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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.
TSE:3472'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.73 Med: 0.86 Max: 1.23
Current: 0.74
During the past 10 years, the highest Price to Graham Number ratio of Nippon Hotel & Residential Investment was 1.23. The lowest was 0.73. And the median was 0.86.
TSE:3472's Price-to-Graham-Number is ranked worse than 50.75% of 731
companies
in the REITs industry
Industry Median: 0.73
vs TSE:3472: 0.74
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Nippon Hotel & Residential Investment (TSE:3472) 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.
Nippon Hotel & Residential Investment's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: May. 2026 )
=
67100.00
/
90,572.30
=
0.74
* 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.
Nippon Hotel & Residential Investment Graham Number Related Terms
Nippon Hotel & Residential Investment 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.
Nippon Hotel & Residential Investment Graham Number Chart
TSE:3472 vs HST, RHP, APLE: Graham Number Comparison
For the REIT - Hotel & Motel subindustry, Nippon Hotel & Residential Investment'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.
Nippon Hotel & Residential Investment Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, Nippon Hotel & Residential Investment's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Nippon Hotel & Residential Investment'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.
Nippon Hotel & Residential Investment (TSE:3472) has a Graham Number of 円90,572.30 as of May. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Nippon Hotel & Residential Investment and its competitors. This is 10531563% above median its historical median of 0.86. Over the past decade, Nippon Hotel & Residential Investment's Graham Number has ranged from 0.73 to 1.23. According to the industry distribution chart, Nippon Hotel & Residential Investment ranks #371 out of 731 companies in the REITs industry, placing it in the top 50.8%.
Is Nippon Hotel & Residential Investment's Graham Number too high?
Nippon Hotel & Residential Investment's current Graham Number of 円90,572.30 is 10531563% above median its 10-year median of 0.86. Over the past 10 years, this metric has ranged from a low of 0.73 to a high of 1.23. Based on the distribution chart, Nippon Hotel & Residential Investment ranks #371 out of 731 companies in the REITs industry, which is below the industry midpoint. Overall, Nippon Hotel & Residential Investment has a GF Score™ of 58/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nippon Hotel & Residential Investment's Graham Number compare to HST and RHP?
According to the REITs industry distribution chart, Nippon Hotel & Residential Investment ranks #371 out of 731 companies for Graham Number. This places Nippon Hotel & Residential Investment in the lower half of its industry. The industry median Graham Number is 0.73. Historically, Nippon Hotel & Residential Investment's own Graham Number has ranged from 0.73 to 1.23 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 REITs company?
The median Graham Number among REITs companies is 0.73, based on 731 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 Nippon Hotel & Residential Investment and its competitors. For the REITs industry, the median Graham Number is 0.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nippon Hotel & Residential Investment's current Graham Number is 円90,572.30, which is 10531563% above median its own 10-year median of 0.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Hotel & Residential Investment stock overvalued right now?
Based on GuruFocus' analysis, Nippon Hotel & Residential Investment (TSE:3472) is currently considered Modestly Undervalued. The stock's GF Value™ is 円74,755.99, compared to a current price of 円67,100.00 — trading 10.2% below its estimated fair value. The current Graham Number is 円90,572.30, which is 10531563% above median its 10-year median of 0.86. Nippon Hotel & Residential Investment's overall GF Score™ is 58/100 with 5 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 Nippon Hotel & Residential Investment (TSE:3472), the current Graham Number is 円90,572.30 as of May. 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 Nippon Hotel & Residential Investment (TSE:3472) Overvalued in 2026?
Based on GuruFocus' analysis, Nippon Hotel & Residential Investment stock appears to be undervalued.
The current stock price of 円67,100.00 is trading 10.2% below its estimated GF Value™ of 円74,755.99.
GuruFocus considers Nippon Hotel & Residential Investment to be Modestly Undervalued.
Key valuation signals for TSE:3472:
Graham Number: 円90,572.30 (10531563% above median its 10-year median of 0.86)
GF Value™: 円74,755.99 vs. price of 円67,100.00 (10.2% below fair value)
No single metric tells the full story. See the TSE:3472 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nippon Hotel & Residential Investment Corp is a real estate investment trust. The firm invests in onsen and spa-related facilities, and Accomodation. The company principally invests in hot spring-related industries, such as hotels, hot spring facilities and theme parks.
58GF Score
Get the complete analysis for TSE:3472
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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