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Benjamin Graham Defensive Stocks
Email meA version of Graham's tests for the defensive investor from The Intelligent Investor: a sizeable company, financially strong, consistently profitable, bought at a moderate price.
- Current assets at least twice current liabilities
- Profitable in each of the last five fiscal years
- P/E at most 15, and P/E times P/B at most 22.5
- Market value of at least $1 billion; banks and insurers left out
9 companies pass
| Company | Market value | P/E × P/B |
|---|---|---|
| Innoviva IncINVAPharmaceutical Preparations | $1.5B$21.21 | 5.4 |
| Carter's IncCRIApparel & Other Finishd Prods of Fabrics & Similar Matl | $1.2B$32.36 | 7.0 |
| Kennametal IncKMTMachine Tools, Metal Cutting Types | $2.4B$31.92 | 11.0 |
| LCI IndustriesLCIIMotor Vehicle Parts & Accessories | $1.9B$78.30 | 12.0 |
| Ingredion IncINGRGrain Mill Products | $6B$95.09 | 13.4 |
| Lululemon Athletica IncLULUApparel & Other Finishd Prods of Fabrics & Similar Matl | $10.1B$94.50 | 14.9 |
| Maximus IncMMSServices-Business Services, NEC | $3.1B$59.39 | 15.0 |
| Gentex CorpGNTXMotor Vehicle Parts & Accessories | $4.4B$21.04 | 19.0 |
| National Fuel Gas CoNFGNatural Gas Distribution | $7.5B$78.66 | 21.1 |
Earnings, sales and cash flow are the last four reported quarters where all four are on file, or the latest fiscal year; prices are the latest stored close, Oct 9, 2026. Figures come from each company's own filings. A screen is a place to start reading, not a recommendation.