Comprehensive Stock Comparison
Compare National Grid plc (NGG) vs FirstEnergy Corp. (FE) 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 | FE | 12.0% revenue growth vs NGG's -7.4% |
| Value | FE | Lower P/E (18.7x vs 23.1x) |
| Quality / Margins | NGG | 12.7% net margin vs FE's 8.4% |
| Stability / Safety | NGG | Beta 0.04 vs FE's 0.07, lower leverage |
| Dividends | FE | 3.4% yield, 4-year raise streak, vs NGG's 2.2% |
| Momentum (1Y) | NGG | +55.9% vs FE's +36.5% |
| Efficiency (ROA) | NGG | 4.5% ROA vs FE's 2.3%, ROIC 4.6% vs 5.4% |
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
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.
FirstEnergy is a regulated electric utility that generates, transmits, and distributes electricity to approximately 6 million customers across six Mid-Atlantic and Midwestern states. It makes money primarily through regulated rate structures — with its distribution segment contributing about 60% of revenue and transmission about 40% — earning a government-approved return on its infrastructure investments. Its key advantage is its monopoly-like position as a regulated utility with exclusive service territories, providing stable cash flows through cost-plus regulation.
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
NGG leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). FE leads in 2 (Valuation Metrics, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
NGG is the larger business by revenue, generating $36.8B annually — 2.4x FE's $15.1B. Profitability is closely matched — net margins range from 12.7% (NGG) to 8.4% (FE). On growth, FE holds the edge at +19.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NGGNational Grid plc | FEFirstEnergy Corp. |
|---|---|---|
| RevenueTrailing 12 months | $36.8B | $15.1B |
| EBITDAEarnings before interest/tax | $12.5B | $4.4B |
| Net IncomeAfter-tax profit | $4.7B | $1.3B |
| Free Cash FlowCash after capex | -$4.8B | $2.5B |
| Gross MarginGross profit ÷ Revenue | +100.0% | +65.3% |
| Operating MarginEBIT ÷ Revenue | +24.3% | +18.8% |
| Net MarginNet income ÷ Revenue | +12.7% | +8.4% |
| FCF MarginFCF ÷ Revenue | -13.1% | +16.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | -11.3% | +19.6% |
| EPS Growth (YoY)Latest quarter vs prior year | -7.1% | -118.7% |
Valuation Metrics
At 23.6x trailing earnings, NGG trades at a 19% valuation discount to FE's 29.1x P/E. On an enterprise value basis, FE's 6.1x EV/EBITDA is more attractive than NGG's 16.3x.
| Metric | NGGNational Grid plc | FEFirstEnergy Corp. |
|---|---|---|
| Market CapShares × price | $93.2B | $697M |
| Enterprise ValueMkt cap + debt − cash | $155.6B | $26.9B |
| Trailing P/EPrice ÷ TTM EPS | 23.63x | 29.07x |
| Forward P/EPrice ÷ next-FY EPS est. | 23.15x | 18.74x |
| PEG RatioP/E ÷ EPS growth rate | 2.28x | — |
| EV / EBITDAEnterprise value multiple | 16.27x | 6.12x |
| Price / SalesMarket cap ÷ Revenue | 3.77x | 0.05x |
| Price / BookPrice ÷ Book value/share | 1.81x | 2.12x |
| Price / FCFMarket cap ÷ FCF | — | 0.19x |
Profitability & Efficiency
NGG delivers a 12.6% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $9 for FE. NGG carries lower financial leverage with a 1.26x debt-to-equity ratio, signaling a more conservative balance sheet compared to FE's 1.88x. On the Piotroski fundamental quality scale (0–9), NGG scores 7/9 vs FE's 5/9, reflecting strong financial health.
| Metric | NGGNational Grid plc | FEFirstEnergy Corp. |
|---|---|---|
| ROE (TTM)Return on equity | +12.6% | +9.1% |
| ROA (TTM)Return on assets | +4.5% | +2.3% |
| ROICReturn on invested capital | +4.6% | +5.4% |
| ROCEReturn on capital employed | +5.4% | +7.6% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 1.26x | 1.88x |
| Net DebtTotal debt minus cash | $46.4B | $26.2B |
| Cash & Equiv.Liquid assets | $1.2B | $57M |
| Total DebtShort + long-term debt | $47.5B | $26.2B |
| Interest CoverageEBIT ÷ Interest expense | 2.73x | 2.49x |
Total Returns (with DRIP)
A $10,000 investment in NGG five years ago would be worth $19,895 today (with dividends reinvested), compared to $17,767 for FE. Over the past 12 months, NGG leads with a +55.9% total return vs FE's +36.5%. The 3-year compound annual growth rate (CAGR) favors NGG at 19.5% vs FE's 12.5% — a key indicator of consistent wealth creation.
| Metric | NGGNational Grid plc | FEFirstEnergy Corp. |
|---|---|---|
| YTD ReturnYear-to-date | +19.1% | +14.0% |
| 1-Year ReturnPast 12 months | +55.9% | +36.5% |
| 3-Year ReturnCumulative with dividends | +70.6% | +42.2% |
| 5-Year ReturnCumulative with dividends | +98.9% | +77.7% |
| 10-Year ReturnCumulative with dividends | +84.4% | +99.6% |
| CAGR (3Y)Annualised 3-year return | +19.5% | +12.5% |
Risk & Volatility
NGG is the less volatile stock with a 0.04 beta — it tends to amplify market swings less than FE's 0.07 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | NGGNational Grid plc | FEFirstEnergy Corp. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.04x | 0.07x |
| 52-Week HighHighest price in past year | $94.64 | $51.34 |
| 52-Week LowLowest price in past year | $59.35 | $37.58 |
| % of 52W HighCurrent price vs 52-week peak | +99.1% | +99.6% |
| RSI (14)Momentum oscillator 0–100 | 75.2 | 71.9 |
| Avg Volume (50D)Average daily shares traded | 695K | 3.9M |
Analyst Outlook
Wall Street rates NGG as "Buy" and FE as "Hold". Consensus price targets imply -1.3% upside for FE (target: $51) vs -8.8% for NGG (target: $86). For income investors, FE offers the higher dividend yield at 3.44% vs NGG's 2.23%.
| Metric | NGGNational Grid plc | FEFirstEnergy Corp. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $85.50 | $50.50 |
| # AnalystsCovering analysts | 20 | 27 |
| Dividend YieldAnnual dividend ÷ price | +2.2% | +3.4% |
| Dividend StreakConsecutive years of raises | 0 | 4 |
| Dividend / ShareAnnual DPS | $1.56 | $1.76 |
| 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 |
|---|---|---|---|
| National Grid plc (NGG) | 100 | 133.75 | +33.7% |
| FirstEnergy Corp. (FE) | 100 | 105.52 | +5.5% |
National Grid plc (NGG) returned +99% over 5 years vs FirstEnergy Corp. (FE)'s +78%. 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 |
|---|---|---|---|
| National Grid plc (NGG) | $13.2B | $18.4B | +39.1% |
| FirstEnergy Corp. (FE) | $14.6B | $15.1B | +3.6% |
National Grid plc's revenue grew from $13.2B (2016) to $18.4B (2025) — a 3.7% CAGR. FirstEnergy Corp.'s revenue grew from $14.6B (2016) to $15.1B (2025) — a 0.4% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Grid plc (NGG) | 14.4% | 15.8% | +9.9% |
| FirstEnergy Corp. (FE) | -42.4% | 8.4% | +119.9% |
National Grid plc's net margin went from 14% (2016) to 16% (2025). FirstEnergy Corp.'s net margin went from -42% (2016) to 8% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| National Grid plc (NGG) | 5.2 | 26.2 | +403.8% |
| FirstEnergy Corp. (FE) | 18.9 | 25.4 | +34.4% |
National Grid plc has traded in a 5x–33x P/E range over 9 years; current trailing P/E is ~24x. FirstEnergy Corp. has traded in a 15x–59x P/E range over 8 years; current trailing P/E is ~29x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Grid plc (NGG) | 3.75 | 2.95 | -21.3% |
| FirstEnergy Corp. (FE) | -14.49 | 1.76 | +112.1% |
National Grid plc's EPS grew from $3.75 (2016) to $2.95 (2025) — a -3% CAGR. FirstEnergy Corp.'s EPS grew from $-14.49 (2016) to $1.76 (2025).
Chart 6Free Cash Flow — 5 Years
National Grid plc generated $-2B FCF in 2025 (-211% vs 2021). FirstEnergy Corp. generated $4B FCF in 2025 (+911% vs 2021).
NGG vs FE: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is NGG or FE 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 — NGG or FE?
On trailing P/E, National Grid plc (NGG) is the cheapest at 23.6x versus FirstEnergy Corp. at 29.1x. On forward P/E, FirstEnergy Corp. is actually cheaper at 18.7x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — NGG or FE?
Over the past 5 years, National Grid plc (NGG) delivered a total return of +98.9%, compared to +77.7% for FirstEnergy Corp. (FE). 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: FE returned +99.6% 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 — NGG or FE?
By beta (market sensitivity over 5 years), National Grid plc (NGG) is the lower-risk stock at 0.04β versus FirstEnergy Corp.'s 0.07β — meaning FE is approximately 72% 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 188% for FirstEnergy Corp. — giving it more financial flexibility in a downturn.
05Which has better profit margins — NGG or FE?
National Grid plc (NGG) is the more profitable company, earning 15.8% net margin versus 8.4% for FirstEnergy Corp. — 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 18.8% for FE. 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 NGG or FE more undervalued right now?
On forward earnings alone, FirstEnergy Corp. (FE) trades at 18.7x forward P/E versus 23.1x for National Grid plc — 4.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FE: -1.3% to $50.50.
07Which pays a better dividend — NGG or FE?
All stocks in this comparison pay dividends. FirstEnergy Corp. (FE) offers the highest yield at 3.4%, versus 2.2% for National Grid plc (NGG).
08Is NGG or FE 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%, FE: +99.6%), 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 NGG and FE?
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: NGG is a mid-cap quality compounder stock; FE is a small-cap income-oriented 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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