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Base FoodTSE:2936 -0.37%54 Graham Number is 円52.71 as of Feb. 2026. GuruFocus rates TSE:2936 with a GF Score™ of 54/100 and a GF Value™ of 円468.39 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,389 Consumer Packaged Goods companies, Base Food ranks worse than 96.9% 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 (2026-08-30), the stock price of Base Food is 円272.00. Base Food's graham number for the quarter that ended in Feb. 2026 was 円52.71. Therefore, Base Food's Price to Graham Number ratio for today is 7.03.
The historical rank and industry rank for Base Food's Graham Number or its related term are showing as below:
TSE:2936'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 5.16 Med: 13.62 Max: 20.31
Current: 7.69
During the past 6 years, the highest Price to Graham Number ratio of Base Food was 20.31. The lowest was 5.16. And the median was 13.62.
TSE:2936's Price-to-Graham-Number is ranked worse than 96.9% of 1389
companies
in the Consumer Packaged Goods industry
Industry Median: 1.14
vs TSE:2936: 7.69
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
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.
Base Food's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Feb. 2026 )
=
272.00
/
38.67
=
7.03
* 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.
Base Food Graham Number Related Terms
Base Food Graham Number Historical Data
* Premium members only.
The historical data trend for Base Food'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 Packaged Foods subindustry, Base Food'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.
Base Food Price-to-Graham-Number vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Base Food's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Base Food'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.
Base Food (TSE:2936) has a Graham Number of 円52.71 as of Feb. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Base Food and its competitors. According to the industry distribution chart, Base Food ranks #1346 out of 1389 companies in the Consumer Packaged Goods industry, placing it in the top 96.9%.
Is Base Food's Graham Number too high?
Base Food's current Graham Number is 円52.71. Based on the distribution chart, Base Food ranks #1346 out of 1389 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Base Food has a GF Score™ of 54/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Base Food's Graham Number compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Base Food ranks #1346 out of 1389 companies for Graham Number. This places Base Food in the lower half of its industry. The industry median Graham Number is 1.14. 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 Consumer Packaged Goods company?
The median Graham Number among Consumer Packaged Goods companies is 1.14, based on 1,389 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 Base Food and its competitors. For the Consumer Packaged Goods industry, the median Graham Number is 1.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Base Food's current Graham Number is 円52.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Base Food stock overvalued right now?
Based on GuruFocus' analysis, Base Food (TSE:2936) is currently considered Significantly Undervalued. The stock's GF Value™ is 円468.39, compared to a current price of 円272.00 — trading 41.9% below its estimated fair value. The current Graham Number is 円52.71. Base Food's overall GF Score™ is 54/100 with 2 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 Base Food (TSE:2936), the current Graham Number is 円52.71 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 Base Food (TSE:2936) Overvalued in 2026?
Based on GuruFocus' analysis, Base Food stock appears to be undervalued.
The current stock price of 円272.00 is trading 41.9% below its estimated GF Value™ of 円468.39.
GuruFocus considers Base Food to be Significantly Undervalued.
Key valuation signals for TSE:2936:
Graham Number: 円52.71
GF Value™: 円468.39 vs. price of 円272.00 (41.9% below fair value)
No single metric tells the full story. See the TSE:2936 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Base Food Inc is engaged in the development and sale of complete nutrition food. The company offers base bread, base pasta and base cookies related products.
54GF Score
Get the complete analysis for TSE:2936
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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