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National Grid PLC (NEWEN) stock analysis

NEWENOTCNatural Gas TransmissionFiscal year ends March 31Also trades as NGG, NGGTF, NMKBP, NMKCP, NMPWP
Financials through fiscal 2026, year ended Mar 31, 2026Last filing: 20-F on Jun 3, 2026Score 3/30
$100.29+0.00 (0.00%)

Close on Oct 19, 2026Market cap $104.28BP/E 23.0Yield –

StockData Score

Prices as of Oct 30, 2026How the score works

Value0Growth0Performance2Health1Dividend0

Weak3 of 30 checks passed

National Grid passes 3 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
0/6
Past performance
2/6
Financial health
1/6
Dividend
0/6

What stands out

  • Earnings grew over 5 years

    Net income grew 14.6% a year on average over the last five fiscal years.

  • Net margin above the industry

    National Grid's net margin of 18.3% is above the Gas Production and Distribution median of 13.3%.

  • Debt falling against equity

    Debt to equity fell from 157% five years ago to 119%.

What to watch

  • Return on equity under 15%

    Return on equity was 8.4% over the last twelve months and averaged 12.9% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was 5.0%, below the 10% that usually covers the cost of capital.

  • High debt

    Debt is 119% of shareholders' equity, above the 40% we consider low.

  • Revenue growing under 10% a year

    Revenue grew -6.5% a year over the last three fiscal years, short of the 10% we look for.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth0/6

  • Revenue growing under 10% a year

    Revenue grew -6.5% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew -30.7% a year over the last three fiscal years.

  • Earnings growth not accelerating

    Net income grew 11.7% over the last twelve months, against a 5-year average of 14.6% a year.

  • Growing slower than the industry

    Revenue grew -3.8% over the last twelve months; the Gas Production and Distribution median is 12.0%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin trend

    This company does not report gross profit.

Past performance2/6

  • Return on equity under 15%

    Return on equity was 8.4% over the last twelve months and averaged 12.9% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was 5.0%, below the 10% that usually covers the cost of capital.

  • Return on equity below the industry

    National Grid's return on equity of 8.4% is below the Gas Production and Distribution median of 11.4%.

  • Earnings grew over 5 years

    Net income grew 14.6% a year on average over the last five fiscal years.

  • Net margin below its 5-year average

    Net margin was 18.3% over the last twelve months, against a 5-year average of 18.9%.

  • Net margin above the industry

    National Grid's net margin of 18.3% is above the Gas Production and Distribution median of 13.3%.

Financial health1/6

  • High debt

    Debt is 119% of shareholders' equity, above the 40% we consider low.

  • Debt falling against equity

    Debt to equity fell from 157% five years ago to 119%.

  • Debt coverage

    Needs operating cash flow.

  • Interest not well covered

    Operating income covers interest expense 3.2 times; we look for at least 5.

  • Short-term assets don't cover short-term debts

    Current assets are 0.76 times current liabilities.

  • Bankruptcy risk (Altman Z)

    Needs market value, working capital and retained earnings.

Dividend0/6

  • No dividend

    National Grid has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for National Grid. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$69.37M
Value traded per 1% price move
$73.58M

Downside

Low risk

Typical loss in a bad month
10.1%
Volatility (annualized)
22%
Sharpe ratio, 1 year
0.30
Beta to the S&P 500 (5Y)
0.40

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2016 to 2026

Operating margin

30.7%+13.1 pts over 5 years

Net margin

18.3%+6.3 pts over 5 years