Last 24 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 7.8x, down 34.3% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has expanded 9.9% YoY to 6.1x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '26 | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 18.19 | 7.83 | 30.28 | 7.26 | 25.61 | 11.93 | 10.45 | 2.15 | 7.45 | 7.91 | 24.04 | 11.31 | 18.76 |
| — | -34.3% | +189.7% | +237.3% | +244.0% | +50.8% | -56.5% | -81.0% | -60.3% | -36.5% | -5.8% | +16.6% | -13.2% | |
| P/S Ratio | 3.32 | 1.95 | 2.55 | 1.57 | 2.08 | 1.22 | 1.44 | 1.11 | 1.09 | 1.29 | 1.63 | 1.54 | 1.87 |
| — | +60.6% | +77.5% | +41.0% | +91.0% | -6.0% | -11.8% | -27.7% | -41.6% | -0.4% | +2.9% | — | — | |
| P/B Ratio | 1.52 | 2.14 | 1.93 | 1.70 | 1.77 | 1.85 | 1.36 | 1.84 | 1.58 | 2.56 | 2.25 | 2.30 | 2.42 |
| — | +15.9% | +42.5% | -7.7% | +11.5% | -27.8% | -39.8% | -20.0% | -34.5% | +13.7% | +5.6% | +8.7% | +22.6% | |
| P/FCF | — | — | — | — | — | — | — | 20.40 | — | 24.48 | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 13.02 | 6.08 | 10.79 | 6.03 | 7.17 | 5.53 | 8.58 | 7.27 | 3.22 | 7.21 | 5.23 | 9.29 | 6.23 |
| — | +9.9% | +25.7% | -17.1% | +122.5% | -23.3% | +64.2% | -21.7% | -48.3% | +20.5% | -9.8% | — | — | |
| EV / EBIT | 18.08 | 7.76 | 18.23 | 8.03 | 11.11 | 11.21 | 12.94 | 10.38 | 5.49 | 9.11 | 7.33 | 14.02 | 12.15 |
| — | -30.8% | +40.9% | -22.6% | +102.4% | +23.0% | +76.5% | -26.0% | -54.8% | -12.3% | -40.5% | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
National Grid plc's operating margin was 39.0% in Q4 2026, up 16.2 pp QoQ and up 7.7 pp YoY. The trailing four-quarter average of 27.8% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 24.5% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '26 | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.7% | 39.0% | 22.9% | 34.1% | 15.2% | 31.3% | 100.0% | 100.0% | 100.0% | 22.6% | 18.8% | 18.3% | 17.3% |
| — | +24.5% | -77.1% | -65.9% | -84.8% | +38.4% | +432.7% | +445.3% | +478.6% | -15.9% | +8.5% | — | — | |
| Operating Margin | 32.7% | 39.0% | 22.9% | 34.1% | 15.2% | 31.3% | 23.4% | 21.6% | 23.7% | 22.6% | 18.8% | 18.3% | 17.3% |
| — | +24.5% | -2.2% | +57.9% | -35.9% | +38.4% | +24.6% | +17.8% | +37.2% | -15.9% | +8.5% | — | — | |
| Net Margin | 18.3% | 24.7% | 8.7% | 21.6% | 8.1% | 10.2% | 13.3% | 53.5% | 13.3% | 16.3% | 6.8% | 13.7% | 9.9% |
| — | +141.5% | -34.3% | -59.6% | -38.9% | -37.4% | +94.6% | +291.7% | +34.2% | +56.1% | +9.6% | — | — |
| Metric | TTM | Q4 '26 | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.5% | 7.0% | 1.6% | 6.0% | 1.9% | 3.5% | 3.4% | 23.6% | 5.0% | 8.7% | 2.4% | 5.3% | 3.1% |
| — | +97.4% | -52.3% | -74.5% | -62.7% | -59.3% | +43.1% | +344.0% | +63.1% | +87.4% | +16.2% | — | — | |
| ROA | 3.1% | 2.5% | 0.6% | 2.1% | 0.6% | 1.1% | 1.1% | 6.8% | 1.3% | 2.1% | 0.6% | 1.5% | 0.9% |
| — | +130.8% | -46.2% | -68.6% | -51.9% | -48.0% | +74.1% | +343.9% | +45.4% | +56.5% | +0.9% | — | — | |
| ROIC | 5.2% | 3.8% | 1.5% | 4.4% | 1.6% | 3.2% | 1.8% | 4.0% | 3.5% | 4.5% | 2.8% | 3.0% | 2.2% |
| — | +17.5% | -20.6% | +9.1% | -55.9% | -28.6% | -35.2% | +36.7% | +57.8% | -3.6% | +14.4% | — | — |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
National Grid plc's Debt/EBITDA ratio is 8.7x, down from 16.9x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 16.2% YoY to 0.76x, tightening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '26 | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.19 | 1.19 | 1.23 | 1.26 | — | 1.57 | 1.52 | 1.45 | — | 1.91 | — | 1.57 | — |
| — | -24.5% | -18.8% | -13.6% | — | -17.4% | — | -7.5% | — | +22.5% | — | +26.8% | — | |
| Debt / EBITDA | 5.73 | 8.71 | 16.94 | 10.36 | — | 10.24 | 18.19 | 12.86 | — | 12.35 | — | 15.11 | — |
| — | -15.0% | -6.9% | -19.4% | — | -17.0% | — | -14.9% | — | +25.9% | — | — | — | |
| Current Ratio | 0.76 | 0.76 | 0.97 | 1.35 | 1.61 | 0.91 | 0.93 | 1.00 | 0.71 | 0.73 | 0.69 | 1.06 | 0.79 |
| — | -16.2% | +4.5% | +35.2% | +125.8% | +25.7% | +34.9% | -5.9% | -9.8% | +7.1% | -2.0% | +21.9% | -6.6% | |
| Quick Ratio | 0.71 | 0.71 | 0.90 | 1.30 | 1.54 | 0.84 | 0.82 | 0.90 | 0.66 | 0.71 | 0.67 | 1.02 | 0.71 |
| — | -15.7% | +10.4% | +43.8% | +131.4% | +18.2% | +22.4% | -11.9% | -6.2% | +12.8% | +2.0% | +23.4% | -10.6% | |
| Interest Coverage | 4.45 | 8.71 | 1.96 | 6.29 | 1.75 | 4.06 | 2.46 | 3.66 | 2.24 | 5.28 | 3.14 | 4.01 | 2.47 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying NGG stock.
National Grid plc's current P/E is 18.2x. 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 32.7%. Margins have been expanding 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.