Comprehensive Stock Comparison
Compare Consolidated Edison, Inc. (ED) vs National Grid plc (NGG) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ED | 10.9% revenue growth vs NGG's -7.4% |
| Value | ED | Lower P/E (18.5x vs 23.1x), PEG 1.61 vs 2.23 |
| Quality / Margins | NGG | 12.7% net margin vs ED's 12.3% |
| Stability / Safety | ED | Lower D/E ratio (1.3% vs 125.7%) |
| Dividends | ED | 2.8% yield, vs NGG's 2.2% |
| Momentum (1Y) | NGG | +55.9% vs ED's +14.2% |
| Efficiency (ROA) | NGG | 4.5% ROA vs ED's 2.8%, ROIC 4.6% vs 6.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Consolidated Edison is a regulated utility that provides essential electric, gas, and steam services to millions of customers in New York City and surrounding areas. It generates nearly all its revenue from regulated utility operations — primarily electricity distribution (about 60% of revenue) and gas distribution (about 30%) — with returns determined by state regulators. Its key advantage is its monopoly franchise status in densely populated, economically vital territories where infrastructure barriers to entry are prohibitive.
National Grid is a regulated utility that operates electricity and gas transmission and distribution networks in the UK and northeastern United States. It earns revenue through regulated asset returns — collecting fees from customers for using its infrastructure — with its UK transmission business contributing roughly 40% of operating profit and its US operations about 35%. The company's primary moat comes from its natural monopoly position as an owner of critical energy infrastructure, protected by high regulatory barriers to entry and long-term, stable rate-of-return frameworks.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
ED leads in 3 of 6 categories (Valuation Metrics, Profitability & Efficiency). NGG leads in 1 (Total Returns). 2 tied.
Financial Metrics (TTM)
NGG is the larger business by revenue, generating $36.8B annually — 2.2x ED's $16.6B. Profitability is closely matched — net margins range from 12.7% (NGG) to 12.3% (ED). On growth, ED holds the edge at +10.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | EDConsolidated Edis… | NGGNational Grid plc |
|---|---|---|
| RevenueTrailing 12 months | $16.6B | $36.8B |
| EBITDAEarnings before interest/tax | $5.2B | $12.5B |
| Net IncomeAfter-tax profit | $2.0B | $4.7B |
| Free Cash FlowCash after capex | $3.4B | -$4.8B |
| Gross MarginGross profit ÷ Revenue | +64.4% | +100.0% |
| Operating MarginEBIT ÷ Revenue | +17.8% | +24.3% |
| Net MarginNet income ÷ Revenue | +12.3% | +12.7% |
| FCF MarginFCF ÷ Revenue | +20.4% | -13.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | +10.7% | -11.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +12.4% | -7.1% |
Valuation Metrics
At 20.0x trailing earnings, ED trades at a 16% valuation discount to NGG's 23.6x P/E. Adjusting for growth (PEG ratio), ED offers better value at 1.74x vs NGG's 2.28x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | EDConsolidated Edis… | NGGNational Grid plc |
|---|---|---|
| Market CapShares × price | $26.5B | $93.2B |
| Enterprise ValueMkt cap + debt − cash | $26.8B | $155.6B |
| Trailing P/EPrice ÷ TTM EPS | 19.95x | 23.63x |
| Forward P/EPrice ÷ next-FY EPS est. | 18.45x | 23.15x |
| PEG RatioP/E ÷ EPS growth rate | 1.74x | 2.28x |
| EV / EBITDAEnterprise value multiple | 5.10x | 16.27x |
| Price / SalesMarket cap ÷ Revenue | 1.57x | 3.77x |
| Price / BookPrice ÷ Book value/share | 1.67x | 1.81x |
| Price / FCFMarket cap ÷ FCF | 5.85x | — |
Profitability & Efficiency
NGG delivers a 12.6% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $8 for ED. ED carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to NGG's 1.26x.
| Metric | EDConsolidated Edis… | NGGNational Grid plc |
|---|---|---|
| ROE (TTM)Return on equity | +8.4% | +12.6% |
| ROA (TTM)Return on assets | +2.8% | +4.5% |
| ROICReturn on invested capital | +6.0% | +4.6% |
| ROCEReturn on capital employed | +6.6% | +5.4% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 7 |
| Debt / EquityFinancial leverage | 0.01x | 1.26x |
| Net DebtTotal debt minus cash | $314M | $46.4B |
| Cash & Equiv.Liquid assets | $1M | $1.2B |
| Total DebtShort + long-term debt | $315M | $47.5B |
| Interest CoverageEBIT ÷ Interest expense | 0.77x | 2.73x |
Total Returns (with DRIP)
A $10,000 investment in NGG five years ago would be worth $19,895 today (with dividends reinvested), compared to $19,220 for ED. Over the past 12 months, NGG leads with a +55.9% total return vs ED's +14.2%. The 3-year compound annual growth rate (CAGR) favors NGG at 19.5% vs ED's 11.1% — a key indicator of consistent wealth creation.
| Metric | EDConsolidated Edis… | NGGNational Grid plc |
|---|---|---|
| YTD ReturnYear-to-date | +13.4% | +19.1% |
| 1-Year ReturnPast 12 months | +14.2% | +55.9% |
| 3-Year ReturnCumulative with dividends | +37.2% | +70.6% |
| 5-Year ReturnCumulative with dividends | +92.2% | +98.9% |
| 10-Year ReturnCumulative with dividends | +104.7% | +84.4% |
| CAGR (3Y)Annualised 3-year return | +11.1% | +19.5% |
Risk & Volatility
ED is the less volatile stock with a -0.20 beta — it tends to amplify market swings less than NGG's 0.04 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | EDConsolidated Edis… | NGGNational Grid plc |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.20x | 0.04x |
| 52-Week HighHighest price in past year | $115.09 | $94.64 |
| 52-Week LowLowest price in past year | $94.96 | $59.35 |
| % of 52W HighCurrent price vs 52-week peak | +97.8% | +99.1% |
| RSI (14)Momentum oscillator 0–100 | 58.0 | 75.2 |
| Avg Volume (50D)Average daily shares traded | 1.5M | 695K |
Analyst Outlook
Wall Street rates ED as "Hold" and NGG as "Buy". Consensus price targets imply -5.1% upside for ED (target: $107) vs -8.8% for NGG (target: $86). For income investors, ED offers the higher dividend yield at 2.81% vs NGG's 2.23%.
| Metric | EDConsolidated Edis… | NGGNational Grid plc |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $106.80 | $85.50 |
| # AnalystsCovering analysts | 27 | 20 |
| Dividend YieldAnnual dividend ÷ price | +2.8% | +2.2% |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | $3.16 | $1.56 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Consolidated Edison… (ED) | 100 | 133.75 | +33.7% |
| National Grid plc (NGG) | 100 | 133.75 | +33.7% |
National Grid plc (NGG) returned +99% over 5 years vs Consolidated Edison… (ED)'s +92%. A $10,000 investment in NGG 5 years ago would be worth $19,895 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Consolidated Edison… (ED) | $12.1B | $16.9B | +40.2% |
| National Grid plc (NGG) | $13.2B | $18.4B | +39.1% |
Consolidated Edison, Inc.'s revenue grew from $12.1B (2016) to $16.9B (2025) — a 3.8% CAGR. National Grid plc's revenue grew from $13.2B (2016) to $18.4B (2025) — a 3.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Consolidated Edison… (ED) | 10.3% | 12.0% | +15.9% |
| National Grid plc (NGG) | 14.4% | 15.8% | +9.9% |
Consolidated Edison, Inc.'s net margin went from 10% (2016) to 12% (2025). National Grid plc's net margin went from 14% (2016) to 16% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Consolidated Edison… (ED) | 17.2 | 17.6 | +2.3% |
| National Grid plc (NGG) | 5.2 | 26.2 | +403.8% |
Consolidated Edison, Inc. has traded in a 13x–22x P/E range over 9 years; current trailing P/E is ~20x. National Grid plc has traded in a 5x–33x P/E range over 9 years; current trailing P/E is ~24x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Consolidated Edison… (ED) | 4.12 | 5.64 | +36.9% |
| National Grid plc (NGG) | 3.75 | 2.95 | -21.3% |
Consolidated Edison, Inc.'s EPS grew from $4.12 (2016) to $5.64 (2025) — a 4% CAGR. National Grid plc's EPS grew from $3.75 (2016) to $2.95 (2025) — a -3% CAGR.
Chart 6Free Cash Flow — 5 Years
Consolidated Edison, Inc. generated $5B FCF in 2025 (+471% vs 2021). National Grid plc generated $-2B FCF in 2025 (-211% vs 2021).
ED vs NGG: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is ED or NGG a better buy right now?
Consolidated Edison, Inc. (ED) offers the better valuation at 20.0x trailing P/E (18.5x forward), making it the more compelling value choice. Analysts rate National Grid plc (NGG) a "Buy" — based on 20 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — ED or NGG?
On trailing P/E, Consolidated Edison, Inc. (ED) is the cheapest at 20.0x versus National Grid plc at 23.6x. On forward P/E, Consolidated Edison, Inc. is actually cheaper at 18.5x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Consolidated Edison, Inc. wins at 1.61x versus National Grid plc's 2.23x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — ED or NGG?
Over the past 5 years, National Grid plc (NGG) delivered a total return of +98.9%, compared to +92.2% for Consolidated Edison, Inc. (ED). A $10,000 investment in NGG five years ago would be worth approximately $20K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ED returned +104.7% versus NGG's +84.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — ED or NGG?
By beta (market sensitivity over 5 years), Consolidated Edison, Inc. (ED) is the lower-risk stock at -0.20β versus National Grid plc's 0.04β — meaning NGG is approximately -122% more volatile than ED relative to the S&P 500. On balance sheet safety, Consolidated Edison, Inc. (ED) carries a lower debt/equity ratio of 1% versus 126% for National Grid plc — giving it more financial flexibility in a downturn.
05Which has better profit margins — ED or NGG?
National Grid plc (NGG) is the more profitable company, earning 15.8% net margin versus 12.0% for Consolidated Edison, Inc. — meaning it keeps 15.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NGG leads at 26.8% versus 17.3% for ED. At the gross margin level — before operating expenses — ED leads at 81.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is ED or NGG more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Consolidated Edison, Inc. (ED) is the more undervalued stock at a PEG of 1.61x versus National Grid plc's 2.23x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Consolidated Edison, Inc. (ED) trades at 18.5x forward P/E versus 23.1x for National Grid plc — 4.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ED: -5.1% to $106.80.
07Which pays a better dividend — ED or NGG?
All stocks in this comparison pay dividends. Consolidated Edison, Inc. (ED) offers the highest yield at 2.8%, versus 2.2% for National Grid plc (NGG).
08Is ED or NGG better for a retirement portfolio?
For long-horizon retirement investors, Consolidated Edison, Inc. (ED) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0.20), 2.8% yield, +104.7% 10Y return). Both have compounded well over 10 years (ED: +104.7%, NGG: +84.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between ED and NGG?
Both stocks operate in the Utilities sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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