Utilities · Regulated Electric
Price
$83.01
Market Cap
$82.6B
Employees
31,619
Beta
0.60
Avg Volume
1,273,629
CEO
Zoe A. Yujnovich
Business Description
National Grid plc engages in the transmission and distribution of electricity and gas. It operates through UK Electricity Transmission, UK Electricity Distribution, New England, New York, National Grid Ventures, and Other segments. The UK Electricity Transmission segment provides electricity transmission networks in England and Wales. The UK Electricity Distribution segment offers electricity distribution services in east and west Midlands, Southwest of England, and South Wales. The New England segment provides electricity and gas supply and distribution, and high-voltage electricity transmission services in New England. The New York segment offers electricity and gas distribution, and electricity transmission services in New York. The National Grid Ventures segment provides transmission services through electricity interconnectors and LNG importation at the Isle of Grain. The Other segment engages in the leasing and sale of commercial property, as well as insurance activities in the United Kingdom. The company was founded in 1990 and is headquartered in London, the United Kingdom.
Business History
Price Overview
Last updated: Jun 28, 2026 5:27am (just now)$83.01
-0.41 (-0.49%)
Day Range
$82.52 – $83.74
52-Week Range
$67.52 – $94.64
50-Day MA
$84.38
200-Day MA
$81.40
Volume
1,199,584.00
Analyst Price Targets
Low
$73.00
Consensus
$79.25
High
$85.50
(2 analysts)
Share Structure
Outstanding
995,142,164.00
Float
995,134,039.00
Free Float
100.0%
High free float
— 100.0% of shares trade freely, ~0% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
19.11
Stock Price: $83.01
EPS (Diluted): 3.35
EPS (Diluted): 3.35
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.61
Stock Price: $83.01
Total Equity: $39.30B
Shares: 994,200,000
Total Equity: $39.30B
Shares: 994,200,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
13.92
Market Cap: $82.61B
Total Debt: $46.76B
Cash: $375.02M
EBITDA: $7.85B
Total Debt: $46.76B
Cash: $375.02M
EBITDA: $7.85B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$109.7B
Market Cap: $82.61B
Total Debt: $46.76B
Cash: $375.02M
Total Debt: $46.76B
Cash: $375.02M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
32.7%
Gross Profit: $5.87B
Revenue: $17.97B
Revenue: $17.97B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
32.7%
Operating Income: $5.87B
Revenue: $17.97B
Revenue: $17.97B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
18.3%
Net Income: $3.29B
Revenue: $17.97B
Revenue: $17.97B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
8.5%
Net Income: $3.29B
Total Equity: $39.30B
Total Equity: $39.30B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
4.3%
Operating Income: $5.87B
Tax Rate: 22.5%
Equity: $39.30B
Total Debt: $46.76B
Cash: $375.02M
Tax Rate: 22.5%
Equity: $39.30B
Total Debt: $46.76B
Cash: $375.02M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.76
Current Assets: $7.49B
Current Liabilities: $9.80B
Current Liabilities: $9.80B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.19
Short-Term Debt: $3.90B
Long-Term Debt: $42.86B
Total Debt: $46.76B
Total Equity: $39.30B
Long-Term Debt: $42.86B
Total Debt: $46.76B
Total Equity: $39.30B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$18.08
Revenue: $17.97B
Shares: 994,200,000
Shares: 994,200,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$39.53
Total Equity: $39.30B
Shares: 994,200,000
Shares: 994,200,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-3.84
Operating CF: $6.33B
CapEx: -$10.15B
Shares: 994,200,000
CapEx: -$10.15B
Shares: 994,200,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
2.6%
Last Dividend: N/A
Stock Price: $83.01
Stock Price: $83.01
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $3.29B
Net Income: $3.29B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares NGG against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 28, 2026 5:27am (just now)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $18.4B | $21.7B | $19.9B | $18.4B | $18.0B |
| Cost of Revenue | $6.1B | $8.6B | $5.3B | $4.2B | $12.1B |
| Gross Profit | $12.4B | $13.0B | $14.6B | $14.2B | $5.9B |
| Operating Expenses | $8.0B | $8.2B | $10.1B | $9.3B | $0 |
| Operating Income | $4.4B | $4.9B | $4.5B | $4.9B | $5.9B |
| Net Income | $2.4B | $7.8B | $2.3B | $2.9B | $3.3B |
| EBITDA | $6.4B | $7.3B | $6.8B | $7.6B | $7.9B |
| EPS | $3.13 | $9.55 | $2.85 | $3.04 | $3.35 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 28, 2026 5:27am (just now)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $190.0M | $126.0M | $548.0M | $1.2B | $375.0M |
| Total Current Assets | $18.0B | $9.1B | $10.4B | $14.3B | $7.5B |
| Total Assets | $94.9B | $92.7B | $98.3B | $106.7B | $108.3B |
| Current Liabilities | $24.8B | $9.1B | $11.4B | $10.6B | $9.8B |
| Long-Term Debt | $32.9B | $39.4B | $41.5B | $42.2B | $42.9B |
| Total Liabilities | $71.0B | $63.1B | $68.4B | $68.9B | $69.0B |
| Total Equity | $23.8B | $29.5B | $29.9B | $37.8B | $39.3B |
| Retained Earnings | $26.6B | $31.6B | $32.1B | $40.1B | $41.9B |
Cash Flow (Annual)
Last updated: Jun 28, 2026 5:27am (just now)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | $5.6B | $5.6B | $5.6B | $5.3B | $6.3B |
| Capital Expenditure | -$5.3B | -$6.2B | -$6.9B | -$8.7B | -$10.2B |
| Free Cash Flow | $340.3M | -$585.9M | -$1.3B | -$3.4B | -$3.8B |
| Acquisitions (net) | -$8.1B | $84.7M | $52.0M | $1.3B | $2.9B |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$3.1M | $0 | $0 | $0 | $0 |
| Net Change in Cash | $39.6M | -$54.2M | $402.0M | $629.4M | -$778.1M |
Analyst Estimates (Annual)
Last updated: Jun 28, 2026 5:27am (just now)| Metric | 2028 | 2029 | 2030 | 2031 |
|---|---|---|---|---|
| Revenue |
$22.3B $19.0B – $25.9B
|
$24.3B $21.4B – $28.2B
|
$28.8B $25.3B – $33.3B
|
$33.7B $29.6B – $39.0B
|
| EBITDA |
$12.1B $10.3B – $14.1B
|
$13.2B $11.6B – $15.3B
|
$15.7B $13.8B – $18.1B
|
$18.3B $16.1B – $21.2B
|
| Net Income |
$5.0B $4.9B – $5.1B
|
$5.4B $4.6B – $6.5B
|
$5.8B $4.9B – $7.0B
|
$6.1B $5.1B – $7.3B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 28, 2026 5:27am (just now)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +17.4% | -8.4% | -7.4% | -2.2% |
| Gross Profit Growth | +5.5% | +11.8% | -2.4% | -58.7% |
| Operating Income Growth | +11.6% | -8.3% | +10.3% | +19.0% |
| Net Income Growth | +231.4% | -70.6% | +26.7% | +13.5% |
| EBITDA Growth | +12.9% | -5.8% | +11.8% | +2.8% |
Dividend History (Last 20)
Last updated: Jun 28, 2026 5:27am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-29 | $2.17 | 2026-05-14 | 2026-05-29 | 2026-07-23 |
| 2025-11-21 | $1.07 | 2025-11-07 | 2025-11-21 | 2026-01-13 |
| 2025-05-30 | $2.05 | 2025-05-19 | 2025-05-30 | 2025-07-17 |
| 2024-11-22 | $1.01 | 2024-11-07 | 2024-11-22 | 2025-01-14 |
| 2024-06-07 | $2.47 | 2024-06-07 | 2024-07-19 | |
| 2024-05-31 | $3.51 | |||
| 2023-11-22 | $1.18 | 2023-11-10 | 2023-11-24 | 2024-01-11 |
| 2023-06-01 | $2.33 | 2023-05-23 | 2023-06-02 | 2023-08-09 |
| 2022-11-23 | $1.02 | 2022-11-10 | 2022-11-25 | 2023-01-11 |
| 2022-06-03 | $2.07 | 2022-05-23 | 2022-06-06 | 2022-08-17 |
| 2021-12-02 | $1.15 | 2021-11-19 | 2021-12-03 | 2022-01-19 |
| 2021-06-03 | $2.28 | 2021-05-20 | 2021-06-04 | 2021-08-18 |
| 2020-11-25 | $1.13 | 2020-11-13 | 2020-11-27 | 2021-01-13 |
| 2020-07-01 | $2.01 | 2020-06-19 | 2020-07-02 | 2020-08-19 |
| 2019-11-27 | $1.07 | 2019-11-29 | 2020-01-15 | |
| 2019-05-30 | $2.03 | 2019-05-20 | 2019-05-31 | 2019-08-14 |
| 2018-11-21 | $1.06 | 2018-11-09 | 2018-11-23 | 2019-01-09 |
| 2018-05-31 | $2.06 | 2018-05-18 | 2018-06-01 | 2018-08-15 |
| 2017-11-22 | $1.02 | 2017-11-13 | 2017-11-24 | 2018-01-10 |
| 2017-05-31 | $1.89 | 2017-05-22 | 2017-06-02 | 2017-08-16 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for NGG — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30