National Grid plc (NGG) Financial Ratios
30 years of historical data (1997–2026) · Utilities · Regulated Electric
EV/EBITDA
↓
13.02
↓-17% vs avg
5yr avg: 15.60
30Y Low9.6·High48.1
P/FCF
N/A
—
5yr avg: N/A
30Y Low5.4·High102.5
P/B Ratio
↓
1.52
↓-24% vs avg
5yr avg: 2.00
30Y Low1.6·High22.0
ROE
↓
8.5%
↑-34% vs avg
5yr avg: 13.0%
30Y Low-10%·High137%
Debt/EBITDA
↓
5.73
↓-14% vs avg
5yr avg: 6.64
30Y Low0.9·High18.6
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 18.2x earnings, 12% below its 5-year average of 20.6x, sitting at the 19th percentile of its historical range. This is roughly in line with the Utilities sector median P/E of 19.0x.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $79.1B | $84.1B | $62.1B | $55.1B | $54.4B | $60.5B | $46.6B | $44.1B | $41.3B | $42.7B | $52.2B |
| Enterprise Value | $140.4B | $130.5B | $108.4B | $101.6B | $97.2B | $105.8B | $77.7B | $74.8B | $69.8B | $69.0B | $79.7B |
| P/E Ratio → | 18.19 | 25.64 | 21.65 | 24.02 | 7.16 | 24.72 | 19.81 | 34.28 | 27.24 | 12.77 | 20.25 |
| P/S Ratio | 3.32 | 4.68 | 3.38 | 2.77 | 2.51 | 3.28 | 2.53 | 3.30 | 2.77 | 2.80 | 3.47 |
| P/B Ratio | 1.52 | 2.14 | 1.64 | 1.84 | 1.84 | 2.54 | 2.35 | 2.23 | 2.11 | 2.26 | 2.56 |
| P/FCF | — | — | — | — | — | — | — | — | — | 4117.43 | 40.21 |
| P/OCF | 9.43 | 13.28 | 11.77 | 9.76 | 9.76 | 10.71 | 12.97 | 11.26 | 11.65 | 12.08 | 11.02 |
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 13.0x EBITDA, 17% below its 5-year average of 15.6x. The Utilities sector median is 11.9x, placing the stock at a 9% premium on an enterprise-value basis.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.26 | 5.90 | 5.12 | 4.49 | 5.73 | 4.21 | 5.60 | 4.67 | 4.52 | 5.30 |
| EV / EBITDA | 13.02 | 16.00 | 15.25 | 15.54 | 14.17 | 17.06 | 12.53 | 20.15 | 15.66 | 13.73 | 17.00 |
| EV / EBIT | 18.08 | 22.23 | 19.86 | 21.29 | 18.45 | 23.00 | 16.90 | 31.19 | 24.37 | 18.15 | 24.47 |
| EV / FCF | — | — | — | — | — | — | — | — | — | 6654.11 | 61.39 |
NGG Profitability
Margins and return-on-capital ratios measuring operating efficiency
National Grid plc earns an operating margin of 32.7%, above the Utilities sector average of 18.5%. Operating margins have expanded from 22.5% to 32.7% over the past 3 years, signaling improving operational efficiency. ROE of 8.5% is modest, trailing the sector median of 9.3%. ROIC of 5.2% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.7% | 32.7% | 77.4% | 73.4% | 60.2% | 66.9% | 66.9% | 69.8% | 78.9% | 81.4% | 84.1% |
| Operating Margin | 32.7% | 32.7% | 26.8% | 22.5% | 22.5% | 23.7% | 23.7% | 17.1% | 19.2% | 22.9% | 21.3% |
| Net Profit Margin | 18.3% | 18.3% | 15.8% | 11.5% | 36.0% | 12.8% | 12.8% | 9.5% | 10.1% | 23.3% | 51.8% |
Return on Capital
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.5% | 8.5% | 8.6% | 7.7% | 29.2% | 10.8% | 11.9% | 6.4% | 7.9% | 18.1% | 45.9% |
| ROA | 3.1% | 3.1% | 2.8% | 2.4% | 8.3% | 2.9% | 3.5% | 1.9% | 2.5% | 5.7% | 12.5% |
| ROIC | 5.2% | 5.2% | 4.6% | 4.5% | 5.2% | 5.5% | 6.5% | 3.5% | 4.6% | 5.6% | 5.5% |
| ROCE | 6.0% | 6.0% | 5.4% | 5.2% | 6.4% | 6.8% | 7.5% | 4.0% | 5.5% | 6.6% | 6.0% |
NGG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
National Grid plc carries a Debt/EBITDA ratio of 5.7x, which is highly leveraged (10% above the sector average of 5.2x). Net debt stands at $46.4B ($46.8B total debt minus $375M cash). Interest coverage of 4.5x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.19 | 1.19 | 1.26 | 1.57 | 1.45 | 1.91 | 1.57 | 1.56 | 1.47 | 1.41 | 1.40 |
| Debt / EBITDA | 5.73 | 5.73 | 6.69 | 7.20 | 6.26 | 7.33 | 5.03 | 8.29 | 6.44 | 5.30 | 6.11 |
| Net Debt / Equity | — | 1.18 | 1.23 | 1.56 | 1.45 | 1.90 | 1.56 | 1.55 | 1.46 | 1.40 | 1.35 |
| Net Debt / EBITDA | 5.69 | 5.69 | 6.52 | 7.12 | 6.24 | 7.30 | 5.01 | 8.27 | 6.39 | 5.24 | 5.86 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | 2536.68 | 21.18 |
| Interest Coverage | 4.45 | 4.45 | 3.97 | 3.55 | 3.81 | 4.31 | 6.71 | 2.38 | 3.08 | 4.03 | 3.49 |
NGG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.76x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.91x to 0.76x over the past 3 years.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.76 | 0.76 | 1.35 | 0.91 | 1.00 | 0.73 | 1.06 | 0.68 | 0.87 | 0.77 | 1.29 |
| Quick Ratio | 0.71 | 0.71 | 1.30 | 0.84 | 0.90 | 0.70 | 1.02 | 0.63 | 0.83 | 0.74 | 1.26 |
| Cash Ratio | 0.29 | 0.29 | 0.65 | 0.37 | 0.30 | 0.13 | 0.27 | 0.24 | 0.24 | 0.35 | 0.94 |
| Asset Turnover | — | 0.17 | 0.17 | 0.20 | 0.23 | 0.19 | 0.27 | 0.20 | 0.24 | 0.26 | 0.23 |
| Inventory Turnover | 21.65 | 21.65 | 7.45 | 6.37 | 9.84 | 11.93 | 17.57 | 9.70 | 8.51 | 10.59 | 7.95 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NGG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
National Grid plc returns 2.8% to shareholders annually primarily through dividends. A payout ratio of 50.1% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.5% (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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 2.0% | 2.4% | 3.1% | 2.9% | 1.6% | 2.9% | 2.1% | 2.8% | 9.9% | 2.9% |
| Payout Ratio | 50.1% | 50.1% | 51.9% | 75.1% | 20.1% | 40.8% | 56.7% | 72.5% | 76.9% | 119.1% | 19.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 3.9% | 4.6% | 4.2% | 14.0% | 4.0% | 5.0% | 2.9% | 3.7% | 7.8% | 4.9% |
| FCF Yield | — | — | — | — | — | — | — | — | — | 0.0% | 2.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.3% | 0.4% |
| Total Shareholder Yield | 2.8% | 2.0% | 2.4% | 3.1% | 2.9% | 1.6% | 2.9% | 2.1% | 2.8% | 12.2% | 3.3% |
| Shares Outstanding | — | $994M | $946M | $807M | $800M | $787M | $787M | $757M | $740M | $756M | $754M |
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 | $79B | 18.2 | 13.0 | — | 32.7% | 32.7% | 8.5% | 5.2% | 5.7 |
 SO | $105B | 23.7 | 12.7 | — | 29.8% | 24.6% | 11.5% | 5.3% | 4.9 |
 DUK | $97B | 19.6 | 12.6 | — | 31.6% | 26.6% | 9.5% | 4.6% | 6.1 |
 EXC | $47B | 16.7 | 11.0 | — | 27.9% | 21.2% | 9.9% | 5.1% | 5.8 |
 PPL | $27B | 22.1 | 12.7 | — | 39.1% | 23.6% | 8.2% | 5.0% | 5.5 |
 ED | $39B | 18.9 | 12.6 | 1088.8 | 62.0% | 17.3% | 8.8% | 4.4% | 5.5 |
 AEE | $30B | 20.3 | 13.5 | — | 29.6% | 23.0% | 11.3% | 4.7% | 5.4 |
 ETR | $51B | 28.4 | 14.6 | — | 29.9% | 23.6% | 10.9% | 5.0% | 5.5 |
 EIX | $28B | 6.2 | 7.1 | — | 57.8% | 36.7% | 24.6% | 9.1% | 4.3 |
 PEG | $40B | 19.0 | 15.1 | 122.6 | 69.0% | 24.5% | 12.8% | 5.6% | 5.8 |
 FE | $27B | 26.4 | 12.3 | — | 54.8% | 18.8% | 7.4% | 5.4% | 6.2 |
| Utilities Median | — | 19.0 | 11.9 | 18.6 | 38.4% | 18.5% | 9.3% | 4.9% | 5.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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NGG — 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 18.2x. The historical average is 23.3x. This places it at the 19th percentile of its historical range.
What is National Grid plc's EV/EBITDA?
National Grid plc's current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.8x.
What is National Grid plc's ROE?
National Grid plc's return on equity (ROE) is 8.5%. The historical average is 31.7%.
Is NGG stock overvalued?
Based on historical data, National Grid plc is trading at a P/E of 18.2x. This is at the 19th 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 2.76% with a payout ratio of 50.1%.
What are National Grid plc's profit margins?
National Grid plc has 32.7% gross margin and 32.7% 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 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.