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.
Zoned PropertiesZDPY +0.17%46 Graham Number is $0.13 as of Mar. 2026, which is 88% below its 10-year median of 1.08. GuruFocus rates ZDPY with a GF Score™ of 46/100 and a GF Value™ of $0.69 (Possible Value Trap). The stock has 8 warning signs investors should review. Among 1,164 Real Estate companies, Zoned Properties ranks worse than 95.27% 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 (2026-07-31), the stock price of Zoned Properties is $0.46995. Zoned Properties's graham number for the quarter that ended in Mar. 2026 was $0.13. Therefore, Zoned Properties's Price to Graham Number ratio for today is 3.58.
The historical rank and industry rank for Zoned Properties's Graham Number or its related term are showing as below:
ZDPY'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.5 Med: 1.08 Max: 3.93
Current: 3.62
During the past 13 years, the highest Price to Graham Number ratio of Zoned Properties was 3.93. The lowest was 0.50. And the median was 1.08.
ZDPY's Price-to-Graham-Number is ranked worse than 95.27% of 1164
companies
in the Real Estate industry
Industry Median: 0.75
vs ZDPY: 3.62
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Zoned Properties (OTCPK:ZDPY) 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.
Zoned Properties's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
0.46995
/
0.13
=
3.58
* 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.
Zoned Properties Graham Number Related Terms
Zoned Properties Graham Number Historical Data
* Premium members only.
The historical data trend for Zoned Properties'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 Real Estate Services subindustry, Zoned Properties'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.
Zoned Properties Price-to-Graham-Number vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Zoned Properties's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Zoned Properties'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.
Zoned Properties (ZDPY) has a Graham Number of $0.13 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Zoned Properties and its competitors. This is 88% below median its historical median of 1.08. Over the past decade, Zoned Properties' Graham Number has ranged from 0.50 to 3.93. According to the industry distribution chart, Zoned Properties ranks #1109 out of 1164 companies in the Real Estate industry, placing it in the top 95.3%.
Is Zoned Properties' Graham Number too high?
Zoned Properties' current Graham Number of $0.13 is 88% below median its 10-year median of 1.08. Over the past 10 years, this metric has ranged from a low of 0.50 to a high of 3.93. The Real Estate industry median Graham Number is 0.75. Zoned Properties' value of $0.13 is 82.7% below this industry median. Based on the distribution chart, Zoned Properties ranks #1109 out of 1164 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Zoned Properties has a GF Score™ of 46/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Zoned Properties' Graham Number compare to AIRE and GBR?
According to the Real Estate industry distribution chart, Zoned Properties ranks #1109 out of 1164 companies for Graham Number. This places Zoned Properties in the lower half of its industry. The industry median Graham Number is 0.75. Zoned Properties' value of $0.13 is 82.7% below this benchmark. Historically, Zoned Properties' own Graham Number has ranged from 0.50 to 3.93 over the past decade. While the company's 10-year median is 1.08 vs. the industry median of 0.75, Zoned Properties has consistently been below the industry average. 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 Real Estate company?
The median Graham Number among Real Estate companies is 0.75, based on 1,164 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. Zoned Properties's current Graham Number of $0.13 is 82.7% below the industry median. 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 Zoned Properties and its competitors. For the Real Estate industry, the median Graham Number is 0.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Zoned Properties's current Graham Number is $0.13, which is 88% below median its own 10-year median of 1.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zoned Properties stock overvalued right now?
Based on GuruFocus' analysis, Zoned Properties (ZDPY) is currently considered Possible Value Trap. The stock's GF Value™ is $0.69, compared to a current price of $0.47 — trading 31.9% below its estimated fair value. The current Graham Number is $0.13, which is 88% below median its 10-year median of 1.08 and 82.7% below the Real Estate industry median of 0.75. Zoned Properties' overall GF Score™ is 46/100 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 Zoned Properties (ZDPY), the current Graham Number is $0.13 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 Zoned Properties (ZDPY) Overvalued in 2026?
Based on GuruFocus' analysis, Zoned Properties stock appears to be undervalued.
The current stock price of $0.47 is trading 31.9% below its estimated GF Value™ of $0.69.
GuruFocus considers Zoned Properties to be Possible Value Trap.
Key valuation signals for ZDPY:
Graham Number: $0.13 (88% below median its 10-year median of 1.08)
GF Value™: $0.69 vs. price of $0.47 (31.9% below fair value)
Industry Position: 82.7% below the Real Estate median (#1109 of 1164)
No single metric tells the full story. See the ZDPY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Zoned Properties Inc is a technology-driven property investment company focused on acquiring value-added real estate within the regulated cannabis industry in the United States. The company aspires to innovate within real estate development sector, focusing on direct-to-consumer real estate that is leased to cannabis retailers. The company also provides related real estate services, including brokerage and advisory services. It operates in two segments: i) the Property Investment Portfolio: It includes the operations, leasing and management of its commercial properties, and ii) Real Estate Services: It includes the advisory, brokerage and technology services related to commercial properties. The company generates the majority of its revenue from the Property Investment Portfolio segment.
46GF Score
Get the complete analysis for ZDPY
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
ZDPY has been successfully added to your 
