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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.

81.22 2.15 +2.72%
Market cap
$79.5B
P/E
22.3×
Fwd P/E
13.6×
Dividend yield
3.99%
F-score
6/9
Altman Z
1.39
Beneish M
−2.66
Dividend safety
20/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 79,500.00
Revenue 50,952.81
Net Income 17,333.35
Free Cash Flow (8,148.43)
Net Debt 58,587.19
Current Ratio 0.76 (below 1: weak)
Debt/Equity 1.19
P/E ratio 22.28
Fwd P/E 13.60
P/S ratio 0.00
P/B ratio 0.00
Past 5Y EPS Growth 7.60%
This Y EPS Growth 14.07%
Next Y EPS Growth 9.23%
Next Y revenue growth (78.95%) (below 0%: weak)
Next 5Y EPS Growth 10.78%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 1.1×; over the ten years it ranged from 1.0× in 2024 to 1.4× in 2021.
P/E against its own 10 years 53.96%
10-year low 10-year high
EV/Sales against its own 10 years 77.10%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 3.24
Annual Dividend Yield 3.99%
total individual payouts
2029 Powerpack
2028 Powerpack
2027 Powerpack
2026 0.13
2.17
2025 0.12
2.05
1.07
2024 3.51
2.49
1.02
2023 3.54
2.35
1.19
2022 3.12
2.09
1.03
2021 3.44
2.28
1.16
2020 3.14
2.01
1.13
2019 3.09
2.03
1.07
2018 3.12
2.06
1.06
2017 8.82
5.92
5.92
1.89
1.02
2016 3.26
2.23
1.03
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 3,521 5,408 8,987 4,079
Receivables 4,732 4,306 5,235 5,204
Inventory 1,056 1,041 711 749
Other 1,739 2,292 3,353 —
11,048 13,046 18,285 10,032
2023 2024 2025 2026
Payables 6,108 5,124 5,705 6,767
ST’ Debt 3,562 6,108 5,948 5,227
Other 1,334 3,085 1,897 1,137
11,004 14,316 13,550 13,131

Compound Annual Growth %

10y 5y 3y
Sales 0.49% 4.16% (3.16%)
Cash Flow 2.73% 12.45% 8.07%
Earnings 1.16% 15.15% (22.68%)
Book Value 10.04% 15.20% 13.95%

Revenue $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 — — — — 23,706
’25 — — — — 23,447
’24 — — — — 24,951
’23 — — — — 26,106
’22 — — — — 25,198
’21 — — — — 19,335
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 — — — — 10,493
’25 — — — — 8,686
’24 — — — — 8,722
’23 — — — — 8,314
’22 — — — — 8,566
’21 — — — — 5,836
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 (2,804) — (1,440) — (3,589)
’25 (2,483) — (2,089) — (3,154)
’24 109 — (760) — (581)
’23 795 — (1,049) — 112
’22 1,639 — (119) — 1,030
’21 140 — (670) — (417)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 — — — — —
’26 — — — — 4.37
’25 — — — — 3.94
’24 — — — — 3.88
’23 — — — — 12.88
’22 — — — — 4.45
’21 — — — — 3.03
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 2027e 2028e 2029e
Price, $
Price, $ Low 57.65 46.36 47.96 44.29 55.89 47.22 56.41 55.13 55.82 74.03

Analyst estimates 2027–2029

Powerpack
High 75.29 59.82 62.98 69.08 73.55 80.20 74.48 73.40 78.49 94.64
People
People Employees 22,132 23,023 22,576 23,069 23,683 30,756 31,275 31,425 31,645 33,017
Revenue/emp, $m 0.89 0.88 0.87 0.80 0.82 0.82 0.83 0.79 0.74 0.72
Income, $m
Income, $m Revenue 19,655 20,232 19,604 18,486 19,335 25,198 26,106 24,951 23,447 23,706
Gross margin, % 21.34 22.90 19.22 19.12 19.59 23.69 17.96 22.48 26.85 27.94
EBT 2,855 3,593 2,417 2,230 2,725 4,700 4,327 3,831 4,657 5,605
EBT margin, % 14.53 17.76 12.33 12.06 14.09 18.65 16.58 15.36 19.86 23.64
Net income 4,194 4,634 3,768 3,534 3,788 5,970 5,881 5,625 6,295 7,279
Depreciation 1,936 2,030 2,085 2,085 2,187 2,499 2,391 2,591 3,163 3,012
Per share, $
Per share, $ Revenue 26.12 29.23 28.95 26.71 27.44 35.01 35.67 33.79 24.91 23.96
Earnings 13.99 6.80 2.89 2.34 3.05 4.47 12.95 3.90 3.96 4.39
Cash flow 9.08 8.63 8.37 8.48 8.28 11.90 11.36 11.81 9.23 10.61
Capex (6.08) (7.48) (7.57) (8.88) (8.88) (10.47) (11.21) (12.60) (12.58) (14.24)
Free cash flow 3.00 1.15 0.80 (0.39) (0.59) 1.43 0.15 (0.79) (3.35) (3.63)
Book value 35.41 36.12 37.55 35.97 36.88 45.27 48.69 50.89 51.26 53.29
Shares, m 753 692 677 692 705 720 732 738 941 989
Valuation, ×
Valuation, × P/E 4.89 5.68 94.15 56.29 55.91 52.11 19.75 18.61 18.00 23.21
P/S 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EV/Sales 0.00 0.00 0.00 0.97 0.98 1.29 0.97 1.06 1.01 1.15
EV/FCF 3.47 7.47 14.57 34.71 (112.34) 37.28 26.82 (37.16) (8.98) (6.22)
Cash, $m
Cash, $m Operating cash flow 6,836 5,974 5,669 5,871 5,836 8,566 8,314 8,722 8,686 10,493
Capex (4,577) (5,175) (5,124) (6,143) (6,254) (7,536) (8,202) (9,303) (11,839) (14,083)
Free cash flow 2,259 799 545 (272) (417) 1,030 112 (581) (3,154) (3,589)
Balance, $m
Balance, $m Working capital 4,004 (2,675) (1,553) (3,513) 746 (9,297) 43 (1,270) 4,735 (3,099)
Total debt 37,438 35,323 37,717 39,151 40,845 62,096 51,810 59,170 60,650 62,666
Net debt 24,271 30,775 34,643 36,400 36,978 57,137 48,289 53,762 51,664 58,587
Shareholders’ equity 26,648 25,006 25,428 24,899 25,983 32,583 35,631 37,574 48,258 52,714
Returns, %
Returns, % ROA 11.71 5.74 2.47 1.91 2.48 2.96 7.79 2.45 2.85 3.09
ROIC 5.15 5.19 3.92 3.60 3.76 4.16 4.38 3.85 3.94 4.09
ROE 43.45 18.24 7.87 6.39 8.43 10.97 27.55 7.86 8.63 8.60
Negative figures in brackets.

All 10 years →

Fiscal years to Mar 2026

Charts ten years each

National Grid Transco, PLC vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SO Southern Company (The) $102.6B 21.9× 20.8× +0.06% (above 0%: growing) +28.75% (above 0%: growing) +23.51% (above 0%: growing) 75.71% 25.46% Compare
DUK Duke Energy Corporation $92.7B 18.2× 18.4× +1.12% (above 0%: growing) +10.40% (above 0%: growing) −233.81% (below 0%: shrinking) 73.06% 26.99% Compare
NGG National Grid Transco, PLC $79.5B 22.3× 13.6× +10.37% (above 0%: growing) +115.14% (above 0%: growing) −2,663.95% (below 0%: shrinking) 23.34% 0.00%
AEP American Electric Power Company, Inc. $67.7B 21.8× 20.3× +7.04% (above 0%: growing) −42.79% (below 0%: shrinking) −28.81% (below 0%: shrinking) 70.56% 22.90% Compare
D Dominion Energy Inc. $55.3B 22.2× 18.6× +17.59% (above 0%: growing) −57.95% (below 0%: shrinking) +31.64% (above 0%: growing) 67.68% 7.34% Compare
ETR Entergy Corporation $49.7B 26.5× 25.3× +5.85% (above 0%: growing) −1.87% (below 0%: shrinking) −16.71% (below 0%: shrinking) 69.73% 24.13% Compare
XEL Xcel Energy Inc. $46.9B 20.8× 19.2× −5.11% (below 0%: shrinking) +23.68% (above 0%: growing) −37.30% (below 0%: shrinking) 75.22% 22.64% Compare
EXC Exelon Corporation $43.9B 15.9× 16.0× +9.95% (above 0%: growing) 0.00% +49.00% (above 0%: growing) 62.95% 16.41% Compare
ED Consolidated Edison Inc $40.5B 18.4× 17.0× +13.18% (above 0%: growing) +22.06% (above 0%: growing) −30.76% (below 0%: shrinking) 74.22% 13.57% Compare
Median of peers $52.5B 21.3× 18.9× +6.45% +5.20% −22.76% 71.81% 22.77%

All 40 Utilities Regulated Electric stocks →

National Grid Transco, PLC (NGG) key facts

  • Strength: National Grid Transco, PLC’s revenue for fiscal 2026 (year ended March 2026) was $23.7 billion, up 1.11% from fiscal 2025.
  • Strength: Net income was $7.3 billion, or $4.39 per share (basic), a net margin of 18.3%.
  • National Grid Transco, PLC (NGG) is an Utilities Regulated Electric company in the Utilities sector, traded in the US as an ADR.
  • As of October 16, 2026, NGG traded at $81.22, a market capitalization of $79.5 billion.
  • At that price the stock trades at 22.3× trailing-twelve-month earnings; its P/E is higher than 54% of its own readings over the past ten years.
  • National Grid Transco, PLC pays an annual dividend of $3.24 per share, a yield of 3.99%.
  • Return on equity was 8.60% and debt-to-equity 1.19.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.39 (distress zone) for fiscal 2026.

Source: company filings (standardised) and stockrow calculations.

National Grid Transco, PLC (NGG) Latest News

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stockrow.com/NGG · Data as of Mar 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com