Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Refuels NVOSL:REFL 34 Graham Number is kr82.10 as of Mar. 2026. GuruFocus rates OSL:REFL with a GF Score™ of 34/100. The stock has 2 warning signs investors should review. Among 761 Retail - Cyclical companies, Refuels NV ranks better than 98.55% 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.
As of today (2026-08-08), the stock price of Refuels NV is kr15.30. Refuels NV's graham number for the quarter that ended in Mar. 2026 was kr82.10. Therefore, Refuels NV's Price to Graham Number ratio for today is 0.19.
The historical rank and industry rank for Refuels NV's Graham Number or its related term are showing as below:
OSL:REFL'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0 Med: 0 Max: 0.2
Current: 0.19
During the past 4 years, the highest Price to Graham Number ratio of Refuels NV was 0.20. The lowest was 0.00. And the median was 0.00.
OSL:REFL's Price-to-Graham-Number is ranked better than 98.55% of 761
companies
in the Retail - Cyclical industry
Industry Median: 1.24
vs OSL:REFL: 0.19
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
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.
Refuels NV's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
15.30
/
82.10
=
0.19
* 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.
Refuels NV Graham Number Related Terms
Refuels NV Graham Number Historical Data
* Premium members only.
The historical data trend for Refuels NV'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:REFL vs CASY, WSM, ULTA: Graham Number Comparison
For the Specialty Retail subindustry, Refuels NV'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.
Refuels NV Price-to-Graham-Number vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Refuels NV's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Refuels NV'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.
Refuels NV (OSL:REFL) has a Graham Number of kr82.10 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Refuels NV and its competitors. According to the industry distribution chart, Refuels NV ranks #11 out of 761 companies in the Retail - Cyclical industry, placing it in the top 1.4%.
Is Refuels NV's Graham Number too high?
Refuels NV's current Graham Number is kr82.10. Based on the distribution chart, Refuels NV ranks #11 out of 761 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Refuels NV has a GF Score™ of 34/100, reflecting its overall financial health beyond just this single metric.
How does Refuels NV's Graham Number compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Refuels NV ranks #11 out of 761 companies for Graham Number. This places Refuels NV in the top 1% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.24. 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 Retail - Cyclical company?
The median Graham Number among Retail - Cyclical companies is 1.24, based on 761 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 Refuels NV and its competitors. For the Retail - Cyclical industry, the median Graham Number is 1.24 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Refuels NV's current Graham Number is kr82.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Refuels NV stock overvalued right now?
Refuels NV (OSL:REFL) has a current Graham Number of kr82.10. The current Graham Number is kr82.10. Refuels NV's overall GF Score™ is 34/100 with 2 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 Refuels NV (OSL:REFL), the current Graham Number is kr82.10 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.
Refuels NV operates as a renewable biomethane supplier for decarbonizing heavy goods vehicles. The company is rolling out a network of stations offering renewable biomethane fuels to heavy goods vehicles, with hydrogen and electricity to be added.
34GF Score
Get the complete analysis for OSL:REFL
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
OSL:REFL has been successfully added to your 
