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.
The historical rank and industry rank for Carl Zeiss Meditec AG's Graham Number or its related term are showing as below:
XSWX:AFX'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 2.03 Med: 3.88 Max: 5.94
Current: 2.03
During the past 13 years, the highest Price to Graham Number ratio of Carl Zeiss Meditec AG was 5.94. The lowest was 2.03. And the median was 3.88.
XSWX:AFX's Price-to-Graham-Number is ranked worse than 56.14% of 399
companies
in the Medical Devices & Instruments industry
Industry Median: 1.83
vs XSWX:AFX: 2.03
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Carl Zeiss Meditec AG (XSWX:AFX) 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.
Carl Zeiss Meditec AG's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
25.86
/
N/A
=
N/A
* 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.
Carl Zeiss Meditec AG Graham Number Related Terms
Carl Zeiss Meditec AG Graham Number Historical Data
* Premium members only.
The historical data trend for Carl Zeiss Meditec AG'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.
XSWX:AFX vs ISRG, BDX, MDLN: Graham Number Comparison
For the Medical Instruments & Supplies subindustry, Carl Zeiss Meditec AG'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.
Carl Zeiss Meditec AG Price-to-Graham-Number vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Carl Zeiss Meditec AG's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Carl Zeiss Meditec AG'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.
Carl Zeiss Meditec AG (XSWX:AFX) has a Graham Number of CHFN/A as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Carl Zeiss Meditec AG and its competitors. Over the past decade, Carl Zeiss Meditec AG's Graham Number has ranged from 2.03 to 5.94. According to the industry distribution chart, Carl Zeiss Meditec AG ranks #224 out of 399 companies in the Medical Devices & Instruments industry, placing it in the top 56.1%.
Is Carl Zeiss Meditec AG's Graham Number too high?
Carl Zeiss Meditec AG's current Graham Number is CHFN/A. Over the past 10 years, this metric has ranged from a low of 2.03 to a high of 5.94. Based on the distribution chart, Carl Zeiss Meditec AG ranks #224 out of 399 companies in the Medical Devices & Instruments industry, which is below the industry midpoint. Overall, Carl Zeiss Meditec AG has a GF Score™ of 72/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carl Zeiss Meditec AG's Graham Number compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Carl Zeiss Meditec AG ranks #224 out of 399 companies for Graham Number. This places Carl Zeiss Meditec AG in the lower half of its industry. The industry median Graham Number is 1.83. Historically, Carl Zeiss Meditec AG's own Graham Number has ranged from 2.03 to 5.94 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 Medical Devices & Instruments company?
The median Graham Number among Medical Devices & Instruments companies is 1.83, based on 399 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 Carl Zeiss Meditec AG and its competitors. For the Medical Devices & Instruments industry, the median Graham Number is 1.83 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carl Zeiss Meditec AG's current Graham Number is CHFN/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carl Zeiss Meditec AG stock overvalued right now?
Based on GuruFocus' analysis, Carl Zeiss Meditec AG (XSWX:AFX) is currently considered Significantly Undervalued. The stock's GF Value™ is CHF65.76, compared to a current price of CHF25.86 — trading 60.7% below its estimated fair value. The current Graham Number is CHFN/A. Carl Zeiss Meditec AG's overall GF Score™ is 72/100 with 4 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 Carl Zeiss Meditec AG (XSWX:AFX), the current Graham Number is CHFN/A as of Dec. 2025. 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 Carl Zeiss Meditec AG (XSWX:AFX) Overvalued in 2026?
Based on GuruFocus' analysis, Carl Zeiss Meditec AG stock appears to be undervalued.
The current stock price of CHF25.86 is trading 60.7% below its estimated GF Value™ of CHF65.76.
GuruFocus considers Carl Zeiss Meditec AG to be Significantly Undervalued.
Key valuation signals for XSWX:AFX:
Graham Number: CHFN/A
GF Value™: CHF65.76 vs. price of CHF25.86 (60.7% below fair value)
No single metric tells the full story. See the XSWX:AFX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Carl Zeiss Meditec is one of the largest visioncare technology companies in the world, and it operates in two segments: ophthalmic devices and microsurgery. OPT, which made up about 75% of sales in 2025, includes refractive lasers, surgical ophthalmic devices, equipment for ophthalmic diagnostics, as well as a portfolio of intraocular lenses and disposable medical instruments. With a low-teens share of the market, Zeiss is the second-largest player in the space. MCS is composed of implants, surgical instruments, and visualization devices used during neurosurgery, spine surgery, and otolaryngology surgery. With over 60% market share, Zeiss is the clear leader in the microsurgery space.
72GF Score
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