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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.
Good Will Instrument Co (TPE:2423) 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.
Good Will Instrument Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
73.80
/
43.35
=
1.70
* 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.
Good Will Instrument Co Graham Number Related Terms
Good Will Instrument Co 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.
TPE:2423 vs COHR, KEYS, GRMN: Graham Number Comparison
For the Scientific & Technical Instruments subindustry, Good Will Instrument Co'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.
Good Will Instrument Co Price-to-Graham-Number vs Hardware Industry
For the Hardware industry and Technology sector, Good Will Instrument Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Good Will Instrument Co'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.
Good Will Instrument Co (TPE:2423) has a Graham Number of NT$43.35 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Good Will Instrument Co and its competitors. According to the industry distribution chart, Good Will Instrument Co ranks #773 out of 1648 companies in the Hardware industry, placing it in the top 46.9%.
Is Good Will Instrument Co's Graham Number too high?
Good Will Instrument Co's current Graham Number is NT$43.35. Based on the distribution chart, Good Will Instrument Co ranks #773 out of 1648 companies in the Hardware industry, which is above the industry midpoint. Overall, Good Will Instrument Co has a GF Score™ of 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Good Will Instrument Co's Graham Number compare to COHR and KEYS?
According to the Hardware industry distribution chart, Good Will Instrument Co ranks #773 out of 1648 companies for Graham Number. This puts Good Will Instrument Co in the upper half of its industry. The industry median Graham Number is 1.78. 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 Hardware company?
The median Graham Number among Hardware companies is 1.78, based on 1,648 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. 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 Good Will Instrument Co and its competitors. For the Hardware industry, the median Graham Number is 1.78 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Good Will Instrument Co's current Graham Number is NT$43.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Good Will Instrument Co stock overvalued right now?
Based on GuruFocus' analysis, Good Will Instrument Co (TPE:2423) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$50.09, compared to a current price of NT$73.80 — trading 47.3% above its estimated fair value. The current Graham Number is NT$43.35. Good Will Instrument Co's overall GF Score™ is 77/100 with 1 warning sign 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 Good Will Instrument Co (TPE:2423), the current Graham Number is NT$43.35 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.
Is Good Will Instrument Co (TPE:2423) Overvalued in 2026?
Based on GuruFocus' analysis, Good Will Instrument Co stock appears to be overvalued.
The current stock price of NT$73.80 is trading 47.3% above its estimated GF Value™ of NT$50.09.
GuruFocus considers Good Will Instrument Co to be Significantly Overvalued.
Key valuation signals for TPE:2423:
Graham Number: NT$43.35
GF Value™: NT$50.09 vs. price of NT$73.80 (47.3% above fair value)
No single metric tells the full story. See the TPE:2423 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Good Will Instrument Co Ltd manufactures and sells electrical testing instruments, communication equipment, and related products. Its products include oscilloscopes, spectrum analyzers, signal sources, power supplies, public broadcasting and video monitoring systems, environmental testing equipment, constant temperature and humidity equipment, and vibration test equipment, among others. Geographically, the company generates a majority of its revenue from China and the rest from Japan, Taiwan, America, Europe, and other countries.
77GF Score
Get the complete analysis for TPE:2423
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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