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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.
As of today (2026-08-30), the stock price of Ad-Sol Nissin is 円1448.00. Ad-Sol Nissin's graham number for the quarter that ended in Mar. 2026 was 円876.62. Therefore, Ad-Sol Nissin's Price to Graham Number ratio for today is 1.65.
The historical rank and industry rank for Ad-Sol Nissin's Graham Number or its related term are showing as below:
TSE:3837'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.27 Med: 1.72 Max: 2.7
Current: 1.65
During the past 13 years, the highest Price to Graham Number ratio of Ad-Sol Nissin was 2.70. The lowest was 1.27. And the median was 1.72.
TSE:3837's Price-to-Graham-Number is ranked better than 56.96% of 1480
companies
in the Software industry
Industry Median: 1.88
vs TSE:3837: 1.65
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Ad-Sol Nissin (TSE:3837) 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.
Ad-Sol Nissin's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
1448.00
/
876.62
=
1.65
* 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.
Ad-Sol Nissin Graham Number Related Terms
Ad-Sol Nissin Graham Number Historical Data
* Premium members only.
The historical data trend for Ad-Sol Nissin'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.
TSE:3837 vs IBM, ACN, FISV: Graham Number Comparison
For the Information Technology Services subindustry, Ad-Sol Nissin'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.
Ad-Sol Nissin Price-to-Graham-Number vs Software Industry
For the Software industry and Technology sector, Ad-Sol Nissin's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Ad-Sol Nissin'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.
Ad-Sol Nissin (TSE:3837) has a Graham Number of 円876.62 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Ad-Sol Nissin and its competitors. According to the industry distribution chart, Ad-Sol Nissin ranks #637 out of 1480 companies in the Software industry, placing it in the top 43%.
Is Ad-Sol Nissin's Graham Number too high?
Ad-Sol Nissin's current Graham Number is 円876.62. Based on the distribution chart, Ad-Sol Nissin ranks #637 out of 1480 companies in the Software industry, which is above the industry midpoint. Overall, Ad-Sol Nissin has a GF Score™ of 94/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ad-Sol Nissin's Graham Number compare to IBM and ACN?
According to the Software industry distribution chart, Ad-Sol Nissin ranks #637 out of 1480 companies for Graham Number. This puts Ad-Sol Nissin in the upper half of its industry. The industry median Graham Number is 1.88. 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 Software company?
The median Graham Number among Software companies is 1.88, based on 1,480 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 Ad-Sol Nissin and its competitors. For the Software industry, the median Graham Number is 1.88 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ad-Sol Nissin's current Graham Number is 円876.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ad-Sol Nissin stock overvalued right now?
Based on GuruFocus' analysis, Ad-Sol Nissin (TSE:3837) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,283.72, compared to a current price of 円1,448.00 — trading 12.8% above its estimated fair value. The current Graham Number is 円876.62. Ad-Sol Nissin's overall GF Score™ is 94/100. 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 Ad-Sol Nissin (TSE:3837), the current Graham Number is 円876.62 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 Ad-Sol Nissin (TSE:3837) Overvalued in 2026?
Based on GuruFocus' analysis, Ad-Sol Nissin stock appears to be overvalued.
The current stock price of 円1,448.00 is trading 12.8% above its estimated GF Value™ of 円1,283.72.
GuruFocus considers Ad-Sol Nissin to be Modestly Overvalued.
Key valuation signals for TSE:3837:
Graham Number: 円876.62
GF Value™: 円1,283.72 vs. price of 円1,448.00 (12.8% above fair value)
No single metric tells the full story. See the TSE:3837 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ad-Sol Nissin Corp develops information systems for enterprises. The company's segments include: Social Infrastructure Business, Advanced Industry Business. The Social Infrastructure Business develops system integration services in social infrastructures such as energy, road, aerospace, and others. Advanced Industry Business promotes Next Generation EV Vehicle, Industrial Equipment, and others.
94GF Score
Get the complete analysis for TSE:3837
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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