National Grid (NGG) Stock Analysis

June 13, 2026

Here is a fundamental analysis of National Grid (NGG), benchmarking its profitability, financial strength, dividend and valuation against its industry group peers.

Performance

Cumulative Growth

NGG

GSPC

National Grid (NGG) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for National Grid (NGG) and S&P 500 (GSPC). Returns over one year are annualized.

Performance at a Glance

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
1-Year Return	16.99%	16.99%

Risk

Drawdown

NGG

GSPC

National Grid (NGG) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Risk at a Glance

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
1-Year Volatility	21.61%	21.63%
Beta	0.77	0.55

Company Profile

National Grid (NGG) trades as an ADR rather than ordinary local shares — read it with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile fields for National Grid (NGG)
Profile Item	NGG
Name	National Grid plc Sponsored ADR
Country/Region	United Kingdom
GICS Sector	Utilities
GICS Industry Group	Utilities
GICS Industry	Multi-Utilities
GICS Sub-Industry	Multi-Utilities
Market Capitalization	81.44 billion USD
Currency	USD
Exchange	NYSE
Listing Date	August 10, 2005
Security Type	ADR

Valuation

Price-to-Earnings Ratio (TTM)

National Grid (NGG) trades at P/E ratio of 18.68, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

NGG

Utilities industry group

18.68

Group distribution

Max: 31.39
Q3: 22.99
Median: 19.91
NGG: 18.68
Q1: 16.35
Min: 7.60

Largest peers

SRE: 31.39
SO: 24.04
CEG: 22.03
NEE: 21.82
DUK: 19.23
AEP: 19.12
NGG: 18.68

Where National Grid (NGG) stands on P/E ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Price-to-Sales Ratio (TTM)

National Grid (NGG) trades at 4.60 on P/S ratio, in the higher sales-valuation quartile. Investors are paying up for each dollar of revenue, so stronger margins, growth, or revenue quality need to carry that price.

NGG

Utilities industry group

4.60

Group distribution

Max: 6.44
NGG: 4.60
Q3: 3.60
Median: 2.62
Q1: 1.64
Min: 0.00

Largest peers

NEE: 6.44
NGG: 4.60
SRE: 4.45
SO: 3.51
AEP: 3.13
CEG: 3.03
DUK: 2.98

Where National Grid (NGG) stands on P/S ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Price-to-Book Ratio (MRQ)

National Grid (NGG) trades at 8.19 on P/B ratio, above the industry benchmark range. Investors are putting an unusually rich price on each dollar of book equity relative to peers.

NGG

Utilities industry group

8.19

Group distribution

NGG: 8.19
Max: 3.79
Q3: 2.41
Median: 1.90
Q1: 1.42
Min: 0.34

Largest peers

NGG: 8.19
NEE: 3.25
SO: 2.85
CEG: 2.75
AEP: 2.21
SRE: 1.91
DUK: 1.82

Where National Grid (NGG) stands on P/B ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Valuation at a Glance

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
Price-to-Earnings Ratio (TTM)	18.68	19.91
Price-to-Sales Ratio (TTM)	4.60	2.62
Price-to-Book Ratio (MRQ)	8.19	1.90
Free Cash Flow Yield	-3.84%	-5.99%

Profitability

Return on Equity (TTM)

National Grid (NGG) posts ROE of 8.41%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

NGG

Utilities industry group

8.41%

Group distribution

Max: 16.11%
Q3: 11.15%
Median: 9.46%
NGG: 8.41%
Q1: 7.50%
Min: 2.67%

Largest peers

CEG: 16.11%
AEP: 12.59%
SO: 10.99%
NEE: 10.33%
DUK: 9.66%
NGG: 8.41%
SRE: 5.69%

Where National Grid (NGG) stands on ROE within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Net Profit Margin (TTM)

National Grid (NGG) keeps 18.32% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

NGG

Utilities industry group

18.32%

Group distribution

Max: 29.37%
NGG: 18.32%
Q3: 17.31%
Median: 12.55%
Q1: 9.24%
Min: -0.65%

Largest peers

NEE: 29.37%
NGG: 18.32%
AEP: 16.29%
DUK: 15.71%
SO: 14.46%
SRE: 14.43%
CEG: 12.69%

Where National Grid (NGG) stands on net margin within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Operating Profit Margin (TTM)

National Grid (NGG) turns 32.60% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

NGG

Utilities industry group

32.60%

Group distribution

Max: 43.52%
NGG: 32.60%
Q3: 30.09%
Median: 23.50%
Q1: 16.61%
Min: 0.00%

Largest peers

NGG: 32.60%
SRE: 30.62%
NEE: 30.18%
SO: 25.82%
DUK: 25.51%
AEP: 23.74%
CEG: 21.86%

Where National Grid (NGG) stands on operating margin within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Profitability at a Glance

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
Return on Equity (TTM)	8.41%	9.46%
Return on Assets (TTM)	3.01%	2.96%
Net Profit Margin (TTM)	18.32%	12.55%
Operating Profit Margin (TTM)	32.60%	23.50%
Gross Profit Margin (TTM)	100.00%	43.69%

Financial Strength

Current Ratio (MRQ)

National Grid (NGG) has current ratio of 0.76, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

NGG

Utilities industry group

0.76

Group distribution

Max: 1.88
Q3: 1.16
Median: 0.90
NGG: 0.76
Q1: 0.65
Min: 0.33

Largest peers

SRE: 1.69
CEG: 1.36
NGG: 0.76
DUK: 0.66
SO: 0.65
NEE: 0.54
AEP: 0.53

Where National Grid (NGG) stands on current ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Debt-to-Equity Ratio (MRQ)

National Grid (NGG) has debt-to-equity ratio of 1.21, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

NGG

Utilities industry group

1.21

Group distribution

Max: 3.02
Q3: 1.81
Median: 1.34
NGG: 1.21
Q1: 0.85
Min: 0.00

Largest peers

SO: 1.90
DUK: 1.61
AEP: 1.57
NEE: 1.57
NGG: 1.21
SRE: 0.85
CEG: 0.66

Where National Grid (NGG) stands on debt-to-equity ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength at a Glance

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
Current Ratio (MRQ)	0.76	0.90
Debt-to-Equity Ratio (MRQ)	1.21	1.34
Net Debt / EBITDA	6.39	5.41

Dividends

Dividend Yield (TTM)

National Grid (NGG) has dividend yield of 3.96%, in the upper peer-yield quartile while still inside the industry range. The dividend offers more cash income per dollar of share price than most peers, though payout coverage still matters.

NGG

Utilities industry group

3.96%

Group distribution

Max: 6.25%
NGG: 3.96%
Q3: 3.95%
Median: 3.10%
Q1: 2.33%
Min: 0.00%

Largest peers

NGG: 3.96%
DUK: 3.41%
SO: 3.23%
AEP: 2.94%
NEE: 2.90%
SRE: 2.85%
CEG: 0.67%

Where National Grid (NGG) stands on dividend yield within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

National Grid (NGG) has payout ratio of 71.18%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

NGG

Utilities industry group

71.18%

Group distribution

Max: 116.67%
Q3: 73.40%
NGG: 71.18%
Median: 58.69%
Q1: 36.87%
Min: 0.00%

Largest peers

SRE: 88.18%
SO: 75.70%
NGG: 71.18%
DUK: 65.23%
NEE: 58.95%
AEP: 55.62%
CEG: 13.81%

Where National Grid (NGG) stands on payout ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Dividends at a Glance

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
Dividend Yield (TTM)	3.96%	3.10%
Dividend Payout Ratio (TTM)	71.18%	58.69%