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CD Projekt RedWAR:CDR +0.73%79 Graham Number is zł47.53 as of Mar. 2026, which is 100% below its 10-year median of 4.87. GuruFocus rates WAR:CDR with a GF Score™ of 79/100 and a GF Value™ of zł143.97 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 281 Interactive Media companies, CD Projekt Red ranks worse than 92.53% 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 (2026-08-15), the stock price of CD Projekt Red is zł263.10. CD Projekt Red's graham number for the quarter that ended in Mar. 2026 was zł47.53. Therefore, CD Projekt Red's Price to Graham Number ratio for today is 5.54.
The historical rank and industry rank for CD Projekt Red's Graham Number or its related term are showing as below:
WAR:CDR'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.57 Med: 4.87 Max: 25.05
Current: 5.54
During the past 13 years, the highest Price to Graham Number ratio of CD Projekt Red was 25.05. The lowest was 1.57. And the median was 4.87.
WAR:CDR's Price-to-Graham-Number is ranked worse than 92.53% of 281
companies
in the Interactive Media industry
Industry Median: 1.4
vs WAR:CDR: 5.54
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
CD Projekt Red (WAR:CDR) 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.
CD Projekt Red's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
263.10
/
47.53
=
5.54
* 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.
CD Projekt Red Graham Number Related Terms
CD Projekt Red Graham Number Historical Data
* Premium members only.
The historical data trend for CD Projekt Red'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.
WAR:CDR vs NTES, EA, TTWO: Graham Number Comparison
For the Electronic Gaming & Multimedia subindustry, CD Projekt Red'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.
CD Projekt Red Price-to-Graham-Number vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, CD Projekt Red's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where CD Projekt Red'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.
CD Projekt Red (WAR:CDR) has a Graham Number of zł47.53 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on CD Projekt Red and its competitors. This is 876% above median its historical median of 4.87. Over the past decade, CD Projekt Red's Graham Number has ranged from 1.57 to 25.05. According to the industry distribution chart, CD Projekt Red ranks #260 out of 281 companies in the Interactive Media industry, placing it in the top 92.5%.
Is CD Projekt Red's Graham Number too high?
CD Projekt Red's current Graham Number of zł47.53 is 876% above median its 10-year median of 4.87. Over the past 10 years, this metric has ranged from a low of 1.57 to a high of 25.05. Based on the distribution chart, CD Projekt Red ranks #260 out of 281 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, CD Projekt Red has a GF Score™ of 79/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CD Projekt Red's Graham Number compare to NTES and EA?
According to the Interactive Media industry distribution chart, CD Projekt Red ranks #260 out of 281 companies for Graham Number. This places CD Projekt Red in the lower half of its industry. The industry median Graham Number is 1.40. Historically, CD Projekt Red's own Graham Number has ranged from 1.57 to 25.05 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 Interactive Media company?
The median Graham Number among Interactive Media companies is 1.40, based on 281 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 CD Projekt Red and its competitors. For the Interactive Media industry, the median Graham Number is 1.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CD Projekt Red's current Graham Number is zł47.53, which is 876% above median its own 10-year median of 4.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CD Projekt Red stock overvalued right now?
Based on GuruFocus' analysis, CD Projekt Red (WAR:CDR) is currently considered Significantly Overvalued. The stock's GF Value™ is zł143.97, compared to a current price of zł263.10 — trading 82.7% above its estimated fair value. The current Graham Number is zł47.53, which is 876% above median its 10-year median of 4.87. CD Projekt Red'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 CD Projekt Red (WAR:CDR), the current Graham Number is zł47.53 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 CD Projekt Red (WAR:CDR) Overvalued in 2026?
Based on GuruFocus' analysis, CD Projekt Red stock appears to be overvalued.
The current stock price of zł263.10 is trading 82.7% above its estimated GF Value™ of zł143.97.
GuruFocus considers CD Projekt Red to be Significantly Overvalued.
Key valuation signals for WAR:CDR:
Graham Number: zł47.53 (876% above median its 10-year median of 4.87)
GF Value™: zł143.97 vs. price of zł263.10 (82.7% above fair value)
No single metric tells the full story. See the WAR:CDR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CD Projekt SA is the holding company of the CD Projekt capital group. The firm, with its subsidiary, develops and publishes video games for hardware platforms such as Steam, PlayStation Store, Xbox Games Store, Nintendo, App Store, Humble Bundle, Origin, and its own proprietary GOG.com platform. It is also involved in international digital video game distribution. The firm has CD Projekt Red and GOG.com segments. It derives the majority of its revenues from the CD Projekt Red segment.
79GF Score
Get the complete analysis for WAR:CDR
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