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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.
Matsui Construction Co (TSE:1810) 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.
Matsui Construction Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
1468.00
/
2,620.60
=
0.56
* 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.
Matsui Construction Co Graham Number Related Terms
Matsui Construction 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.
TSE:1810 vs PWR, FIX, EME: Graham Number Comparison
For the Engineering & Construction subindustry, Matsui Construction 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.
Matsui Construction Co Price-to-Graham-Number vs Construction Industry
For the Construction industry and Industrials sector, Matsui Construction Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Matsui Construction 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.
Matsui Construction Co (TSE:1810) has a Graham Number of 円2,549.66 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Matsui Construction Co and its competitors. According to the industry distribution chart, Matsui Construction Co ranks #256 out of 1205 companies in the Construction industry, placing it in the top 21.2%.
Is Matsui Construction Co's Graham Number too high?
Matsui Construction Co's current Graham Number is 円2,549.66. Based on the distribution chart, Matsui Construction Co ranks #256 out of 1205 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Matsui Construction Co has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Matsui Construction Co's Graham Number compare to PWR and FIX?
According to the Construction industry distribution chart, Matsui Construction Co ranks #256 out of 1205 companies for Graham Number. This places Matsui Construction Co in the top 21% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.01. 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 Construction company?
The median Graham Number among Construction companies is 1.01, based on 1,205 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 Matsui Construction Co and its competitors. For the Construction industry, the median Graham Number is 1.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Matsui Construction Co's current Graham Number is 円2,549.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Matsui Construction Co stock overvalued right now?
Based on GuruFocus' analysis, Matsui Construction Co (TSE:1810) is currently considered Significantly Overvalued. The stock's GF Value™ is 円909.51, compared to a current price of 円1,468.00 — trading 61.4% above its estimated fair value. The current Graham Number is 円2,549.66. Matsui Construction Co's overall GF Score™ is 57/100 with 3 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 Matsui Construction Co (TSE:1810), the current Graham Number is 円2,549.66 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 Matsui Construction Co (TSE:1810) Overvalued in 2026?
Based on GuruFocus' analysis, Matsui Construction Co stock appears to be overvalued.
The current stock price of 円1,468.00 is trading 61.4% above its estimated GF Value™ of 円909.51.
GuruFocus considers Matsui Construction Co to be Significantly Overvalued.
Key valuation signals for TSE:1810:
Graham Number: 円2,549.66
GF Value™: 円909.51 vs. price of 円1,468.00 (61.4% above fair value)
No single metric tells the full story. See the TSE:1810 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Matsui Construction Co Ltd is engaged in the designing, supervision and contracting of civil engineering and architecture, sawing and wood working, manufacturing and sale of building materials and others.
57GF Score
Get the complete analysis for TSE:1810
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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