Research tool

Valuation worksheet

Type the figures from a company's own annual report and run Benjamin Graham's arithmetic on them: the Graham Number, his 1962 and 1974 formulas, earnings power value, net current asset value, the defensive-investor checklist and margin-of-safety buy prices. Built for companies that file only on SEDAR+, where the company report has no filings to read.

Everything below is arithmetic on the numbers you enter. Nothing is fetched, and nothing leaves your browser. The formulas are the same ones the company report runs.

Where the figures are: the annual report's consolidated statements, usually within the first few pages of the financial section. On SEDAR+, search the company and open its latest annual financial statements; most companies also post them under Investors on their own site.

The company

For the heading only; neither is used in a formula.

The price and the earnings

The price from your own screen; the rest from the income statement.

The last close on your own brokerage screen. Today's price, not the one in the report.
Diluted earnings per share for the latest full year, from the bottom of the income statement. A loss is a negative number.
Profit attributable to shareholders for the latest full year, from the income statement. A loss is a negative number.
Your own estimate of the growth rate over the next seven to ten years. Graham's 1962 and 1974 formulas need one; leave blank and they sit out.
The return you require, used as the cost of capital for earnings power value. Around 8 to 10 for a steady business; leave blank and that method sits out.

The balance sheet

From the statement of financial position, in millions, as the statements print them.

The share count on the cover of the statements or in the equity note. Diluted weighted average is fine if that is all there is.
Equity attributable to the company's own shareholders, before minority interests.
The current assets subtotal. A bank or insurer has none; leave blank and the liquidity tests sit out.
The current liabilities subtotal.
Every liability, current and long-term. Total assets less total equity gives the same figure.
Borrowings due after one year, from the debt note. Graham tests it against net current assets.

Dividends and rates

The dividend from the company; the bond yield is filled in for you.

The annual rate, all regular payments added up. Enter 0 or leave blank if none.
Moody's seasoned AAA yield, for Graham's 1974 formula. Prefilled from the Federal Reserve's FRED series; change it if you have a fresher figure.

AAA yield of 6.03% read from FRED on 2026-11-02.

A few figures are needed before the results appear

Still needed: a share price, earnings per share, shares outstanding, shareholders' equity.

What each result means
  • Graham Number: the square root of 22.5 times earnings per share times book value per share, the price at which P/E times P/B equals Graham's 22.5 ceiling. It needs positive earnings and positive book value.
  • 1962 formula: earnings per share times (8.5 plus twice the growth rate). 1974 formula: the 1962 value rescaled by 4.4 over today's AAA bond yield. Both need your growth estimate.
  • Earnings power value: earnings capitalized at a required return, with no growth assumed. The A and B versions use different required returns.
  • Net current asset value: current assets less all liabilities, per share. Graham bought below two-thirds of it. Most good businesses trade far above it, which is normal.
  • Average intrinsic value: the plain average of whichever methods produced a number. The buy prices take a third and a half off it.
  • The defensive-investor checklist and warning signs test what they can from these figures. A test with no data behind it reads as unverified, not failed; the ten-year tests need a history this sheet does not ask for.

The figures are yours: typed from a company's own report, not checked by Travis Valuation, with no data vendor involved. The results are arithmetic on your inputs, not a forecast and not a recommendation. Informational only, and not investment or tax advice.

Company files with the SEC? Look it up on the research page and the figures are read from its filings for you. Valuing an oil and gas producer? The producer calculator prices its barrels.