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Tokyo CenturyTCNRF -6.27%76 Graham Number is $21.60 as of Mar. 2026, which is 3030% above its 10-year median of 0.69. GuruFocus rates TCNRF with a GF Score™ of 76/100 and a GF Value™ of $6.99. The stock has 8 warning signs investors should review. Among 701 Business Services companies, Tokyo Century ranks better than 74.75% 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 (2026-08-10), the stock price of Tokyo Century is $10.32. Tokyo Century's graham number for the quarter that ended in Mar. 2026 was $21.60. Therefore, Tokyo Century's Price to Graham Number ratio for today is 0.48.
The historical rank and industry rank for Tokyo Century's Graham Number or its related term are showing as below:
TCNRF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.53 Med: 0.69 Max: 1.27
Current: 0.75
During the past 13 years, the highest Price to Graham Number ratio of Tokyo Century was 1.27. The lowest was 0.53. And the median was 0.69.
TCNRF's Price-to-Graham-Number is ranked better than 74.75% of 701
companies
in the Business Services industry
Industry Median: 1.17
vs TCNRF: 0.75
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Tokyo Century (OTCPK:TCNRF) 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.
Tokyo Century's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
10.32
/
21.60
=
0.48
* 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.
Tokyo Century Graham Number Related Terms
Tokyo Century Graham Number Historical Data
* Premium members only.
The historical data trend for Tokyo Century'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 Rental & Leasing Services subindustry, Tokyo Century'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.
Tokyo Century Price-to-Graham-Number vs Business Services Industry
For the Business Services industry and Industrials sector, Tokyo Century's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Tokyo Century'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.
Tokyo Century (TCNRF) has a Graham Number of $21.60 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Tokyo Century and its competitors. This is 3030% above median its historical median of 0.69. Over the past decade, Tokyo Century's Graham Number has ranged from 0.53 to 1.27. According to the industry distribution chart, Tokyo Century ranks #177 out of 701 companies in the Business Services industry, placing it in the top 25.2%.
Is Tokyo Century's Graham Number too high?
Tokyo Century's current Graham Number of $21.60 is 3030% above median its 10-year median of 0.69. Over the past 10 years, this metric has ranged from a low of 0.53 to a high of 1.27. The Business Services industry median Graham Number is 1.17. Tokyo Century's value of $21.60 is 1746.2% above this industry median. Based on the distribution chart, Tokyo Century ranks #177 out of 701 companies in the Business Services industry, which is above the industry midpoint. Overall, Tokyo Century has a GF Score™ of 76/100, reflecting its overall financial health beyond just this single metric.
How does Tokyo Century's Graham Number compare to URI and SUNB?
According to the Business Services industry distribution chart, Tokyo Century ranks #177 out of 701 companies for Graham Number. This puts Tokyo Century in the upper half of its industry. The industry median Graham Number is 1.17. Tokyo Century's value of $21.60 is 1746.2% above this benchmark. Historically, Tokyo Century's own Graham Number has ranged from 0.53 to 1.27 over the past decade. While the company's 10-year median is 0.69 vs. the industry median of 1.17, Tokyo Century 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 Business Services company?
The median Graham Number among Business Services companies is 1.17, based on 701 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. Tokyo Century's current Graham Number of $21.60 is 1746.2% 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 Tokyo Century and its competitors. For the Business Services industry, the median Graham Number is 1.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tokyo Century's current Graham Number is $21.60, which is 3030% above median its own 10-year median of 0.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tokyo Century stock overvalued right now?
Tokyo Century (TCNRF) has a current Graham Number of $21.60. The stock's GF Value™ is $6.99, compared to a current price of $10.32 — trading 47.6% above its estimated fair value. The current Graham Number is $21.60, which is 3030% above median its 10-year median of 0.69 and 1746.2% above the Business Services industry median of 1.17. Tokyo Century's overall GF Score™ is 76/100 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 Tokyo Century (TCNRF), the current Graham Number is $21.60 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 Tokyo Century (TCNRF) Overvalued in 2026?
Based on GuruFocus' analysis, Tokyo Century stock appears to be overvalued.
The current stock price of $10.32 is trading 47.6% above its estimated GF Value™ of $6.99.
Key valuation signals for TCNRF:
Graham Number: $21.60 (3030% above median its 10-year median of 0.69)
GF Value™: $6.99 vs. price of $10.32 (47.6% above fair value)
Industry Position: 1746.2% above the Business Services median (#177 of 701)
No single metric tells the full story. See the TCNRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tokyo Century Corp is engaged in leasing and financing businesses. The company operates through five reportable segments: Domestic Leasing Business, Automobility Business, Specialty Business, International Business, and Environmental Infrastructure Business. Its activities include leasing and financing for equipment and facilities, auto leasing and car sharing, loans and investments for ships, aircraft, and real estate, as well as renewable energy and related services. It generates the majority of its revenue from the Domestic leasing segment, which includes information and communication equipment, office equipment, industrial machine tools, transportation equipment, and commercial and service industries.
76GF Score
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