June 2026 Graham Enterprising Investor Screen: full recap of what passed, what made the watchlist, and what got rejected despite looking cheap

Monthly recap of running Benjamin Graham's Enterprising Investor criteria across all US-listed equities! Around 5,875 tickers screened in total, here are the results:

PASS (2):

• $CCS Century Communities: P/E 12.4, P/B 0.62, MOS +30%. Affordable housing builder trading well below Graham Price. Strong current ratio of 12.09. Clean audit.
• $INGR Ingredion: P/E 10.3, P/B 1.54, MOS +14%. 29-year dividend streak, ROIC 15.5%. B2B food ingredients. Boring in the best way possible.

Notable WATCH candidates:

• $CALM Cal-Maine Foods: P/E 5.3 looks extraordinary until you account for HPAI-driven egg price inflation. Normalized P/E is closer to 13x. Classic single-year earnings distortion.
• $GSL Global Ship Lease: P/E 3.7, 5.9% yield, trades below book. But a $247M debt refinancing wall hits in 2027 and the industry order book-to-fleet ratio is 34.5%. The screen passes but the cycle doesn't.
• $TNK Teekay Tankers: passes every Graham test. Zero debt. But operating cash flow fell 35% as spot tanker rates softened. 14 vessels sold. Classic cycle peak signals.
• $UVV Universal Corporation: P/B 0.90, 41yr dividend streak, 6.1% yield. Hard to ignore. But two overlapping material weaknesses in inventory controls makes the balance sheet less reliable than it looks.

REJECT (3):

• $FINV $WB $TCOM: all pass quantitative screens with P/Es under 8. All rejected for VIE structure. As a US investor you don't own the Chinese operating entity, just a contractual relationship with it. Graham's asset protection argument breaks down.

What did people find interesting in their own screens this month?