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Ermenegildo Zegna NVZGN +1.98%82 Graham Number is $3.86 as of Dec. 2025, which is 29% above its 10-year median of 3.00. GuruFocus rates ZGN with a GF Score™ of 82/100 and a GF Value™ of $11.59 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 726 Manufacturing - Apparel & Accessories companies, Ermenegildo Zegna NV ranks worse than 90.08% 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 (2026-08-24), the stock price of Ermenegildo Zegna NV is $13.90. Ermenegildo Zegna NV's graham number for the quarter that ended in Dec. 2025 was $3.86. Therefore, Ermenegildo Zegna NV's Price to Graham Number ratio for today is 3.60.
The historical rank and industry rank for Ermenegildo Zegna NV's Graham Number or its related term are showing as below:
ZGN'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 2.06 Med: 3 Max: 4.34
Current: 3.6
During the past 8 years, the highest Price to Graham Number ratio of Ermenegildo Zegna NV was 4.34. The lowest was 2.06. And the median was 3.00.
ZGN's Price-to-Graham-Number is ranked worse than 90.08% of 726
companies
in the Manufacturing - Apparel & Accessories industry
Industry Median: 1.045
vs ZGN: 3.60
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Ermenegildo Zegna NV (NYSE:ZGN) 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.
Ermenegildo Zegna NV's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
13.90
/
3.86
=
3.60
* 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.
Ermenegildo Zegna NV Graham Number Related Terms
Ermenegildo Zegna NV Graham Number Historical Data
* Premium members only.
The historical data trend for Ermenegildo Zegna NV'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 Apparel Manufacturing subindustry, Ermenegildo Zegna NV'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.
Ermenegildo Zegna NV Price-to-Graham-Number vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Ermenegildo Zegna NV's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Ermenegildo Zegna NV'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.
Ermenegildo Zegna NV (ZGN) has a Graham Number of $3.86 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Ermenegildo Zegna NV and its competitors. This is 29% above median its historical median of 3.00. Over the past decade, Ermenegildo Zegna NV's Graham Number has ranged from 2.06 to 4.34. According to the industry distribution chart, Ermenegildo Zegna NV ranks #654 out of 726 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 90.1%.
Is Ermenegildo Zegna NV's Graham Number too high?
Ermenegildo Zegna NV's current Graham Number of $3.86 is 29% above median its 10-year median of 3.00. Over the past 10 years, this metric has ranged from a low of 2.06 to a high of 4.34. The Manufacturing - Apparel & Accessories industry median Graham Number is 1.05. Ermenegildo Zegna NV's value of $3.86 is 269.4% above this industry median. Based on the distribution chart, Ermenegildo Zegna NV ranks #654 out of 726 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Ermenegildo Zegna NV has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ermenegildo Zegna NV's Graham Number compare to PVH and COLM?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Ermenegildo Zegna NV ranks #654 out of 726 companies for Graham Number. This places Ermenegildo Zegna NV in the lower half of its industry. The industry median Graham Number is 1.05. Ermenegildo Zegna NV's value of $3.86 is 269.4% above this benchmark. Historically, Ermenegildo Zegna NV's own Graham Number has ranged from 2.06 to 4.34 over the past decade. While the company's 10-year median is 3.00 vs. the industry median of 1.05, Ermenegildo Zegna NV has consistently been above 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 Manufacturing - Apparel & Accessories company?
The median Graham Number among Manufacturing - Apparel & Accessories companies is 1.05, based on 726 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. Ermenegildo Zegna NV's current Graham Number of $3.86 is 269.4% above 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 Ermenegildo Zegna NV and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Graham Number is 1.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ermenegildo Zegna NV's current Graham Number is $3.86, which is 29% above median its own 10-year median of 3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ermenegildo Zegna NV stock overvalued right now?
Based on GuruFocus' analysis, Ermenegildo Zegna NV (ZGN) is currently considered Modestly Overvalued. The stock's GF Value™ is $11.59, compared to a current price of $13.90 — trading 19.9% above its estimated fair value. The current Graham Number is $3.86, which is 29% above median its 10-year median of 3.00 and 269.4% above the Manufacturing - Apparel & Accessories industry median of 1.05. Ermenegildo Zegna NV's overall GF Score™ is 82/100 with 7 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 Ermenegildo Zegna NV (ZGN), the current Graham Number is $3.86 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 Ermenegildo Zegna NV (ZGN) Overvalued in 2026?
Based on GuruFocus' analysis, Ermenegildo Zegna NV stock appears to be overvalued.
The current stock price of $13.90 is trading 19.9% above its estimated GF Value™ of $11.59.
GuruFocus considers Ermenegildo Zegna NV to be Modestly Overvalued.
Key valuation signals for ZGN:
Graham Number: $3.86 (29% above median its 10-year median of 3.00)
GF Value™: $11.59 vs. price of $13.90 (19.9% above fair value)
Industry Position: 269.4% above the Manufacturing - Apparel & Accessories median (#654 of 726)
No single metric tells the full story. See the ZGN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ermenegildo Zegna NV designs creates, and distributes luxury menswear and accessories under the Zegna brand, as well as womenswear, menswear, and accessories under the Thom Browne brand. The company operates in three segments: the Zegna segment (comprising three product lines: Zegna Branded Products, Textile, and Third Party Brands); the Thom Browne segment, and the Tom Ford Fashion segment. The company generates the majority of revenue from the Zegna segment.
82GF Score
Get the complete analysis for ZGN
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