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.
IFIRMA Spolka AkcyjnaWAR:IFI +0.20%95 Graham Number is zł10.22 as of Mar. 2026, which is 100% below its 10-year median of 2.40. GuruFocus rates WAR:IFI with a GF Score™ of 95/100 and a GF Value™ of zł31.49 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,486 Software companies, IFIRMA Spolka Akcyjna ranks worse than 60.7% 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 (2026-08-14), the stock price of IFIRMA Spolka Akcyjna is zł24.75. IFIRMA Spolka Akcyjna's graham number for the quarter that ended in Mar. 2026 was zł10.22. Therefore, IFIRMA Spolka Akcyjna's Price to Graham Number ratio for today is 2.42.
The historical rank and industry rank for IFIRMA Spolka Akcyjna's Graham Number or its related term are showing as below:
WAR:IFI'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.64 Med: 2.4 Max: 4.63
Current: 2.42
During the past 13 years, the highest Price to Graham Number ratio of IFIRMA Spolka Akcyjna was 4.63. The lowest was 0.64. And the median was 2.40.
WAR:IFI's Price-to-Graham-Number is ranked worse than 60.7% of 1486
companies
in the Software industry
Industry Median: 1.895
vs WAR:IFI: 2.42
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
IFIRMA Spolka Akcyjna (WAR:IFI) 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.
IFIRMA Spolka Akcyjna's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
24.75
/
10.22
=
2.42
* 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.
IFIRMA Spolka Akcyjna Graham Number Related Terms
IFIRMA Spolka Akcyjna Graham Number Historical Data
* Premium members only.
The historical data trend for IFIRMA Spolka Akcyjna'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:IFI vs IBM, ACN, FISV: Graham Number Comparison
For the Information Technology Services subindustry, IFIRMA Spolka Akcyjna'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.
IFIRMA Spolka Akcyjna Price-to-Graham-Number vs Software Industry
For the Software industry and Technology sector, IFIRMA Spolka Akcyjna's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where IFIRMA Spolka Akcyjna'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.
IFIRMA Spolka Akcyjna (WAR:IFI) has a Graham Number of zł10.22 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on IFIRMA Spolka Akcyjna and its competitors. This is 326% above median its historical median of 2.40. Over the past decade, IFIRMA Spolka Akcyjna's Graham Number has ranged from 0.64 to 4.63. According to the industry distribution chart, IFIRMA Spolka Akcyjna ranks #902 out of 1486 companies in the Software industry, placing it in the top 60.7%.
Is IFIRMA Spolka Akcyjna's Graham Number too high?
IFIRMA Spolka Akcyjna's current Graham Number of zł10.22 is 326% above median its 10-year median of 2.40. Over the past 10 years, this metric has ranged from a low of 0.64 to a high of 4.63. Based on the distribution chart, IFIRMA Spolka Akcyjna ranks #902 out of 1486 companies in the Software industry, which is below the industry midpoint. Overall, IFIRMA Spolka Akcyjna has a GF Score™ of 95/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does IFIRMA Spolka Akcyjna's Graham Number compare to IBM and ACN?
According to the Software industry distribution chart, IFIRMA Spolka Akcyjna ranks #902 out of 1486 companies for Graham Number. This places IFIRMA Spolka Akcyjna in the lower half of its industry. The industry median Graham Number is 1.90. Historically, IFIRMA Spolka Akcyjna's own Graham Number has ranged from 0.64 to 4.63 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 Software company?
The median Graham Number among Software companies is 1.90, based on 1,486 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 IFIRMA Spolka Akcyjna and its competitors. For the Software industry, the median Graham Number is 1.90 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. IFIRMA Spolka Akcyjna's current Graham Number is zł10.22, which is 326% above median its own 10-year median of 2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IFIRMA Spolka Akcyjna stock overvalued right now?
Based on GuruFocus' analysis, IFIRMA Spolka Akcyjna (WAR:IFI) is currently considered Modestly Undervalued. The stock's GF Value™ is zł31.49, compared to a current price of zł24.75 — trading 21.4% below its estimated fair value. The current Graham Number is zł10.22, which is 326% above median its 10-year median of 2.40. IFIRMA Spolka Akcyjna's overall GF Score™ is 95/100 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 IFIRMA Spolka Akcyjna (WAR:IFI), the current Graham Number is zł10.22 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 IFIRMA Spolka Akcyjna (WAR:IFI) Overvalued in 2026?
Based on GuruFocus' analysis, IFIRMA Spolka Akcyjna stock appears to be undervalued.
The current stock price of zł24.75 is trading 21.4% below its estimated GF Value™ of zł31.49.
GuruFocus considers IFIRMA Spolka Akcyjna to be Modestly Undervalued.
Key valuation signals for WAR:IFI:
Graham Number: zł10.22 (326% above median its 10-year median of 2.40)
GF Value™: zł31.49 vs. price of zł24.75 (21.4% below fair value)
No single metric tells the full story. See the WAR:IFI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
IFIRMA Spolka Akcyjna provides services in the field of software development as well as recruitment and outsourcing of IT staff. Its services include internet accounting, accounting office, invoices application, and warehousing software. The company is working on www.firmbee.com - a project management software which manages firm's tasks, finances, supports remote team work and HR processes.
95GF Score
Get the complete analysis for WAR:IFI
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:IFI has been successfully added to your 
