National Grid Transco, PLC
NGG Utilities Utilities Regulated Electric
National Grid Transco, PLC’s revenue for fiscal 2026 (year ended March 2026) was $23.7 billion, up 1.11% from fiscal 2025.
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National Grid Transco, PLC (NGG) Altman Z-score
National Grid Transco, PLC's Altman Z-score for fiscal 2026 is 1.39, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 1.39 | 0.07 |
| FY2025 | 1.31 | 0.17 |
| FY2024 | 1.15 | (0.13) |
| FY2023 | 1.28 | 0.28 |
| FY2022 | 1.00 | (0.26) |
| FY2021 | 1.26 | 0.10 |
| FY2020 | 1.16 | (0.09) |
| FY2019 | 1.25 | (0.12) |
| FY2018 | 1.37 | (0.08) |
| FY2017 | 1.45 | 0.13 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.02) | — | −0.03 | |
| Retained earnings / total assets | 0.39 | — | 0.54 | |
| EBIT / total assets | 0.05 | — | 0.17 | |
| Market value of equity / total liabilities | 0.91 | — | 0.54 | |
| Sales / total assets | 0.16 | — | 0.16 | |
| Altman Z-score | Distress zone | 1.39 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.06 | ||
Z and Z″ put National Grid Transco, PLC in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NGG National Grid Transco, PLC | 1.4× |
| ED Consolidated Edison Inc compare | 1.1× |
| ETR Entergy Corporation compare | 1.0× |
| SO Southern Company (The) compare | 0.9× |
| AEP American Electric Power Company, Inc. compare | 0.9× |
| XEL Xcel Energy Inc. compare | 0.9× |
| EXC Exelon Corporation compare | 0.7× |
| DUK Duke Energy Corporation compare | 0.7× |
| D Dominion Energy Inc. compare | 0.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets