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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.
The historical rank and industry rank for National Storage REIT's Graham Number or its related term are showing as below:
NTSGF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.7 Med: 2.67 Max: 11.63
Current: 11.45
During the past 12 years, the highest Price to Graham Number ratio of National Storage REIT was 11.63. The lowest was 1.70. And the median was 2.67.
NTSGF's Price-to-Graham-Number is not ranked
in the REITs industry.
Industry Median: 0.74
vs NTSGF: 11.45
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
National Storage REIT (OTCPK:NTSGF) 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.
National Storage REIT's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
1.8312
/
0.18
=
10.10
* 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.
National Storage REIT Graham Number Related Terms
National Storage REIT Graham Number Historical Data
* Premium members only.
The historical data trend for National Storage REIT'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 REIT - Industrial subindustry, National Storage REIT'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.
National Storage REIT Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, National Storage REIT's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where National Storage REIT'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.
National Storage REIT (NTSGF) has a Graham Number of $0.18 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on National Storage REIT and its competitors. This is 93% below median its historical median of 2.67. Over the past decade, National Storage REIT's Graham Number has ranged from 1.70 to 11.63.
Is National Storage REIT's Graham Number too high?
National Storage REIT's current Graham Number of $0.18 is 93% below median its 10-year median of 2.67. Over the past 10 years, this metric has ranged from a low of 1.70 to a high of 11.63. The REITs industry median Graham Number is 0.74. National Storage REIT's value of $0.18 is 75.7% below this industry median. Overall, National Storage REIT has a GF Score™ of 78/100, reflecting its overall financial health beyond just this single metric.
How does National Storage REIT's Graham Number compare to PLD and PSA?
National Storage REIT's Graham Number of $0.18 can be compared against companies in the REITs industry. The industry median Graham Number is 0.74. National Storage REIT's value of $0.18 is 75.7% below this benchmark. Historically, National Storage REIT's own Graham Number has ranged from 1.70 to 11.63 over the past decade. While the company's 10-year median is 2.67 vs. the industry median of 0.74, National Storage REIT has consistently been below 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 735 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. National Storage REIT's current Graham Number of $0.18 is 75.7% 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 National Storage REIT 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. National Storage REIT's current Graham Number is $0.18, which is 93% below median its own 10-year median of 2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Storage REIT stock overvalued right now?
National Storage REIT (NTSGF) has a current Graham Number of $0.18. The stock's GF Value™ is $1.72, compared to a current price of $1.83 — trading 6.5% above its estimated fair value. The current Graham Number is $0.18, which is 93% below median its 10-year median of 2.67 and 75.7% below the REITs industry median of 0.74. National Storage REIT's overall GF Score™ is 78/100 with 11 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 National Storage REIT (NTSGF), the current Graham Number is $0.18 as of Dec. 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 National Storage REIT (NTSGF) Overvalued in 2026?
Based on GuruFocus' analysis, National Storage REIT stock appears to be overvalued.
The current stock price of $1.83 is trading 6.5% above its estimated GF Value™ of $1.72.
Key valuation signals for NTSGF:
Graham Number: $0.18 (93% below median its 10-year median of 2.67)
GF Value™: $1.72 vs. price of $1.83 (6.5% above fair value)
No single metric tells the full story. See the NTSGF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Storage REIT is the largest self-storage operator in Australia and New Zealand. Majority of its income is derived from rents. Additional revenue streams come from ancillary products and services such as packaging materials, locks, and insurance. The REIT owns most of the centers it operates, and leases roughly a dozen of the sites secured under long-term agreements. The self-storage industry is fragmented, with three large players in National Storage, the listed Abacus Storage King, and privately owned Kennards, accounting for about one-third of the market. The rest are independent operators, with a single center or a small state-based portfolio of assets. Besides organic rent increases, the company's key growth drivers are acquisitions and developments.
78GF Score
Get the complete analysis for NTSGF
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