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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 (2026-09-04), the stock price of Dai Nippon Toryo Co is 円1557.00. Dai Nippon Toryo Co's graham number for the quarter that ended in Mar. 2026 was 円2,012.14. Therefore, Dai Nippon Toryo Co's Price to Graham Number ratio for today is 0.63.
The historical rank and industry rank for Dai Nippon Toryo Co's Graham Number or its related term are showing as below:
TSE:4611'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.39 Med: 0.53 Max: 0.79
Current: 0.63
During the past 13 years, the highest Price to Graham Number ratio of Dai Nippon Toryo Co was 0.79. The lowest was 0.39. And the median was 0.53.
TSE:4611's Price-to-Graham-Number is ranked better than 85% of 1207
companies
in the Chemicals industry
Industry Median: 1.44
vs TSE:4611: 0.63
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Dai Nippon Toryo Co (TSE:4611) 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.
Dai Nippon Toryo Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
1557.00
/
2,488.24
=
0.63
* 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.
Dai Nippon Toryo Co Graham Number Related Terms
Dai Nippon Toryo Co Graham Number Historical Data
* Premium members only.
The historical data trend for Dai Nippon Toryo 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:4611 vs LIN, SHW, ECL: Graham Number Comparison
For the Specialty Chemicals subindustry, Dai Nippon Toryo 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.
Dai Nippon Toryo Co Price-to-Graham-Number vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Dai Nippon Toryo Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Dai Nippon Toryo 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.
Dai Nippon Toryo Co (TSE:4611) has a Graham Number of 円2,012.14 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Dai Nippon Toryo Co and its competitors. According to the industry distribution chart, Dai Nippon Toryo Co ranks #181 out of 1207 companies in the Chemicals industry, placing it in the top 15%.
Is Dai Nippon Toryo Co's Graham Number too high?
Dai Nippon Toryo Co's current Graham Number is 円2,012.14. Based on the distribution chart, Dai Nippon Toryo Co ranks #181 out of 1207 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Dai Nippon Toryo Co has a GF Score™ of 73/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Dai Nippon Toryo Co's Graham Number compare to LIN and SHW?
According to the Chemicals industry distribution chart, Dai Nippon Toryo Co ranks #181 out of 1207 companies for Graham Number. This places Dai Nippon Toryo Co in the top 15% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.44. 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 Chemicals company?
The median Graham Number among Chemicals companies is 1.44, based on 1,207 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 Dai Nippon Toryo Co and its competitors. For the Chemicals industry, the median Graham Number is 1.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Dai Nippon Toryo Co's current Graham Number is 円2,012.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dai Nippon Toryo Co stock overvalued right now?
Based on GuruFocus' analysis, Dai Nippon Toryo Co (TSE:4611) is currently considered Fairly Valued. The stock's GF Value™ is 円1,524.90, compared to a current price of 円1,557.00 — trading 2.1% above its estimated fair value. The current Graham Number is 円2,012.14. Dai Nippon Toryo Co's overall GF Score™ is 73/100 with 7 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 Dai Nippon Toryo Co (TSE:4611), the current Graham Number is 円2,012.14 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 Dai Nippon Toryo Co (TSE:4611) Overvalued in 2026?
Based on GuruFocus' analysis, Dai Nippon Toryo Co stock appears to be overvalued.
The current stock price of 円1,557.00 is trading 2.1% above its estimated GF Value™ of 円1,524.90.
GuruFocus considers Dai Nippon Toryo Co to be Fairly Valued.
Key valuation signals for TSE:4611:
Graham Number: 円2,012.14
GF Value™: 円1,524.90 vs. price of 円1,557.00 (2.1% above fair value)
No single metric tells the full story. See the TSE:4611 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Dai Nippon Toryo Co Ltd is a Japan-based company engaged in the production and sales of coatings and jet inks. Its product lines include protective, decorative, automobile, and industrial. Products offered by the company include anticorrosive coatings, water-based coatings, and coatings for industrial use. Protective coatings are used in the steel frames of buildings, bridges, industrial plants, and concrete structures. Decorative coatings are used for the interiors, exteriors, and roofs of residential buildings. Automobile coatings are used in automotive components, such as bumpers, door mirrors, and other interior and exterior components. Industrial coatings are designed for applications, such as curtain walls, aluminum sashes, steel furniture, agricultural and construction machinery.
73GF Score
Get the complete analysis for TSE:4611
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