In the last decade, graphene has emerged as one of the best-performing reinforcement materials for nanocomposites. Incorporation of graphene into polymer results in a nanocomposite with a new microstructure responsible for its enhanced features. A morphological state of graphene flakes is one of the factors that govern formation of this microstructure. Studies showed that graphene oxide (GO) flakes can be found either as fully exfoliated or intercalated in polymer-based nanocomposites. While traditional parameters are commonly taken into consideration in theoretical assessment of properties of composites by means of micromechanical models, the morphological state is often ignored. This research aims to investigate the effect of morphological state of GO flakes on stiffness of nanocomposites with widely used micromechanical models, e.g. rule of mixtures, Hui-Shia and Halpin-Tsai. Pure sodium alginate and nanocomposites on its basis reinforced with 1.0 and 2.5 wt% GO were used in the study. Parameters required for modelling were quantified with microstructural characterisation. Micromechanical models were adapted to account for the morphological state of intercalation observed in the characterisation study. Tensile experiments were employed to assess the adopted models, and the effect matrix stiffness, GO thickness, spacing of intercalates as well as the Poisson's ratio and stiffness of inter-flake polymer layers were studied.