National Grid plc (NGG) 10-Year Financial Performance & Capital Metrics

NGG • • Utilities

UtilitiesElectric UtilitiesInternational Electric UtilitiesAsian & European Electric Utilities

AboutNational Grid plc transmits and distributes electricity and gas. The company operates through UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, and New York segments. The UK Electricity Transmission segment provides electricity transmission and construction work services in England and Wales. The UK Electricity Distribution segment offers electricity distribution services in Midlands, and South West of England and South Wales. The UK Electricity System Operator segment provides balancing services for supply and demand of electricity on Great Britain's electricity transmission system; and acts as an agent on behalf of transmission operators. The New England segment offers electricity and gas distribution, and electricity transmission services in New England. The New York segment provides electricity and gas distribution, and electricity transmission services in New York. It also engages in the provision of transmission services through electricity interconnectors and LNG importation at the Isle of Grain; sale of renewables projects; and leasing and sale of commercial property, as well as insurance activities in the United Kingdom. The company was founded in 1990 and is headquartered in London, the United Kingdom.Show more

Revenue $18.38B -7.4%
EBITDA $7.11B +8.8%
Net Income $2.9B +26.7%
Free Cash Flow -$2.5B -386.0%
EBITDA Margin 38.68% +17.5%
Net Margin 15.79% +36.9%
ROE 8.57% +11.3%
Interest Coverage 2.73 +5.0%
Debt/Equity 1.26 -20.2%
Net Debt/EBITDA 6.52 -8.4%
CapEx / Revenue 47.77% +37.4%
CapEx Coverage 0.78 -22.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 18.1%
✓Strong Piotroski F-Score: 7/9
✓Good 3Y average ROE of 15.2%
✓Trading near 52-week high

✗Weaknesses

✗High leverage: 6.7x Debt/EBITDA
✗Shares diluted 18.8% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.24%

5Y6.59%

3Y-0.13%

TTM-11.65%

Profit (Net Income) CAGR

10Y6.8%

5Y18.08%

3Y7.24%

TTM-56.67%

EPS CAGR

10Y0.17%

5Y10.38%

3Y-3.18%

TTM-62.07%

ROCE

10Y Avg5.88%

5Y Avg5.59%

3Y Avg5.66%

Latest5.39%

Peer Comparison

Asian & European Electric Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EMAEmera Incorporated	14.74B	48.84	28.56	-4.8%	13.77%	8.71%		1.49
NGGNational Grid plc	78.86B	79.36	26.90	-7.42%	12.72%	12.58%		1.26
FTSFortis Inc.	26.13B	51.70	15.96	-0.08%	14.7%	6.28%		1.30
KEPKorea Electric Power Corporation	23.88B	18.60	0.01	6.77%	6.66%	14.5%	100%	0.59

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue+	13.21B	15.04B	15.25B	14.93B	13.36B	13.66B	18.45B	21.66B	19.85B	18.38B
Revenue Growth %	-0.01%	0.14%	0.01%	-0.02%	-0.11%	0.02%	0.35%	0.17%	-0.08%	-0.07%
Cost of Revenue	3.25B	3.33B	6.08B	6.8B	4.04B	0	6.1B	8.62B	5.27B	4.15B
Gross Profit+	9.96B	11.71B	9.17B	8.13B	9.32B	13.66B	12.35B	13.04B	14.58B	14.23B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.05%	0.18%	-0.22%	-0.11%	0.15%	0.47%	-0.1%	0.06%	0.12%	-0.02%
Operating Expenses+	6.92B	8.65B	11.64B	12.18B	7.04B	11.26B	7.98B	8.16B	10.1B	9.29B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	4.5B	5.28B	5.15B	5.36B	3.71B	3.58B	6.2B	6.86B	6.54B	7.11B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.13%	0.17%	-0.03%	0.04%	-0.31%	-0.04%	0.73%	0.11%	-0.05%	0.09%
Depreciation & Amortization+	1.37B	1.54B	1.6B	1.8B	1.44B	1.18B	1.83B	1.98B	2.06B	2.17B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	3.12B	3.74B	3.55B	3.56B	2.28B	2.4B	4.37B	4.88B	4.47B	4.93B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.09%	0.2%	-0.05%	0%	-0.36%	0.05%	0.82%	0.12%	-0.08%	0.1%
Interest Expense+	1.03B	1B	1.13B	1.06B	1.24B	900M	1.16B	1.68B	1.72B	1.81B
Interest Coverage	3.02x	3.73x	3.15x	3.35x	1.83x	2.67x	3.78x	2.90x	2.60x	2.73x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	2.33B	2.18B	2.66B	1.84B	1.4B	1.66B	3.44B	3.59B	3.05B	3.65B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	427M	374M	-889M	339M	370M	360M	1.26B	876M	831M	821M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.9B	1.81B	3.55B	1.51B	1.26B	1.64B	2.35B	7.8B	2.29B	2.9B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.26%	-0.05%	0.96%	-0.57%	-0.16%	0.3%	0.43%	2.31%	-0.71%	0.27%
EPS (Diluted)+	3.75	11.25	5.11	2.22	1.80	2.30	3.25	10.60	2.75	2.95
EPS Growth %	0.29%	2%	-0.55%	-0.57%	-0.19%	0.28%	0.41%	2.26%	-0.74%	0.07%
EPS (Basic)	3.75	11.30	5.13	2.23	1.80	2.35	3.25	10.65	2.75	2.95
Diluted Shares Outstanding	691.35M	693M	695.2M	680.2M	695.6M	708M	723.2M	735.2M	826.5M	982.2M

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Assets+	58.93B	65.84B	58.79B	63.41B	67.56B	67.22B	94.86B	92.7B	98.33B	106.74B
Asset Growth %	0.07%	0.12%	-0.11%	0.08%	0.07%	-0.01%	0.41%	-0.02%	0.06%	0.09%
PP&E (Net)+	43.36B	39.83B	39.85B	44.86B	49.76B	47.04B	57.53B	64.43B	68.91B	74.09B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	6.31B	13.57B	6.68B	7.95B	5.8B	9.94B	17.96B	9.11B	10.38B	14.33B
Cash & Equivalents	127M	1.14B	329M	252M	73M	145M	190M	126M	548M	1.18B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	336M	300M	268M	370M	416M	347M	511M	876M	828M	557M
Other Current Assets	1.36B	1.57B	1.49B	2.19B	328M	4.18B	10.4B	1.68B	1.89B	2.75B
Long-Term Investments	879M	3.18B	3.07B	1.27B	0	0	0	0	0	1.41B
Goodwill	5.32B	6.1B	5.44B	5.37B	5.71B	4.59B	9.53B	9.85B	9.73B	9.53B
Intangible Assets	887M	923M	899M	1.08B	1.29B	1.44B	3.27B	3.6B	3.43B	3.56B
Other Assets	-2.69B	-4.09B	-51M	-56M	4.92B	4.2B	6.56B	5.7B	5.88B	3.82B
Total Liabilities	45.37B	45.46B	39.94B	43.84B	47.77B	47.36B	71B	63.13B	68.43B	68.92B
Total Debt+	26.27B	28.64B	26.63B	28.73B	30.79B	31.22B	45.47B	42.98B	47.07B	47.54B
Net Debt	26.15B	27.5B	26.3B	28.48B	30.72B	31.07B	45.27B	42.86B	46.52B	46.36B
Long-Term Debt	26.27B	24.07B	22.59B	24.05B	26.1B	26.9B	32.89B	39.41B	41.55B	42.17B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	242M	242M	205M	205M	735M	685M	558M	714M	779M	829M
Total Current Liabilities+	7.72B	10.51B	8.7B	9.13B	8.56B	9.37B	24.77B	9.13B	11.39B	10.62B
Accounts Payable	2.04B	2.13B	1.98B	3.77B	2.21B	2.17B	3.11B	3.25B	2.79B	2.96B
Accrued Expenses	159M	136M	173M	-430M	0	0	0	0	0	0
Deferred Revenue	275M	298M	440M	365M	0	0	0	0	0	0
Other Current Liabilities	1.58B	1.69B	1.33B	458M	941M	2.19B	8.19B	1.27B	2.27B	1.3B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	-190M	-242M	-207M	5.31B	6.85B	4.52B	4.74B	4.96B	4.77B	4.55B
Total Equity+	13.56B	20.38B	18.85B	19.57B	19.79B	19.86B	23.86B	29.56B	29.89B	37.83B
Equity Growth %	0.13%	0.5%	-0.08%	0.04%	0.01%	0%	0.2%	0.24%	0.01%	0.27%
Shareholders Equity	13.55B	20.37B	18.83B	19.55B	19.77B	19.84B	23.83B	29.54B	29.87B	37.8B
Minority Interest	10M	16M	16M	20M	22M	21M	23M	24M	25M	23M
Common Stock	447M	449M	452M	458M	470M	474M	485M	488M	493M	638M
Additional Paid-in Capital	1.33B	1.34B	1.32B	1.31B	1.32B	1.31B	1.32B	1.3B	1.32B	1.31B
Retained Earnings	16.3B	22.58B	21.6B	22B	21.89B	23.16B	26.61B	31.61B	32.07B	40.11B
Accumulated OCI	642M	1.18B	625M	928M	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.03%	0.06%	0.02%	0.02%	0.02%	0.03%	0.08%	0.02%	0.03%
Return on Equity (ROE)	0.15%	0.11%	0.18%	0.08%	0.06%	0.08%	0.11%	0.29%	0.08%	0.09%
Debt / Equity	1.94x	1.40x	1.41x	1.47x	1.56x	1.57x	1.91x	1.45x	1.57x	1.26x
Debt / Assets	0.45%	0.43%	0.45%	0.45%	0.46%	0.46%	0.48%	0.46%	0.48%	0.45%
Net Debt / EBITDA	5.81x	5.21x	5.11x	5.31x	8.27x	8.69x	7.30x	6.24x	7.12x	6.52x
Book Value per Share	19.62	29.41	27.11	28.77	28.45	28.05	32.99	40.21	36.17	38.51

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	5.37B	5.23B	4.5B	4.32B	4.62B	3.8B	5.42B	6.9B	6.94B	6.81B
Operating CF Growth %	0.07%	-0.03%	-0.14%	-0.04%	0.07%	-0.18%	0.43%	0.27%	0.01%	-0.02%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	2.59B	7.79B	3.55B	1.51B	2.28B	1.3B	2.18B	7.8B	4.47B	4.93B
Depreciation & Amortization	1.21B	1.35B	1.53B	1.55B	1.44B	1.56B	1.9B	1.68B	2.06B	2.17B
Deferred Taxes	-420M	-157M	-121M	-43M	0	-286M	185M	-595M	0	0
Other Non-Cash Items	1.15B	-4.07B	-577M	1.26B	867M	943M	1.34B	-2.58B	538M	-362M
Working Capital Changes	416M	151M	118M	40M	21M	263M	-223M	547M	-172M	24M
Capital Expenditures+	-2.85B	-3.3B	-3.74B	-3.63B	-4.59B	-4.61B	-14.22B	-6.33B	-7.45B	-9.31B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-4.04B	-4.31B	2.57B	-3.45B	-3.19B	-5.21B	-14.22B	240M	-7.5B	-10.57B
Acquisitions	4M	5.47B	-10M	38M	1.76B	7M	-7.81B	87M	52M	867M
Purchase of Investments	-507M	-5.74B	-199M	-263M	-389M	-644M	-1.26B	-538M	-1.22B	-2.73B
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-678M	-6.21B	427M	-426M	-392M	-33M	-230M	6.31B	473M	-20M
Cash from Financing+	-1.33B	69M	-7.88B	-952M	-1.61B	1.5B	8.82B	-7.17B	987M	4.53B
Dividends Paid	-1.34B	-1.46B	-4.49B	-1.16B	-892M	-1.41B	-922M	-1.61B	-1.72B	-1.53B
Dividend Payout Ratio %	0.7%	0.81%	1.26%	0.77%	0.71%	0.86%	0.39%	0.21%	0.75%	0.53%
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Stock Issued	16M	18M	33M	17M	16M	16M	33M	17M	20M	7.02B
Share Repurchases	-273M	-195M	-1.02B	-2M	-6M	-2M	-3M	0	-4M	-7M
Other Financing	-834M	790M	-2.12B	-700M	-1.05B	-728M	-2.41B	-2.08B	-1.72B	-2.26B
Net Change in Cash+	8M	1.01B	-810M	-77M	-179M	84M	47M	-19M	396M	619M
Exchange Rate Effect	1000K	1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K
Cash at Beginning	116M	124M	1.14B	329M	252M	73M	157M	182M	163M	559M
Cash at End	124M	1.14B	329M	252M	73M	157M	204M	163M	559M	1.18B
Free Cash Flow+	2.51B	1.93B	765M	683M	32M	-804M	-8.79B	573M	-514M	-2.5B
FCF Growth %	0.03%	-0.23%	-0.6%	-0.11%	-0.95%	-26.13%	-9.93%	1.07%	-1.9%	-3.86%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	14.87%	10.67%	18.1%	7.87%	6.42%	8.27%	10.76%	29.19%	7.7%	8.57%
EBITDA Margin	34.04%	35.12%	33.76%	35.89%	27.8%	26.18%	33.61%	31.69%	32.93%	38.68%
Net Debt / EBITDA	5.81x	5.21x	5.11x	5.31x	8.27x	8.69x	7.30x	6.24x	7.12x	6.52x
Interest Coverage	3.02x	3.73x	3.15x	3.35x	1.83x	2.67x	3.78x	2.90x	2.60x	2.73x
CapEx / Revenue	21.61%	21.92%	24.51%	24.34%	32.12%	33.72%	77.06%	29.2%	34.78%	47.77%
Dividend Payout Ratio	70.41%	80.78%	126.39%	76.77%	70.57%	86.16%	39.18%	20.61%	75.02%	52.69%
Debt / Equity	1.94x	1.40x	1.41x	1.47x	1.56x	1.57x	1.91x	1.45x	1.57x	1.26x
EPS Growth	29.31%	200%	-54.58%	-56.56%	-18.92%	27.78%	41.3%	226.15%	-74.06%	7.27%

Revenue by Segment

	2019	2020	2021	2022	2023	2024	2025
Distribution	8.94B	8.32B	8.32B	-	12.64B	11B	12.89B
Distribution Growth	-	-6.96%	-0.02%	-	-	-12.98%	17.21%
Transmission	4.84B	3.38B	3.14B	-	3.4B	4.02B	3.53B
Transmission Growth	-	-30.28%	-7.08%	-	-	17.98%	-12.15%
Generation	367M	369M	376M	-	394M	360M	384M
Generation Growth	-	0.54%	1.90%	-	-	-8.63%	6.67%
Other Product And Services	-	-	-	-	430M	420M	318M
Other Product And Services Growth	-	-	-	-	-	-2.33%	-24.29%
Other	-	-	396M	-	-	-	-
Other Growth	-	-	-	-	-	-	-

Revenue by Geography

	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	-	9.3B	10.65B	12.05B	10.79B	11.67B
UNITED STATES Growth	-	-	-	14.51%	13.17%	-10.47%	8.20%
Country of domicile [member]	-	-	5.48B	7.8B	9.61B	9.06B	6.71B
Country of domicile [member] Growth	-	-	-	42.34%	23.17%	-5.70%	-26.00%

Frequently Asked Questions

Valuation & Price

National Grid plc (NGG) has a price-to-earnings (P/E) ratio of 26.9x. This suggests investors expect higher future growth.

Growth & Financials

National Grid plc (NGG) reported $36.80B in revenue for fiscal year 2025. This represents a 166% increase from $13.83B in 2012.

National Grid plc (NGG) saw revenue decline by 7.4% over the past year.

Yes, National Grid plc (NGG) is profitable, generating $4.68B in net income for fiscal year 2025 (15.8% net margin).

Dividend & Returns

Yes, National Grid plc (NGG) pays a dividend with a yield of 1.96%. This makes it attractive for income-focused investors.

National Grid plc (NGG) has a return on equity (ROE) of 8.6%. This is below average, suggesting room for improvement.

National Grid plc (NGG) had negative free cash flow of $4.82B in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics

National Grid plc (NGG) has a dividend payout ratio of 53%. This suggests the dividend is well-covered and sustainable.

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