Comprehensive Stock Comparison
Compare Eversource Energy (ES) 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 | ES | -0.1% revenue growth vs NGG's -7.4% |
| Value | ES | Lower P/E (15.6x vs 23.1x) |
| Quality / Margins | NGG | 12.7% net margin vs ES's 10.2% |
| Stability / Safety | NGG | Beta 0.04 vs ES's 0.36, lower leverage |
| Dividends | ES | 3.7% yield, 23-year raise streak, vs NGG's 2.2% |
| Momentum (1Y) | NGG | +55.9% vs ES's +25.7% |
| Efficiency (ROA) | NGG | 4.5% ROA vs ES's 2.2%, ROIC 4.6% vs 4.8% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Eversource Energy is a regulated utility holding company that transmits and distributes electricity and natural gas across New England. It generates revenue primarily through regulated rate structures—earning returns on its infrastructure investments—with its electric distribution and transmission segments contributing the bulk of earnings. The company's moat stems from its regulated monopoly status in its service territories, which provides predictable cash flows and barriers to competition.
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
ES leads in 2 of 6 categories (Valuation Metrics, Analyst Outlook). NGG leads in 2 (Profitability & Efficiency, Total Returns). 2 tied.
Financial Metrics (TTM)
NGG is the larger business by revenue, generating $36.8B annually — 2.8x ES's $13.1B. Profitability is closely matched — net margins range from 12.7% (NGG) to 10.2% (ES). On growth, ES holds the edge at +5.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ESEversource Energy | NGGNational Grid plc |
|---|---|---|
| RevenueTrailing 12 months | $13.1B | $36.8B |
| EBITDAEarnings before interest/tax | $5.3B | $12.5B |
| Net IncomeAfter-tax profit | $1.3B | $4.7B |
| Free Cash FlowCash after capex | -$524M | -$4.8B |
| Gross MarginGross profit ÷ Revenue | +48.7% | +100.0% |
| Operating MarginEBIT ÷ Revenue | +22.2% | +24.3% |
| Net MarginNet income ÷ Revenue | +10.2% | +12.7% |
| FCF MarginFCF ÷ Revenue | -4.0% | -13.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | +5.1% | -11.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +4.0% | -7.1% |
Valuation Metrics
At 23.6x trailing earnings, NGG trades at a 30% valuation discount to ES's 33.6x P/E. On an enterprise value basis, ES's 12.9x EV/EBITDA is more attractive than NGG's 16.3x.
| Metric | ESEversource Energy | NGGNational Grid plc |
|---|---|---|
| Market CapShares × price | $28.6B | $93.2B |
| Enterprise ValueMkt cap + debt − cash | $57.7B | $155.6B |
| Trailing P/EPrice ÷ TTM EPS | 33.57x | 23.63x |
| Forward P/EPrice ÷ next-FY EPS est. | 15.57x | 23.15x |
| PEG RatioP/E ÷ EPS growth rate | — | 2.28x |
| EV / EBITDAEnterprise value multiple | 12.87x | 16.27x |
| Price / SalesMarket cap ÷ Revenue | 2.40x | 3.77x |
| Price / BookPrice ÷ Book value/share | 1.79x | 1.81x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
NGG delivers a 12.6% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $8 for ES. NGG carries lower financial leverage with a 1.26x debt-to-equity ratio, signaling a more conservative balance sheet compared to ES's 1.92x. On the Piotroski fundamental quality scale (0–9), NGG scores 7/9 vs ES's 5/9, reflecting strong financial health.
| Metric | ESEversource Energy | NGGNational Grid plc |
|---|---|---|
| ROE (TTM)Return on equity | +8.3% | +12.6% |
| ROA (TTM)Return on assets | +2.2% | +4.5% |
| ROICReturn on invested capital | +4.8% | +4.6% |
| ROCEReturn on capital employed | +5.3% | +5.4% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 7 |
| Debt / EquityFinancial leverage | 1.92x | 1.26x |
| Net DebtTotal debt minus cash | $29.1B | $46.4B |
| Cash & Equiv.Liquid assets | $27M | $1.2B |
| Total DebtShort + long-term debt | $29.1B | $47.5B |
| Interest CoverageEBIT ÷ Interest expense | 2.43x | 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 $11,116 for ES. Over the past 12 months, NGG leads with a +55.9% total return vs ES's +25.7%. The 3-year compound annual growth rate (CAGR) favors NGG at 19.5% vs ES's 4.0% — a key indicator of consistent wealth creation.
| Metric | ESEversource Energy | NGGNational Grid plc |
|---|---|---|
| YTD ReturnYear-to-date | +12.0% | +19.1% |
| 1-Year ReturnPast 12 months | +25.7% | +55.9% |
| 3-Year ReturnCumulative with dividends | +12.5% | +70.6% |
| 5-Year ReturnCumulative with dividends | +11.2% | +98.9% |
| 10-Year ReturnCumulative with dividends | +83.9% | +84.4% |
| CAGR (3Y)Annualised 3-year return | +4.0% | +19.5% |
Risk & Volatility
NGG is the less volatile stock with a 0.04 beta — it tends to amplify market swings less than ES's 0.36 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | ESEversource Energy | NGGNational Grid plc |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.36x | 0.04x |
| 52-Week HighHighest price in past year | $76.41 | $94.64 |
| 52-Week LowLowest price in past year | $52.28 | $59.35 |
| % of 52W HighCurrent price vs 52-week peak | +99.7% | +99.1% |
| RSI (14)Momentum oscillator 0–100 | 66.8 | 75.2 |
| Avg Volume (50D)Average daily shares traded | 2.1M | 695K |
Analyst Outlook
Wall Street rates ES as "Hold" and NGG as "Buy". Consensus price targets imply -4.0% upside for ES (target: $73) vs -8.8% for NGG (target: $86). For income investors, ES offers the higher dividend yield at 3.68% vs NGG's 2.23%.
| Metric | ESEversource Energy | NGGNational Grid plc |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $73.14 | $85.50 |
| # AnalystsCovering analysts | 29 | 20 |
| Dividend YieldAnnual dividend ÷ price | +3.7% | +2.2% |
| Dividend StreakConsecutive years of raises | 23 | 0 |
| Dividend / ShareAnnual DPS | $2.80 | $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 | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Eversource Energy (ES) | 100 | 72.54 | -27.5% |
| National Grid plc (NGG) | 100 | 130.71 | +30.7% |
National Grid plc (NGG) returned +99% over 5 years vs Eversource Energy (ES)'s +11%. 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 |
|---|---|---|---|
| Eversource Energy (ES) | $7.6B | $11.9B | +55.8% |
| National Grid plc (NGG) | $13.2B | $18.4B | +39.1% |
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 |
|---|---|---|---|
| Eversource Energy (ES) | 12.3% | 6.8% | -44.7% |
| National Grid plc (NGG) | 14.4% | 15.8% | +9.9% |
National Grid plc's net margin went from 14% (2016) to 16% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Eversource Energy (ES) | 20.3 | 25.3 | +24.6% |
| National Grid plc (NGG) | 5.2 | 26.2 | +403.8% |
Eversource Energy has traded in a 20x–30x P/E range over 7 years; current trailing P/E is ~34x. 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 |
|---|---|---|---|
| Eversource Energy (ES) | 2.96 | 2.27 | -23.3% |
| National Grid plc (NGG) | 3.75 | 2.95 | -21.3% |
National Grid plc's EPS grew from $3.75 (2016) to $2.95 (2025) — a -3% CAGR.
Chart 6Free Cash Flow — 5 Years
Eversource Energy generated $-2B FCF in 2024 (-91% vs 2021). National Grid plc generated $-2B FCF in 2025 (-211% vs 2021).
ES vs NGG: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is ES or NGG a better buy right now?
National Grid plc (NGG) offers the better valuation at 23.6x trailing P/E (23.1x 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 — ES or NGG?
On trailing P/E, National Grid plc (NGG) is the cheapest at 23.6x versus Eversource Energy at 33.6x. On forward P/E, Eversource Energy is actually cheaper at 15.6x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — ES or NGG?
Over the past 5 years, National Grid plc (NGG) delivered a total return of +98.9%, compared to +11.2% for Eversource Energy (ES). 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: NGG returned +84.4% versus ES's +83.9%. 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 — ES or NGG?
By beta (market sensitivity over 5 years), National Grid plc (NGG) is the lower-risk stock at 0.04β versus Eversource Energy's 0.36β — meaning ES is approximately 740% more volatile than NGG relative to the S&P 500. On balance sheet safety, National Grid plc (NGG) carries a lower debt/equity ratio of 126% versus 192% for Eversource Energy — giving it more financial flexibility in a downturn.
05Which has better profit margins — ES or NGG?
National Grid plc (NGG) is the more profitable company, earning 15.8% net margin versus 6.8% for Eversource Energy — 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 22.7% for ES. At the gross margin level — before operating expenses — NGG leads at 77.4%, 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 ES or NGG more undervalued right now?
On forward earnings alone, Eversource Energy (ES) trades at 15.6x forward P/E versus 23.1x for National Grid plc — 7.6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ES: -4.0% to $73.14.
07Which pays a better dividend — ES or NGG?
All stocks in this comparison pay dividends. Eversource Energy (ES) offers the highest yield at 3.7%, versus 2.2% for National Grid plc (NGG).
08Is ES or NGG better for a retirement portfolio?
For long-horizon retirement investors, National Grid plc (NGG) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.04), 2.2% yield). Both have compounded well over 10 years (NGG: +84.4%, ES: +83.9%), 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 ES 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. In terms of investment character: ES is a mid-cap income-oriented stock; NGG is a mid-cap quality compounder stock. 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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