Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
The historical rank and industry rank for Nippon Paper Industries Co's Graham Number or its related term are showing as below:
TSE:3863'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.42 Med: 0.47 Max: 3.92
Current: 0.5
During the past 13 years, the highest Price to Graham Number ratio of Nippon Paper Industries Co was 3.92. The lowest was 0.42. And the median was 0.47.
TSE:3863's Price-to-Graham-Number is ranked better than 76.92% of 169
companies
in the Forest Products industry
Industry Median: 0.93
vs TSE:3863: 0.50
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Nippon Paper Industries Co (TSE:3863) 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 Paper Industries Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
1363.00
/
2,689.48
=
0.51
* 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 Paper Industries Co Graham Number Related Terms
Nippon Paper Industries 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.
Nippon Paper Industries Co Graham Number Competitor Comparison
For the Paper & Paper Products subindustry, Nippon Paper Industries 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.
Nippon Paper Industries Co Price-to-Graham-Number vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Nippon Paper Industries Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Nippon Paper Industries 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.
Nippon Paper Industries Co (TSE:3863) has a Graham Number of 円3,028.55 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Nippon Paper Industries Co and its competitors. According to the industry distribution chart, Nippon Paper Industries Co ranks #39 out of 169 companies in the Forest Products industry, placing it in the top 23.1%.
Is Nippon Paper Industries Co's Graham Number too high?
Nippon Paper Industries Co's current Graham Number is 円3,028.55. Based on the distribution chart, Nippon Paper Industries Co ranks #39 out of 169 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers. Overall, Nippon Paper Industries Co has a GF Score™ of 54/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nippon Paper Industries Co's Graham Number compare to competitors?
According to the Forest Products industry distribution chart, Nippon Paper Industries Co ranks #39 out of 169 companies for Graham Number. This places Nippon Paper Industries Co in the top 23% of its industry — outperforming the majority of peers. The industry median Graham Number is 0.93. 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 Forest Products company?
The median Graham Number among Forest Products companies is 0.93, based on 169 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 Paper Industries Co and its competitors. For the Forest Products industry, the median Graham Number is 0.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nippon Paper Industries Co's current Graham Number is 円3,028.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Paper Industries Co stock overvalued right now?
Based on GuruFocus' analysis, Nippon Paper Industries Co (TSE:3863) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,147.64, compared to a current price of 円1,363.00 — trading 18.8% above its estimated fair value. The current Graham Number is 円3,028.55. Nippon Paper Industries Co's overall GF Score™ is 54/100 with 9 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 Paper Industries Co (TSE:3863), the current Graham Number is 円3,028.55 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 Nippon Paper Industries Co (TSE:3863) Overvalued in 2026?
Based on GuruFocus' analysis, Nippon Paper Industries Co stock appears to be overvalued.
The current stock price of 円1,363.00 is trading 18.8% above its estimated GF Value™ of 円1,147.64.
GuruFocus considers Nippon Paper Industries Co to be Modestly Overvalued.
Key valuation signals for TSE:3863:
Graham Number: 円3,028.55
GF Value™: 円1,147.64 vs. price of 円1,363.00 (18.8% above fair value)
No single metric tells the full story. See the TSE:3863 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nippon Paper Industries Co Ltd produces and sells a variety of paper products. The company's paper products include newsprint, printing, sanitary, and packaging paper, as well as container board and boxes. The firm also sells construction materials, and generates electric power. Nippon Paper organizes itself into four segments based on product type: pulp and paper; paper related; wood products and construction related; and other. The pulp and paper segment generates the majority of revenue. The majority of sales are made in Japan.
54GF Score
Get the complete analysis for TSE:3863
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:3863 has been successfully added to your 
