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Hokkaido Gas CoTSE:9534 +1.61%79 Graham Number is 円1,651.56 as of Jun. 2026, which is 100% below its 10-year median of 0.44. GuruFocus rates TSE:9534 with a GF Score™ of 79/100 and a GF Value™ of 円613.26 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 403 Utilities - Regulated companies, Hokkaido Gas Co ranks better than 86.85% 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 (2026-08-23), the stock price of Hokkaido Gas Co is 円822.00. Hokkaido Gas Co's graham number for the quarter that ended in Jun. 2026 was 円1,651.56. Therefore, Hokkaido Gas Co's Price to Graham Number ratio for today is 0.50.
The historical rank and industry rank for Hokkaido Gas Co's Graham Number or its related term are showing as below:
TSE:9534'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.29 Med: 0.44 Max: 0.93
Current: 0.5
During the past 13 years, the highest Price to Graham Number ratio of Hokkaido Gas Co was 0.93. The lowest was 0.29. And the median was 0.44.
TSE:9534's Price-to-Graham-Number is ranked better than 86.85% of 403
companies
in the Utilities - Regulated industry
Industry Median: 1.15
vs TSE:9534: 0.50
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Hokkaido Gas Co (TSE:9534) 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.
Hokkaido Gas Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
822.00
/
1,651.56
=
0.50
* 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.
Hokkaido Gas Co Graham Number Related Terms
Hokkaido Gas Co Graham Number Historical Data
* Premium members only.
The historical data trend for Hokkaido Gas 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.
For the Utilities - Regulated Gas subindustry, Hokkaido Gas 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.
Hokkaido Gas Co Price-to-Graham-Number vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Hokkaido Gas Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Hokkaido Gas 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.
Hokkaido Gas Co (TSE:9534) has a Graham Number of 円1,651.56 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Hokkaido Gas Co and its competitors. This is 375255% above median its historical median of 0.44. Over the past decade, Hokkaido Gas Co's Graham Number has ranged from 0.29 to 0.93. According to the industry distribution chart, Hokkaido Gas Co ranks #53 out of 403 companies in the Utilities - Regulated industry, placing it in the top 13.2%.
Is Hokkaido Gas Co's Graham Number too high?
Hokkaido Gas Co's current Graham Number of 円1,651.56 is 375255% above median its 10-year median of 0.44. Over the past 10 years, this metric has ranged from a low of 0.29 to a high of 0.93. Based on the distribution chart, Hokkaido Gas Co ranks #53 out of 403 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Hokkaido Gas Co has a GF Score™ of 79/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hokkaido Gas Co's Graham Number compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Hokkaido Gas Co ranks #53 out of 403 companies for Graham Number. This places Hokkaido Gas Co in the top 13% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.15. Historically, Hokkaido Gas Co's own Graham Number has ranged from 0.29 to 0.93 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 an Utilities - Regulated company?
The median Graham Number among Utilities - Regulated companies is 1.15, based on 403 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 Hokkaido Gas Co and its competitors. For the Utilities - Regulated industry, the median Graham Number is 1.15 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hokkaido Gas Co's current Graham Number is 円1,651.56, which is 375255% above median its own 10-year median of 0.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hokkaido Gas Co stock overvalued right now?
Based on GuruFocus' analysis, Hokkaido Gas Co (TSE:9534) is currently considered Significantly Overvalued. The stock's GF Value™ is 円613.26, compared to a current price of 円822.00 — trading 34% above its estimated fair value. The current Graham Number is 円1,651.56, which is 375255% above median its 10-year median of 0.44. Hokkaido Gas Co's overall GF Score™ is 79/100 with 3 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 Hokkaido Gas Co (TSE:9534), the current Graham Number is 円1,651.56 as of Jun. 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 Hokkaido Gas Co (TSE:9534) Overvalued in 2026?
Based on GuruFocus' analysis, Hokkaido Gas Co stock appears to be overvalued.
The current stock price of 円822.00 is trading 34% above its estimated GF Value™ of 円613.26.
GuruFocus considers Hokkaido Gas Co to be Significantly Overvalued.
Key valuation signals for TSE:9534:
Graham Number: 円1,651.56 (375255% above median its 10-year median of 0.44)
GF Value™: 円613.26 vs. price of 円822.00 (34% above fair value)
No single metric tells the full story. See the TSE:9534 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hokkaido Gas Co Ltd is a Japan-based company operating in the utility sector. Its business activities included gas, heat supply, power supply, and sale of gas by-products. The company is also engaged in the production and sale of gas appliances and related construction work. Hokkaido serves to individual and corporate customers in areas throughout Japan including Sapporo, Otaru, Hakodate, Chitose, Ishikari, Kitahiroshima, Eniwa, Hokuto, and Kitami.
79GF Score
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