National Grid (NGG) Stock Analysis

July 31, 2026

This is a peer-relative look at National Grid (NGG): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Utilities peers, so every number reads in context rather than in isolation.

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	80.82 billion USD
Currency	USD
Exchange	NYSE
Listing Date	August 10, 2005
Security Type	ADR

Price 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.

Calendar-Year Returns

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Calendar-year total returns for National Grid (NGG) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
Total Return (1Y)	19.22%	15.00%
Total Return (3Y, Annualized)	13.86%	11.96%
Total Return (5Y, Annualized)	11.19%	8.64%

Risk Profile

Drawdown History

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.

Return Distribution

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Distribution of monthly total returns for National Grid (NGG) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
Volatility (1Y, Annualized)	21.50%	21.90%
Beta (5Y)	0.78	0.55
Max Drawdown (5Y)	-39.20%	-36.10%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. NGG is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
Sharpe Ratio (1Y)	0.71	0.43
Sortino Ratio (1Y)	0.97	0.64

Profitability

ROE (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: 11.23%
Median: 9.48%
NGG: 8.41%
Q1: 7.55%
Min: 2.67%

Largest peers

CEG: 16.11%
AEP: 12.59%
SO: 10.99%
NEE: 10.33%
D: 9.79%
DUK: 9.66%
NGG: 8.41%

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 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%
D: 16.93%
AEP: 16.29%
DUK: 15.71%
SO: 14.46%
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 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%
NEE: 30.18%
D: 28.75%
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 Metrics

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
ROE (TTM)	8.41%	9.48%
ROA (TTM)	3.01%	2.98%
Net Margin (TTM)	18.32%	12.55%
Operating Margin (TTM)	32.60%	23.50%
Gross Margin (TTM)	100.00%	43.69%

Growth

Revenue Growth

National Grid (NGG) grew revenue -3.76%, in the lower peer quartile. The top line is expanding more slowly than at most peers, which can reflect softer demand, lost share, or weaker pricing.

National Grid (NGG): Revenue Growth across different time periods, set against Utilities industry-group medians.

EPS Growth

No usable EPS growth is available for National Grid (NGG) this period, so the earnings-momentum read is skipped.

National Grid (NGG): EPS Growth across different time periods, set against Utilities industry-group medians.

Growth Metrics

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
Revenue Growth (YoY)	-3.76%	8.34%
Revenue Growth (3Y CAGR)	-6.53%	3.85%
EPS Growth (YoY)	--	3.93%
EPS Growth (3Y CAGR)	-30.59%	5.17%

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: 1.74
Q3: 1.16
Median: 0.90
NGG: 0.76
Q1: 0.65
Min: 0.33

Largest peers

CEG: 1.36
D: 0.78
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 / Equity (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: 1.79
Median: 1.33
NGG: 1.21
Q1: 0.85
Min: 0.00

Largest peers

SO: 1.90
DUK: 1.61
AEP: 1.57
NEE: 1.57
D: 1.55
NGG: 1.21
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 Metrics

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 / Equity (MRQ)	1.21	1.33
Net Debt / EBITDA	6.39	5.41

Dividends

Dividend Yield (TTM)

National Grid (NGG) has dividend yield of 0.61%, in the lower peer-yield quartile. Dividend income is lighter than at most industry peers, which may reflect a greater tilt toward reinvestment, buybacks, or growth.

NGG

Utilities industry group

0.61%

Group distribution

Max: 5.79%
Q3: 3.68%
Median: 2.87%
Q1: 1.91%
NGG: 0.61%
Min: 0.00%

Largest peers

D: 3.79%
DUK: 3.37%
SO: 3.13%
AEP: 2.87%
NEE: 2.64%
CEG: 0.63%
NGG: 0.61%

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

D: 78.76%
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.

Dividend Metrics

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
Dividend Yield (TTM)	0.61%	2.87%
Dividend Payout Ratio (TTM)	71.18%	58.69%

Valuation

P/E Ratio (TTM)

National Grid (NGG) trades at P/E ratio of 18.11, 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

18.11

Group distribution

Max: 30.81
Q3: 23.97
Median: 20.72
NGG: 18.11
Q1: 16.62
Min: 6.52

Largest peers

SO: 24.13
NEE: 22.32
CEG: 22.04
D: 20.60
AEP: 19.39
DUK: 19.37
NGG: 18.11

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.

P/S Ratio (TTM)

National Grid (NGG) trades at 4.57 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

4.57

Group distribution

Max: 6.28
NGG: 4.57
Q3: 3.59
Median: 2.76
Q1: 1.67
Min: 0.00

Largest peers

NEE: 6.58
NGG: 4.57
D: 3.52
SO: 3.51
AEP: 3.16
CEG: 3.14
DUK: 3.00

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.

P/B Ratio (MRQ)

National Grid (NGG) trades at 9.19 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

9.19

Group distribution

NGG: 9.19
Max: 3.32
Q3: 2.37
Median: 1.86
Q1: 1.45
Min: 0.36

Largest peers

NGG: 9.19
NEE: 3.32
SO: 2.85
CEG: 2.84
AEP: 2.23
D: 2.18
DUK: 1.83

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 Metrics

National Grid (NGG) metric values compared with Utilities industry-group medians
Metric	Current stock: NGG	Industry group median
P/E Ratio (TTM)	18.11	20.72
P/S Ratio (TTM)	4.57	2.76
P/B Ratio (MRQ)	9.19	1.86
Free Cash Flow Yield (TTM)	-3.87%	-5.91%