Stocks that pass Benjamin Graham's defensive investor test today

The seven checks

1. Adequate size: market capitalisation of $2 billion or more (Jason Zweig's update of the 1972 sales threshold)
2. Strong financial condition: current assets at least twice current liabilities, and long-term debt no larger than net working capital
3. Earnings stability: positive earnings in each of the last ten fiscal years
4. Dividend record: dividend paid without interruption over the twelve fiscal years of history available (Graham asked for twenty)
5. Earnings growth: earnings per share at least one third higher than ten years ago, comparing three-year averages
6. Moderate P/E: P/E of 15 or less on the average earnings of the last three fiscal years
7. Moderate price to book: price of 1.5 times book value or less, or else P/E times price-to-book of 22.5 or less

For banks and insurers the balance-sheet check does not apply, as in the book: they pass with six of six.

Source: Benjamin Graham, The Intelligent Investor, chapter 14 (1973 edition, with Jason Zweig's commentary). Applied every night to the whole Kaplio coverage using published annual accounts.

Pass all seven: 60 companies

Pass six of seven: 102 companies

Showing the 60 largest by market cap.

How many pass all seven, day by day

Daily count since Kaplio started computing the basket. Entries and exits are usually driven by price (P/E and P/B), not by the accounts.

• September 16, 2026: 54
• September 17, 2026: 54
• September 18, 2026: 54
• September 19, 2026: 54
• September 20, 2026: 54
• September 21, 2026: 54
• September 22, 2026: 55
• September 23, 2026: 55
• September 24, 2026: 56
• September 25, 2026: 56
• September 26, 2026: 56
• September 27, 2026: 56
• September 28, 2026: 54
• September 29, 2026: 54
• September 30, 2026: 56
• October 1, 2026: 55
• October 2, 2026: 57
• October 3, 2026: 57
• October 4, 2026: 58
• October 5, 2026: 58
• October 6, 2026: 58

Changes since October 5, 2026

No changes to the list.

Frequently asked questions

How many companies pass Graham's test today?

As of October 6, 2026, 60 of the 2,016 US-listed companies with a market cap above $2 billion pass all seven defensive-investor checks, and 102 pass six. The count is updated every night with published accounts and the latest close.

What checks does Graham's defensive investor apply?

Seven: size (market cap of $2 billion or more), financial condition (current assets at least twice current liabilities and long-term debt no larger than working capital), positive earnings for ten straight years, an uninterrupted dividend, earnings per share a third higher than ten years ago, a P/E of 15 or less on three-year average earnings, and a price of 1.5 times book value or less (or P/E times P/B of 22.5 or less).

Why do almost no well-known large companies pass?

Because of the two price checks. A P/E of 15 or less and a P/B of 1.5 or less rule out almost every company with a strong brand, fast growth or heavy buybacks, which trade well above those limits. Graham wrote for an investor unwilling to pay for expectations; in 2026 that leaves mostly banks, insurers, homebuilders and cyclicals.

Is this a buy recommendation?

No. It is a mechanical list: the same rule for every company, with no manual exceptions. Graham meant it as a diversified basket, and a company can pass all seven filters and still be a poor investment for reasons the accounts do not capture. Every company links to its page, with Kaplio's overview and reading.

Data as of October 6, 2026. Recalculated every night with published annual accounts and the latest close.

• How Kaplio applies the great investors' methods
• Weekly Radar: Buffett, Lynch and the lists
• Screener with Graham's filterable checks