National Grid plc (NGG) P/E Ratio History
Historical price-to-earnings valuation from 2014 to 2026
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Valuation Context
How does the current P/E compare to historical and market benchmarks?
P/E Ratio Analysis
As of March 1, 2026, National Grid plc (NGG) trades at a price-to-earnings ratio of 23.6x, with a stock price of $93.77 and trailing twelve-month earnings per share of $4.73.
The current P/E is 120% above its 5-year average of 10.8x. Over the past five years, NGG's P/E has ranged from a low of 4.4x to a high of 15.4x, placing the current valuation at the 100th percentile of its historical range.
Compared to the Utilities sector median P/E of 21.0x, NGG is roughly in line with its sector peers. The sector includes 108 companies with P/E ratios ranging from 0.1x to 171.6x.
The PEG ratio of 2.28 (P/E divided by 7% EPS growth) suggests the stock may be expensive relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, NGG trades roughly in line with the S&P 500 median P/E of 26.2x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our NGG DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
Peer Comparison
P/E metrics vs. Wires-only electric transmission and distribution peers
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
NGGNational Grid plc | $93B | 23.6 | 2.28 | +7% |
EXCExelon Corporation | $50B | 18.1 | 2.87 | +11% |
EIXEdison International | $33B | 6.5 | 0.15 | +249%Best |
FEFirstEnergy Corp. | $697M | 29.1 | - | +4% |
EDNEmpresa Distribuidora y Comercializadora Norte Sociedad Anónima | $529M | 5.2Lowest | 0.08Best | +60% |
Peers sorted by market capitalization. P/E below peers may indicate undervaluation or lower growth expectations. Consider PEG ratio for growth-adjusted comparison.
Historical P/E Data
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Date | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q2 | $72.67 | $5.20 | 14.0x | +27% | |
| FY2025 Q4 | Mon Mar 31 2025 00:00:00 GM | $65.61 | $6.05 | 10.8x | -1% |
| FY2025 Q2 | Mon Sep 30 2024 00:00:00 GM | $69.67 | $11.90 | 5.9x | -47% |
| FY2024 Q4 | Sun Mar 31 2024 00:00:00 GM | $68.22 | $12.91 | 5.3x | -52% |
| FY2024 Q2 | Sat Sep 30 2023 00:00:00 GM | $60.63 | $13.71 | 4.4x | -60% |
| FY2023 Q4 | Fri Mar 31 2023 00:00:00 GM | $67.99 | $12.81 | 5.3x | -52% |
| FY2023 Q2 | Fri Sep 30 2022 00:00:00 GM | $51.53 | $6.01 | 8.6x | -22% |
| FY2022 Q4 | $76.87 | $5.10 | 15.1x | +37% | |
| FY2022 Q2 | $59.63 | $3.90 | 15.3x | +39% | |
| FY2021 Q4 | Wed Mar 31 2021 00:00:00 GM | $59.24 | $3.85 | 15.4x | +40% |
| FY2021 Q2 | Wed Sep 30 2020 00:00:00 GM | $57.79 | $4.06 | 14.2x | +30% |
| FY2020 Q4 | $58.27 | $3.88 | 15.0x | +37% |
Average P/E for displayed period: 11.0x
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Start ComparisonFrequently Asked Questions
Is NGG stock overvalued or undervalued?
NGG trades at 23.6x P/E, above its 5-year average of 10.8x. The 100th percentile ranking indicates a premium to historical valuation.
How does NGG's valuation compare to peers?
National Grid plc P/E of 23.6x compares to sector median of 21.0x. The premium reflects expected growth above peers.
What is NGG's PEG ratio?
NGG PEG ratio is 2.28. Above 2.0 indicates premium valuation relative to growth rate. Historical P/E data spans 2014-2026.