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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 (2026-08-25), the stock price of Naikai Zosen is 円11800.00. Naikai Zosen's graham number for the quarter that ended in Mar. 2026 was 円15,619.71. Therefore, Naikai Zosen's Price to Graham Number ratio for today is 0.69.
The historical rank and industry rank for Naikai Zosen's Graham Number or its related term are showing as below:
TSE:7018'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.31 Med: 0.37 Max: 0.86
Current: 0.67
During the past 13 years, the highest Price to Graham Number ratio of Naikai Zosen was 0.86. The lowest was 0.31. And the median was 0.37.
TSE:7018's Price-to-Graham-Number is ranked better than 93.49% of 215
companies
in the Aerospace & Defense industry
Industry Median: 2.94
vs TSE:7018: 0.67
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.
Naikai Zosen's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
11800.00
/
17,198.01
=
0.69
* 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.
Naikai Zosen Graham Number Related Terms
Naikai Zosen Graham Number Historical Data
* Premium members only.
The historical data trend for Naikai Zosen'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:7018 vs SPCX, GE, RTX: Graham Number Comparison
For the Aerospace & Defense subindustry, Naikai Zosen'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.
Naikai Zosen Price-to-Graham-Number vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Naikai Zosen's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Naikai Zosen'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.
Naikai Zosen (TSE:7018) has a Graham Number of 円15,619.71 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Naikai Zosen and its competitors. According to the industry distribution chart, Naikai Zosen ranks #14 out of 215 companies in the Aerospace & Defense industry, placing it in the top 6.5%.
Is Naikai Zosen's Graham Number too high?
Naikai Zosen's current Graham Number is 円15,619.71. Based on the distribution chart, Naikai Zosen ranks #14 out of 215 companies in the Aerospace & Defense industry, which is in the top quartile — a strong position relative to peers. Overall, Naikai Zosen has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Naikai Zosen's Graham Number compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, Naikai Zosen ranks #14 out of 215 companies for Graham Number. This places Naikai Zosen in the top 7% of its industry — outperforming the majority of peers. The industry median Graham Number is 2.94. 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 Aerospace & Defense company?
The median Graham Number among Aerospace & Defense companies is 2.94, based on 215 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 Naikai Zosen and its competitors. For the Aerospace & Defense industry, the median Graham Number is 2.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Naikai Zosen's current Graham Number is 円15,619.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Naikai Zosen stock overvalued right now?
Based on GuruFocus' analysis, Naikai Zosen (TSE:7018) is currently considered Significantly Overvalued. The stock's GF Value™ is 円5,673.89, compared to a current price of 円11,800.00 — trading 108% above its estimated fair value. The current Graham Number is 円15,619.71. Naikai Zosen's overall GF Score™ is 65/100 with 1 warning sign 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 Naikai Zosen (TSE:7018), the current Graham Number is 円15,619.71 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 Naikai Zosen (TSE:7018) Overvalued in 2026?
Based on GuruFocus' analysis, Naikai Zosen stock appears to be overvalued.
The current stock price of 円11,800.00 is trading 108% above its estimated GF Value™ of 円5,673.89.
GuruFocus considers Naikai Zosen to be Significantly Overvalued.
Key valuation signals for TSE:7018:
Graham Number: 円15,619.71
GF Value™: 円5,673.89 vs. price of 円11,800.00 (108% above fair value)
No single metric tells the full story. See the TSE:7018 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Naikai Zosen Corp is a shipbuilding company. The company constructs various ships, such as container ships, product tankers, car carriers, bulk carriers, chemical tankers, cargo ships, passenger ferries, and research vessels.
65GF Score
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