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 Steel Partners Holdings LP's Graham Number or its related term are showing as below:
SPLP'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.36 Med: 0.77 Max: 6.91
Current: 0.43
During the past 13 years, the highest Price to Graham Number ratio of Steel Partners Holdings LP was 6.91. The lowest was 0.36. And the median was 0.77.
SPLP's Price-to-Graham-Number is not ranked
in the Conglomerates industry.
Industry Median: 0.91
vs SPLP: 0.43
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Steel Partners Holdings LP (OTCPK:SPLP) 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.
Steel Partners Holdings LP's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Sep. 2025 )
=
50.00
/
115.84
=
0.43
* 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.
Steel Partners Holdings LP Graham Number Related Terms
Steel Partners Holdings LP 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.
For the Conglomerates subindustry, Steel Partners 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.
Steel Partners Holdings LP Price-to-Graham-Number vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Steel Partners Holdings LP's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Steel Partners 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.
Steel Partners Holdings LP (SPLP) has a Graham Number of $115.84 as of Sep. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Steel Partners Holdings LP and its competitors. This is 14944% above median its historical median of 0.77. Over the past decade, Steel Partners Holdings LP's Graham Number has ranged from 0.36 to 6.91.
Is Steel Partners Holdings LP's Graham Number too high?
Steel Partners Holdings LP's current Graham Number of $115.84 is 14944% above median its 10-year median of 0.77. Over the past 10 years, this metric has ranged from a low of 0.36 to a high of 6.91. The Conglomerates industry median Graham Number is 0.91. Steel Partners Holdings LP's value of $115.84 is 12629.7% above this industry median. Overall, Steel Partners Holdings LP has a GF Score™ of 66/100, reflecting its overall financial health beyond just this single metric.
How does Steel Partners Holdings LP's Graham Number compare to MATW and DLX?
Steel Partners Holdings LP's Graham Number of $115.84 can be compared against companies in the Conglomerates industry. The industry median Graham Number is 0.91. Steel Partners Holdings LP's value of $115.84 is 12629.7% above this benchmark. Historically, Steel Partners Holdings LP's own Graham Number has ranged from 0.36 to 6.91 over the past decade. While the company's 10-year median is 0.77 vs. the industry median of 0.91, Steel Partners Holdings LP 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 a Conglomerates company?
The median Graham Number among Conglomerates companies is 0.91, based on 375 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. Steel Partners Holdings LP's current Graham Number of $115.84 is 12629.7% 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 Steel Partners Holdings LP and its competitors. For the Conglomerates industry, the median Graham Number is 0.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Steel Partners Holdings LP's current Graham Number is $115.84, which is 14944% above median its own 10-year median of 0.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steel Partners Holdings LP stock overvalued right now?
Steel Partners Holdings LP (SPLP) has a current Graham Number of $115.84. The stock's GF Value™ is $51.26, compared to a current price of $50.00 — trading 2.5% below its estimated fair value. The current Graham Number is $115.84, which is 14944% above median its 10-year median of 0.77 and 12629.7% above the Conglomerates industry median of 0.91. Steel Partners Holdings LP's overall GF Score™ is 66/100 with 4 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 Steel Partners Holdings LP (SPLP), the current Graham Number is $115.84 as of Sep. 2025. 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 Steel Partners Holdings LP (SPLP) Overvalued in 2026?
Based on GuruFocus' analysis, Steel Partners Holdings LP stock appears to be undervalued.
The current stock price of $50.00 is trading 2.5% below its estimated GF Value™ of $51.26.
Key valuation signals for SPLP:
Graham Number: $115.84 (14944% above median its 10-year median of 0.77)
GF Value™: $51.26 vs. price of $50.00 (2.5% below fair value)
Industry Position: 12629.7% above the Conglomerates median
No single metric tells the full story. See the SPLP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Steel Partners Holdings LP operates in industrial products, energy, defense, supply chain management and logistics, banking, and youth sports industries. Its segments include the Diversified Industrial segment comprised of manufacturers of engineered niche industrial products, joining materials, tubing, building materials, performance materials etc; the Energy segment provides drilling and production services to the oil and gas industry and owns a youth sports business; the Financial Services segment consists of the operations of WebBank, a Utah chartered industrial bank, which engages in full range of banking activities; The Supply Chain segment consists of end-to-end world-wide supply; and Corporate and Other consists of equity method and other investments, and cash and cash equivalents.
66GF Score
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