(NGG) National Grid - NYSE
Sector: Utilities | Industry: Utilities - Regulated Electric | Exchange: NYSE (USA) | Market Cap: 82.428m USD | Total Return: 16.3% in 12m
Avg Turnover: 92.0M
Warnings
Share dilution 23.0% YoY
High Debt while negative Cash Flow
Choppy
Tailwinds
No distinct edge detected
National Grid plc is a UK-headquartered utility company that engages in the transmission and distribution of electricity and gas, operating across both the United Kingdom and the United States. The company was founded in 1990 and is dual-listed, with its primary listing on the London Stock Exchange and American Depositary Receipts (ADRs) trading on the NYSE under the ticker NGG.
The business is organized into six reportable segments: UK Electricity Transmission (networks in England and Wales), UK Electricity Distribution (services across the East and West Midlands, Southwest England, and South Wales), New England (electricity and gas distribution along with high-voltage transmission), New York (electricity and gas distribution and transmission), National Grid Ventures (electricity interconnectors and LNG importation at the Isle of Grain), and a smaller Other segment covering property leasing and insurance activities in the UK.
National Grid operates in the GICS Multi-Utilities sub-industry, meaning it is involved in multiple regulated utility activities across electricity and gas. Its business model is anchored in regulated network ownership, which typically provides stable, predictable returns through regulated tariffs, while the National Grid Ventures segment represents a more market-exposed growth pillar focused on cross-border energy infrastructure and LNG import capacity.
- UK RIO price controls reset allowed returns across UK networks
- Grid investment surge funds electrification and net zero transition
- New York and New England rate cases boost US segment margins
| Net Income: 3.28b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.03 > 0.02 and ΔFCF/TA -0.40 > 1.0 |
| NWC/Revenue: -12.97% < 20% (prev 20.79%; Δ -33.76% < -1%) |
| CFO/TA 0.06 > 3% & CFO 6.27b > Net Income 3.28b |
| Net Debt (44.8b) to EBITDA (7.76b): 5.78 < 3 |
| Current Ratio: 0.76 > 1.5 & < 3 |
| Outstanding Shares: last quarter (995.2m) vs 12m ago 23.01% < -2% |
| Gross Margin: 32.63% > 18% (prev 26.05%; Δ 6.59% > 0.5%) |
| Asset Turnover: 16.58% > 50% (prev 16.72%; Δ -0.14% > 0%) |
| Interest Coverage Ratio: 4.22 > 6 (EBIT TTM 5.49b / Interest Expense TTM 1.30b) |
| A: -0.02 (Total Current Assets 7.49b - Total Current Liabilities 9.80b) / Total Assets 108b |
| B: 0.39 (Retained Earnings 41.9b / Total Assets 108b) |
| C: 0.05 (EBIT TTM 5.49b / Avg Total Assets 108b) |
| D: 0.57 (Book Value of Equity 39.3b / Total Liabilities 69.0b) |
| Altman-Z'' = 2.06 = BBB |
| DSRI: 1.04 (Receivables 3.88b/3.75b, Revenue 17.8b/17.8b) |
| GMI: 0.80 (GM 26.05% / 32.63%) |
| AQI: 1.04 (AQ_t 0.18 / AQ_t-1 0.17) |
| SGI: 1.00 (Revenue 17.8b / 17.8b) |
| TATA: -0.03 (NI 3.28b - CFO 6.27b) / TA 108b) |
| Beneish M = -3.16 (Cap -4..+1) = AA |
As of June 27, 2026, the stock is trading at USD 83.01 with a total of 1,199,584 shares traded. Over the past week, the price has changed by +4.49%, over one month by -2.84%, over three months by +3.39% and over the past year by +16.25%.
Current recommended Stop Loss: 80.70 (which is 2.8% or 1.4 ATR below the current price).
National Grid has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy NGG.
- StrongBuy: 2
- Buy: 1
- Hold: 0
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 91 | 9.6% |
Market Cap GBP = 62.5b (82.4b USD * 0.758 USD.GBP)
P/E Trailing = 19.0853
P/E Forward = 13.986
P/S = 4.6604
P/B = 1.5838
P/EG = 1.0509
Revenue TTM = 17.8b GBP
EBIT TTM = 5.49b GBP
EBITDA TTM = 7.76b GBP
Long Term Debt = 42.1b GBP (from longTermDebt, last quarter)
Short Term Debt = 3.90b GBP (from shortTermDebt, last quarter)
Debt = 47.7b GBP (from shortLongTermDebtTotal, last quarter) + Leases 893.0m
Net Debt = 44.8b GBP (calculated: Debt 47.7b - CCE 2.83b)
Enterprise Value = 107b GBP (62.5b + Debt 47.7b - CCE 2.83b)
Interest Coverage Ratio = 4.22 (Ebit TTM 5.49b / Interest Expense TTM 1.30b)
EV/FCF = -28.38x (Enterprise Value 107b / FCF TTM -3.78b)
FCF Yield = -3.52% (FCF TTM -3.78b / Enterprise Value 107b)
FCF Margin = -21.20% (FCF TTM -3.78b / Revenue TTM 17.8b)
Net Margin = 18.39% (Net Income TTM 3.28b / Revenue TTM 17.8b)
Gross Margin = 32.63% ((Revenue TTM 17.8b - Cost of Revenue TTM 12.0b) / Revenue TTM)
Gross Margin QoQ = 39.02% (prev 22.86%)
Tobins Q-Ratio = 0.99 (Enterprise Value 107b / Total Assets 108b)
Interest Expense / Debt = 2.73% (Interest Expense 1.30b / Debt 47.7b)
Taxrate = 22.44% (949.5m / 4.23b)
NOPAT = 4.26b (EBIT 5.49b * (1 - 22.44%))
Current Ratio = 0.76 (Total Current Assets 7.49b / Total Current Liabilities 9.80b)
Debt / Equity = 1.21 (Debt 47.7b / totalStockholderEquity, last quarter 39.3b)
Debt / EBITDA = 5.78 (Net Debt 44.8b / EBITDA 7.76b)
Debt / FCF = -11.86 (negative FCF - burning cash) (Net Debt 44.8b / FCF TTM -3.78b)
Total Stockholder Equity = 37.5b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.05% (Net Income 3.28b / Total Assets 108b)
RoE = 8.74% (Net Income TTM 3.28b / Total Stockholder Equity 37.5b)
RoCE = 6.90% (EBIT 5.49b / Capital Employed (Equity 37.5b + L.T.Debt 42.1b))
RoIC = 4.20% (NOPAT 4.26b / Invested Capital 101b)
WACC = 4.27% (E(62.5b)/V(110b) * Re(5.91%) + D(47.7b)/V(110b) * Rd(2.73%) * (1-Tc(0.22)))
Discount Rate = 5.91% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 68.89 | Cagr: 14.84%
[DCF] Fair Price = unknown (Cash Flow -3.78b)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: -95.27 | Revenue CAGR: -4.84% | SUE: N/A | # QB: 0
EPS current Year (2027-03-31): EPS=6.07 | Chg30d=+0.51% | Revisions=-43% | GrowthEPS=+15.4% | GrowthRev=+13.1%
EPS next Year (2028-03-31): EPS=6.60 | Chg30d=+2.06% | Revisions=+33% | GrowthEPS=+8.7% | GrowthRev=+7.2%
[Analyst] Revisions Ratio: -43%