National Grid plc(NGG)Earnings, Financials & Key Ratios
NGG•NYSE•Utilities
$87.64
$87.14B mkt cap·21.9× P/E·Price updated May 6, 2026
SectorUtilitiesIndustryElectric UtilitiesSub-IndustryWires-only electric transmission and distribution
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 Margin38.68%+17.5%
- Net Margin15.79%+36.9%
- ROE8.57%+11.3%
- Interest Coverage2.73+5.0%
- Debt/Equity1.26-20.2%
- Net Debt/EBITDA6.52-8.4%
- CapEx / Revenue47.77%+37.4%
- CapEx Coverage0.78-22.9%
NGG Key Insights
National Grid plc (NGG) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y profit CAGR of 18.1%
- ✓Strong Piotroski F-Score: 7/9
- ✓Good 3Y average ROE of 15.2%
- ✓Healthy dividend yield of 2.4%
✗Weaknesses
- ✗High leverage: 6.7x Debt/EBITDA
- ✗Shares diluted 18.8% in last year
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
NGG Price & Volume
National Grid plc (NGG) stock price & volume — 10-year historical chart
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NGG Growth Metrics
National Grid plc (NGG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years3.24%
5 Years6.59%
3 Years-0.13%
TTM-11.65%
Profit CAGR
10 Years6.8%
5 Years18.08%
3 Years7.24%
TTM-56.67%
EPS CAGR
10 Years0.17%
5 Years10.38%
3 Years-3.18%
TTM-62.07%
Return on Capital
10 Years5.88%
5 Years5.59%
3 Years5.66%
Last Year5.39%
NGG Recent Earnings
National Grid plc (NGG) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 1/12 qtrs (8%)●Beat Revenue 7/12 qtrs (58%)
Q4 2025Latest
Nov 6, 2025EPS
$0.84
Est $1.85
-54.8%
Revenue
$9.5B
Est $11.2B
-15.4%
Q2 2025
May 15, 2025EPS
$0.59
Est $2.82
-79.0%
Revenue
$13.4B
Est $16.3B
-17.7%
Q4 2024
Nov 7, 2024EPS
$0.19
Est $1.77
-89.5%
Revenue
$10.4B
Est $11.7B
-10.6%
Q2 2024
May 23, 2024EPS
$0.39
Est $2.64
-85.1%
Revenue
$14.3B
Est $14.1B
+1.3%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q4 2025Latest | Nov 6, 2025 | $0.84vs $1.85-54.8% | $9.5Bvs $11.2B-15.4% |
| Q2 2025 | May 15, 2025 | $0.59vs $2.82-79.0% | $13.4Bvs $16.3B-17.7% |
| Q4 2024 | Nov 7, 2024 | $0.19vs $1.77-89.5% | $10.4Bvs $11.7B-10.6% |
| Q2 2024 | May 23, 2024 | $0.39vs $2.64-85.1% | $14.3Bvs $14.1B+1.3% |
Based on last 12 quarters of dataView full earnings history →
NGG Peer Comparison
National Grid plc (NGG) competitors in Wires-only electric transmission and distribution — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SO | 108.11B | 95.90 | 24.46 | 10.59% | 14.46% | 11.3% | 1.69 | |
 DUK | 99.28B | 127.58 | 20.22 | 6.19% | 15.44% | 9.6% | 1.71 | |
 EXC | 46.64B | 46.18 | 16.92 | 5.34% | 11.6% | 10.03% | 1.73 | |
 PPL | 27.83B | 37.35 | 23.34 | 6.85% | 13.06% | 5.46% | 0.85 | |
 ED | 25.7B | 109.15 | 19.35 | 10.89% | 12.26% | 8.42% | 17.62% | 0.01 |
 AEE | 30.89B | 111.64 | 20.87 | 15.43% | 17.17% | 11.6% | 1.47 | |
 ETR | 53.73B | 117.36 | 30.02 | 8.98% | 13.56% | 10.57% | 1.80 | |
 EIX | 26.5B | 68.87 | 5.96 | 9.76% | 18.87% | 19.39% | 2.21 |
Compare NGG vs Peers
National Grid plc (NGG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NGG Income Statement
National Grid plc (NGG) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 15.04B | 15.25B | 14.93B | 13.36B | 13.66B | 18.45B | 21.66B | 19.85B | 18.38B | 36.8B |
| Revenue Growth % | 13.8% | 1.43% | -2.08% | -10.53% | 2.28% | 35.01% | 17.4% | -8.35% | -7.42% | -11.65% |
| Cost of Revenue | 3.33B | 6.08B | 6.8B | 4.04B | 0 | 6.1B | 8.62B | 5.27B | 4.15B | 0 |
| Gross Profit | 11.71B▲ 0% | 9.17B▼ 21.7% | 8.13B▼ 11.3% | 9.32B▲ 14.7% | 13.66B▲ 46.6% | 12.35B▼ 9.6% | 13.04B▲ 5.5% | 14.58B▲ 11.8% | 14.23B▼ 2.4% | 36.8B▲ 0% |
| Gross Margin % | 77.85% | 60.12% | 54.45% | 69.79% | 100% | 66.95% | 60.19% | 73.44% | 77.42% | 100% |
| Gross Profit Growth % | 17.54% | -21.67% | -11.31% | 14.67% | 46.56% | -9.62% | 5.55% | 11.83% | -2.4% | - |
| Operating Expenses | 8.65B | 11.64B | 12.18B | 7.04B | 11.26B | 7.98B | 8.16B | 10.1B | 9.29B | 27.85B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 5.28B | 5.15B | 5.36B | 3.71B | 3.58B | 6.2B | 6.86B | 6.54B | 7.11B | 12.52B |
| EBITDA Margin % | 35.12% | 33.76% | 35.89% | 27.8% | 26.18% | 33.61% | 31.69% | 32.93% | 38.68% | 34.03% |
| EBITDA Growth % | 17.43% | -2.52% | 4.12% | -30.71% | -3.69% | 73.36% | 10.68% | -4.76% | 8.77% | -3.36% |
| Depreciation & Amortization | 1.54B | 1.6B | 1.8B | 1.44B | 1.18B | 1.83B | 1.98B | 2.06B | 2.17B | 3.57B |
| D&A / Revenue % | 10.25% | 10.47% | 12.07% | 10.74% | 8.61% | 9.92% | 9.16% | 10.38% | 11.83% | 9.71% |
| Operating Income (EBIT) | 3.74B▲ 0% | 3.55B▼ 5.0% | 3.56B▲ 0.2% | 2.28B▼ 35.9% | 2.4B▲ 5.4% | 4.37B▲ 82.0% | 4.88B▲ 11.6% | 4.47B▼ 8.3% | 4.93B▲ 10.3% | 8.95B▲ 0% |
| Operating Margin % | 24.88% | 23.29% | 23.83% | 17.06% | 17.57% | 23.69% | 22.53% | 22.54% | 26.85% | 24.32% |
| Operating Income Growth % | 19.72% | -5.03% | 0.17% | -35.95% | 5.35% | 82.05% | 11.62% | -8.28% | 10.26% | - |
| Interest Expense | 1B | 1.13B | 1.06B | 1.24B | 900M | 1.16B | 1.68B | 1.72B | 1.81B | 4M |
| Interest Coverage | 3.73x | 3.15x | 3.35x | 1.83x | 2.67x | 3.78x | 2.90x | 2.60x | 2.73x | - |
| Interest / Revenue % | 6.67% | 7.4% | 7.11% | 9.32% | 6.59% | 6.27% | 7.76% | 8.68% | 9.85% | 0.01% |
| Non-Operating Income | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -4M |
| Pretax Income | 2.18B▲ 0% | 2.66B▲ 21.8% | 1.84B▼ 30.8% | 1.4B▼ 24.0% | 1.66B▲ 18.9% | 3.44B▲ 106.8% | 3.59B▲ 4.3% | 3.05B▼ 15.1% | 3.65B▲ 19.8% | 6.15B▲ 0% |
| Pretax Margin % | 14.53% | 17.44% | 12.33% | 10.48% | 12.18% | 18.65% | 16.58% | 15.36% | 19.86% | 16.72% |
| Income Tax | 374M | -889M | 339M | 370M | 360M | 1.26B | 876M | 831M | 821M | 1.55B |
| Effective Tax Rate % | 17.12% | -33.42% | 18.41% | 26.43% | 21.63% | 36.56% | 24.4% | 27.26% | 22.49% | 25.24% |
| Net Income | 1.81B▲ 0% | 3.55B▲ 96.0% | 1.51B▼ 57.4% | 1.26B▼ 16.3% | 1.64B▲ 29.7% | 2.35B▲ 43.5% | 7.8B▲ 231.4% | 2.29B▼ 70.6% | 2.9B▲ 26.7% | 4.68B▲ 0% |
| Net Margin % | 12.05% | 23.28% | 10.12% | 9.46% | 12% | 12.75% | 36% | 11.54% | 15.79% | 12.72% |
| Net Income Growth % | -4.63% | 96.02% | -57.44% | -16.35% | 29.75% | 43.48% | 231.36% | -70.63% | 26.72% | -56.67% |
| EPS (Diluted) | 11.25▲ 0% | 5.11▼ 54.6% | 2.22▼ 56.6% | 1.80▼ 18.9% | 2.30▲ 27.8% | 3.25▲ 41.3% | 10.60▲ 226.2% | 2.75▼ 74.1% | 2.95▲ 7.3% | 4.73▲ 0% |
| EPS Growth % | 200% | -54.58% | -56.56% | -18.92% | 27.78% | 41.3% | 226.15% | -74.06% | 7.27% | -62.07% |
| EPS (Basic) | 11.30 | 5.13 | 2.23 | 1.80 | 2.35 | 3.25 | 10.65 | 2.75 | 2.95 | - |
| Diluted Shares Outstanding | 693M | 695.2M | 680.2M | 695.6M | 708M | 723.2M | 735.2M | 826.5M | 982.2M | 990M |
NGG Balance Sheet
National Grid plc (NGG) balance sheet — assets, liabilities & shareholders' equity
| Line item | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 65.84B | 58.79B | 63.41B | 67.56B | 67.22B | 94.86B | 92.7B | 98.33B | 106.74B | 103.76B |
| Asset Growth % | 11.72% | -10.71% | 7.87% | 6.54% | -0.51% | 41.13% | -2.28% | 6.07% | 8.56% | 5.05% |
| PP&E (Net) | 39.83B | 39.85B | 44.86B | 49.76B | 47.04B | 57.53B | 64.43B | 68.91B | 74.09B | 76.34B |
| PP&E / Total Assets % | 60.49% | 67.79% | 70.74% | 73.66% | 69.99% | 60.65% | 69.51% | 70.08% | 69.41% | 73.58% |
| Total Current Assets | 13.57B | 6.68B | 7.95B | 5.8B | 9.94B | 17.96B | 9.11B | 10.38B | 14.33B | 8.93B |
| Cash & Equivalents | 1.14B | 329M | 252M | 73M | 145M | 190M | 126M | 548M | 1.18B | 887M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 300M | 268M | 370M | 416M | 347M | 511M | 876M | 828M | 557M | 641M |
| Other Current Assets | 1.57B | 1.49B | 2.19B | 328M | 4.18B | 10.4B | 1.68B | 1.89B | 2.75B | 1.4B |
| Long-Term Investments | 3.18B | 3.07B | 1.27B | 0 | 0 | 0 | 0 | 0 | 1.41B | 1.42B |
| Goodwill | 6.1B | 5.44B | 5.37B | 5.71B | 4.59B | 9.53B | 9.85B | 9.73B | 9.53B | 9.34B |
| Intangible Assets | 923M | 899M | 1.08B | 1.29B | 1.44B | 3.27B | 3.6B | 3.43B | 3.56B | 3.67B |
| Other Assets | -4.09B | -51M | -56M | 4.92B | 4.2B | 6.56B | 5.7B | 5.88B | 3.82B | 4.06B |
| Total Liabilities | 45.46B | 39.94B | 43.84B | 47.77B | 47.36B | 71B | 63.13B | 68.43B | 68.92B | 66.54B |
| Total Debt | 28.64B | 26.63B | 28.73B | 30.79B | 31.22B | 45.47B | 42.98B | 47.07B | 47.54B | 45.91B |
| Net Debt | 27.5B | 26.3B | 28.48B | 30.72B | 31.07B | 45.27B | 42.86B | 46.52B | 46.36B | 45.03B |
| Long-Term Debt | 24.07B | 22.59B | 24.05B | 26.1B | 26.9B | 32.89B | 39.41B | 41.55B | 42.17B | 42.29B |
| Short-Term Borrowings | 6.48B | 4.71B | 4.47B | 3.96B | 3.64B | 12.01B | 2.86B | 4.75B | 4.54B | 3.62B |
| Capital Lease Obligations | 242M | 205M | 205M | 735M | 685M | 558M | 714M | 779M | 829M | 1.61B |
| Total Current Liabilities | 10.51B | 8.7B | 9.13B | 8.56B | 9.37B | 24.77B | 9.13B | 11.39B | 10.62B | 9.19B |
| Accounts Payable | 2.13B | 1.98B | 3.77B | 2.21B | 2.17B | 3.11B | 3.25B | 2.79B | 2.96B | 4.26B |
| Accrued Expenses | 136M | 173M | -430M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 298M | 440M | 365M | 1.18B | 1.17B | 1.38B | 1.84B | 2.54B | 2.83B | 2.52B |
| Other Current Liabilities | 1.69B | 1.33B | 458M | 941M | 2.19B | 8.19B | 1.27B | 2.27B | 1.3B | 1.3B |
| Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 31.03B |
| Other Liabilities | -242M | -207M | 5.31B | 6.85B | 4.52B | 4.74B | 4.96B | 4.77B | 4.55B | 4.44B |
| Total Equity | 20.38B▲ 0% | 18.85B▼ 7.5% | 19.57B▲ 3.8% | 19.79B▲ 1.1% | 19.86B▲ 0.3% | 23.86B▲ 20.1% | 29.56B▲ 23.9% | 29.89B▲ 1.1% | 37.83B▲ 26.5% | 37.22B▲ 0% |
| Equity Growth % | 50.27% | -7.54% | 3.82% | 1.15% | 0.34% | 20.12% | 23.92% | 1.12% | 26.54% | 31.11% |
| Shareholders Equity | 20.37B | 18.83B | 19.55B | 19.77B | 19.84B | 23.83B | 29.54B | 29.87B | 37.8B | 37.19B |
| Minority Interest | 16M | 16M | 20M | 22M | 21M | 23M | 24M | 25M | 23M | 28M |
| Common Stock | 449M | 452M | 458M | 470M | 474M | 485M | 488M | 493M | 638M | 645M |
| Additional Paid-in Capital | 1.34B | 1.32B | 1.31B | 1.32B | 1.31B | 1.32B | 1.3B | 1.32B | 1.31B | 1.28B |
| Retained Earnings | 22.58B | 21.6B | 22B | 21.89B | 23.16B | 26.61B | 31.61B | 32.07B | 40.11B | 39.98B |
| Accumulated OCI | 1.18B | 625M | 928M | 0 | 0 | 0 | 0 | 0 | 0 | -4.72B |
| Return on Assets (ROA) | 2.9% | 5.7% | 2.47% | 1.93% | 2.43% | 2.9% | 8.31% | 2.4% | 2.83% | 4.51% |
| Return on Equity (ROE) | 10.67% | 18.1% | 7.87% | 6.42% | 8.27% | 10.76% | 29.19% | 7.7% | 8.57% | 12.58% |
| Debt / Equity | 1.40x | 1.41x | 1.47x | 1.56x | 1.57x | 1.91x | 1.45x | 1.57x | 1.26x | 1.26x |
| Debt / Assets | 43.5% | 45.29% | 45.31% | 45.58% | 46.45% | 47.93% | 46.37% | 47.87% | 44.54% | 44.25% |
| Net Debt / EBITDA | 5.21x | 5.11x | 5.31x | 8.27x | 8.69x | 7.30x | 6.24x | 7.12x | 6.52x | 6.52x |
| Book Value per Share | 29.41 | 27.11 | 28.77 | 28.45 | 28.05 | 32.99 | 40.21 | 36.17 | 38.51 | 37.59 |
NGG Cash Flow Statement
National Grid plc (NGG) cash flow — operating, investing & free cash flow history
| Line item | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 5.23B | 4.5B | 4.32B | 4.62B | 3.8B | 5.42B | 6.9B | 6.94B | 6.81B | 6.81B |
| Operating CF Growth % | -2.59% | -13.88% | -4.11% | 6.95% | -17.63% | 42.61% | 27.15% | 0.59% | -1.89% | 143.32% |
| Operating CF / Revenue % | 34.78% | 29.53% | 28.92% | 34.57% | 27.84% | 29.41% | 31.85% | 34.96% | 37.04% | 18.5% |
| Net Income | 7.79B | 3.55B | 1.51B | 2.28B | 1.3B | 2.18B | 7.8B | 4.47B | 4.93B | 4.68B |
| Depreciation & Amortization | 1.35B | 1.53B | 1.55B | 1.44B | 1.56B | 1.9B | 1.68B | 2.06B | 2.17B | 4.36B |
| Deferred Taxes | -157M | -121M | -43M | 0 | -286M | 185M | -595M | 0 | 0 | 0 |
| Other Non-Cash Items | -4.07B | -577M | 1.26B | 867M | 943M | 1.34B | -2.58B | 538M | -362M | 3.9B |
| Working Capital Changes | 151M | 118M | 40M | 21M | 263M | -223M | 547M | -172M | 24M | 1.5B |
| Capital Expenditures | -3.3B | -3.74B | -3.63B | -4.59B | -4.61B | -14.22B | -6.33B | -7.45B | -9.31B | -19.33B |
| CapEx / Revenue % | 21.92% | 24.51% | 24.34% | 32.12% | 33.72% | 77.06% | 29.2% | 34.78% | 47.77% | 52.52% |
| CapEx / D&A | 2.45x | 2.44x | 2.35x | 2.99x | 2.96x | 7.48x | 3.77x | 3.35x | 4.04x | 4.43x |
| CapEx Coverage (OCF/CapEx) | 1.59x | 1.20x | 1.19x | 1.08x | 0.83x | 0.38x | 1.09x | 1.01x | 0.78x | 0.35x |
| Cash from Investing | -4.31B | 2.57B | -3.45B | -3.19B | -5.21B | -14.22B | 240M | -7.5B | -10.57B | -16.2B |
| Acquisitions | 5.47B | -10M | 38M | 1.76B | 7M | -7.81B | 87M | 52M | 867M | -1000K |
| Purchase of Investments | -5.74B | -199M | -263M | -389M | -644M | -1.26B | -538M | -1.22B | -2.73B | 0 |
| Sale of Investments | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K |
| Other Investing | -6.21B | 427M | -426M | -392M | -33M | -230M | 6.31B | 473M | -20M | 1.58B |
| Cash from Financing | 69M | -7.88B | -952M | -1.61B | 1.5B | 8.82B | -7.17B | 987M | 4.53B | 2.5B |
| Dividends Paid | -1.46B | -4.49B | -1.16B | -892M | -1.41B | -922M | -1.61B | -1.72B | -1.53B | -2.82B |
| Dividend Payout Ratio % | 80.78% | 126.39% | 76.77% | 70.57% | 86.16% | 39.18% | 20.61% | 75.02% | 52.69% | - |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 2M |
| Stock Issued | 18M | 33M | 17M | 16M | 16M | 33M | 17M | 20M | 7.02B | 0 |
| Share Repurchases | -195M | -1.02B | -2M | -6M | -2M | -3M | 0 | -4M | -7M | -11M |
| Other Financing | 790M | -2.12B | -700M | -1.05B | -728M | -2.41B | -2.08B | -1.72B | -2.26B | 3.99B |
| Net Change in Cash | 1.01B▲ 0% | -810M▼ 179.8% | -77M▲ 90.5% | -179M▼ 132.5% | 84M▲ 146.9% | 47M▼ 44.0% | -19M▼ 140.4% | 396M▲ 2184.2% | 619M▲ 56.3% | 919M▲ 0% |
| Exchange Rate Effect | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -2M |
| Cash at Beginning | 124M | 1.14B | 329M | 252M | 73M | 157M | 182M | 163M | 559M | 0 |
| Cash at End | 1.14B | 329M | 252M | 73M | 157M | 204M | 163M | 559M | 1.18B | 887M |
| Free Cash Flow | 1.93B▲ 0% | 765M▼ 60.4% | 683M▼ 10.7% | 32M▼ 95.3% | -804M▼ 2612.5% | -8.79B▼ 993.4% | 573M▲ 106.5% | -514M▼ 189.7% | -2.5B▼ 386.0% | -4.82B▲ 0% |
| FCF Growth % | -23.08% | -60.42% | -10.72% | -95.31% | -2612.5% | -993.41% | 106.52% | -189.7% | -385.99% | -742.87% |
| FCF Margin % | 12.86% | 5.02% | 4.57% | 0.24% | -5.88% | -47.65% | 2.65% | -2.59% | -13.59% | -13.09% |
| FCF / Net Income % | 106.74% | 21.55% | 45.2% | 2.53% | -49.02% | -373.61% | 7.35% | -22.45% | -86.08% | -102.91% |
NGG Key Ratios
National Grid plc (NGG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 10.67% | 18.1% | 7.87% | 6.42% | 8.27% | 10.76% | 29.19% | 7.7% | 8.57% | 12.58% |
| EBITDA Margin | 35.12% | 33.76% | 35.89% | 27.8% | 26.18% | 33.61% | 31.69% | 32.93% | 38.68% | 34.03% |
| Net Debt / EBITDA | 5.21x | 5.11x | 5.31x | 8.27x | 8.69x | 7.30x | 6.24x | 7.12x | 6.52x | 6.52x |
| Interest Coverage | 3.73x | 3.15x | 3.35x | 1.83x | 2.67x | 3.78x | 2.90x | 2.60x | 2.73x | - |
| CapEx / Revenue | 21.92% | 24.51% | 24.34% | 32.12% | 33.72% | 77.06% | 29.2% | 34.78% | 47.77% | 52.52% |
| Dividend Payout Ratio | 80.78% | 126.39% | 76.77% | 70.57% | 86.16% | 39.18% | 20.61% | 75.02% | 52.69% | 60.16% |
| Debt / Equity | 1.40x | 1.41x | 1.47x | 1.56x | 1.57x | 1.91x | 1.45x | 1.57x | 1.26x | 1.26x |
| EPS Growth | 200% | -54.58% | -56.56% | -18.92% | 27.78% | 41.3% | 226.15% | -74.06% | 7.27% | -62.07% |
NGG Frequently Asked Questions
National Grid plc (NGG) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
National Grid plc (NGG) reported $36.80B in revenue for fiscal year 2025. This represents a 2375% increase from $1.49B in 1996.
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 2.41%. 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.
Explore More NGG
National Grid plc (NGG) financial analysis — history, returns, DCA and operating performance tools
Full NGG Stock Analysis
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Financial Ratios
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