National Grid plc (NGG) P/E Ratio History
ExpensiveTrading at 19.0x vs 5Y avg 10.8x · 100th percentile · Material premium to history · Data 2014–2026
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P/E Ratio Analysis
As of June 28, 2026, National Grid plc (NGG) trades at a price-to-earnings ratio of 19.0x, with a stock price of $83.01 and trailing twelve-month earnings per share of $6.14.
The current P/E is 77% above its 5-year average of 10.8x. Over the past five years, NGG's P/E has ranged from a low of 4.5x to a high of 15.7x, placing the current valuation at the 100th percentile of its historical range.
Compared to the Utilities sector median P/E of 19.9x, NGG is roughly in line with its sector peers. The sector includes 111 companies with P/E ratios ranging from 0.0x to 170.4x.
The PEG ratio of 9.56 (P/E divided by 9% 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 at a notable discount to the S&P 500 median P/E of 25.3x. 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.
NGG Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
NGG P/E vs Peers
Wires-only electric transmission and distribution peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $110B | 24.8 | 4.24 | -2% | |
| $100B | 20.3 | 0.69 | +11% | |
| $49B | 17.3 | 2.71 | +12% | |
| $28B | 23.1 | - | +33% | |
| $41B | 19.9 | 1.74 | +8% | |
| $32B | 21.8 | 2.46 | +21% | |
| $53B | 29.6 | 11.69 | +60% | |
| $29B | 6.6Lowest | 0.15Best | +249%Best | |
| $42B | 19.9 | 8.68 | +19% | |
| $28B | 27.5 | - | +4% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
NGG Historical P/E Data (2014–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q4 | - | $84.60 | $6.24 | 13.6x | +22% |
| FY2026 Q2 | - | $72.67 | $4.97 | 14.6x | +32% |
| FY2025 Q4 | Mar 31 2025 | $65.61 | $5.82 | 11.3x | +1% |
| FY2025 Q2 | Sep 30 2024 | $69.67 | $11.46 | 6.1x | -45% |
| FY2024 Q4 | Mar 31 2024 | $68.22 | $12.51 | 5.5x | -51% |
| FY2024 Q2 | Sep 30 2023 | $60.63 | $13.51 | 4.5x | -60% |
| FY2023 Q4 | Mar 31 2023 | $67.99 | $12.68 | 5.4x | -52% |
| FY2023 Q2 | Sep 30 2022 | $51.53 | $6.09 | 8.5x | -24% |
| FY2022 Q4 | - | $76.87 | $5.13 | 15.0x | +35% |
| FY2022 Q2 | - | $59.63 | $3.87 | 15.4x | +39% |
| FY2021 Q4 | Mar 31 2021 | $59.24 | $3.78 | 15.7x | +41% |
| FY2021 Q2 | Sep 30 2020 | $57.79 | $3.91 | 14.8x | +33% |
| FY2020 Q4 | - | $58.27 | $3.74 | 15.6x | +40% |
| FY2020 Q2 | Sep 30 2019 | $54.13 | $6.26 | 8.6x | -22% |
| FY2019 Q4 | Mar 31 2019 | $55.84 | $6.57 | 8.5x | -24% |
| FY2019 Q2 | Sep 30 2018 | $51.86 | $7.73 | 6.7x | -40% |
| FY2018 Q4 | Mar 31 2018 | $56.43 | $7.83 | 7.2x | -35% |
| FY2018 Q2 | Sep 30 2017 | $62.71 | $5.49 | 11.4x | +3% |
| FY2017 Q4 | Mar 31 2017 | $69.25 | $6.02 | 11.5x | +4% |
| FY2017 Q2 | Sep 30 2016 | $77.57 | $5.02 | 15.5x | +39% |
| FY2016 Q4 | - | $77.91 | $5.39 | 14.5x | +30% |
| FY2016 Q2 | Sep 30 2015 | $75.96 | $5.80 | 13.1x | +18% |
| FY2015 Q4 | - | $70.48 | $6.21 | 11.3x | +2% |
| FY2015 Q2 | - | $78.41 | $6.31 | 12.4x | +12% |
| FY2014 Q4 | Mar 31 2014 | $74.99 | $6.64 | 11.3x | +2% |
Average P/E for displayed period: 11.1x
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
12+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
NGG — Frequently Asked Questions
Quick answers to the most common questions about buying NGG stock.
What is NGG's P/E ratio?
National Grid plc (NGG) trailing twelve-month P/E ratio is 19.0x, based on TTM diluted EPS of $6.14. The 5-year average P/E is 10.8x and the historical range spans 4.5x to 15.7x.
Is NGG stock overvalued or undervalued?
NGG trades at 19.0x P/E, above its 5-year average of 10.8x. The 100th percentile ranking within the 4.5x–15.7x historical range indicates a premium to historical valuation.
Is NGG stock expensive?
Yes, NGG is expensive relative to its own history. The current P/E of 19.0x is above the 5-year average of 10.8x. The stock sits at the 100th percentile of its 5-year valuation range.
What is NGG's historical P/E range?
Over the past 5 years, NGG's P/E ratio has ranged from 4.5x to 15.7x, with a median of 11.4x and an average of 10.8x. The current P/E of 19.0x places the stock at the 100th percentile of this range. Full historical data spans 2014–2026.
How does NGG's P/E compare to the S&P 500?
NGG trades at 19.0x P/E versus the S&P 500 median of 25.3x. The 25% discount to the market suggests lower growth expectations or perceived higher risk.
How does NGG's valuation compare to Utilities peers?
National Grid plc P/E of 19.0x compares to the Utilities sector median of 19.9x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is NGG's PEG ratio?
NGG PEG ratio is 9.56, based on a P/E of 19.0x and EPS growth of 8.9%. A PEG above 2.0 indicates a premium valuation relative to earnings growth — typically considered expensive.
What is NGG's earnings yield?
NGG earnings yield is 5.25%, the inverse of its 19.0x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.