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.
Noah HoldingsNOAH 73 Graham Number is $23.37 as of Mar. 2026, which is 2750% above its 10-year median of 0.82. GuruFocus rates NOAH with a GF Score™ of 73/100 and a GF Value™ of $11.25 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 1,172 Asset Management companies, Noah Holdings ranks better than 88.99% 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 (2026-08-04), the stock price of Noah Holdings is $8.51. Noah Holdings's graham number for the quarter that ended in Mar. 2026 was $23.37. Therefore, Noah Holdings's Price to Graham Number ratio for today is 0.36.
The historical rank and industry rank for Noah Holdings's Graham Number or its related term are showing as below:
NOAH'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.19 Med: 0.82 Max: 1.88
Current: 0.37
During the past 13 years, the highest Price to Graham Number ratio of Noah Holdings was 1.88. The lowest was 0.19. And the median was 0.82.
NOAH's Price-to-Graham-Number is ranked better than 88.99% of 1172
companies
in the Asset Management industry
Industry Median: 0.7
vs NOAH: 0.37
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Noah Holdings (NYSE:NOAH) 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.
Noah Holdings's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
8.51
/
23.37
=
0.36
* 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.
Noah Holdings Graham Number Related Terms
Noah Holdings Graham Number Historical Data
* Premium members only.
The historical data trend for Noah Holdings'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.
For the Asset Management subindustry, Noah Holdings'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.
Noah Holdings Price-to-Graham-Number vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Noah Holdings's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Noah Holdings'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.
Noah Holdings (NOAH) has a Graham Number of $23.37 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Noah Holdings and its competitors. This is 2750% above median its historical median of 0.82. Over the past decade, Noah Holdings' Graham Number has ranged from 0.19 to 1.88. According to the industry distribution chart, Noah Holdings ranks #129 out of 1172 companies in the Asset Management industry, placing it in the top 11%.
Is Noah Holdings' Graham Number too high?
Noah Holdings' current Graham Number of $23.37 is 2750% above median its 10-year median of 0.82. Over the past 10 years, this metric has ranged from a low of 0.19 to a high of 1.88. The Asset Management industry median Graham Number is 0.70. Noah Holdings' value of $23.37 is 3238.6% above this industry median. Based on the distribution chart, Noah Holdings ranks #129 out of 1172 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Noah Holdings has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Noah Holdings' Graham Number compare to FAX and DSU?
According to the Asset Management industry distribution chart, Noah Holdings ranks #129 out of 1172 companies for Graham Number. This places Noah Holdings in the top 11% of its industry — outperforming the majority of peers. The industry median Graham Number is 0.70. Noah Holdings' value of $23.37 is 3238.6% above this benchmark. Historically, Noah Holdings' own Graham Number has ranged from 0.19 to 1.88 over the past decade. While the company's 10-year median is 0.82 vs. the industry median of 0.70, Noah Holdings 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 1,172 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. Noah Holdings's current Graham Number of $23.37 is 3238.6% 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 Noah Holdings 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. Noah Holdings's current Graham Number is $23.37, which is 2750% above median its own 10-year median of 0.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Noah Holdings stock overvalued right now?
Based on GuruFocus' analysis, Noah Holdings (NOAH) is currently considered Modestly Undervalued. The stock's GF Value™ is $11.25, compared to a current price of $8.51 — trading 24.4% below its estimated fair value. The current Graham Number is $23.37, which is 2750% above median its 10-year median of 0.82 and 3238.6% above the Asset Management industry median of 0.70. Noah Holdings' overall GF Score™ is 73/100 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 Noah Holdings (NOAH), the current Graham Number is $23.37 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 Noah Holdings (NOAH) Overvalued in 2026?
Based on GuruFocus' analysis, Noah Holdings stock appears to be undervalued.
The current stock price of $8.51 is trading 24.4% below its estimated GF Value™ of $11.25.
GuruFocus considers Noah Holdings to be Modestly Undervalued.
Key valuation signals for NOAH:
Graham Number: $23.37 (2750% above median its 10-year median of 0.82)
GF Value™: $11.25 vs. price of $8.51 (24.4% below fair value)
Industry Position: 3238.6% above the Asset Management median (#129 of 1172)
No single metric tells the full story. See the NOAH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Noah Holdings Ltd is a wealth management service provider offering comprehensive advisory services on investment and asset allocation, mainly for Mandarin-speaking high-net-worth (HNW) investors. The company's operating segments are Domestic public securities, Domestic asset management, Domestic insurance, Overseas wealth management, Overseas asset management, Overseas insurance and comprehensive services, and Headquarters. Maximum revenue is generated from its Domestic asset management business, which manages private equity funds, real estate equity funds, and private secondary products. The domestic asset management operations focus on managing primary market exits and cross-border ETF products in the secondary market. Geographically, it derives maximum revenue from Mainland China.
73GF Score
Get the complete analysis for NOAH
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
NOAH has been successfully added to your 
