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.
Games OperatorsWAR:GOP 97 Graham Number is zł9.08 as of Mar. 2026, which is 100% below its 10-year median of 1.60. GuruFocus rates WAR:GOP with a GF Score™ of 97/100 and a GF Value™ of zł14.77 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 282 Interactive Media companies, Games Operators ranks better than 55.67% 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 (2026-08-01), the stock price of Games Operators is zł11.40. Games Operators's graham number for the quarter that ended in Mar. 2026 was zł9.08. Therefore, Games Operators's Price to Graham Number ratio for today is 1.26.
The historical rank and industry rank for Games Operators's Graham Number or its related term are showing as below:
WAR:GOP'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.9 Med: 1.6 Max: 27.26
Current: 1.26
During the past 10 years, the highest Price to Graham Number ratio of Games Operators was 27.26. The lowest was 0.90. And the median was 1.60.
WAR:GOP's Price-to-Graham-Number is ranked better than 55.67% of 282
companies
in the Interactive Media industry
Industry Median: 1.4
vs WAR:GOP: 1.26
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Games Operators (WAR:GOP) 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.
Games Operators's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
11.40
/
9.08
=
1.26
* 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.
Games Operators Graham Number Related Terms
Games Operators Graham Number Historical Data
* Premium members only.
The historical data trend for Games Operators'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:GOP vs NTES, EA, TTWO: Graham Number Comparison
For the Electronic Gaming & Multimedia subindustry, Games Operators'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.
Games Operators Price-to-Graham-Number vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Games Operators's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Games Operators'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.
Games Operators (WAR:GOP) has a Graham Number of zł9.08 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Games Operators and its competitors. This is 468% above median its historical median of 1.60. Over the past decade, Games Operators' Graham Number has ranged from 0.90 to 27.26. According to the industry distribution chart, Games Operators ranks #125 out of 282 companies in the Interactive Media industry, placing it in the top 44.3%.
Is Games Operators' Graham Number too high?
Games Operators' current Graham Number of zł9.08 is 468% above median its 10-year median of 1.60. Over the past 10 years, this metric has ranged from a low of 0.90 to a high of 27.26. Based on the distribution chart, Games Operators ranks #125 out of 282 companies in the Interactive Media industry, which is above the industry midpoint. Overall, Games Operators has a GF Score™ of 97/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Games Operators' Graham Number compare to NTES and EA?
According to the Interactive Media industry distribution chart, Games Operators ranks #125 out of 282 companies for Graham Number. This puts Games Operators in the upper half of its industry. The industry median Graham Number is 1.40. Historically, Games Operators' own Graham Number has ranged from 0.90 to 27.26 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 282 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 Games Operators 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. Games Operators's current Graham Number is zł9.08, which is 468% above median its own 10-year median of 1.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Games Operators stock overvalued right now?
Based on GuruFocus' analysis, Games Operators (WAR:GOP) is currently considered Modestly Undervalued. The stock's GF Value™ is zł14.77, compared to a current price of zł11.40 — trading 22.8% below its estimated fair value. The current Graham Number is zł9.08, which is 468% above median its 10-year median of 1.60. Games Operators' overall GF Score™ is 97/100 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 Games Operators (WAR:GOP), the current Graham Number is zł9.08 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 Games Operators (WAR:GOP) Overvalued in 2026?
Based on GuruFocus' analysis, Games Operators stock appears to be undervalued.
The current stock price of zł11.40 is trading 22.8% below its estimated GF Value™ of zł14.77.
GuruFocus considers Games Operators to be Modestly Undervalued.
Key valuation signals for WAR:GOP:
Graham Number: zł9.08 (468% above median its 10-year median of 1.60)
GF Value™: zł14.77 vs. price of zł11.40 (22.8% below fair value)
No single metric tells the full story. See the WAR:GOP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Games Operators SA is a publishing company that produces, distributes and sells pay-to-play games in United States, EU (especially England, France, Germany) and China markets. The company sells its games through online sales platforms such as Steam, Google Play, App Store, Nintendo eShop.
97GF Score
Get the complete analysis for WAR:GOP
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
WAR:GOP has been successfully added to your 
