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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 (2026-08-31), the stock price of Hatena Co is 円777.00. Hatena Co's graham number for the quarter that ended in Apr. 2026 was 円731.30. Therefore, Hatena Co's Price to Graham Number ratio for today is 1.06.
The historical rank and industry rank for Hatena Co's Graham Number or its related term are showing as below:
TSE:3930'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.86 Med: 1.72 Max: 4.3
Current: 1.06
During the past 11 years, the highest Price to Graham Number ratio of Hatena Co was 4.30. The lowest was 0.86. And the median was 1.72.
TSE:3930's Price-to-Graham-Number is ranked better than 61.82% of 275
companies
in the Interactive Media industry
Industry Median: 1.41
vs TSE:3930: 1.06
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.
Hatena Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Apr. 2026 )
=
777.00
/
731.30
=
1.06
* 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.
Hatena Co Graham Number Related Terms
Hatena Co Graham Number Historical Data
* Premium members only.
The historical data trend for Hatena Co'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:3930 vs GOOGL, META, SPOT: Graham Number Comparison
For the Internet Content & Information subindustry, Hatena 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.
Hatena Co Price-to-Graham-Number vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Hatena Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Hatena 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.
Hatena Co (TSE:3930) has a Graham Number of 円731.30 as of Apr. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Hatena Co and its competitors. According to the industry distribution chart, Hatena Co ranks #105 out of 275 companies in the Interactive Media industry, placing it in the top 38.2%.
Is Hatena Co's Graham Number too high?
Hatena Co's current Graham Number is 円731.30. Based on the distribution chart, Hatena Co ranks #105 out of 275 companies in the Interactive Media industry, which is above the industry midpoint. Overall, Hatena Co has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Hatena Co's Graham Number compare to GOOGL and META?
According to the Interactive Media industry distribution chart, Hatena Co ranks #105 out of 275 companies for Graham Number. This puts Hatena Co in the upper half of its industry. The industry median Graham Number is 1.41. 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 an Interactive Media company?
The median Graham Number among Interactive Media companies is 1.41, based on 275 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 Hatena Co and its competitors. For the Interactive Media industry, the median Graham Number is 1.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hatena Co's current Graham Number is 円731.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hatena Co stock overvalued right now?
Based on GuruFocus' analysis, Hatena Co (TSE:3930) is currently considered Modestly Undervalued. The stock's GF Value™ is 円975.01, compared to a current price of 円777.00 — trading 20.3% below its estimated fair value. The current Graham Number is 円731.30. Hatena Co's overall GF Score™ is 68/100 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 Hatena Co (TSE:3930), the current Graham Number is 円731.30 as of Apr. 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 Hatena Co (TSE:3930) Overvalued in 2026?
Based on GuruFocus' analysis, Hatena Co stock appears to be undervalued.
The current stock price of 円777.00 is trading 20.3% below its estimated GF Value™ of 円975.01.
GuruFocus considers Hatena Co to be Modestly Undervalued.
Key valuation signals for TSE:3930:
Graham Number: 円731.30
GF Value™: 円975.01 vs. price of 円777.00 (20.3% below fair value)
No single metric tells the full story. See the TSE:3930 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hatena Co Ltd provides internet content platform services and content marketing services technology solutions. Its content platform services include the blog, bookmark services, and shared dictionary service.
68GF Score
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