Deutsche Lufthansa AGXSWX:LHA 69 Graham Number is CHF15.05 as of Mar. 2026, which is 100% below its 10-year median of 0.53. GuruFocus rates XSWX:LHA with a GF Score™ of 69/100 and a GF Value™ of CHF7.47 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 740 Transportation companies, Deutsche Lufthansa AG ranks better than 79.19% 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 (2026-07-11), the stock price of Deutsche Lufthansa AG is CHF8.686. Deutsche Lufthansa AG's graham number for the quarter that ended in Mar. 2026 was CHF15.05. Therefore, Deutsche Lufthansa AG's Price to Graham Number ratio for today is 0.58.
The historical rank and industry rank for Deutsche Lufthansa AG's Graham Number or its related term are showing as below:
XSWX:LHA'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.44 Med: 0.53 Max: 1.09
Current: 0.6
During the past 13 years, the highest Price to Graham Number ratio of Deutsche Lufthansa AG was 1.09. The lowest was 0.44. And the median was 0.53.
XSWX:LHA's Price-to-Graham-Number is ranked better than 79.19% of 740
companies
in the Transportation industry
Industry Median: 1.01
vs XSWX:LHA: 0.60
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Deutsche Lufthansa AG (XSWX:LHA) 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.
Deutsche Lufthansa AG's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
8.686
/
15.05
=
0.58
* 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.
Deutsche Lufthansa AG Graham Number Related Terms
Deutsche Lufthansa AG Graham Number Historical Data
* Premium members only.
The historical data trend for Deutsche Lufthansa 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:LHA vs DAL, UAL, LUV: Graham Number Comparison
For the Airlines subindustry, Deutsche Lufthansa 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.
Deutsche Lufthansa AG Price-to-Graham-Number vs Transportation Industry
For the Transportation industry and Industrials sector, Deutsche Lufthansa AG's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Deutsche Lufthansa 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.
Deutsche Lufthansa AG (XSWX:LHA) has a Graham Number of CHF15.05 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Deutsche Lufthansa AG and its competitors. This is 2740% above median its historical median of 0.53. Over the past decade, Deutsche Lufthansa AG's Graham Number has ranged from 0.44 to 1.09. According to the industry distribution chart, Deutsche Lufthansa AG ranks #154 out of 740 companies in the Transportation industry, placing it in the top 20.8%.
Is Deutsche Lufthansa AG's Graham Number too high?
Deutsche Lufthansa AG's current Graham Number of CHF15.05 is 2740% above median its 10-year median of 0.53. Over the past 10 years, this metric has ranged from a low of 0.44 to a high of 1.09. Based on the distribution chart, Deutsche Lufthansa AG ranks #154 out of 740 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Deutsche Lufthansa AG has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Deutsche Lufthansa AG's Graham Number compare to DAL and UAL?
According to the Transportation industry distribution chart, Deutsche Lufthansa AG ranks #154 out of 740 companies for Graham Number. This places Deutsche Lufthansa AG in the top 21% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.01. Historically, Deutsche Lufthansa AG's own Graham Number has ranged from 0.44 to 1.09 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 Transportation company?
The median Graham Number among Transportation companies is 1.01, based on 740 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 Deutsche Lufthansa AG and its competitors. For the Transportation industry, the median Graham Number is 1.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Deutsche Lufthansa AG's current Graham Number is CHF15.05, which is 2740% above median its own 10-year median of 0.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Deutsche Lufthansa AG stock overvalued right now?
Based on GuruFocus' analysis, Deutsche Lufthansa AG (XSWX:LHA) is currently considered Modestly Overvalued. The stock's GF Value™ is CHF7.47, compared to a current price of CHF8.69 — trading 16.3% above its estimated fair value. The current Graham Number is CHF15.05, which is 2740% above median its 10-year median of 0.53. Deutsche Lufthansa AG's overall GF Score™ is 69/100 with 8 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 Deutsche Lufthansa AG (XSWX:LHA), the current Graham Number is CHF15.05 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 Deutsche Lufthansa AG (XSWX:LHA) Overvalued in 2026?
Based on GuruFocus' analysis, Deutsche Lufthansa AG stock appears to be overvalued.
The current stock price of CHF8.69 is trading 16.3% above its estimated GF Value™ of CHF7.47.
GuruFocus considers Deutsche Lufthansa AG to be Modestly Overvalued.
Key valuation signals for XSWX:LHA:
Graham Number: CHF15.05 (2740% above median its 10-year median of 0.53)
GF Value™: CHF7.47 vs. price of CHF8.69 (16.3% above fair value)
No single metric tells the full story. See the XSWX:LHA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Lufthansa AG is a European airline group operating through three primary segments: passenger airlines, logistics (Lufthansa Cargo), and MRO (Lufthansa Technik). The passenger airlines segment includes Lufthansa German Airlines, SWISS, Austrian Airlines, Brussels Airlines, Eurowings, and the equity interest in SunExpress. As of 2025, Lufthansa also holds a 41% stake in ITA Airways, with strategic integration underway.
69GF Score
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