National Grid PLC NGG

UtilitiesMultiline UtilitiesUnited Kingdom

Last close 84.42 USD on Nov 2, 2026, +12.1% year to date

Quant rating

Quant rating B Rank 30 of 89 in Utilities

Growth C 60 of 89
Valuation C 53 of 89
Quality C 43 of 89
Revisions B 21 of 89
Momentum B 17 of 89

Wall Street consensus Buy (2.40)Average target 87.92 USD +4.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 84.3B
Enterprise value: 143.2B
52-week range: 73.38 – 94.61
3-year range: 54.58 – 94.61
Dividend yield: 3.86%
Beta (5 years): 0.68
Shares outstanding: 5,027M
Next earnings: Nov 5, 2026

About the company

National Grid plc is a United Kingdom-based energy company. The Company's principal activities involve the transmission and distribution of electricity in Great Britain and of electricity and gas in the northeastern United States. Its segments include UK Electricity Transmission, UK Electricity Distribution, New England, New York and National Grid Ventures. The UK Electricity Transmission segment includes the high-voltage electricity transmission networks in England and Wales. The UK Electricity Distribution segment includes electricity distribution networks of NGED in the East Midlands, West Midlands and South West of England and South Wales. The New England segment includes electricity distribution networks, high-voltage electricity transmission networks and gas distribution networks in New England. The New York segment includes electricity distribution networks, high-voltage electricity transmission networks and gas distribution networks in New York.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	23,386	23,741	25,057	26,712	23,981	–
Revenue growth	−1.5%	−5.3%	−6.2%	11.4%	27.4%	4.4%
EPS (basic, normalized)	5.23	4.67	5.27	3.84	4.19	–
EPS growth	11.8%	−11.3%	37.3%	−8.4%	–	–
Gross margin	–	–	–	–	–	–
Net margin	18.3%	15.4%	11.2%	12.5%	11.9%	13.9%
ROE	8.4%	8.4%	7.5%	10.2%	10.0%	8.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	23,386	−1.5%	6.1x	10,625	+20.1%	13.5x	5.23	+11.8%	16.1x
2027	25,829	+10.4%	5.5x	12,381	+16.5%	11.6x	6.12	+17.0%	13.8x
2028	28,301	+9.6%	5.1x	14,075	+13.7%	10.2x	6.67	+9.0%	12.7x
2029	30,191	+6.7%	4.7x	15,772	+12.1%	9.1x	7.02	+5.3%	12.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	25,829	−0.2%	−0.1%	−9.7%	6.12	+0.3%	+0.6%	+0.1%
2028	28,301	−0.1%	0.0%	−9.4%	6.67	+0.9%	+1.1%	+2.8%
2029	30,191	−0.1%	−0.4%	−7.2%	7.02	−1.8%	−3.5%	−3.5%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Multiline Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NGG National Grid PLC	84.3B	–	18.3%	1.60x	13.8x	12.7x	11.6x	10.2x
ENGIE Engie SA	66.6B	–	5.1%	1.48x	11.5x	11.1x	8.2x	7.6x
SRE Sempra	56.2B	8.39x	13.1%	1.72x	16.7x	15.5x	16.8x	16.6x
EONGn E.ON SE	55.4B	4.45x	2.2%	2.31x	17.1x	15.0x	10.0x	8.9x
RWEG RWE AG	49.3B	3.73x	17.8%	1.11x	18.2x	17.1x	10.4x	9.1x
PEG Public Service Enterprise Group Incorporated	37.1B	5.86x	17.3%	2.14x	17.1x	16.0x	12.8x	11.6x
Mean		5.61x	12.3%	1.73x	15.7x	14.6x	11.6x	10.7x
Median		5.15x	15.2%	1.66x	16.9x	15.3x	11.0x	9.6x

Technical analysis

1M+10.9%
3M+5.6%
1Y+16.8%
3Y+78.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, National Grid PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	23,386	23,741	25,057	26,712	23,981	18,829
Cost of revenue	4,748	3,884	3,547	5,206	4,956	3,756
Gross profit	18,638	19,856	21,510	21,506	19,024	15,073
Selling, general & administrative expenses	2,952	3,027	2,759	2,650	2,544	2,508
Research & development	–	–	–	–	14.4	16.5
Depreciation/amortization	2,971	2,810	2,602	2,447	2,340	2,046
Interest expense (income), operating	−14.5	−164	−30.3	–	−515	−46.8
Unusual expense (income)	−497	337	1,276	−721	−155	277
Other operating expenses	6,045	7,473	9,254	11,113	9,055	6,964
Operating income	7,181	6,374	5,649	6,017	5,740	3,308
Net interest income (expense)	−1,621	−1,595	−1,765	−1,570	−1,179	−769
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−30.4	−63.3	−36.6	−19.7	−42.0	−247
Net income before taxes	5,529	4,715	3,848	4,428	4,519	2,293
Provision for taxes	1,242	1,061	1,049	1,080	1,652	496
Minority interest	−2.6	−3.9	−1.3	0	−1.3	−1.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,285	3,651	2,797	3,347	2,866	1,795
Extraordinary items	–	98.2	93.4	6,269	225	464
Net income	4,285	3,749	2,891	9,616	3,090	2,260
EBIT, normalized	6,669	6,547	6,895	5,296	5,071	3,538
EBITDA, normalized	9,747	9,357	9,496	7,743	7,411	5,842
Basic EPS, normalized	5.23	4.67	5.27	3.84	4.19	–

Balance sheet in millions of USD, fiscal years

Balance sheet, National Grid PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	3,739	8,954	5,375	3,414	4,398	3,443
Receivables	4,690	4,861	3,839	4,297	4,455	3,581
Total inventory	739	720	1,045	1,080	671	605
Prepaid expenses	444	439	486	480	563	533
Other current assets	284	3,541	2,357	1,968	13,503	5,531
Total current assets	9,897	18,514	13,101	11,239	23,591	13,694
Property, plant & equipment	107,785	95,711	86,982	79,465	75,557	64,821
Goodwill	12,451	12,313	12,281	12,144	12,518	6,322
Intangibles	5,129	4,604	4,331	4,445	4,297	1,988
Long-term investments	1,938	1,816	2,903	2,663	2,716	2,235
Note receivable	411	386	578	612	152	70.3
Other long-term assets	5,557	4,545	3,940	3,755	5,748	3,487
Total assets	143,168	137,890	124,116	114,324	124,580	92,617
Liabilities
Accounts payable	4,461	3,830	3,517	4,007	4,088	2,983
Payable/accrued	–	–	–	–	–	–
Accrued expenses	126	169	0	296	365	193
Short-term debt	0	2,876	1,823	1,036	1,711	865
Current portion of long-term debt	5,157	3,147	4,311	2,608	14,207	4,284
Other current liabilities	3,210	3,698	4,726	3,313	12,159	4,583
Total current liabilities	12,954	13,720	14,376	11,260	32,530	12,908
Long-term debt	56,663	55,389	53,286	49,369	43,791	37,869
Minority interest	41.0	29.7	31.6	29.6	30.2	28.9
Other liabilities	21,550	19,917	18,721	17,235	16,928	14,475
Total liabilities	91,207	89,056	86,415	77,894	93,280	65,281
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	855	824	622	602	637	653
Additional paid-in capital	1,699	1,669	1,638	1,606	1,707	1,786
Retained earnings (accumulated deficit)	48,608	45,162	33,981	32,636	28,190	24,827
Treasury stock	–	–	–	–	–	–
Other equity	799	1,179	1,459	1,586	766	70.3
Total equity	51,961	48,834	37,701	36,429	31,300	27,336
Total liabilities & shareholders' equity	143,168	137,890	124,116	114,324	124,580	92,617

Cash flow statement in millions of USD, fiscal years

Cash flow statement, National Grid PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	7,181	6,374	5,649	6,017	5,740	3,989
Depreciation, depletion & amortization	2,971	3,202	2,602	2,447	2,403	2,304
Deferred taxes	–	–	–	–	–	–
Non-cash items	−762	−597	1,002	−200	10.5	−360
Changes in working capital	1,164	−344	−531	254	68.3	208
Cash from operations	10,554	8,636	8,721	8,518	8,223	6,141
Investing activities
Capital expenditures	−13,982	−12,022	−9,408	−8,500	−7,281	−6,597
Other investing cash flows	8,486	−1,634	−58.1	8,796	−11,118	−452
Cash from investing	−5,496	−13,656	−9,466	296	−18,399	−7,049
Financing activities
Financing cash flow items	−2,482	−2,746	−2,018	−1,930	−3,017	−1,326
Cash dividends paid	−2,146	−1,975	−2,169	−1,982	−1,211	−1,947
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,481	10,571	5,433	−4,934	14,431	4,306
Cash from financing	−6,109	5,849	1,246	−8,846	10,203	1,033
Foreign exchange effects	−10.6	−29.7	−1.3	8.6	6.6	−9.6
Net change in cash	−1,062	800	500	−23.4	32.8	116
Free cash flow	−3,428	−3,386	−687	18.5	942	−456

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.