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Thermal Energy InternationalTMGEF +1.16%53 Graham Number is $0.05 as of Feb. 2026, which is 99% below its 10-year median of 3.80. GuruFocus rates TMGEF with a GF Score™ of 53/100 and a GF Value™ of $0.18 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 2,198 Industrial Products companies, Thermal Energy International ranks worse than 68.02% 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.
The historical rank and industry rank for Thermal Energy International's Graham Number or its related term are showing as below:
TMGEF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.75 Med: 3.8 Max: 9.5
Current: 2.83
During the past 13 years, the highest Price to Graham Number ratio of Thermal Energy International was 9.50. The lowest was 1.75. And the median was 3.80.
TMGEF's Price-to-Graham-Number is ranked worse than 68.02% of 2198
companies
in the Industrial Products industry
Industry Median: 1.72
vs TMGEF: 2.83
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Thermal Energy International (OTCPK:TMGEF) 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.
Thermal Energy International's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Feb. 2026 )
=
0.1133
/
0.05
=
2.45
* 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.
Thermal Energy International Graham Number Related Terms
Thermal Energy International 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.
TMGEF vs VLTO, ZWS, CECO: Graham Number Comparison
For the Pollution & Treatment Controls subindustry, Thermal Energy International'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.
Thermal Energy International Price-to-Graham-Number vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Thermal Energy International's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Thermal Energy International'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.
Thermal Energy International (TMGEF) has a Graham Number of $0.05 as of Feb. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Thermal Energy International and its competitors. This is 99% below median its historical median of 3.80. Over the past decade, Thermal Energy International's Graham Number has ranged from 1.75 to 9.50. According to the industry distribution chart, Thermal Energy International ranks #1495 out of 2198 companies in the Industrial Products industry, placing it in the top 68%.
Is Thermal Energy International's Graham Number too high?
Thermal Energy International's current Graham Number of $0.05 is 99% below median its 10-year median of 3.80. Over the past 10 years, this metric has ranged from a low of 1.75 to a high of 9.50. The Industrial Products industry median Graham Number is 1.72. Thermal Energy International's value of $0.05 is 97.1% below this industry median. Based on the distribution chart, Thermal Energy International ranks #1495 out of 2198 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Thermal Energy International has a GF Score™ of 53/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Thermal Energy International's Graham Number compare to VLTO and ZWS?
According to the Industrial Products industry distribution chart, Thermal Energy International ranks #1495 out of 2198 companies for Graham Number. This places Thermal Energy International in the lower half of its industry. The industry median Graham Number is 1.72. Thermal Energy International's value of $0.05 is 97.1% below this benchmark. Historically, Thermal Energy International's own Graham Number has ranged from 1.75 to 9.50 over the past decade. While the company's 10-year median is 3.80 vs. the industry median of 1.72, Thermal Energy International has consistently been below 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 Industrial Products company?
The median Graham Number among Industrial Products companies is 1.72, based on 2,198 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. Thermal Energy International's current Graham Number of $0.05 is 97.1% below 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 Thermal Energy International and its competitors. For the Industrial Products industry, the median Graham Number is 1.72 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thermal Energy International's current Graham Number is $0.05, which is 99% below median its own 10-year median of 3.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thermal Energy International stock overvalued right now?
Based on GuruFocus' analysis, Thermal Energy International (TMGEF) is currently considered Possible Value Trap. The stock's GF Value™ is $0.18, compared to a current price of $0.11 — trading 37.1% below its estimated fair value. The current Graham Number is $0.05, which is 99% below median its 10-year median of 3.80 and 97.1% below the Industrial Products industry median of 1.72. Thermal Energy International's overall GF Score™ is 53/100 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 Thermal Energy International (TMGEF), the current Graham Number is $0.05 as of Feb. 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 Thermal Energy International (TMGEF) Overvalued in 2026?
Based on GuruFocus' analysis, Thermal Energy International stock appears to be undervalued.
The current stock price of $0.11 is trading 37.1% below its estimated GF Value™ of $0.18.
GuruFocus considers Thermal Energy International to be Possible Value Trap.
Key valuation signals for TMGEF:
Graham Number: $0.05 (99% below median its 10-year median of 3.80)
GF Value™: $0.18 vs. price of $0.11 (37.1% below fair value)
Industry Position: 97.1% below the Industrial Products median (#1495 of 2198)
No single metric tells the full story. See the TMGEF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thermal Energy International Inc is a supplier of proprietary, energy efficiency and emissions reduction solutions to the industrial and institutional sectors. It markets, sells, engineers, fabricates, constructs, installs and supports technology lines - heat recovery solutions and condensate return system solutions. The product portfolio consists of GEM steam traps, FLU-ACE - direct contact condensing heat recovery, and Dry Rex - low-temperature biomass drying systems. The operating segment includes geographical areas that reflect the core business which has units located in Ottawa, Canada and Bristol, UK. The firm derives revenue from Canada, the UK, Germany, France, Poland, India, etc and the rest of the world. Substantial sales revenue comes from the USA.
53GF Score
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