(NNGF) National Grid - XETRA
Sector: Utilities | Industry: Utilities - Regulated Electric | Exchange: XETRA (Germany) | Market Cap: 69.287m EUR | Total Return: 17.2% in 12m
Avg Turnover: 2.85M
Rev. Trend: -97.3%
Warnings
Share dilution 33.8% YoY
High Debt while negative Cash Flow
Choppy
Tailwinds
No distinct edge detected
National Grid PLC (NNGF) is a utility provider specializing in the transmission and distribution of electricity and gas across the United Kingdom and the Northeastern United States. Its operations are divided into regional segments, including UK Electricity Transmission and Distribution, along with dedicated units for New York and New England. Additionally, the company manages energy interconnectors and liquefied natural gas (LNG) importation facilities through its National Grid Ventures division.
The company operates as a regulated monopoly in most of its service territories, where revenue is determined by government-approved frameworks rather than competitive pricing. This business model provides stable, predictable cash flows, as these utilities are essential infrastructure required to meet national energy demands. Investors looking for deeper insights into these regulatory frameworks should explore the data available on ValueRay.
Beyond core energy delivery, National Grid maintains a portfolio of commercial property and insurance activities. Headquartered in London, the company serves as a critical link in the energy transition, managing the high-voltage networks necessary to integrate renewable energy sources into the existing power grid.
- UK regulatory framework changes impact allowed returns on equity
- Massive capital expenditure for grid decarbonization pressures balance sheet
- US rate cases in New York and New England drive earnings
- Asset rotation strategy focuses on high-growth electricity transmission networks
| Net Income: 3.24b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.03 > 0.02 and ΔFCF/TA -1.62 > 1.0 |
| NWC/Revenue: -13.06% < 20% (prev 20.19%; Δ -33.26% < -1%) |
| CFO/TA 0.06 > 3% & CFO 6.22b > Net Income 3.24b |
| Net Debt (44.8b) to EBITDA (7.99b): 5.60 < 3 |
| Current Ratio: 0.76 > 1.5 & < 3 |
| Outstanding Shares: last quarter (4.98b) vs 12m ago 33.84% < -2% |
| Gross Margin: 32.56% > 18% (prev 77.42%; Δ -44.86% > 0.5%) |
| Asset Turnover: 16.45% > 50% (prev 17.22%; Δ -0.77% > 0%) |
| Interest Coverage Ratio: 4.43 > 6 (EBIT TTM 5.75b / Interest Expense TTM 1.30b) |
| A: -0.02 (Total Current Assets 7.48b - Total Current Liabilities 9.78b) / Total Assets 108b |
| B: 0.39 (Retained Earnings 41.9b / Total Assets 108b) |
| C: 0.05 (EBIT TTM 5.75b / Avg Total Assets 107b) |
| D: 0.57 (Book Value of Equity 39.2b / Total Liabilities 68.9b) |
| Altman-Z'' = 2.08 = BBB |
| DSRI: 1.07 (Receivables 3.88b/3.75b, Revenue 17.7b/18.4b) |
| GMI: 2.38 (GM 77.42% / 32.56%) |
| AQI: 1.04 (AQ_t 0.18 / AQ_t-1 0.17) |
| SGI: 0.96 (Revenue 17.7b / 18.4b) |
| TATA: -0.03 (NI 3.24b - CFO 6.22b) / TA 108b) |
| Beneish M = -1.72 (Cap -4..+1) = CCC |
As of June 19, 2026, the stock is trading at EUR 14.08 with a total of 1,700,835 shares traded.
Over the past week, the price has changed by +0.93%,
over one month by +1.14%,
over three months by -8.59% and
over the past year by +17.21%.
National Grid has no consensus analysts rating.
Market Cap GBP = 59.9b (69.3b EUR * 0.8643 EUR.GBP)
P/E Trailing = 18.3224
P/E Forward = 13.6054
P/S = 3.9174
P/B = 1.5411
P/EG = 1.0225
Revenue TTM = 17.7b GBP
EBIT TTM = 5.75b GBP
EBITDA TTM = 7.99b GBP
Long Term Debt = 42.1b GBP (from longTermDebt, last quarter)
Short Term Debt = 3.89b GBP (from shortTermDebt, last quarter)
Debt = 47.6b GBP (from shortLongTermDebtTotal, last quarter) + Leases 893.0m
Net Debt = 44.8b GBP (calculated: Debt 47.6b - CCE 2.82b)
Enterprise Value = 105b GBP (59.9b + Debt 47.6b - CCE 2.82b)
Interest Coverage Ratio = 4.43 (Ebit TTM 5.75b / Interest Expense TTM 1.30b)
EV/FCF = -27.90x (Enterprise Value 105b / FCF TTM -3.75b)
FCF Yield = -3.58% (FCF TTM -3.75b / Enterprise Value 105b)
FCF Margin = -21.22% (FCF TTM -3.75b / Revenue TTM 17.7b)
Net Margin = 18.32% (Net Income TTM 3.24b / Revenue TTM 17.7b)
Gross Margin = 32.56% ((Revenue TTM 17.7b - Cost of Revenue TTM 11.9b) / Revenue TTM)
Gross Margin QoQ = 39.02% (prev 22.86%)
Tobins Q-Ratio = 0.97 (Enterprise Value 105b / Total Assets 108b)
Interest Expense / Debt = 2.72% (Interest Expense 1.30b / Debt 47.6b)
Taxrate = 22.45% (938.0m / 4.18b)
NOPAT = 4.46b (EBIT 5.75b * (1 - 22.45%))
Current Ratio = 0.76 (Total Current Assets 7.48b / Total Current Liabilities 9.78b)
Debt / Equity = 1.21 (Debt 47.6b / totalStockholderEquity, last quarter 39.2b)
Debt / EBITDA = 5.60 (Net Debt 44.8b / EBITDA 7.99b)
Debt / FCF = -11.94 (negative FCF - burning cash) (Net Debt 44.8b / FCF TTM -3.75b)
Total Stockholder Equity = 37.5b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.01% (Net Income 3.24b / Total Assets 108b)
RoE = 8.63% (Net Income TTM 3.24b / Total Stockholder Equity 37.5b)
RoCE = 7.22% (EBIT 5.75b / Capital Employed (Equity 37.5b + L.T.Debt 42.1b))
RoIC = 4.40% (NOPAT 4.46b / Invested Capital 101b)
WACC = 4.27% (E(59.9b)/V(107b) * Re(5.98%) + D(47.6b)/V(107b) * Rd(2.72%) * (1-Tc(0.22)))
Discount Rate = 5.98% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 64.44 | Cagr: 11.45%
[DCF] Fair Price = unknown (Cash Flow -3.75b)
Revenue Correlation: -97.30 | Revenue CAGR: -6.75% | SUE: N/A | # QB: 0
EPS current Year (2027-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=+12.9%
EPS next Year (2028-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=+7.1%