fund has a GF Score™ of 53/100, reflecting its overall financial health beyond just this single metric.
How does Nomura Real Estate Master Fund's Graham Number compare to SPG and O?
According to the REITs industry distribution chart, Nomura Real Estate Master Fund ranks #559 out of 729 companies for Graham Number. This places Nomura Real Estate Master Fund in the lower half of its industry. The industry median Graham Number is 0.74. Nomura Real Estate Master Fund's value of $832.14 is 112351.4% above this benchmark. Historically, Nomura Real Estate Master Fund's own Graham Number has ranged from 1.04 to 1.81 over the past decade. While the company's 10-year median is 1.34 vs. the industry median of 0.74, Nomura Real Estate Master 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 a REITs company?
The median Graham Number among REITs companies is 0.74, based on 729 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. Nomura Real Estate Master Fund's current Graham Number of $832.14 is 112351.4% 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 Nomura Real Estate Master Fund and its competitors. For the REITs industry, the median Graham Number is 0.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nomura Real Estate Master Fund's current Graham Number is $832.14, which is 62000% above median its own 10-year median of 1.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nomura Real Estate Master Fund stock overvalued right now?
Nomura Real Estate Master Fund (NMMRF) has a current Graham Number of $832.14. The stock's GF Value™ is $1,049.59, compared to a current price of $1,008.35 — trading 3.9% below its estimated fair value. The current Graham Number is $832.14, which is 62000% above median its 10-year median of 1.34 and 112351.4% above the REITs industry median of 0.74. Nomura Real Estate Master Fund's overall GF Score™ is 53/100 with 5 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 Nomura Real Estate Master Fund (NMMRF), the current Graham Number is $832.14 as of Feb. 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 Nomura Real Estate Master Fund (NMMRF) Overvalued in 2026?
Based on GuruFocus' analysis, Nomura Real Estate Master Fund stock appears to be undervalued.
The current stock price of $1,008.35 is trading 3.9% below its estimated GF Value™ of $1,049.59.
Key valuation signals for NMMRF:
Graham Number: $832.14 (62000% above median its 10-year median of 1.34)
GF Value™: $1,049.59 vs. price of $1,008.35 (3.9% below fair value)
Industry Position: 112351.4% above the REITs median (#559 of 729)
No single metric tells the full story. See the NMMRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nomura Real Estate Master Fund Business Description
Nomura Real Estate Master Fund Inc is a Japanese based company operates as a real estate investment trust. It is implementing medium- to long-term management Strategy, to achieve securing stable income over the medium to long term period, also ensures the steady growth of assets under management. The company invests in logistic facilities and commercial facilities in the Tokyo metropolitan area. It is managed by the fund manager Nomura Real Estate Asset Management Co Ltd.
53GF Score
Get the complete analysis for NMMRF
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