BOC — BOC Kenya Plc

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria for industrial companies. BOC Kenya makes and distributes industrial and medical gases and welding products from plants at Nairobi and Mombasa, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. It is a small industrial by Graham's measure — revenue of 1.4bn shillings is roughly US$11m — but it carries almost no debt: non-current liabilities of 7.5m shillings sit against working capital of 1.34bn. Per-share figures rest on 19,525,446 shares, being the 97,627k of share capital over the KES 5.00 par value the NSE price list states, a count the printed earnings per share of 16.08 against profit of 314,024k confirms. The profile holds one year: BOC's own 2026 event calendar set the half-year announcement for 20 August 2026, and as at 25 September 2026 no 2026 interim results had appeared on nse.co.ke or on the company's investor relations page.

Fiscal year

year to 31 Dec 2025

√(22.5 × 16.08 × 112.42) = 201.68

The Graham number for FY2025, from that year's EPS and BVPS. Tap a figure below for its source and date.

Discount to Graham number: +33.7% at the results-day price of 133.75. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS): 16.08
basic and diluted (2024: 10.84); profit for the year 314,024k, up 48%, on revenue up 19%. There are no non-controlling interests · basic · Audited group results for the year ended 31 Dec 2025, summarised consolidated income statement · 16 Apr 2026
Book value (BVPS): 112.42
share capital 97,627k, share premium and other reserves 335,745k and retained earnings 1,761,645k; no non-controlling interests. The proposed final dividend of 10.35 per share had not been deducted at the balance sheet date · attributable · computed: total equity 2,195,017k ÷ 19,525,446 shares, Audited group results for the year ended 31 Dec 2025, summarised consolidated statement of financial position · 16 Apr 2026
Dividend (DPS): 12.85
interim of 2.50 already declared plus a final of 10.35 recommended to the AGM of 25 Jun 2026, payable on or about 21 Jul 2026 (2024: 8.65 in total) · Audited group results for the year ended 31 Dec 2025, dividend note and dividend statement · 16 Apr 2026
Price on results day: 133.75
NSE daily price list VWAP, the exchange's official end-of-day price. The company secretary dated the announcement 15 Apr 2026 and BOC's 2026 event calendar set that as the announcement day, but the PDF the NSE hosts was created on the morning of 16 Apr 2026 at 08:53 and posted at 09:44, before that day's 15:00 close, so 16 Apr is the first day the market could trade on the results · NSE daily price list 2026-04-16, p.2 · 16 Apr 2026

Size and balance sheet (KES m)

Revenue: 1,427.0
revenue of 1,427,046k, up 19% from 1,204,201k, on growth in customer engineering projects and demand for medical and industrial gases · Audited group results for the year ended 31 Dec 2025, summarised consolidated income statement · 16 Apr 2026
Current assets: 1,717.4
current assets of 1,717,402k, of which cash and cash equivalents were 1,050,605k at the year end · Audited group results for the year ended 31 Dec 2025, summarised consolidated statement of financial position · 16 Apr 2026
Current liabilities: 381.2
Audited group results for the year ended 31 Dec 2025, summarised consolidated statement of financial position · 16 Apr 2026
Long-term debt: 7.5
all non-current liabilities of 7,494k, because the summarised statement does not break them out; an upper bound on long-term debt, and the company discloses no borrowings · Audited group results for the year ended 31 Dec 2025, summarised consolidated statement of financial position · 16 Apr 2026
KES per US$: 129.18
CBK daily exchange rates (mean) · 16 Apr 2026

Computed

EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 1.19
computed: price ÷ BVPS · 16 Apr 2026
Dividend yield: 9.6%
computed: DPS ÷ price · 16 Apr 2026
Current ratio: 4.51
computed: current assets ÷ current liabilities · 16 Apr 2026
Price ÷ Graham number: 0.66×
computed: price ÷ Graham number · 16 Apr 2026
Discount to Graham number: +33.7%
computed: (Graham number − price) ÷ Graham number · 16 Apr 2026

Graham's tests

1
Adequate size
Revenue of at least US$100m
Not met
Adequate sizeNot met
Revenue of at least US$100m
- Revenue KES 1,427.0m ÷ 129.18 KES per US$ = US$11.0m
- US$11.0m against a floor of US$100mfalls short
2
Financial strength
Current ratio of at least 2; long-term debt no more than working capital
Met
Financial strengthMet
Current ratio of at least 2; long-term debt no more than working capital
- Current ratio: 1,717.4 ÷ 381.2 = 4.51, against a minimum of 2.00meets
- Working capital: 1,717.4 − 381.2 = 1,336.2
- Long-term debt 7.5 against working capital of 1,336.2meets
Earnings stability
Positive EPS in each of the past 10 years
No result: data not compiled
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years
EPS positive in 1 of 10 years
FY2016
not held
not held
FY2017
not held
not held
FY2018
not held
not held
FY2019
not held
not held
FY2020
not held
not held
FY2021
not held
not held
FY2022
not held
not held
FY2023
not held
not held
FY2024
not held
not held
FY2025
16.08
positive
Still needed: EPS for FY2016, EPS for FY2017, EPS for FY2018, EPS for FY2019, EPS for FY2020, EPS for FY2021, EPS for FY2022, EPS for FY2023, EPS for FY2024.
Dividend record
A dividend paid in each of the past 20 years
No result: data not compiled
Dividend recordNo result: data not compiled
A dividend paid in each of the past 20 years
Dividend paid in 1 of 20 years (FY2006–FY2025)
Still needed: DPS for FY2006, DPS for FY2007, DPS for FY2008, DPS for FY2009, DPS for FY2010, DPS for FY2011, DPS for FY2012, DPS for FY2013, DPS for FY2014, DPS for FY2015, DPS for FY2016, DPS for FY2017, DPS for FY2018, DPS for FY2019, DPS for FY2020, DPS for FY2021, DPS for FY2022, DPS for FY2023, DPS for FY2024.
Earnings growth
EPS up at least one-third over 10 years, on three-year averages
No result: data not compiled
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages
FY2016
not held
not held
FY2017
not held
not held
FY2018
not held
not held
FY2023
not held
not held
FY2024
not held
not held
FY2025
16.08
Still needed: EPS for FY2016, EPS for FY2017, EPS for FY2018, EPS for FY2023, EPS for FY2024.
Moderate P/E
Price no more than 15 × three-year average EPS
No result: data not compiled
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS
Still needed: EPS for FY2023, EPS for FY2024.
7
Moderate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Met
Moderate P/BMet
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
- Price 133.75 ÷ BVPS 112.42 = 1.19
- 1.19 against a ceiling of 1.5meets

Sources and notes

Earnings (EPS): basic · Audited group results for the year ended 31 Dec 2025, summarised consolidated income statement · 16 Apr 2026 (basic and diluted (2024: 10.84); profit for the year 314,024k, up 48%, on revenue up 19%. There are no non-controlling interests)
Book value (BVPS): attributable · computed: total equity 2,195,017k ÷ 19,525,446 shares, Audited group results for the year ended 31 Dec 2025, summarised consolidated statement of financial position · 16 Apr 2026 (share capital 97,627k, share premium and other reserves 335,745k and retained earnings 1,761,645k; no non-controlling interests. The proposed final dividend of 10.35 per share had not been deducted at the balance sheet date)
Dividend (DPS): Audited group results for the year ended 31 Dec 2025, dividend note and dividend statement · 16 Apr 2026 (interim of 2.50 already declared plus a final of 10.35 recommended to the AGM of 25 Jun 2026, payable on or about 21 Jul 2026 (2024: 8.65 in total))
Price on results day: NSE daily price list 2026-04-16, p.2 · 16 Apr 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The company secretary dated the announcement 15 Apr 2026 and BOC's 2026 event calendar set that as the announcement day, but the PDF the NSE hosts was created on the morning of 16 Apr 2026 at 08:53 and posted at 09:44, before that day's 15:00 close, so 16 Apr is the first day the market could trade on the results)
Revenue: Audited group results for the year ended 31 Dec 2025, summarised consolidated income statement · 16 Apr 2026 (revenue of 1,427,046k, up 19% from 1,204,201k, on growth in customer engineering projects and demand for medical and industrial gases)
Current assets: Audited group results for the year ended 31 Dec 2025, summarised consolidated statement of financial position · 16 Apr 2026 (current assets of 1,717,402k, of which cash and cash equivalents were 1,050,605k at the year end)
Current liabilities: Audited group results for the year ended 31 Dec 2025, summarised consolidated statement of financial position · 16 Apr 2026
Long-term debt: Audited group results for the year ended 31 Dec 2025, summarised consolidated statement of financial position · 16 Apr 2026 (all non-current liabilities of 7,494k, because the summarised statement does not break them out; an upper bound on long-term debt, and the company discloses no borrowings)
KES per US$: CBK daily exchange rates (mean) · 16 Apr 2026