Saipem SpASAPMF +0.88%53 Graham Number is $2.24 as of Mar. 2026, which is 81% above its 10-year median of 1.24. GuruFocus rates SAPMF with a GF Score™ of 53/100 and a GF Value™ of $2.90 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 607 Oil & Gas companies, Saipem SpA ranks worse than 83.03% 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 (2026-07-12), the stock price of Saipem SpA is $5.064. Saipem SpA's graham number for the quarter that ended in Mar. 2026 was $2.24. Therefore, Saipem SpA's Price to Graham Number ratio for today is 2.26.
The historical rank and industry rank for Saipem SpA's Graham Number or its related term are showing as below:
SAPMF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.75 Med: 1.24 Max: 2.29
Current: 2.29
During the past 13 years, the highest Price to Graham Number ratio of Saipem SpA was 2.29. The lowest was 0.75. And the median was 1.24.
SAPMF's Price-to-Graham-Number is ranked worse than 83.03% of 607
companies
in the Oil & Gas industry
Industry Median: 1.04
vs SAPMF: 2.29
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Saipem SpA (OTCPK:SAPMF) 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.
Saipem SpA's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
5.064
/
2.24
=
2.26
* 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.
Saipem SpA Graham Number Related Terms
Saipem SpA Graham Number Historical Data
* Premium members only.
The historical data trend for Saipem SpA'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.
For the Oil & Gas Equipment & Services subindustry, Saipem SpA'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.
Saipem SpA Price-to-Graham-Number vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Saipem SpA's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Saipem SpA'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.
Saipem SpA (SAPMF) has a Graham Number of $2.24 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Saipem SpA and its competitors. This is 81% above median its historical median of 1.24. Over the past decade, Saipem SpA's Graham Number has ranged from 0.75 to 2.29. According to the industry distribution chart, Saipem SpA ranks #504 out of 607 companies in the Oil & Gas industry, placing it in the top 83%.
Is Saipem SpA's Graham Number too high?
Saipem SpA's current Graham Number of $2.24 is 81% above median its 10-year median of 1.24. Over the past 10 years, this metric has ranged from a low of 0.75 to a high of 2.29. The Oil & Gas industry median Graham Number is 1.04. Saipem SpA's value of $2.24 is 115.4% above this industry median. Based on the distribution chart, Saipem SpA ranks #504 out of 607 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Saipem SpA has a GF Score™ of 53/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Saipem SpA's Graham Number compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Saipem SpA ranks #504 out of 607 companies for Graham Number. This places Saipem SpA in the lower half of its industry. The industry median Graham Number is 1.04. Saipem SpA's value of $2.24 is 115.4% above this benchmark. Historically, Saipem SpA's own Graham Number has ranged from 0.75 to 2.29 over the past decade. While the company's 10-year median is 1.24 vs. the industry median of 1.04, Saipem SpA 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 Oil & Gas company?
The median Graham Number among Oil & Gas companies is 1.04, based on 607 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. Saipem SpA's current Graham Number of $2.24 is 115.4% 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 Saipem SpA and its competitors. For the Oil & Gas industry, the median Graham Number is 1.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Saipem SpA's current Graham Number is $2.24, which is 81% above median its own 10-year median of 1.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Saipem SpA stock overvalued right now?
Based on GuruFocus' analysis, Saipem SpA (SAPMF) is currently considered Significantly Overvalued. The stock's GF Value™ is $2.90, compared to a current price of $5.06 — trading 74.6% above its estimated fair value. The current Graham Number is $2.24, which is 81% above median its 10-year median of 1.24 and 115.4% above the Oil & Gas industry median of 1.04. Saipem SpA's overall GF Score™ is 53/100 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 Saipem SpA (SAPMF), the current Graham Number is $2.24 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 Saipem SpA (SAPMF) Overvalued in 2026?
Based on GuruFocus' analysis, Saipem SpA stock appears to be overvalued.
The current stock price of $5.06 is trading 74.6% above its estimated GF Value™ of $2.90.
GuruFocus considers Saipem SpA to be Significantly Overvalued.
Key valuation signals for SAPMF:
Graham Number: $2.24 (81% above median its 10-year median of 1.24)
GF Value™: $2.90 vs. price of $5.06 (74.6% above fair value)
Industry Position: 115.4% above the Oil & Gas median (#504 of 607)
No single metric tells the full story. See the SAPMF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Saipem SpA specializes in engineering and construction of projects for the energy and infrastructure sectors, offshore and onshore. The company operates through Asset-Based Services, Offshore Drilling, and Energy Carriers segments. Key revenue is generated from Asset-Based Services, which includes the Offshore Engineering & Construction and Offshore Wind activities. The Energy Carriers segment includes the Onshore Engineering & Construction, Sustainable Infrastructures, and Robotics & Industrialized Solutions activities. Its revenue by geographical segment includes Italy, Rest of Europe, CSI, Rest of Asia, etc.
53GF Score
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