(NGG) National Grid - NYSE
Sector: Utilities | Industry: Utilities - Regulated Electric | Exchange: NYSE (USA) | Market Cap: 80.288m USD | Total Return: 16.7% in 12m
Avg Turnover: 80.6M
Warnings
Share dilution 23.0% YoY
High Debt while negative Cash Flow
Tailwinds
No distinct edge detected
National Grid plc (NGG) is a major multinational utility company focused on the transmission and distribution of electricity and natural gas. Headquartered in London, the company operates regulated networks across the United Kingdom and the Northeastern United States, specifically in New York and New England. Its portfolio includes high-voltage transmission lines, local distribution networks, subsea electricity interconnectors, and liquefied natural gas (LNG) storage facilities.
As a regulated utility, the company operates under a natural monopoly business model where revenue is largely determined by government regulators based on capital investment and service performance. This sector is characterized by high capital intensity and serves as critical infrastructure for the energy transition. Investors may find ValueRay useful for analyzing the companys valuation metrics and dividend history. The company also maintains a non-regulated division, National Grid Ventures, which invests in competitive energy markets and renewable energy technologies.
- Regulatory rate case settlements in New York and New England drive earnings
- UK energy transition capital expenditure increases asset base and regulated returns
- Interest rate fluctuations impact debt servicing costs for capital intensive infrastructure
- Electricity transmission network expansion supports long-term revenue growth and dividend stability
- Political and regulatory shifts in UK energy policy affect allowed profit 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 20, 2026, the stock is trading at USD 79.44 with a total of 2,964,041 shares traded.
Over the past week, the price has changed by -2.55%,
over one month by -3.12%,
over three months by -4.68% and
over the past year by +16.70%.
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 | 14.5% |
Market Cap GBP = 60.8b (80.3b USD * 0.757 USD.GBP)
P/E Trailing = 18.3364
P/E Forward = 13.4409
P/S = 4.5394
P/B = 1.5229
P/EG = 1.0105
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 = 106b GBP (60.8b + Debt 47.7b - CCE 2.83b)
Interest Coverage Ratio = 4.22 (Ebit TTM 5.49b / Interest Expense TTM 1.30b)
EV/FCF = -27.93x (Enterprise Value 106b / FCF TTM -3.78b)
FCF Yield = -3.58% (FCF TTM -3.78b / Enterprise Value 106b)
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 = 0.98 (Enterprise Value 106b / 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 = 4.26% (E(60.8b)/V(108b) * Re(5.94%) + D(47.7b)/V(108b) * Rd(2.73%) * (1-Tc(0.22)))
Discount Rate = 5.94% (= 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%