National Grid plc (NGG) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Regulated Electric
EV/EBITDA
↓
15.56
-5% vs avg
5yr avg: 16.31
30Y Low10.8·High44.9
P/FCF
N/A
—
5yr avg: 87.24
30Y Low5.2·High101.2
P/B Ratio
↓
1.68
↓-14% vs avg
5yr avg: 1.94
30Y Low1.7·High22.0
ROE
↑
8.6%
↑-34% vs avg
5yr avg: 12.9%
30Y Low-14%·High137%
Debt/EBITDA
↓
6.69
↓-8% vs avg
5yr avg: 7.24
30Y Low0.9·High17.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NGG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
National Grid plc trades at 21.9x earnings, 7% above its 5-year average of 20.6x, sitting at the 52nd percentile of its historical range. Compared to the Utilities sector median P/E of 19.8x, the stock trades at a premium of 10%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $87.3B | $64.4B | $56.4B | $50.0B | $55.6B | $41.9B | $40.5B | $38.0B | $39.2B | $48.0B | $53.9B |
| Enterprise Value | $150.4B | $110.8B | $102.9B | $92.8B | $100.9B | $73.0B | $71.3B | $66.5B | $65.5B | $75.5B | $80.0B |
| P/E Ratio → | 21.91 | 22.24 | 24.81 | 6.41 | 23.65 | 25.76 | 32.37 | 25.15 | 11.04 | 6.16 | 20.78 |
| P/S Ratio | 3.50 | 3.51 | 2.84 | 2.31 | 3.01 | 3.07 | 3.03 | 2.54 | 2.57 | 3.19 | 4.08 |
| P/B Ratio | 1.68 | 1.70 | 1.89 | 1.69 | 2.33 | 2.11 | 2.05 | 1.94 | 2.08 | 2.35 | 3.97 |
| P/FCF | — | — | — | 87.24 | — | — | 1266.64 | 55.61 | 51.28 | 24.83 | 21.43 |
| P/OCF | 9.44 | 9.47 | 8.13 | 7.25 | 10.25 | 11.03 | 8.78 | 8.80 | 8.71 | 9.18 | 10.03 |
P/E links to full P/E history page with 30-year chart
NGG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
National Grid plc's enterprise value stands at 15.6x EBITDA, roughly in line with its 5-year average of 16.3x. The Utilities sector median is 11.3x, placing the stock at a 38% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.03 | 5.18 | 4.29 | 5.47 | 5.34 | 5.33 | 4.45 | 4.30 | 5.02 | 6.06 |
| EV / EBITDA | 15.56 | 15.59 | 15.74 | 13.53 | 16.27 | 20.41 | 19.19 | 12.40 | 12.73 | 14.29 | 17.79 |
| EV / EBIT | 22.42 | 20.29 | 21.57 | 17.62 | 21.94 | 30.30 | 29.70 | 18.68 | 17.24 | 20.18 | 25.61 |
| EV / FCF | — | — | — | 162.03 | — | — | 2226.68 | 97.31 | 85.66 | 39.05 | 31.84 |
NGG Profitability
Margins and return-on-capital ratios measuring operating efficiency
National Grid plc earns an operating margin of 26.8%, above the Utilities sector average of 19.9%. Operating margins have expanded from 22.5% to 26.8% over the past 3 years, signaling improving operational efficiency. ROE of 8.6% is modest, trailing the sector median of 9.4%. ROIC of 4.6% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.4% | 77.4% | 73.4% | 60.2% | 66.9% | 100.0% | 69.8% | 54.4% | 60.1% | 77.9% | 75.4% |
| Operating Margin | 26.8% | 26.8% | 22.5% | 22.5% | 23.7% | 17.6% | 17.1% | 23.8% | 23.3% | 24.9% | 23.6% |
| Net Profit Margin | 15.8% | 15.8% | 11.5% | 36.0% | 12.8% | 12.0% | 9.5% | 10.1% | 23.3% | 12.0% | 14.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.6% | 8.6% | 7.7% | 29.2% | 10.8% | 8.3% | 6.4% | 7.9% | 18.1% | 10.7% | 14.9% |
| ROA | 2.8% | 2.8% | 2.4% | 8.3% | 2.9% | 2.4% | 1.9% | 2.5% | 5.7% | 2.9% | 3.3% |
| ROIC | 4.6% | 4.6% | 4.5% | 5.2% | 5.5% | 3.6% | 3.5% | 5.7% | 5.7% | 6.4% | 6.2% |
| ROCE | 5.4% | 5.4% | 5.2% | 6.4% | 6.8% | 4.1% | 4.0% | 6.8% | 6.7% | 7.0% | 6.3% |
NGG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
National Grid plc carries a Debt/EBITDA ratio of 6.7x, which is highly leveraged (41% above the sector average of 4.8x). Net debt stands at $46.4B ($47.5B total debt minus $1.2B cash). Interest coverage of just 2.7x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.26 | 1.26 | 1.57 | 1.45 | 1.91 | 1.57 | 1.56 | 1.47 | 1.41 | 1.40 | 1.94 |
| Debt / EBITDA | 6.69 | 6.69 | 7.20 | 6.26 | 7.33 | 8.73 | 8.29 | 5.36 | 5.17 | 5.42 | 5.84 |
| Net Debt / Equity | — | 1.23 | 1.56 | 1.45 | 1.90 | 1.56 | 1.55 | 1.46 | 1.40 | 1.35 | 1.93 |
| Net Debt / EBITDA | 6.52 | 6.52 | 7.12 | 6.24 | 7.30 | 8.69 | 8.27 | 5.31 | 5.11 | 5.21 | 5.81 |
| Debt / FCF | — | — | — | 74.80 | — | — | 960.03 | 41.70 | 34.37 | 14.23 | 10.41 |
| Interest Coverage | 2.73 | 2.73 | 2.60 | 2.90 | 3.78 | 2.67 | 1.83 | 3.35 | 3.15 | 3.73 | 3.02 |
NGG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.35x means National Grid plc can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.00x to 1.35x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.35 | 1.35 | 0.91 | 1.00 | 0.73 | 1.06 | 0.68 | 0.87 | 0.77 | 1.29 | 0.82 |
| Quick Ratio | 1.30 | 1.30 | 0.84 | 0.90 | 0.70 | 1.02 | 0.63 | 0.83 | 0.74 | 1.26 | 0.77 |
| Cash Ratio | 0.65 | 0.65 | 0.37 | 0.30 | 0.13 | 0.27 | 0.24 | 0.24 | 0.35 | 0.94 | 0.40 |
| Asset Turnover | — | 0.17 | 0.20 | 0.23 | 0.19 | 0.20 | 0.20 | 0.24 | 0.26 | 0.23 | 0.22 |
| Inventory Turnover | 7.45 | 7.45 | 6.37 | 9.84 | 11.93 | — | 9.70 | 18.38 | 22.69 | 11.10 | 9.68 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NGG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
National Grid plc returns 2.4% to shareholders annually — split between a 2.4% dividend yield and 0.0% buyback yield. A payout ratio of 52.7% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.4% | 2.4% | 3.0% | 3.2% | 1.7% | 3.4% | 2.2% | 3.1% | 11.4% | 3.0% | 2.5% |
| Payout Ratio | 52.7% | 52.7% | 75.0% | 20.6% | 39.2% | 86.2% | 70.6% | 76.8% | 126.4% | 80.8% | 70.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 4.5% | 4.0% | 15.6% | 4.2% | 3.9% | 3.1% | 4.0% | 9.1% | 16.2% | 4.8% |
| FCF Yield | — | — | — | 1.1% | — | — | 0.1% | 1.8% | 2.0% | 4.0% | 4.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.6% | 0.4% | 0.5% |
| Total Shareholder Yield | 2.4% | 2.4% | 3.1% | 3.2% | 1.7% | 3.4% | 2.2% | 3.1% | 14.0% | 3.5% | 3.0% |
| Shares Outstanding | — | $982M | $827M | $735M | $723M | $708M | $696M | $680M | $695M | $693M | $691M |
Peer Comparison
Compare NGG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NGGYou | $87B | 21.9 | 15.6 | — | 77.4% | 26.8% | 8.6% | 4.6% | 6.7 |
 SO | $105B | 23.9 | 12.8 | — | 29.8% | 24.6% | 11.5% | 5.3% | 4.9 |
 DUK | $98B | 19.9 | 12.6 | — | 31.6% | 26.6% | 9.5% | 4.6% | 6.1 |
 EXC | $45B | 16.5 | 10.8 | — | 45.9% | 21.2% | 9.9% | 5.1% | 5.7 |
 PPL | $27B | 23.1 | 12.7 | — | 39.1% | 23.6% | 6.6% | 4.6% | 5.2 |
 ED | $25B | 18.9 | 4.8 | 5.6 | 81.0% | 17.3% | 8.8% | 6.0% | 0.1 |
 AEE | $30B | 20.5 | 13.6 | — | 29.6% | 23.0% | 11.3% | 4.7% | 5.4 |
 ETR | $52B | 28.9 | 14.8 | — | 29.9% | 23.6% | 10.9% | 5.0% | 5.5 |
 EIX | $26B | 6.0 | 7.0 | — | 57.8% | 36.7% | 24.6% | 9.1% | 4.3 |
 PEG | $40B | 18.8 | 15.1 | 121.9 | 69.0% | 24.5% | 12.8% | 5.6% | 5.8 |
 FE | $26B | 25.9 | 12.1 | — | 54.8% | 18.8% | 7.4% | 5.4% | 6.2 |
| Utilities Median | — | 19.8 | 11.3 | 15.1 | 40.9% | 19.9% | 9.4% | 4.8% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full NGG Stock Analysis
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Side-by-side business, growth, and profitability comparison vs The Southern Company.
Start ComparisonNGG — Frequently Asked Questions
Quick answers to the most common questions about buying NGG stock.
What is National Grid plc's P/E ratio?
National Grid plc's current P/E ratio is 21.9x. The historical average is 20.9x. This places it at the 52th percentile of its historical range.
What is National Grid plc's EV/EBITDA?
National Grid plc's current EV/EBITDA is 15.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.5x.
What is National Grid plc's ROE?
National Grid plc's return on equity (ROE) is 8.6%. The historical average is 31.5%.
Is NGG stock overvalued?
Based on historical data, National Grid plc is trading at a P/E of 21.9x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is National Grid plc's dividend yield?
National Grid plc's current dividend yield is 2.41% with a payout ratio of 52.7%.
What are National Grid plc's profit margins?
National Grid plc has 77.4% gross margin and 26.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does National Grid plc have?
National Grid plc's Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.