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Ten Square GamesWAR:TEN -2.34%85 Graham Number is zł44.56 as of Mar. 2026, which is 100% below its 10-year median of 2.84. GuruFocus rates WAR:TEN with a GF Score™ of 85/100 and a GF Value™ of zł87.74 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 279 Interactive Media companies, Ten Square Games ranks worse than 75.63% 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 (2026-08-20), the stock price of Ten Square Games is zł100.10. Ten Square Games's graham number for the quarter that ended in Mar. 2026 was zł44.56. Therefore, Ten Square Games's Price to Graham Number ratio for today is 2.25.
The historical rank and industry rank for Ten Square Games's Graham Number or its related term are showing as below:
WAR:TEN'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.31 Med: 2.84 Max: 8.53
Current: 2.17
During the past 9 years, the highest Price to Graham Number ratio of Ten Square Games was 8.53. The lowest was 1.31. And the median was 2.84.
WAR:TEN's Price-to-Graham-Number is ranked worse than 75.63% of 279
companies
in the Interactive Media industry
Industry Median: 1.35
vs WAR:TEN: 2.17
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Ten Square Games (WAR:TEN) 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.
Ten Square Games's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
100.10
/
44.56
=
2.25
* 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.
Ten Square Games Graham Number Related Terms
Ten Square Games Graham Number Historical Data
* Premium members only.
The historical data trend for Ten Square Games'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:TEN vs NTES, EA, TTWO: Graham Number Comparison
For the Electronic Gaming & Multimedia subindustry, Ten Square Games'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.
Ten Square Games Price-to-Graham-Number vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Ten Square Games's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Ten Square Games'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.
Ten Square Games (WAR:TEN) has a Graham Number of zł44.56 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Ten Square Games and its competitors. This is 1469% above median its historical median of 2.84. Over the past decade, Ten Square Games' Graham Number has ranged from 1.31 to 8.53. According to the industry distribution chart, Ten Square Games ranks #211 out of 279 companies in the Interactive Media industry, placing it in the top 75.6%.
Is Ten Square Games' Graham Number too high?
Ten Square Games' current Graham Number of zł44.56 is 1469% above median its 10-year median of 2.84. Over the past 10 years, this metric has ranged from a low of 1.31 to a high of 8.53. Based on the distribution chart, Ten Square Games ranks #211 out of 279 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, Ten Square Games has a GF Score™ of 85/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ten Square Games' Graham Number compare to NTES and EA?
According to the Interactive Media industry distribution chart, Ten Square Games ranks #211 out of 279 companies for Graham Number. This places Ten Square Games in the lower half of its industry. The industry median Graham Number is 1.35. Historically, Ten Square Games' own Graham Number has ranged from 1.31 to 8.53 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 1.35, based on 279 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 Ten Square Games and its competitors. For the Interactive Media industry, the median Graham Number is 1.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ten Square Games's current Graham Number is zł44.56, which is 1469% above median its own 10-year median of 2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ten Square Games stock overvalued right now?
Based on GuruFocus' analysis, Ten Square Games (WAR:TEN) is currently considered Modestly Overvalued. The stock's GF Value™ is zł87.74, compared to a current price of zł100.10 — trading 14.1% above its estimated fair value. The current Graham Number is zł44.56, which is 1469% above median its 10-year median of 2.84. Ten Square Games' overall GF Score™ is 85/100 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 Ten Square Games (WAR:TEN), the current Graham Number is zł44.56 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 Ten Square Games (WAR:TEN) Overvalued in 2026?
Based on GuruFocus' analysis, Ten Square Games stock appears to be overvalued.
The current stock price of zł100.10 is trading 14.1% above its estimated GF Value™ of zł87.74.
GuruFocus considers Ten Square Games to be Modestly Overvalued.
Key valuation signals for WAR:TEN:
Graham Number: zł44.56 (1469% above median its 10-year median of 2.84)
GF Value™: zł87.74 vs. price of zł100.10 (14.1% above fair value)
No single metric tells the full story. See the WAR:TEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ten Square Games SA is a developer of free-to-play mobile games with a focus on hobby genres, including fishing, hunting, and aviation. The company's portfolio includes popular titles such as Fishing Clash, Hunting Clash, Real Flight Simulator, Trophy Hunter, Let's Fish, and Wings of Heroes. The company's source of revenue includes micro-payments, subscriptions, advertisement, and licenses. The company generates the majority of its revenue from the micro-payments.
85GF Score
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