# National Grid Transco PLC National Grid PLC (NEW) American (NGG) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Utilities / Electric Utilities. Price $78.12, market value $78.5 billion.

## Valuation
- **P/E (trailing): 17.7×** (5-yr avg 67.9×, 3-yr avg 74.6×). National Grid Transco PLC National Grid PLC (NEW) American trades at 17.7× trailing earnings, well below its own five-year average of 67.9×: cheap by its own standards. The Utilities median in the September 2026 study was 21.2×. Forward P/E is 11.8×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.03**. A PEG of 0.03 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 3.3×**. Each dollar of revenue is priced at 3.3×.
- **Price / book: 8.8×**. The shares trade at 8.8× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 12.6×**. Enterprise value is 12.6× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: -4.7%** (5-yr avg -3.4%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 5.6%**. The inverse of the P/E: 5.6% of the price is earned each year.

## Profitability
- **Gross margin: 79.8%**. National Grid Transco PLC National Grid PLC (NEW) American keeps 79.8% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 32.2%**. 32.2% of revenue is left after running the business, an exceptional level.
- **Net margin: 18.3%**. 18.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 8.2%**. 8.2% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 5.3%**. Return on all capital, debt included, is 5.3%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.0%**. Each dollar of assets produces 3.0% of profit.

## Growth
- **Revenue growth (1 yr): -3.8%** (3-yr -6.5%/yr, 5-yr 5.3%/yr). Revenue fell 3.8% over the last year, against 5.3% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 430.9%** (3-yr 18.5%/yr, 5-yr 47.7%/yr). Earnings per share rose 430.9%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Debt to equity: 1.19**. Debt is 1.19 times equity, a leveraged balance sheet, which is normal for utilities.
- **Net debt / EBITDA: 5.4×**. It would take 5.4 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 3.5×**. Operating profit covers interest 3.5× over, a safe margin.
- **Current ratio: 0.76** (quick 0.71). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 1.50**. A Z-score of 1.50 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 4.15%** ($3.24 per share, trailing). National Grid Transco PLC National Grid PLC (NEW) American yields 4.15%, an income-level yield.
- **Payout ratio: 50%**. 50% of earnings goes out as dividends, leaving room to keep raising it.
- **Dividend growth (5 yr): -0.1%/yr** (1-yr -55.5%). The dividend has not grown over five years.
- **Shareholder yield: 4.1%**. Dividends plus net buybacks return 4.1% of the market value a year.

## Price and momentum
- **Total return (1 yr): 18.0%** (YTD 3.7%, 3-mo -4.6%). The shares are up 18.0% over twelve months including dividends.
- **From 52-week high: -17.5%** (12.0% above the low). Trading 17% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 37**. An RSI of 37 is neutral.
- **Beta (1 yr): 0.27** (volatility 21%). Beta of 0.27 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=NGG · Page: https://foliofundamentals.com/stocks/ngg

Not investment advice.