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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 Plains GP Holdings LP's Graham Number or its related term are showing as below:
During the past 13 years, the highest Price to Graham Number ratio of Plains GP Holdings LP was 30.06. The lowest was 0.27. And the median was 0.60.
PAGP's Price-to-Graham-Number is not ranked *
in the Oil & Gas industry.
Industry Median: 1.07 * 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.
Plains GP Holdings LP (NAS:PAGP) 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.
Plains GP Holdings LP's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
25.49
/
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.
Plains GP Holdings LP Graham Number Related Terms
Plains GP Holdings LP Graham Number Historical Data
* Premium members only.
The historical data trend for Plains GP Holdings LP'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.
PAGP vs HESM, GLNG, INSW: Graham Number Comparison
For the Oil & Gas Midstream subindustry, Plains GP Holdings LP'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.
Plains GP Holdings LP Price-to-Graham-Number vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Plains GP Holdings LP's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Plains GP Holdings LP'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.
Plains GP Holdings LP (PAGP) has a Graham Number of $N/A as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Plains GP Holdings LP and its competitors. Over the past decade, Plains GP Holdings LP's Graham Number has ranged from 0.27 to 30.06. According to the industry distribution chart, Plains GP Holdings LP ranks #999999 out of 609 companies in the Oil & Gas industry.
Is Plains GP Holdings LP's Graham Number too high?
Plains GP Holdings LP's current Graham Number is $N/A. Over the past 10 years, this metric has ranged from a low of 0.27 to a high of 30.06. Based on the distribution chart, Plains GP Holdings LP ranks #999999 out of 609 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Plains GP Holdings LP has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Plains GP Holdings LP's Graham Number compare to HESM and GLNG?
According to the Oil & Gas industry distribution chart, Plains GP Holdings LP ranks #999999 out of 609 companies for Graham Number. This places Plains GP Holdings LP in the lower half of its industry. The industry median Graham Number is 1.07. Historically, Plains GP Holdings LP's own Graham Number has ranged from 0.27 to 30.06 over the past decade. 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 Oil & Gas company?
The median Graham Number among Oil & Gas companies is 1.07, based on 609 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 Plains GP Holdings LP and its competitors. For the Oil & Gas industry, the median Graham Number is 1.07 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Plains GP Holdings LP's current Graham Number is $N/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Plains GP Holdings LP stock overvalued right now?
Based on GuruFocus' analysis, Plains GP Holdings LP (PAGP) is currently considered Modestly Overvalued. The stock's GF Value™ is $19.84, compared to a current price of $25.49 — trading 28.5% above its estimated fair value. The current Graham Number is $N/A. Plains GP Holdings LP's overall GF Score™ is 73/100 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 Plains GP Holdings LP (PAGP), the current Graham Number is $N/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 Plains GP Holdings LP (PAGP) Overvalued in 2026?
Based on GuruFocus' analysis, Plains GP Holdings LP stock appears to be overvalued.
The current stock price of $25.49 is trading 28.5% above its estimated GF Value™ of $19.84.
GuruFocus considers Plains GP Holdings LP to be Modestly Overvalued.
Key valuation signals for PAGP:
Graham Number: $N/A
GF Value™: $19.84 vs. price of $25.49 (28.5% above fair value)
No single metric tells the full story. See the PAGP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), and natural gas. The group manages its operations through two operating segments: Crude Oil segment operations generally consist of gathering and transporting crude oil using pipelines (including gathering systems), trucks, and, at times, on barges or railcars; and NGL segment operations involve NGL storage and terminalling from NGL assets located in the Southwestern United States. It generates the majority of its revenue from the Crude Oil segment. Its geographic markets are the United States and Canada. It generates the majority of its revenue from the United States.
73GF Score
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