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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 (2026-07-28), the stock price of Norse Atlantic ASA is kr0.392. Norse Atlantic ASA's graham number for the quarter that ended in Mar. 2026 was krN/A. Therefore, Norse Atlantic ASA's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Norse Atlantic ASA's Graham Number or its related term are showing as below:
OSL:NORSE's Price-to-Graham-Number is not ranked *
in the Transportation industry.
Industry Median: 1.02 * Ranked among companies with meaningful Price-to-Graham-Number only.
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Norse Atlantic ASA (OSL:NORSE) 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.
Norse Atlantic ASA's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
0.392
/
N/A
=
N/A
* 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.
Norse Atlantic ASA Graham Number Related Terms
Norse Atlantic ASA Graham Number Historical Data
* Premium members only.
The historical data trend for Norse Atlantic ASA'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.
OSL:NORSE vs DAL, UAL, LUV: Graham Number Comparison
For the Airlines subindustry, Norse Atlantic ASA'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.
Norse Atlantic ASA Price-to-Graham-Number vs Transportation Industry
For the Transportation industry and Industrials sector, Norse Atlantic ASA's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Norse Atlantic ASA'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.
Norse Atlantic ASA (OSL:NORSE) has a Graham Number of krN/A as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Norse Atlantic ASA and its competitors. According to the industry distribution chart, Norse Atlantic ASA ranks #999999 out of 743 companies in the Transportation industry.
Is Norse Atlantic ASA's Graham Number too high?
Norse Atlantic ASA's current Graham Number is krN/A. Based on the distribution chart, Norse Atlantic ASA ranks #999999 out of 743 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Norse Atlantic ASA has a GF Score™ of 29/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Norse Atlantic ASA's Graham Number compare to DAL and UAL?
According to the Transportation industry distribution chart, Norse Atlantic ASA ranks #999999 out of 743 companies for Graham Number. This places Norse Atlantic ASA in the lower half of its industry. The industry median Graham Number is 1.02. 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 Transportation company?
The median Graham Number among Transportation companies is 1.02, based on 743 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. 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 Norse Atlantic ASA and its competitors. For the Transportation industry, the median Graham Number is 1.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Norse Atlantic ASA's current Graham Number is krN/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Norse Atlantic ASA stock overvalued right now?
Based on GuruFocus' analysis, Norse Atlantic ASA (OSL:NORSE) is currently considered Possible Value Trap. The stock's GF Value™ is kr3.30, compared to a current price of kr0.39 — trading 88.1% below its estimated fair value. The current Graham Number is krN/A. Norse Atlantic ASA's overall GF Score™ is 29/100 with 3 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 Norse Atlantic ASA (OSL:NORSE), the current Graham Number is krN/A 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 Norse Atlantic ASA (OSL:NORSE) Overvalued in 2026?
Based on GuruFocus' analysis, Norse Atlantic ASA stock appears to be undervalued.
The current stock price of kr0.39 is trading 88.1% below its estimated GF Value™ of kr3.30.
GuruFocus considers Norse Atlantic ASA to be Possible Value Trap.
Key valuation signals for OSL:NORSE:
Graham Number: krN/A
GF Value™: kr3.30 vs. price of kr0.39 (88.1% below fair value)
No single metric tells the full story. See the OSL:NORSE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Norse Atlantic ASA is an airline offering affordable fares on direct, long-haul flights to popular destinations, along with specialized charter and ACMI services for tailored travel needs and extensive cargo operations. It operates a modern fleet of various fuel-efficient Boeing 787 Dreamliners, serving a network of destinations across North America, Europe, Africa, and Asia. Norse also provides charter flights for third parties, particularly during the lower-demand winter season. The company derives the majority of its revenue from passenger airfare income, followed by ancillary passenger income, lease rentals, charter income, and other sources. Geographically, it generates maximum revenue from the United States, and the rest from the United Kingdom, the Rest of Europe, Norway, and India.
29GF Score
Get the complete analysis for OSL:NORSE
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