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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.
As of today (2026-09-01), the stock price of Noble Roman's is $0.68. Noble Roman's's graham number for the quarter that ended in Jun. 2026 was $0.41. Therefore, Noble Roman's's Price to Graham Number ratio for today is 1.64.
The historical rank and industry rank for Noble Roman's's Graham Number or its related term are showing as below:
NROM'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.5 Med: 1.38 Max: 8.7
Current: 1.66
During the past 13 years, the highest Price to Graham Number ratio of Noble Roman's was 8.70. The lowest was 0.50. And the median was 1.38.
NROM's Price-to-Graham-Number is ranked better than 53.37% of 208
companies
in the Restaurants industry
Industry Median: 1.68
vs NROM: 1.66
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Noble Roman's (OTCPK:NROM) 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.
Noble Roman's's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
0.68
/
0.41
=
1.64
* 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.
Noble Roman's Graham Number Related Terms
Noble Roman's Graham Number Historical Data
* Premium members only.
The historical data trend for Noble Roman's'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 Restaurants subindustry, Noble Roman's'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.
Noble Roman's Price-to-Graham-Number vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Noble Roman's's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Noble Roman's'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.
Noble Roman's (NROM) has a Graham Number of $0.41 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Noble Roman's and its competitors. According to the industry distribution chart, Noble Roman's ranks #97 out of 208 companies in the Restaurants industry, placing it in the top 46.6%.
Is Noble Roman's' Graham Number too high?
Noble Roman's' current Graham Number is $0.41. The Restaurants industry median Graham Number is 1.68. Noble Roman's' value of $0.41 is 75.6% below this industry median. Based on the distribution chart, Noble Roman's ranks #97 out of 208 companies in the Restaurants industry, which is above the industry midpoint. Overall, Noble Roman's has a GF Score™ of 31/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Noble Roman's' Graham Number compare to GTIM and HWH?
According to the Restaurants industry distribution chart, Noble Roman's ranks #97 out of 208 companies for Graham Number. This puts Noble Roman's in the upper half of its industry. The industry median Graham Number is 1.68. Noble Roman's' value of $0.41 is 75.6% below this benchmark. 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 Restaurants company?
The median Graham Number among Restaurants companies is 1.68, based on 208 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. Noble Roman's's current Graham Number of $0.41 is 75.6% below 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 Noble Roman's and its competitors. For the Restaurants industry, the median Graham Number is 1.68 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Noble Roman's's current Graham Number is $0.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Noble Roman's stock overvalued right now?
Based on GuruFocus' analysis, Noble Roman's (NROM) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.35, compared to a current price of $0.68 — trading 94.3% above its estimated fair value. The current Graham Number is $0.41 and 75.6% below the Restaurants industry median of 1.68. Noble Roman's' overall GF Score™ is 31/100 with 6 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 Noble Roman's (NROM), the current Graham Number is $0.41 as of Jun. 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 Noble Roman's (NROM) Overvalued in 2026?
Based on GuruFocus' analysis, Noble Roman's stock appears to be overvalued.
The current stock price of $0.68 is trading 94.3% above its estimated GF Value™ of $0.35.
GuruFocus considers Noble Roman's to be Significantly Overvalued.
Key valuation signals for NROM:
Graham Number: $0.41
GF Value™: $0.35 vs. price of $0.68 (94.3% above fair value)
Industry Position: 75.6% below the Restaurants median (#97 of 208)
No single metric tells the full story. See the NROM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Noble Roman's Inc is a restaurant operator. It sells and services franchises and licenses and operates Company-owned stand-alone restaurants and non-traditional foodservice operations under the trade names Noble Roman's Craft Pizza & Pub, Noble Roman's Pizza, Noble Roman's Take-N-Bake, and Tuscano's Italian Style Subs. The Company has two reportable operating segments: Franchising - Consists of franchise royalties, franchise fee revenue, manufacturer and distributor allowances, equipment commissions, and related support activities; and Company-Owned Restaurants - Consists of the operations of Company-owned Craft Pizza & Pub locations and Company-operated non-traditional restaurant locations.
31GF Score
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