Last 23 quarters of trend data · Utilities · Regulated Electric
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
National Grid plc's quarterly P/E stands at 27.9x, up 176.6% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 34.8% YoY to 11.1x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 21.91 | 27.95 | 7.13 | 24.88 | 11.00 | 10.11 | 2.09 | 7.53 | 8.18 | 24.85 | 10.97 | 18.06 | 12.67 |
| — | +176.6% | +241.9% | +230.3% | +34.6% | -59.3% | -81.0% | -58.3% | -35.4% | +1.0% | +22.6% | -13.6% | +261.9% | |
| P/S Ratio | 3.50 | 2.55 | 1.55 | 1.99 | 1.12 | 1.32 | 1.11 | 1.00 | 1.32 | 1.67 | 1.50 | 1.70 | 1.35 |
| — | +92.7% | +38.9% | +99.2% | -15.7% | -21.1% | -25.9% | -41.2% | -1.7% | +12.9% | +35.0% | +20.9% | +12.8% | |
| P/B Ratio | 1.68 | 1.93 | 1.70 | 1.77 | 1.70 | 1.25 | 1.84 | 1.45 | 2.56 | 2.25 | 2.30 | 2.42 | 2.25 |
| — | +55.0% | -7.4% | +21.5% | -33.6% | -44.7% | -20.0% | -39.9% | +13.7% | +14.8% | +17.8% | +31.2% | +3.5% | |
| P/FCF | — | — | — | — | 33.03 | — | 20.88 | — | 43.68 | — | — | — | — |
| — | — | — | — | -24.4% | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 15.56 | 11.13 | 6.34 | 6.57 | 7.70 | 8.26 | 7.27 | 2.96 | 7.72 | 4.94 | 10.34 | 5.33 | 6.21 |
| — | +34.8% | -12.9% | +122.4% | -0.3% | +67.3% | -29.7% | -44.5% | +24.3% | -9.9% | +112.1% | -30.9% | +19.1% | |
| EV / EBIT | 22.42 | 19.61 | 7.63 | 11.10 | 6.77 | 12.45 | 10.38 | 5.03 | 9.13 | 8.82 | 12.99 | 11.86 | 8.66 |
| — | +57.6% | -26.5% | +120.5% | -25.8% | +41.1% | -20.1% | -57.6% | +5.4% | -17.1% | +94.3% | -2.4% | +27.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
National Grid plc's operating margin was 21.6% in Q2 2026, down 13.2 pp QoQ and down 1.8 pp YoY. The trailing four-quarter average of 23.7% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 18.7% | 26.9% |
| — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | +434.3% | +271.7% | +477.8% | +146.7% | -4.3% | -67.2% | |
| Operating Margin | 26.8% | 21.6% | 34.8% | 16.4% | 21.9% | 23.4% | 21.6% | 23.7% | 25.0% | 21.5% | 19.0% | 18.7% | 26.9% |
| — | -7.6% | +61.0% | -30.6% | -12.4% | +8.8% | +14.0% | +26.7% | -7.0% | +24.2% | -30.1% | -3.4% | -0.9% | |
| Net Margin | 15.8% | 8.7% | 21.6% | 8.1% | 10.2% | 13.3% | 53.5% | 13.3% | 16.3% | 6.8% | 13.7% | 9.2% | 10.5% |
| — | -34.3% | -59.6% | -38.9% | -37.4% | +94.6% | +291.7% | +44.6% | +56.1% | +9.6% | +9.6% | +36.4% | -69.3% |
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.6% | 1.6% | 6.1% | 2.0% | 3.5% | 3.4% | 23.6% | 5.0% | 8.4% | 2.3% | 5.4% | 3.2% | 4.4% |
| — | -52.2% | -74.0% | -61.0% | -58.2% | +47.1% | +333.2% | +60.0% | +89.9% | +15.2% | -1.2% | +40.6% | -72.8% | |
| ROA | 2.8% | 0.6% | 2.2% | 0.6% | 1.1% | 1.1% | 6.8% | 1.3% | 2.0% | 0.6% | 1.6% | 0.9% | 1.3% |
| — | -46.0% | -68.1% | -49.7% | -46.7% | +78.9% | +333.2% | +42.6% | +58.5% | +0.1% | -9.7% | +25.9% | -74.3% | |
| ROIC | 4.6% | 1.4% | 4.6% | 1.8% | 2.2% | 1.8% | 4.0% | 3.5% | 4.8% | 3.1% | 3.1% | 2.7% | 4.5% |
| — | -24.8% | +13.3% | -50.1% | -53.7% | -41.9% | +29.0% | +32.6% | +8.0% | +29.9% | -22.0% | +22.5% | +4.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
National Grid plc's Debt/EBITDA ratio is 17.5x, up from 10.9x last quarter — elevated, raising questions about debt serviceability.
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.26 | 1.23 | 1.26 | — | 1.57 | 1.52 | 1.45 | — | 1.91 | — | 1.57 | — | 1.56 |
| — | -18.8% | -13.6% | — | -17.4% | — | -7.5% | — | +22.5% | — | +26.8% | — | +29.8% | |
| Debt / EBITDA | 6.69 | 17.47 | 10.88 | — | 14.91 | 18.19 | 12.86 | — | 13.22 | — | 16.82 | — | 10.17 |
| — | -3.9% | -15.4% | — | +12.7% | — | -23.6% | — | +29.9% | — | +121.3% | — | +36.4% | |
| Current Ratio | 1.35 | 0.97 | 1.35 | 1.61 | 0.91 | 0.93 | 1.00 | 0.71 | 0.73 | 0.69 | 1.06 | 0.79 | 0.68 |
| — | +4.5% | +35.2% | +125.8% | +25.7% | +34.9% | -5.9% | -9.8% | +7.1% | -2.0% | +21.9% | -6.6% | -11.8% | |
| Quick Ratio | 1.30 | 0.90 | 1.30 | 1.54 | 0.84 | 0.82 | 0.90 | 0.66 | 0.71 | 0.67 | 1.02 | 0.71 | 0.63 |
| — | +10.4% | +43.8% | +131.4% | +18.2% | +22.4% | -11.9% | -6.2% | +12.8% | +2.0% | +23.4% | -10.6% | -14.7% | |
| Interest Coverage | 2.73 | 2.29 | 5.32 | 2.00 | 3.64 | 2.18 | 3.30 | 2.57 | 4.64 | 2.68 | 2.77 | 2.56 | 4.41 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 23 years · Updated daily
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National Grid plc's current P/E is 21.9x. The average P/E over the last 4 quarters is 17.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
National Grid plc's current operating margin is 26.8%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking National Grid plc's business trajectory between earnings reports.