National Grid plc

1,250pAs of Sun 8 Nov 2026, 12:00 UTC

LSE:NGUtilities

Ctry United Kingdom

PE (Fwd) •••

TSR 10Y CAGR 7.73%

Div yield 3.88%

ROE 10.30%

Utilities (Regulated Electric)

Beta (5Y) 0.61

PE TTM 15.76

TSR TTM 14.06%

Mkt cap £62.81B

ROIC 4.12%

SE Grade™

Value

Quality

Moat

Consensus

Reference

1,458p

16.70%

161.78%

Hold 11|9|12|11|5

TTM

FYE 31 Mar GBP

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026

FY2027E

Trend

10Y

Peers

2.993

Revenue£B

21.92

21.69

22.20

22.39

22.82

23.00

23.06

23.27

23.59

23.90

3.195

0.93%

0.91%

26.05

Revenue growth%

18.75

15.82

17.04

16.61

17.01

15.29

14.54

12.53

15.40

17.93

9.17

15.29

16.21

25.44

Gross margin%

16.93

15.20

15.57

16.36

14.91

14.31

16.47

18.01

16.70

16.37

9.67

16.47

16.36

8.00

Operating margin%

2.93

0.51

1.35

3.19

1.23

0.47

0.40

0.79

0.40

7.70

0.40

0.65

19.13

Net margin%

9.83

11.87

13.05

12.94

12.27

10.17

8.10

7.42

5.86

6.52

14.62

7.42

10.00

12.47

P/E ratio (avg)x

17.04

18.63

18.55

18.53

22.41

24.21

25.56

29.87

35.41

35.11

33.82

29.87

23.31

25.22

EV/EBITx

7.254

7.065

6.883

6.092

5.407

5.787

6.115

5.765

5.273

5.752

26.62

5.765

5.940

13.17

FCF yield (avg)%

32.04

33.97

31.18

29.25

28.15

26.28

28.22

30.75

29.73

31.02

28.91

29.73

30.24

6.57

FCF margin%

28.66

28.24

27.77

28.85

26.35

28.67

30.77

32.17

34.88

33.63

23.20

32.17

28.76

0.413

FCF / Net incomex

1.606

1.845

2.091

2.349

2.281

2.267

2.230

2.382

2.735

3.015

0.439

2.382

2.274

22.51

ROIC%

25.64

23.86

21.43

20.10

22.42

20.93

21.03

19.40

21.08

23.48

13.96

21.03

21.26

10.31

Return on equity%

16.45

15.22

14.38

12.16

12.03

14.91

15.43

13.13

12.27

10.19

20.08

13.13

13.75

22.13

Return on assets%

5.44

7.90

5.31

7.04

6.90

5.74

5.29

4.11

2.62

5.48

29.25

5.29

5.46

1.09

EPS£

1.46

1.28

1.36

1.48

1.27

1.39

1.26

1.18

1.24

1.25

1.20

(0.36%)

(2.38%)

—

18.77

EPS growth%

8.10

9.40

9.73

7.16

4.99

4.70

3.05

1.16

2.00

1.04

26.70

2.00

4.85

1.51

Bookvalue per sh£

0.86

0.83

0.98

0.95

1.04

1.24

1.45

1.67

1.75

1.68

10.90%

8.21%

—

1.29

FCF per share£

2.25

2.31

2.38

2.52

2.44

2.48

2.69

2.94

3.42

3.48

1.40

7.37%

4.34%

—

1.46

Dividend per sh£

2.31

2.24

2.15

2.13

2.50

2.91

2.93

3.32

3.44

3.32

0.29

5.81%

4.73%

—

14.26

Div yield (avg)%

20.65

23.50

24.85

23.79

25.67

24.48

23.00

25.40

24.80

21.97

25.39

24.48

24.13

2.77

Payout ratio%

26.73

27.97

29.47

29.06

28.27

28.42

26.31

28.40

29.25

20.74

28.40

28.41

4.969

Shares (diluted)B

6.518

7.227

7.571

7.962

7.917

7.663

7.583

8.049

8.447

8.752

4.955

2.03%

3.68%

15.64

Buyback yield%

7.25

6.07

5.04

7.97

8.16

10.50

9.39

6.50

6.58

4.98

24.59

6.58

6.91

0.820

D/E ratiox

1.427

1.514

1.687

1.742

1.938

1.935

1.791

1.891

2.085

2.134

0.179

1.935

1.841

4.746

Enterprise value£B

7.837

7.977

8.059

8.070

7.176

7.800

7.729

7.821

8.268

8.242

9.997

2.81%

(0.22%)

1.338

LT debt£B

26.27

27.50

29.11

30.67

33.12

32.15

33.33

35.96

40.26

44.82

11.07

6.23%

7.18%

Peers (US$84.51B)

Cap (US$)

SSE plc

43.26B

25.13x

United Utilities Group…

15.42B

17.98x

Severn Trent PLC

13.43B

26.86x

Duke Energy Corporation

99.63B

18.67x

Capital

TTM

10Y

Leveragex

0.164

—

EBIT/Intx

0.880

1.205

1.061

Own earn%

(131.80)

28.02

32.55

Sh yield%

29.90

31.90

31.56

Owners

Insiders/Inst%

7.90

80.21

Short interest%

2.22

SBC / revenue%

2.02

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

0–3

$1 testx

—

Incr. ROIC%

National Grid plc transmits and distributes electricity and gas, providing electricity transmission in England and Wales and electricity distribution in East and West Midlands, Southwest England and South Wales. In New England and New York it distributes electricity and gas and transmits electricity, and it also operates electricity interconnectors, LNG importation at the Isle of Grain, and UK commercial property and insurance.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

£23.90B

0.91%

1.00×

Cost of revenue

£15.05B

1.04%

1.01×

Operating expenses

£4.248B

1.08%

1.02×