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Nomura Research InstituteNURAF 88 Graham Number is $3.57 as of Mar. 2026, which is 2% below its 10-year median of 3.65. GuruFocus rates NURAF with a GF Score™ of 88/100 and a GF Value™ of $30.70 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,480 Software companies, Nomura Research Institute ranks worse than 95.07% 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.
The historical rank and industry rank for Nomura Research Institute's Graham Number or its related term are showing as below:
NURAF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.81 Med: 3.65 Max: 10.42
Current: 10.42
During the past 13 years, the highest Price to Graham Number ratio of Nomura Research Institute was 10.42. The lowest was 1.81. And the median was 3.65.
NURAF's Price-to-Graham-Number is ranked worse than 95.07% of 1480
companies
in the Software industry
Industry Median: 1.84
vs NURAF: 10.42
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Nomura Research Institute (OTCPK:NURAF) 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 Research Institute's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
31.25
/
3.57
=
8.75
* 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 Research Institute Graham Number Related Terms
Nomura Research Institute 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.
For the Information Technology Services subindustry, Nomura Research Institute'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 Research Institute Price-to-Graham-Number vs Software Industry
For the Software industry and Technology sector, Nomura Research Institute's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Nomura Research Institute'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 Research Institute (NURAF) has a Graham Number of $3.57 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Nomura Research Institute and its competitors. This is near median its historical median of 3.65. Over the past decade, Nomura Research Institute's Graham Number has ranged from 1.81 to 10.42. According to the industry distribution chart, Nomura Research Institute ranks #1407 out of 1480 companies in the Software industry, placing it in the top 95.1%.
Is Nomura Research Institute's Graham Number too high?
Nomura Research Institute's current Graham Number of $3.57 is near median its 10-year median of 3.65. Over the past 10 years, this metric has ranged from a low of 1.81 to a high of 10.42. The Software industry median Graham Number is 1.84. Nomura Research Institute's value of $3.57 is 94% above this industry median. Based on the distribution chart, Nomura Research Institute ranks #1407 out of 1480 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Nomura Research Institute has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Nomura Research Institute's Graham Number compare to IBM and ACN?
According to the Software industry distribution chart, Nomura Research Institute ranks #1407 out of 1480 companies for Graham Number. This places Nomura Research Institute in the lower half of its industry. The industry median Graham Number is 1.84. Nomura Research Institute's value of $3.57 is 94% above this benchmark. Historically, Nomura Research Institute's own Graham Number has ranged from 1.81 to 10.42 over the past decade. While the company's 10-year median is 3.65 vs. the industry median of 1.84, Nomura Research Institute 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 Software company?
The median Graham Number among Software companies is 1.84, based on 1,480 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 Research Institute's current Graham Number of $3.57 is 94% 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 Research Institute and its competitors. For the Software industry, the median Graham Number is 1.84 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nomura Research Institute's current Graham Number is $3.57, which is near median its own 10-year median of 3.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nomura Research Institute stock overvalued right now?
Based on GuruFocus' analysis, Nomura Research Institute (NURAF) is currently considered Fairly Valued. The stock's GF Value™ is $30.70, compared to a current price of $31.25 — trading 1.8% above its estimated fair value. The current Graham Number is $3.57, which is near median its 10-year median of 3.65 and 94% above the Software industry median of 1.84. Nomura Research Institute's overall GF Score™ is 88/100 with 4 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 Research Institute (NURAF), the current Graham Number is $3.57 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 Nomura Research Institute (NURAF) Overvalued in 2026?
Based on GuruFocus' analysis, Nomura Research Institute stock appears to be overvalued.
The current stock price of $31.25 is trading 1.8% above its estimated GF Value™ of $30.70.
GuruFocus considers Nomura Research Institute to be Fairly Valued.
Key valuation signals for NURAF:
Graham Number: $3.57 (near median its 10-year median of 3.65)
GF Value™: $30.70 vs. price of $31.25 (1.8% above fair value)
Industry Position: 94% above the Software median (#1407 of 1480)
No single metric tells the full story. See the NURAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nomura Research Institute was formed in 1988 through the merger of the original Nomura Research Institute and Nomura Computer Systems. Its core financial IT solutions segment acts as a de facto utility for Japan's capital markets, running shared back-office platforms for major brokerages and banks. The industrial IT solutions segment builds supply chain and enterprise resource planning systems for retailers and manufacturers. These are supported by IT platform services and a consulting business that originates digital transformation projects. The company reported fiscal 2025 revenue of JPY 814.7 billion. Nomura Holdings, the parent of Nomura Securities, remains NRI's largest shareholder with a 20% stake.
88GF Score
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