National Grid plc (NGG) is a publicly traded company in the Utilities — Regulated Electric industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
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.
Is National Grid plc stock overvalued or undervalued in 2026?
National Grid plc (NGG) trades at 19.0× earnings (P/E), below the median of the 83 utilities companies over $2bn in Kaplio's universe. At the decade median (8.2×) $36 (-57 %); at its sector median (20.7×) $92 (+9 %).
Kaplio overview: National Grid plc
Market cap $85B · 52 weeks $74 – $94 (10 % below the high) · P/E 19.0× · 2027 expected P/E 13.8× · Dividend 3.9 % · Next earnings November 5, 2026 · expected EPS $2.29 · Closing price, Oct 29 · accounts published May 14.
- Valuation: P/E 19.0× (expensive).
- Business: ROE 8.5 % (solid).
- Balance sheet: Net debt/EBITDA 5.9× (watch).
- Earnings: 8 of 8 (on track).
What would it be worth at its usual multiples?
At the decade median (8.2×) $36 (-57 %); at its sector median (20.7×) $92 (+9 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in utilities: 3 of 6 pass
- 5y EPS growth 2.1 %, fails.
- 10y dividend growth −1.1 %, fails.
- Net debt / EBITDA 5.9×, borderline.
- Regulated ROE (8-12%) 8.5 %, passes.
- Interest coverage 4.5×, passes.
- Payout Ratio 50.1 %, passes.
Against its peers (reference peers) — National Grid plc: P/E 19.0×; EV/EBITDA 13.8×; ROIC 4.3 %; $84.7B. Duke Energy Corporation (P/E 18.9×; EV/EBITDA 10.7×; ROIC 4.2 %; $98.2B), American Electric Power Company, Inc. (P/E 22.4×; EV/EBITDA 8.8×; ROIC —; $70.4B), The Southern Company (P/E 22.5×; EV/EBITDA 12.4×; ROIC 4.1 %; $107B).
Expensive or cheap against its last ten years?
P/E at each close: today 19.0× · median 8.2× · minimum 4.6× · maximum 19.0× · cheap below 7.6× · expensive above 9.6×. It has been cheaper than today 100% of the time over its last ten years.
Dividend
tight · Yield 3.9 % ($2.22 per ADS in 2026) · Years raising it 1 · 5-year growth -0 % a year · Free cash flow coverage -1.7× · With $1,000 invested today you'd collect $38.60 a year ($3.22 a month).
Investor methods verdict
Would Buffett approve National Grid today?
The Buffett Method would not approve National Grid today: it fails its quality rules. Business quality: 39 out of 100 (price not included). Kaplio assessment with data from the week of 2026-10-26; not investment advice.
Would Peter Lynch approve National Grid today?
The Lynch Method would not approve National Grid today: it fails its quality rules. Business quality: 25 out of 100 (price not included). Lynch classifies it as a turnaround. Kaplio assessment with data from the week of 2026-10-26; not investment advice.
Profitability
| Return on Equity | 8.47% |
| Return on Invested Capital | 4.30% |
| Return on Assets | 2.99% |
| Gross Margin | 63.38% |
| Operating Margin | 32.06% |
| Net Margin | 18.32% |
Financial Health
| Debt / Equity | 1.19 |
| Current Ratio | 0.76 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.41 |
Price Performance
| 1 month | +8.44% |
| 3 months | +2.81% |
| Year-to-date | +6.30% |
| 1 year | +8.11% |
| 3 years | +36.69% |
| 5 years | +28.31% |
| 10 years | +16.81% |
Dividend History
Paid in the last 12 months: $3.2395 per share in 2 payments.
| Date | Amount |
|---|---|
| 2026-05-29 | $2.1738 |
| 2025-11-21 | $1.0657 |
| 2025-05-30 | $2.0545 |
| 2024-11-22 | $1.0096 |
| 2024-06-07 | $2.4739 |
| 2024-05-31 | $3.5060 |
| 2023-11-22 | $1.1799 |
| 2023-06-01 | $2.3259 |
| 2022-11-23 | $1.0210 |
| 2022-06-03 | $2.0730 |
Amounts adjusted for stock splits.
Related companies: AEP · XEL · SO · DUK · D · PEG · ED · FE
Explore sector: Utilities · Regulated Electric
More sections of NGG: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks