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Regulated owner of Britain's electricity transmission network, gas transmission, and electricity/gas distribution utilities in New York and Massachusetts.
Regulated owner of Britain's electricity transmission network, gas transmission, and electricity/gas distribution utilities in New York and Massachusetts.
Earns a return that regulators set on the assets it owns, so growth comes from spending on the grid and having that spending added to its asset base. It sold its Rhode Island utility in 2022, moved its system-operator role to the government in 2024, and raised new shares in 2024 to fund a heavy spending plan.
In one line: A trans-Atlantic Con Edison-style regulated utility.
Moat: wide (regulatory licence, scale, installed base). Owns the only high-voltage grid in its franchise areas under price-controlled regulatory monopoly.
Headquarters: London, UK · Founded: 1990 · Employees: 33,026
Size National Grid (NG..L) is a United Kingdom Utilities company (Electric Utilities) with a market value of $84.5B, the 10th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £1,250 on 6 Nov 2026.
Performance Over six months the shares fell 2.1%, against +1.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 3.8% over the last twelve months (peer median +6.4%); the operating margin is 28.5% (peer median 20.6%).
Valuation It trades at 13.8× forward earnings against a peer median of 18.5× (4th cheapest of 21).
Capital Return on invested capital runs 3.6 points below its cost of capital (8.1% WACC).
Backlog Backlog (remaining performance obligations) was £1.50B at 31 Mar 2025, down 75% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit National Grid has 39 bonds outstanding ($23.6B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 108 bp.
Next results Next results expected around 20 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £17.7B | £17.7B | £18.4B | £19.9B | £21.7B |
| Revenue growth | — | -4% | -7% | -8% | — |
| Gross profit | £5.53B | £9.76B | £10.9B | £12.9B | £13.4B |
| EBITDA | £7.29B | £7.29B | £6.94B | £7.64B | £5.29B |
| Net income | £3.24B | £3.24B | £2.90B | £2.29B | £7.80B |
| Free cash flow | -£3.76B | -£3.76B | -£3.43B | -£1.27B | -£602M |
| Capital expenditure | £10.6B | £10.6B | £9.31B | £7.45B | £6.89B |
| Total debt | n/a | £46.8B | £47.5B | £47.1B | £43.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| National Grid NG..L | $84.5B | -2% | -4% | 29% | 13.8× | n/a |
| Sse SSE.L | $43.2B | +7% | +1% | 19% | 14.2× | n/a |
| Iberdrola IBE.MC | $168B | +16% | +1% | 21% | 21.9× | 11.4% |
| Eversource Energy ES | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% |
| Consolidated Edison ED | $43.7B | +12% | +10% | 18% | 18.5× | n/a |
| American Electric Power AEP | $68.9B | -3% | +10% | 24% | 18.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NG..L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.4% | +7.6% | 10th highest of 21 |
| 6-month return | -2.1% | +1.7% | 7th lowest of 21 |
| Distance from 52-week high | -12.5% | -6.8% | 5th lowest of 21 |
| Revenue growth (TTM) | -3.8% | +6.4% | 4th lowest of 21 |
| Operating margin | 28.5% | 20.6% | 4th highest of 21 |
| Forward P/E | 13.8× | 18.5× | 4th cheapest of 21 |
| ROIC minus cost of capital | -3.6 pp | -1.2 pp | 3rd lowest of 21 |
| EV / EBITDA | 14.6× | 13.5× | 6th most expensive of 20 |
| Net debt / EBITDA | 6.0× | 4.5× | 4th most indebted of 20 |
| Bond spread | 108 bp | 84 bp | 2nd widest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| National Grid NG..L | United Kingdom | $84.5B | -2% | -4% | 29% | 13.8× | n/a | n/a |
| Constellation Energy CEG | United States | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% | +8.8% |
| Duke Energy DUK | United States | $99.6B | +4% | +6% | 27% | 18.2× | n/a | n/a |
| Engie ENGI.PA | France | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% | +10.2% |
| American Electric Power AEP | United States | $68.9B | -3% | +10% | 24% | 18.5× | n/a | n/a |
| Southern SO | United States | $106B | +1% | +6% | 24% | 20.0× | n/a | n/a |
| Enel ENEL.MI | Italy | $108B | 0% | 0% | 16% | 13.4× | 6.2% | +3.8% |
| China Yangtze Power 600900.SS | China | $110B | +9% | 0% | 51% | 21.2× | 1.5% | +8.5% |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | n/a | n/a |
| E.on EOAN.DE | Germany | $55.9B | +4% | -8% | 7% | 17.5× | n/a | n/a |
| Entergy ETR | United States | $52.8B | -1% | +11% | 24% | 22.8× | n/a | n/a |
| Xcel Energy XEL | United States | $51.1B | +1% | +4% | 22% | 18.1× | n/a | n/a |
| Endesa ELE.MC | Spain | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% | +4.7% |
| Rwe RWE.DE | Germany | $50.4B | +2% | -34% | 0% | 18.6× | n/a | n/a |
| Exelon EXC | United States | $47.2B | +5% | +7% | 20% | 15.2× | n/a | n/a |
| Consolidated Edison ED | United States | $43.7B | +12% | +10% | 18% | 18.5× | n/a | n/a |
| Sse SSE.L | United Kingdom | $43.2B | +7% | +1% | 19% | 14.2× | n/a | n/a |
| Iberdrola IBE.MC | Spain | $168B | +16% | +1% | 21% | 21.9× | 11.4% | +5.8% |
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |
| NextEra Energy NEE | United States | $182B | -6% | +13% | 30% | 21.0× | 18.8% | +9.2% |
National Grid has 39 bonds outstanding with $23.6B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 4.57%, a spread of 108 bp over government bonds.
National Grid reported £1.50B of remaining performance obligations at 31 Mar 2025, down 75% from a year earlier. That is 0.1 years of trailing revenue already under contract.