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 (2026-07-06), the stock price of Pan American Silver is CHF37.73. Pan American Silver's graham number for the quarter that ended in Mar. 2026 was CHFN/A. Therefore, Pan American Silver's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Pan American Silver's Graham Number or its related term are showing as below:
During the past 13 years, the highest Price to Graham Number ratio of Pan American Silver was 40.42. The lowest was 1.29. And the median was 1.75.
XSWX:PAAS's Price-to-Graham-Number is not ranked *
in the Metals & Mining industry.
Industry Median: 1.31 * Ranked among companies with meaningful Price-to-Graham-Number only.
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Pan American Silver (XSWX:PAAS) 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.
Pan American Silver's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
37.73
/
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.
Pan American Silver Graham Number Related Terms
Pan American Silver Graham Number Historical Data
* Premium members only.
The historical data trend for Pan American Silver'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.
For the Gold subindustry, Pan American Silver'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.
Pan American Silver Price-to-Graham-Number vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Pan American Silver's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Pan American Silver'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.
Pan American Silver (XSWX:PAAS) has a Graham Number of CHFN/A as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Pan American Silver and its competitors. Over the past decade, Pan American Silver's Graham Number has ranged from 1.29 to 40.42. According to the industry distribution chart, Pan American Silver ranks #334 out of 609 companies in the Metals & Mining industry, placing it in the top 54.8%.
Is Pan American Silver's Graham Number too high?
Pan American Silver's current Graham Number is CHFN/A. Over the past 10 years, this metric has ranged from a low of 1.29 to a high of 40.42. Based on the distribution chart, Pan American Silver ranks #334 out of 609 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Pan American Silver has a GF Score™ of 80/100, reflecting its overall financial health beyond just this single metric.
How does Pan American Silver's Graham Number compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Pan American Silver ranks #334 out of 609 companies for Graham Number. This places Pan American Silver in the lower half of its industry. The industry median Graham Number is 1.31. Historically, Pan American Silver's own Graham Number has ranged from 1.29 to 40.42 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 Metals & Mining company?
The median Graham Number among Metals & Mining companies is 1.31, based on 609 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 Pan American Silver and its competitors. For the Metals & Mining industry, the median Graham Number is 1.31 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pan American Silver'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 Pan American Silver stock overvalued right now?
Pan American Silver (XSWX:PAAS) has a current Graham Number of CHFN/A. The stock's GF Value™ is CHF15.66, compared to a current price of CHF37.73 — trading 140.9% above its estimated fair value. The current Graham Number is CHFN/A. Pan American Silver's overall GF Score™ is 80/100 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 Pan American Silver (XSWX:PAAS), the current Graham Number is CHFN/A 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 Pan American Silver (XSWX:PAAS) Overvalued in 2026?
Based on GuruFocus' analysis, Pan American Silver stock appears to be overvalued.
The current stock price of CHF37.73 is trading 140.9% above its estimated GF Value™ of CHF15.66.
Key valuation signals for XSWX:PAAS:
Graham Number: CHFN/A
GF Value™: CHF15.66 vs. price of CHF37.73 (140.9% above fair value)
No single metric tells the full story. See the XSWX:PAAS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pan American Silver Corp is a mining company principally engaged in the operation and development of, and exploration for, silver and gold-producing properties and assets. The company's principal products are silver and gold, although it also produces and sells zinc, lead, and copper. Its operating mines comprise La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, and San Vicente mines.
80GF Score
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