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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.
The historical rank and industry rank for Japan Real Estate Investment's Graham Number or its related term are showing as below:
TSE:8952'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.13 Med: 1.44 Max: 1.77
Current: 1.27
During the past 13 years, the highest Price to Graham Number ratio of Japan Real Estate Investment was 1.77. The lowest was 1.13. And the median was 1.44.
TSE:8952's Price-to-Graham-Number is ranked worse than 78.66% of 731
companies
in the REITs industry
Industry Median: 0.73
vs TSE:8952: 1.27
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Japan Real Estate Investment (TSE:8952) 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.
Japan Real Estate Investment's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
118500.00
/
92,981.68
=
1.27
* 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.
Japan Real Estate Investment Graham Number Related Terms
Japan Real Estate Investment 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.
TSE:8952 vs BXP, ARE, VNO: Graham Number Comparison
For the REIT - Office subindustry, Japan Real Estate Investment'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.
Japan Real Estate Investment Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, Japan Real Estate Investment's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Japan Real Estate Investment'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.
Japan Real Estate Investment (TSE:8952) has a Graham Number of 円92,981.68 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Japan Real Estate Investment and its competitors. This is 6456961% above median its historical median of 1.44. Over the past decade, Japan Real Estate Investment's Graham Number has ranged from 1.13 to 1.77. According to the industry distribution chart, Japan Real Estate Investment ranks #575 out of 731 companies in the REITs industry, placing it in the top 78.7%.
Is Japan Real Estate Investment's Graham Number too high?
Japan Real Estate Investment's current Graham Number of 円92,981.68 is 6456961% above median its 10-year median of 1.44. Over the past 10 years, this metric has ranged from a low of 1.13 to a high of 1.77. Based on the distribution chart, Japan Real Estate Investment ranks #575 out of 731 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Japan Real Estate Investment has a GF Score™ of 67/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Japan Real Estate Investment's Graham Number compare to BXP and ARE?
According to the REITs industry distribution chart, Japan Real Estate Investment ranks #575 out of 731 companies for Graham Number. This places Japan Real Estate Investment in the lower half of its industry. The industry median Graham Number is 0.73. Historically, Japan Real Estate Investment's own Graham Number has ranged from 1.13 to 1.77 over the past decade. 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 REITs company?
The median Graham Number among REITs companies is 0.73, based on 731 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 Japan Real Estate Investment and its competitors. For the REITs industry, the median Graham Number is 0.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Japan Real Estate Investment's current Graham Number is 円92,981.68, which is 6456961% above median its own 10-year median of 1.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Real Estate Investment stock overvalued right now?
Based on GuruFocus' analysis, Japan Real Estate Investment (TSE:8952) is currently considered Fairly Valued. The stock's GF Value™ is 円107,271.78, compared to a current price of 円118,500.00 — trading 10.5% above its estimated fair value. The current Graham Number is 円92,981.68, which is 6456961% above median its 10-year median of 1.44. Japan Real Estate Investment's overall GF Score™ is 67/100 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 Japan Real Estate Investment (TSE:8952), the current Graham Number is 円92,981.68 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 Japan Real Estate Investment (TSE:8952) Overvalued in 2026?
Based on GuruFocus' analysis, Japan Real Estate Investment stock appears to be overvalued.
The current stock price of 円118,500.00 is trading 10.5% above its estimated GF Value™ of 円107,271.78.
GuruFocus considers Japan Real Estate Investment to be Fairly Valued.
Key valuation signals for TSE:8952:
Graham Number: 円92,981.68 (6456961% above median its 10-year median of 1.44)
GF Value™: 円107,271.78 vs. price of 円118,500.00 (10.5% above fair value)
No single metric tells the full story. See the TSE:8952 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Japan Real Estate Investment Corp, or J-REIT, is a Japanese real estate investment trust that invests in, owns, and leases office properties. The vast majority of the company's real estate portfolio is located within Tokyo's 23 wards and the Tokyo metropolitan area in terms of total value. Within this area, J-REIT's offices reside within the Tokyo central business district. The company derives nearly all of its income in the form of rental revenue from the leasing of its office properties. While J-REIT tenants hail from a diverse assortment of industries, firms from the service, information services, electric devices, and financial services industries are its customers.
67GF Score
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