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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.
RMM'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.5 Med: 0.66 Max: 0.81
Current: 0.57
During the past 7 years, the highest Price to Graham Number ratio of RiverNorth Managed Duration Muni Fd was 0.81. The lowest was 0.50. And the median was 0.66.
RMM's Price-to-Graham-Number is ranked better than 61.22% of 1150
companies
in the Asset Management industry
Industry Median: 0.67
vs RMM: 0.57
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
RiverNorth Managed Duration Muni Fd (NYSE:RMM) 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.
RiverNorth Managed Duration Muni Fd's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
13.85
/
24.16
=
0.57
* 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.
RiverNorth Managed Duration Muni Fd Graham Number Related Terms
RiverNorth Managed Duration Muni Fd 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.
RiverNorth Managed Duration Muni Fd Graham Number Chart
For the Asset Management subindustry, RiverNorth Managed Duration Muni Fd'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.
RiverNorth Managed Duration Muni Fd Price-to-Graham-Number vs Asset Management Industry
For the Asset Management industry and Financial Services sector, RiverNorth Managed Duration Muni Fd's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where RiverNorth Managed Duration Muni Fd'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.
RiverNorth Managed Duration Muni Fd (RMM) has a Graham Number of $24.16 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on RiverNorth Managed Duration Muni Fd and its competitors. According to the industry distribution chart, RiverNorth Managed Duration Muni Fd ranks #446 out of 1150 companies in the Asset Management industry, placing it in the top 38.8%.
Is RiverNorth Managed Duration Muni Fd's Graham Number too high?
RiverNorth Managed Duration Muni Fd's current Graham Number is $24.16. The Asset Management industry median Graham Number is 0.67. RiverNorth Managed Duration Muni Fd's value of $24.16 is 3506% above this industry median. Based on the distribution chart, RiverNorth Managed Duration Muni Fd ranks #446 out of 1150 companies in the Asset Management industry, which is above the industry midpoint. Overall, RiverNorth Managed Duration Muni Fd has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does RiverNorth Managed Duration Muni Fd's Graham Number compare to TSI and MMD?
According to the Asset Management industry distribution chart, RiverNorth Managed Duration Muni Fd ranks #446 out of 1150 companies for Graham Number. This puts RiverNorth Managed Duration Muni Fd in the upper half of its industry. The industry median Graham Number is 0.67. RiverNorth Managed Duration Muni Fd's value of $24.16 is 3506% above this benchmark. 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 Asset Management company?
The median Graham Number among Asset Management companies is 0.67, based on 1,150 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. RiverNorth Managed Duration Muni Fd's current Graham Number of $24.16 is 3506% 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 RiverNorth Managed Duration Muni Fd and its competitors. For the Asset Management industry, the median Graham Number is 0.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. RiverNorth Managed Duration Muni Fd's current Graham Number is $24.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RiverNorth Managed Duration Muni Fd stock overvalued right now?
RiverNorth Managed Duration Muni Fd (RMM) has a current Graham Number of $24.16. The current Graham Number is $24.16 and 3506% above the Asset Management industry median of 0.67. RiverNorth Managed Duration Muni Fd's overall GF Score™ is 30/100 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 RiverNorth Managed Duration Muni Fd (RMM), the current Graham Number is $24.16 as of Jun. 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.
RiverNorth Managed Duration Muni Inc Fd is a United States based diversified, closed-end management investment company. Its primary investment objective is current income exempt from regular U.S. federal income taxes. The Fund's secondary investment objective is total return.
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