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Northwest Natural Holding CoNWN -0.45%70 Graham Number is $44.12 as of Mar. 2026, which is 3430% above its 10-year median of 1.25. GuruFocus rates NWN with a GF Score™ of 70/100 and a GF Value™ of $42.66 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 414 Utilities - Regulated companies, Northwest Natural Holding Co ranks better than 51.45% 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 Northwest Natural Holding Co's Graham Number or its related term are showing as below:
NWN'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.9 Med: 1.25 Max: 2.02
Current: 1.1
During the past 13 years, the highest Price to Graham Number ratio of Northwest Natural Holding Co was 2.02. The lowest was 0.90. And the median was 1.25.
NWN's Price-to-Graham-Number is ranked better than 51.45% of 414
companies
in the Utilities - Regulated industry
Industry Median: 1.145
vs NWN: 1.10
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Northwest Natural Holding Co (NYSE:NWN) 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.
Northwest Natural Holding Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
48.71
/
44.12
=
1.10
* 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.
Northwest Natural Holding Co Graham Number Related Terms
Northwest Natural Holding Co 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 Utilities - Regulated Gas subindustry, Northwest Natural Holding Co'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.
Northwest Natural Holding Co Price-to-Graham-Number vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Northwest Natural Holding Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Northwest Natural Holding Co'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.
Northwest Natural Holding Co (NWN) has a Graham Number of $44.12 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Northwest Natural Holding Co and its competitors. This is 3430% above median its historical median of 1.25. Over the past decade, Northwest Natural Holding Co's Graham Number has ranged from 0.90 to 2.02. According to the industry distribution chart, Northwest Natural Holding Co ranks #201 out of 414 companies in the Utilities - Regulated industry, placing it in the top 48.6%.
Is Northwest Natural Holding Co's Graham Number too high?
Northwest Natural Holding Co's current Graham Number of $44.12 is 3430% above median its 10-year median of 1.25. Over the past 10 years, this metric has ranged from a low of 0.90 to a high of 2.02. The Utilities - Regulated industry median Graham Number is 1.15. Northwest Natural Holding Co's value of $44.12 is 3753.3% above this industry median. Based on the distribution chart, Northwest Natural Holding Co ranks #201 out of 414 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Northwest Natural Holding Co has a GF Score™ of 70/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Northwest Natural Holding Co's Graham Number compare to CTRI and SPH?
According to the Utilities - Regulated industry distribution chart, Northwest Natural Holding Co ranks #201 out of 414 companies for Graham Number. This puts Northwest Natural Holding Co in the upper half of its industry. The industry median Graham Number is 1.15. Northwest Natural Holding Co's value of $44.12 is 3753.3% above this benchmark. Historically, Northwest Natural Holding Co's own Graham Number has ranged from 0.90 to 2.02 over the past decade. While the company's 10-year median is 1.25 vs. the industry median of 1.15, Northwest Natural Holding Co 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 Utilities - Regulated company?
The median Graham Number among Utilities - Regulated companies is 1.15, based on 414 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. Northwest Natural Holding Co's current Graham Number of $44.12 is 3753.3% 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 Northwest Natural Holding Co and its competitors. For the Utilities - Regulated industry, the median Graham Number is 1.15 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northwest Natural Holding Co's current Graham Number is $44.12, which is 3430% above median its own 10-year median of 1.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northwest Natural Holding Co stock overvalued right now?
Based on GuruFocus' analysis, Northwest Natural Holding Co (NWN) is currently considered Modestly Overvalued. The stock's GF Value™ is $42.66, compared to a current price of $48.71 — trading 14.2% above its estimated fair value. The current Graham Number is $44.12, which is 3430% above median its 10-year median of 1.25 and 3753.3% above the Utilities - Regulated industry median of 1.15. Northwest Natural Holding Co's overall GF Score™ is 70/100 with 8 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 Northwest Natural Holding Co (NWN), the current Graham Number is $44.12 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 Northwest Natural Holding Co (NWN) Overvalued in 2026?
Based on GuruFocus' analysis, Northwest Natural Holding Co stock appears to be overvalued.
The current stock price of $48.71 is trading 14.2% above its estimated GF Value™ of $42.66.
GuruFocus considers Northwest Natural Holding Co to be Modestly Overvalued.
Key valuation signals for NWN:
Graham Number: $44.12 (3430% above median its 10-year median of 1.25)
GF Value™: $42.66 vs. price of $48.71 (14.2% above fair value)
Industry Position: 3753.3% above the Utilities - Regulated median (#201 of 414)
No single metric tells the full story. See the NWN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Northwest Natural Holding Co is a public natural gas service supplier operating in the U.S. Pacific Northwest. Its subsidiary, NW Natural, operates through the natural gas distribution segment, which purchases and distributes natural gas through which operates in Oregon and southwest Washington. The company operates in three reportable business segments, which are NWN Gas Utility, SiEnergy, and NWN Water. The company generates maximum revenue from NWN Gas Utility segment. It also generates revenue from residential, commercial, and industrial customers, the majority of which are in Oregon. Residential and commercial customers account for the vast majority of profitability.
70GF Score
Get the complete analysis for NWN
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