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EF-ONTSE:9514 60 Graham Number is 円669.80 as of Mar. 2026. GuruFocus rates TSE:9514 with a GF Score™ of 60/100 and a GF Value™ of 円501.18 (Possible Value Trap). The stock has 9 warning signs investors should review. Among 272 Utilities - Independent Power Producers companies, EF-ON ranks better than 69.85% on this metric.
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 EF-ON is 円348.00. EF-ON's graham number for the quarter that ended in Mar. 2026 was 円669.80. Therefore, EF-ON's Price to Graham Number ratio for today is 0.73.
The historical rank and industry rank for EF-ON's Graham Number or its related term are showing as below:
TSE:9514'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.4 Med: 0.68 Max: 1.16
Current: 0.75
During the past 13 years, the highest Price to Graham Number ratio of EF-ON was 1.16. The lowest was 0.40. And the median was 0.68.
TSE:9514's Price-to-Graham-Number is ranked better than 69.85% of 272
companies
in the Utilities - Independent Power Producers industry
Industry Median: 1.16
vs TSE:9514: 0.75
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.
EF-ON's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
348.00
/
476.24
=
0.73
* 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.
EF-ON Graham Number Related Terms
EF-ON Graham Number Historical Data
* Premium members only.
The historical data trend for EF-ON'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.
For the Utilities - Renewable subindustry, EF-ON'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.
EF-ON Price-to-Graham-Number vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, EF-ON's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where EF-ON'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.
EF-ON (TSE:9514) has a Graham Number of 円669.80 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on EF-ON and its competitors. According to the industry distribution chart, EF-ON ranks #82 out of 272 companies in the Utilities - Independent Power Producers industry, placing it in the top 30.1%.
Is EF-ON's Graham Number too high?
EF-ON's current Graham Number is 円669.80. Based on the distribution chart, EF-ON ranks #82 out of 272 companies in the Utilities - Independent Power Producers industry, which is above the industry midpoint. Overall, EF-ON has a GF Score™ of 60/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does EF-ON's Graham Number compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, EF-ON ranks #82 out of 272 companies for Graham Number. This puts EF-ON in the upper half of its industry. The industry median Graham Number is 1.16. 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 Utilities - Independent Power Producers company?
The median Graham Number among Utilities - Independent Power Producers companies is 1.16, based on 272 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 EF-ON and its competitors. For the Utilities - Independent Power Producers industry, the median Graham Number is 1.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. EF-ON's current Graham Number is 円669.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EF-ON stock overvalued right now?
Based on GuruFocus' analysis, EF-ON (TSE:9514) is currently considered Possible Value Trap. The stock's GF Value™ is 円501.18, compared to a current price of 円348.00 — trading 30.6% below its estimated fair value. The current Graham Number is 円669.80. EF-ON's overall GF Score™ is 60/100 with 9 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 EF-ON (TSE:9514), the current Graham Number is 円669.80 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 EF-ON (TSE:9514) Overvalued in 2026?
Based on GuruFocus' analysis, EF-ON stock appears to be undervalued.
The current stock price of 円348.00 is trading 30.6% below its estimated GF Value™ of 円501.18.
GuruFocus considers EF-ON to be Possible Value Trap.
Key valuation signals for TSE:9514:
Graham Number: 円669.80
GF Value™: 円501.18 vs. price of 円348.00 (30.6% below fair value)
No single metric tells the full story. See the TSE:9514 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
EF-ON Inc is an energy service company. It operates through two business segments. The Energy Conservation Support Services segment is involved in the investigation and diagnostication of the energy usage for corporation customers, as well as the design, construction and operation of energy conservation facilities and systems. The Biomass Power Generation segment is engaged in the development, construction and operation of new energy power plants.
60GF Score
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