Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Visible Gold MinesTSXV:VGD 38 Graham Number is C$0.13 as of Jan. 2026, which is 100% below its 10-year median of 1.66. GuruFocus rates TSXV:VGD with a GF Score™ of 38/100. Among 610 Metals & Mining companies, Visible Gold Mines ranks worse than 51.64% 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 (2026-07-27), the stock price of Visible Gold Mines is C$0.165. Visible Gold Mines's graham number for the quarter that ended in Jan. 2026 was C$0.13. Therefore, Visible Gold Mines's Price to Graham Number ratio for today is 1.24.
The historical rank and industry rank for Visible Gold Mines's Graham Number or its related term are showing as below:
TSXV:VGD'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.23 Med: 1.66 Max: 2.08
Current: 1.27
During the past 13 years, the highest Price to Graham Number ratio of Visible Gold Mines was 2.08. The lowest was 1.23. And the median was 1.66.
TSXV:VGD's Price-to-Graham-Number is ranked worse than 51.64% of 610
companies
in the Metals & Mining industry
Industry Median: 1.25
vs TSXV:VGD: 1.27
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Visible Gold Mines (TSXV:VGD) 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.
Visible Gold Mines's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jan. 2026 )
=
0.165
/
0.13
=
1.24
* 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.
Visible Gold Mines Graham Number Related Terms
Visible Gold Mines Graham Number Historical Data
* Premium members only.
The historical data trend for Visible Gold Mines'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 Gold subindustry, Visible Gold Mines'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.
Visible Gold Mines Price-to-Graham-Number vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Visible Gold Mines's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Visible Gold Mines'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.
Visible Gold Mines (TSXV:VGD) has a Graham Number of C$0.13 as of Jan. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Visible Gold Mines and its competitors. This is 92% below median its historical median of 1.66. Over the past decade, Visible Gold Mines' Graham Number has ranged from 1.23 to 2.08. According to the industry distribution chart, Visible Gold Mines ranks #315 out of 610 companies in the Metals & Mining industry, placing it in the top 51.6%.
Is Visible Gold Mines' Graham Number too high?
Visible Gold Mines' current Graham Number of C$0.13 is 92% below median its 10-year median of 1.66. Over the past 10 years, this metric has ranged from a low of 1.23 to a high of 2.08. Based on the distribution chart, Visible Gold Mines ranks #315 out of 610 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Visible Gold Mines has a GF Score™ of 38/100, reflecting its overall financial health beyond just this single metric.
How does Visible Gold Mines' Graham Number compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Visible Gold Mines ranks #315 out of 610 companies for Graham Number. This places Visible Gold Mines in the lower half of its industry. The industry median Graham Number is 1.25. Historically, Visible Gold Mines' own Graham Number has ranged from 1.23 to 2.08 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 Metals & Mining company?
The median Graham Number among Metals & Mining companies is 1.25, based on 610 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 Visible Gold Mines and its competitors. For the Metals & Mining industry, the median Graham Number is 1.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Visible Gold Mines's current Graham Number is C$0.13, which is 92% below median its own 10-year median of 1.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Visible Gold Mines stock overvalued right now?
Visible Gold Mines (TSXV:VGD) has a current Graham Number of C$0.13. The current Graham Number is C$0.13, which is 92% below median its 10-year median of 1.66. Visible Gold Mines' overall GF Score™ is 38/100. 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 Visible Gold Mines (TSXV:VGD), the current Graham Number is C$0.13 as of Jan. 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.
Visible Gold Mines Inc is engaged in the acquisition and exploration of mineral properties with prospects for hosting gold mineral deposits in Canada. The company has a single reporting segment, being the exploration and evaluation of mineral resources. Its projects include the Cadillac Break, Lucky Break, Silidor, Stadacona, Wasa Creek, and Wasa East projects, and a minority interest in the Capricorn project, all located along the Cadillac-Larder Lake near the town of Rouyn-Noranda in the province of Quebec, Canada. Its Lithium James Bay projects include Megali, Carli, and Natali.
38GF Score
Get the complete analysis for TSXV:VGD
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSXV:VGD has been successfully added to your 
