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) Beneish M-score
National Grid Transco, PLC's Beneish M-score for fiscal 2026 is −2.66; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.66 | (0.10) |
| FY2025 | −2.56 | 0.37 |
| FY2024 | −2.92 | (0.37) |
| FY2023 | −2.55 | (0.19) |
| FY2022 | −2.37 | 0.42 |
| FY2021 | −2.79 | (0.03) |
| FY2020 | −2.76 | (0.22) |
| FY2019 | −2.54 | 0.06 |
| FY2018 | −2.60 | (0.25) |
| FY2017 | −2.35 | 0.56 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.98 | — | 0.90 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 1.21 | — | 0.14 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.04) | — | −0.20 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.66 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| DUK Duke Energy Corporation compare | −2.8× |
| NGG National Grid Transco, PLC | −2.7× |
| ETR Entergy Corporation compare | −2.6× |
| SO Southern Company (The) compare | −2.6× |
| ED Consolidated Edison Inc compare | −2.6× |
| XEL Xcel Energy Inc. compare | −2.5× |
| AEP American Electric Power Company, Inc. compare | −2.5× |
| EXC Exelon Corporation compare | −2.3× |
| D Dominion Energy Inc. compare | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI