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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 (2026-09-01), the stock price of Marusan Securities Co is 円1306.00. Marusan Securities Co's graham number for the quarter that ended in Mar. 2026 was 円1,048.54. Therefore, Marusan Securities Co's Price to Graham Number ratio for today is 1.25.
The historical rank and industry rank for Marusan Securities Co's Graham Number or its related term are showing as below:
TSE:8613'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.63 Med: 1.09 Max: 2.29
Current: 1.25
During the past 13 years, the highest Price to Graham Number ratio of Marusan Securities Co was 2.29. The lowest was 0.63. And the median was 1.09.
TSE:8613's Price-to-Graham-Number is ranked worse than 56.18% of 518
companies
in the Capital Markets industry
Industry Median: 1.085
vs TSE:8613: 1.25
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Marusan Securities Co (TSE:8613) 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.
Marusan Securities Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
1306.00
/
1,048.54
=
1.25
* 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.
Marusan Securities Co Graham Number Related Terms
Marusan Securities Co Graham Number Historical Data
* Premium members only.
The historical data trend for Marusan Securities 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:8613 vs MS, GS, SCHW: Graham Number Comparison
For the Capital Markets subindustry, Marusan Securities 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.
Marusan Securities Co Price-to-Graham-Number vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Marusan Securities Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Marusan Securities 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.
Marusan Securities Co (TSE:8613) has a Graham Number of 円1,048.54 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Marusan Securities Co and its competitors. According to the industry distribution chart, Marusan Securities Co ranks #291 out of 518 companies in the Capital Markets industry, placing it in the top 56.2%.
Is Marusan Securities Co's Graham Number too high?
Marusan Securities Co's current Graham Number is 円1,048.54. Based on the distribution chart, Marusan Securities Co ranks #291 out of 518 companies in the Capital Markets industry, which is below the industry midpoint. Overall, Marusan Securities Co has a GF Score™ of 79/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Marusan Securities Co's Graham Number compare to MS and GS?
According to the Capital Markets industry distribution chart, Marusan Securities Co ranks #291 out of 518 companies for Graham Number. This places Marusan Securities Co in the lower half of its industry. The industry median Graham Number is 1.09. 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 Capital Markets company?
The median Graham Number among Capital Markets companies is 1.09, based on 518 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 Marusan Securities Co and its competitors. For the Capital Markets industry, the median Graham Number is 1.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Marusan Securities Co's current Graham Number is 円1,048.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Marusan Securities Co stock overvalued right now?
Based on GuruFocus' analysis, Marusan Securities Co (TSE:8613) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,176.79, compared to a current price of 円1,306.00 — trading 11% above its estimated fair value. The current Graham Number is 円1,048.54. Marusan Securities Co's overall GF Score™ is 79/100 with 6 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 Marusan Securities Co (TSE:8613), the current Graham Number is 円1,048.54 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 Marusan Securities Co (TSE:8613) Overvalued in 2026?
Based on GuruFocus' analysis, Marusan Securities Co stock appears to be overvalued.
The current stock price of 円1,306.00 is trading 11% above its estimated GF Value™ of 円1,176.79.
GuruFocus considers Marusan Securities Co to be Modestly Overvalued.
Key valuation signals for TSE:8613:
Graham Number: 円1,048.54
GF Value™: 円1,176.79 vs. price of 円1,306.00 (11% above fair value)
No single metric tells the full story. See the TSE:8613 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Marusan Securities Co Ltd trades financial securities and derivatives. The company is headquartered in Japan and generates all revenue domestically. Securities services offered by the company include mediation of buying and selling securities, brokerage, trading, exchange-market activities, underwriting, private placement, agency of bond payments, and investment trust services. The company also provides banking services such as loans on collateral, buying and selling yen-denominated bank acceptances, buying and selling gold bullion, safety deposits, business loans, and insurance including property, casualty, and life.
79GF Score
Get the complete analysis for TSE:8613
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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