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Merida Industry CoTPE:9914 -2.16%73 Graham Number is NT$80.97 as of Mar. 2026, which is 100% below its 10-year median of 2.00. GuruFocus rates TPE:9914 with a GF Score™ of 73/100 and a GF Value™ of NT$131.14 (Significantly Undervalued). The stock has 6 warning signs investors should review. Among 497 Travel & Leisure companies, Merida Industry Co ranks better than 60.97% 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 (2026-08-18), the stock price of Merida Industry Co is NT$81.50. Merida Industry Co's graham number for the quarter that ended in Mar. 2026 was NT$80.97. Therefore, Merida Industry Co's Price to Graham Number ratio for today is 1.01.
The historical rank and industry rank for Merida Industry Co's Graham Number or its related term are showing as below:
TPE:9914'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.8 Med: 2 Max: 3.53
Current: 1.01
During the past 13 years, the highest Price to Graham Number ratio of Merida Industry Co was 3.53. The lowest was 0.80. And the median was 2.00.
TPE:9914's Price-to-Graham-Number is ranked better than 60.97% of 497
companies
in the Travel & Leisure industry
Industry Median: 1.23
vs TPE:9914: 1.01
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Merida Industry Co (TPE:9914) 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.
Merida Industry Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
81.50
/
80.97
=
1.01
* 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.
Merida Industry Co Graham Number Related Terms
Merida Industry Co Graham Number Historical Data
* Premium members only.
The historical data trend for Merida Industry Co'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.
TPE:9914 vs AS, HAS, LTH: Graham Number Comparison
For the Leisure subindustry, Merida Industry 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.
Merida Industry Co Price-to-Graham-Number vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Merida Industry Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Merida Industry 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.
Merida Industry Co (TPE:9914) has a Graham Number of NT$80.97 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Merida Industry Co and its competitors. This is 3949% above median its historical median of 2.00. Over the past decade, Merida Industry Co's Graham Number has ranged from 0.80 to 3.53. According to the industry distribution chart, Merida Industry Co ranks #194 out of 497 companies in the Travel & Leisure industry, placing it in the top 39%.
Is Merida Industry Co's Graham Number too high?
Merida Industry Co's current Graham Number of NT$80.97 is 3949% above median its 10-year median of 2.00. Over the past 10 years, this metric has ranged from a low of 0.80 to a high of 3.53. Based on the distribution chart, Merida Industry Co ranks #194 out of 497 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Merida Industry Co has a GF Score™ of 73/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Merida Industry Co's Graham Number compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Merida Industry Co ranks #194 out of 497 companies for Graham Number. This puts Merida Industry Co in the upper half of its industry. The industry median Graham Number is 1.23. Historically, Merida Industry Co's own Graham Number has ranged from 0.80 to 3.53 over the past decade. 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 Travel & Leisure company?
The median Graham Number among Travel & Leisure companies is 1.23, based on 497 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 Merida Industry Co and its competitors. For the Travel & Leisure industry, the median Graham Number is 1.23 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merida Industry Co's current Graham Number is NT$80.97, which is 3949% above median its own 10-year median of 2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Merida Industry Co stock overvalued right now?
Based on GuruFocus' analysis, Merida Industry Co (TPE:9914) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$131.14, compared to a current price of NT$81.50 — trading 37.9% below its estimated fair value. The current Graham Number is NT$80.97, which is 3949% above median its 10-year median of 2.00. Merida Industry Co's overall GF Score™ is 73/100 with 6 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 Merida Industry Co (TPE:9914), the current Graham Number is NT$80.97 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 Merida Industry Co (TPE:9914) Overvalued in 2026?
Based on GuruFocus' analysis, Merida Industry Co stock appears to be undervalued.
The current stock price of NT$81.50 is trading 37.9% below its estimated GF Value™ of NT$131.14.
GuruFocus considers Merida Industry Co to be Significantly Undervalued.
Key valuation signals for TPE:9914:
Graham Number: NT$80.97 (3949% above median its 10-year median of 2.00)
GF Value™: NT$131.14 vs. price of NT$81.50 (37.9% below fair value)
No single metric tells the full story. See the TPE:9914 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Merida Industry Co Ltd is a manufacturer and distributor of bicycles and bicycle-related components, domiciled in Taiwan. The company produces bicycles for both recreational and professional use. Products include mountain bicycles, road and racing bicycles, bicycle motocross, or BMX, folding bicycles, children and youth bicycles, electric bicycles, helmets, components, and related parts and accessories. It distributes bicycles and components both domestically and internationally, and products are largely sold under the Merida brand name.
73GF Score
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