Nightly screen · as of Oct 1, 2026

Graham Defensive · Criteria after Benjamin Graham

Name: Graham Defensive screen: US stocks, daily
Creator: Tenet Investing
License: https://tenetinvesting.com/methodology

The defensive-investor test from The Intelligent Investor: adequate size, strong current ratio, an unbroken earnings record, a dividend paid over the trailing window, and conservative price-to-earnings and price-to-book limits. Financials and real estate excluded; minimum market cap $200M.

Tenet's independent, mechanical implementation of criteria published in Benjamin Graham, The Intelligent Investor (1949; rev. 1973), ch. 14.

2,122

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Oct 1, 2026

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A name qualifies when it clears every criterion it has data for. A criterion shown as "not checked" doesn't count against it (at least 4 of the 7 must have data).

Current ratio: Current assets divided by current liabilities · Positive EPS: Fiscal years with positive earnings per share, or positive net income to common shareholders where we hold no EPS (the criterion needs every year we can judge, up to 10) · P/E: Price to earnings · P/E × P/B: Price/earnings multiplied by price/book, Graham's combined price test

BXSL

Blackstone Secured Lending Fund.

—

~ EPS growth ≥ 3%/yr6 of 7

47.77

4.26

4.00

Receipt · BXSL · frozen at run timeClears 6 of 7 published testsOn this list since Jul 29, 2026

BXSL — every criterion, its measured value, its published bar and the margin
Verdict	Test	Measured	Bar	Margin
Passes	Size: market cap ≥ $2B	$5.6B	≥ $2.0B	+3,572,643,907.00
	Market capitalization, the total market value of a company's shares. The published criteria include a size test; this screen sets the bar at $2 billion.
Passes	Current ratio ≥ 2	47.77	≥ 2.00	+45.77
	Current ratio: the assets a company can turn into cash within a year, divided by the bills falling due in that year. At 2 or better it covers its short-term obligations twice over.
Passes	Positive EPS 6y	6y
	Every year of annual earnings history on file shows a profit, with no loss year. The label names the span actually available for that company, so a shorter filing history is judged over its own shorter window.
Passes	Pays a dividend	$3.08	> 0	+3.08
	Dividend per share above zero: the company paid a dividend over the trailing window. A company confirmed to pay nothing fails this criterion rather than reading as missing data.
Not checked (no data for this criterion)	EPS growth ≥ 3%/yr	not checked	≥ 3.0%
	Earnings per share compounded at 3% a year or better, measured across the annual filings on file (five years where the history runs that far). The published criterion asks for earnings that keep pace rather than for fast growth.
Passes	P/E ≤ 15	4.26	≤ 15.00	+10.74
	Price divided by earnings per share, so 15 means paying fifteen years of current earnings for the shares. A loss-making company has no meaningful P/E and shows "not checked" rather than passing on a negative number.
Passes	P/E × P/B ≤ 22.5	4.00	≤ 22.50	+18.50
	Price/earnings multiplied by price/book, Graham's combined ceiling of 22.5. It lets a cheap balance sheet offset a higher earnings multiple, and it is the same limit the Graham number states as a price.

6 of 7 criteria pass · 1 not checked · clears the gate; criteria shown as "not checked" don't count against it

DRD

DRDGold Ltd.

Basic Materials

~ P/E ≤ 155 of 7

2.28

10y

—

Receipt · DRD · frozen at run timeClears 5 of 7 published testsOn this list since Sep 30, 2026

DRD — every criterion, its measured value, its published bar and the margin
Verdict	Test	Measured	Bar	Margin
Passes	Size: market cap ≥ $2B	$21.0B	≥ $2.0B	+18,957,630,355.00
	Market capitalization, the total market value of a company's shares. The published criteria include a size test; this screen sets the bar at $2 billion.
Passes	Current ratio ≥ 2	2.28	≥ 2.00	+0.28
	Current ratio: the assets a company can turn into cash within a year, divided by the bills falling due in that year. At 2 or better it covers its short-term obligations twice over.
Passes	Positive EPS 10y	10y
	Every year of annual earnings history on file shows a profit, with no loss year. The label names the span actually available for that company, so a shorter filing history is judged over its own shorter window. We hold no record of earnings per share for fiscal 2016 to 2021, so those years are judged on the sign of net income to common shareholders, or of net income where we hold no figure for common shareholders.
Passes	Pays a dividend	$1.03	> 0	+1.03
	Dividend per share above zero: the company paid a dividend over the trailing window. A company confirmed to pay nothing fails this criterion rather than reading as missing data.
Passes	EPS growth ≥ 3%/yr	22.2%	≥ 3.0%	+19.2 pts
	Earnings per share compounded at 3% a year or better, measured across the annual filings on file (five years where the history runs that far). The published criterion asks for earnings that keep pace rather than for fast growth.
Not checked (no data for this criterion)	P/E ≤ 15	not checked	≤ 15.00
	Price divided by earnings per share, so 15 means paying fifteen years of current earnings for the shares. A loss-making company has no meaningful P/E and shows "not checked" rather than passing on a negative number.
Not checked (no data for this criterion)	P/E × P/B ≤ 22.5	not checked	≤ 22.50
	Price/earnings multiplied by price/book, Graham's combined ceiling of 22.5. It lets a cheap balance sheet offset a higher earnings multiple, and it is the same limit the Graham number states as a price.

5 of 7 criteria pass · 2 not checked · clears the gate; criteria shown as "not checked" don't count against it

IPAR

Interparfums Inc.

Consumer Defensive

~ P/E ≤ 155 of 7

2.99

10y

—

Receipt · IPAR · frozen at run timeClears 5 of 7 published testsOn this list since Sep 30, 2026

IPAR — every criterion, its measured value, its published bar and the margin
Verdict	Test	Measured	Bar	Margin
Passes	Size: market cap ≥ $2B	$3.6B	≥ $2.0B	+1,582,083,605.00
	Market capitalization, the total market value of a company's shares. The published criteria include a size test; this screen sets the bar at $2 billion.
Passes	Current ratio ≥ 2	2.99	≥ 2.00	+0.99
	Current ratio: the assets a company can turn into cash within a year, divided by the bills falling due in that year. At 2 or better it covers its short-term obligations twice over.
Passes	Positive EPS 10y	10y
	Every year of annual earnings history on file shows a profit, with no loss year. The label names the span actually available for that company, so a shorter filing history is judged over its own shorter window.
Passes	Pays a dividend	$3.20	> 0	+3.20
	Dividend per share above zero: the company paid a dividend over the trailing window. A company confirmed to pay nothing fails this criterion rather than reading as missing data.
Passes	EPS growth ≥ 3%/yr	34.1%	≥ 3.0%	+31.1 pts
	Earnings per share compounded at 3% a year or better, measured across the annual filings on file (five years where the history runs that far). The published criterion asks for earnings that keep pace rather than for fast growth.
Not checked (no data for this criterion)	P/E ≤ 15	not checked	≤ 15.00
	Price divided by earnings per share, so 15 means paying fifteen years of current earnings for the shares. A loss-making company has no meaningful P/E and shows "not checked" rather than passing on a negative number.
Not checked (no data for this criterion)	P/E × P/B ≤ 22.5	not checked	≤ 22.50
	Price/earnings multiplied by price/book, Graham's combined ceiling of 22.5. It lets a cheap balance sheet offset a higher earnings multiple, and it is the same limit the Graham number states as a price.

5 of 7 criteria pass · 2 not checked · clears the gate; criteria shown as "not checked" don't count against it

GNTX

Gentex Corp.

Consumer Cyclical

7 of 7

3.04

10y

11.57

21.09

Receipt · GNTX · frozen at run timeClears 7 of 7 published testsOn this list since Sep 14, 2026

GNTX — every criterion, its measured value, its published bar and the margin
Verdict	Test	Measured	Bar	Margin
Passes	Size: market cap ≥ $2B	$4.6B	≥ $2.0B	+2,624,499,115.00
	Market capitalization, the total market value of a company's shares. The published criteria include a size test; this screen sets the bar at $2 billion.
Passes	Current ratio ≥ 2	3.04	≥ 2.00	+1.04
	Current ratio: the assets a company can turn into cash within a year, divided by the bills falling due in that year. At 2 or better it covers its short-term obligations twice over.
Passes	Positive EPS 10y	10y
	Every year of annual earnings history on file shows a profit, with no loss year. The label names the span actually available for that company, so a shorter filing history is judged over its own shorter window.
Passes	Pays a dividend	$0.48	> 0	+0.48
	Dividend per share above zero: the company paid a dividend over the trailing window. A company confirmed to pay nothing fails this criterion rather than reading as missing data.
Passes	EPS growth ≥ 3%/yr	4.3%	≥ 3.0%	+1.3 pts
	Earnings per share compounded at 3% a year or better, measured across the annual filings on file (five years where the history runs that far). The published criterion asks for earnings that keep pace rather than for fast growth.
Passes	P/E ≤ 15	11.57	≤ 15.00	+3.43
	Price divided by earnings per share, so 15 means paying fifteen years of current earnings for the shares. A loss-making company has no meaningful P/E and shows "not checked" rather than passing on a negative number.
Passes	P/E × P/B ≤ 22.5	21.09	≤ 22.50	+1.41
	Price/earnings multiplied by price/book, Graham's combined ceiling of 22.5. It lets a cheap balance sheet offset a higher earnings multiple, and it is the same limit the Graham number states as a price.

7 of 7 criteria pass

LULU

Lululemon Athletica inc.

Consumer Cyclical

~ Pays a dividend6 of 7

2.19

10y

7.88

16.64

Receipt · LULU · frozen at run timeClears 6 of 7 published testsOn this list since Sep 15, 2026

LULU — every criterion, its measured value, its published bar and the margin
Verdict	Test	Measured	Bar	Margin
Passes	Size: market cap ≥ $2B	$10.1B	≥ $2.0B	+8,122,246,975.00
	Market capitalization, the total market value of a company's shares. The published criteria include a size test; this screen sets the bar at $2 billion.
Passes	Current ratio ≥ 2	2.19	≥ 2.00	+0.19
	Current ratio: the assets a company can turn into cash within a year, divided by the bills falling due in that year. At 2 or better it covers its short-term obligations twice over.
Passes	Positive EPS 10y	10y
	Every year of annual earnings history on file shows a profit, with no loss year. The label names the span actually available for that company, so a shorter filing history is judged over its own shorter window.
Not checked (no data for this criterion)	Pays a dividend	not checked	> 0
	Dividend per share above zero: the company paid a dividend over the trailing window. A company confirmed to pay nothing fails this criterion rather than reading as missing data.
Passes	EPS growth ≥ 3%/yr	24.1%	≥ 3.0%	+21.1 pts
	Earnings per share compounded at 3% a year or better, measured across the annual filings on file (five years where the history runs that far). The published criterion asks for earnings that keep pace rather than for fast growth.
Passes	P/E ≤ 15	7.88	≤ 15.00	+7.12
	Price divided by earnings per share, so 15 means paying fifteen years of current earnings for the shares. A loss-making company has no meaningful P/E and shows "not checked" rather than passing on a negative number.
Passes	P/E × P/B ≤ 22.5	16.64	≤ 22.50	+5.86
	Price/earnings multiplied by price/book, Graham's combined ceiling of 22.5. It lets a cheap balance sheet offset a higher earnings multiple, and it is the same limit the Graham number states as a price.

6 of 7 criteria pass · 1 not checked · clears the gate; criteria shown as "not checked" don't count against it

+17 more names qualify today, every one with its receiptPremium · $119/yr · 7-day trial · cancel anytimeSee all 22 names →

Computed Oct 1, 2026 · universe 2,122 names · recomputed nightly

Click any row for the receipt: every criterion with its live value and pass rule. Score is the Tenet composite (sector-relative, 0–100).

Common questions

What are Graham's 7 criteria for defensive investors?

From The Intelligent Investor: (1) adequate size, (2) current ratio ≥ 2, (3) positive earnings every year of the past decade, (4) an uninterrupted dividend record, (5) meaningful earnings growth, (6) P/E ≤ 15, and (7) P/E × P/B ≤ 22.5. Tenet applies them mechanically with modern proxies, shown per stock, and states where a proxy is narrower than Graham's rule: criterion 4 is read as a dividend paid over the trailing window, not as an unbroken payment streak.

How many stocks pass Graham's rules today?

22 of 2122 US companies (as of 2026-10-01). The scarcity is the finding: few large caps clear all seven criteria as Tenet applies them, and this page shows that rather than loosening the rules quietly. The free view publishes the top 5 by Tenet Score with all seven gates itemised: every gate that has live data shows its number, and any gate still missing data is marked "not checked" rather than counted as a pass. The rest comes with Premium.

What is the Graham number?

√(22.5 × EPS × book value per share), the maximum price criterion 7 implies. A stock trading below its Graham number satisfies Graham's combined earnings-and-assets price limit.

Does a name have to pass every criterion to qualify?

Not every one: a name must clear every criterion that has live data, and at least 4 of the 7 must have data. A criterion shown as "not checked" doesn't count against a name, so nothing on the list fails a criterion it has data for.

Every row carries its qualifying math, frozen at run time.

Each Ruleset is independently developed by Tenet based on investment criteria described in publicly available sources associated with the referenced investor. References to third-party names and trademarks are for identification purposes only. Tenet is not affiliated with, sponsored by, endorsed by or otherwise associated with any referenced investor or trademark owner. Any selections, analyses, backtests, scores and performance information reflect Tenet's own interpretation and implementation and have not been prepared, reviewed or approved by the referenced investor or trademark owner. Third-party names and trademarks remain the property of their respective owners. Inputs are derived from regulatory filings and normalized within Tenet's fundamentals database. Not investment advice.

Data from Intrinio and Financial Modeling Prep.