37/100B84.310
USD
0.70
(0.84%)
Market Closed
Last updated: · Delayed 15 min
Fair value150.49Plus-44%113Price 84.31188
H2 FY2027 · Earnings report
EPS estimate 3.83Revenue estimate 14.91B
H2 FY2027 · Earnings report
EPS estimate 3.83Revenue estimate 14.91B
National Grid financials
Yes. National Grid earned 4.01B GBP of net income over the last twelve months, 21.2% of its revenue. It made a profit in 33 of its 34 fiscal years since 1993. Its last loss was in fiscal year 2002.
- Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.
- 18.92B GBP
- Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.
- 4.01B GBP
- Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.
- -3.67B GBP
- Cash and short-term investments
- 3.35B GBP
- Total debt
- 51.57B GBP
- Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.
- 40.05B GBP
Cash, debt and equity as of 30 Sept 2026.
National Grid earnings
Next earnings · H2 FY2027
EPS estimate
3.83 USD
Revenue estimate
14.91B USD
Last quarter · H1 FY2027
EPS2.46Beat +7.4%Revenue8.73BMissed -14.0%
Revenue
ReportedEstimate
EPS
ReportedEstimate
| Period | Report date | EPS estimate | Reported EPS | Surprise | EPS growth | Revenue estimate | Reported revenue | Surprise | Revenue growth |
|---|---|---|---|---|---|---|---|---|---|
| H2 FY2027 | 3.83 | — | — | +17.48% | 14.91B | — | — | +3.95% | |
| H1 FY2027 | 2.29 | 2.46 | +7.42% | +26.15% | 10.15B | 8.73B | -14.05% | +14.84% | |
| H2 FY2026 | 3.24 | 3.26 | +0.62% | +6.54% | 16.36B | 14.34B | -12.34% | +1.82% | |
| H1 FY2026 | 1.85 | 1.95 | +5.41% | +6.56% | 11.22B | 7.60B | -32.24% | -27.85% | |
| H2 FY2025 | 2.82 | 3.06 | +8.51% | +13.33% | 16.34B | 14.08B | -13.79% | -2.18% | |
| H1 FY2025 | 1.77 | 1.83 | +3.39% | — | 11.68B | 10.53B | -9.80% | — | |
| H2 FY2024 | 2.64 | 2.70 | +2.27% | +101.49% | 14.07B | 14.40B | +2.31% | +38.04% |
| Period | EPS estimate | Reported EPS | Surprise | EPS growth | Revenue estimate | Reported revenue | Surprise | Revenue growth |
|---|---|---|---|---|---|---|---|---|
| FY2028 | 6.64 | — | — | +8.83% | 29.56B | — | — | +9.66% |
| FY2027 | 6.10 | — | — | +17.09% | 26.95B | — | — | +22.85% |
| FY2026 | 5.28 | 5.21 | -1.24% | +6.54% | 26.35B | 21.94B | -16.74% | -10.87% |
| FY2025 | 4.73 | 4.89 | +3.47% | — | 27.42B | 24.62B | -10.24% | — |
| FY2023 | 3.94 | 3.08 | -21.83% | -24.88% | 22.64B | 21.46B | -5.20% | -6.73% |
| FY2022 | 3.85 | 4.10 | +6.36% | +18.84% | 21.29B | 23.01B | +8.09% | +13.55% |
National Grid growth and profitability
Full income statement- Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.
- 18.92B GBP
- Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.
- 4.01B GBP
- Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.
- 65.25%
- Operating margin
- 34.71%
- Net margin
- 21.18%
Revenue / Net income
Revenue Net income Net margin
How National Grid makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.
Distribution13.12B 74.2%
Transmission3.72B 21.0%
Generation364.00M 2.1%
Other Product And Services327.00M 1.8%
Revenue17.69B 100.0%
Cost of revenue12.10B 68.4%
Gross profit5.87B 33.2%
Other operating expenses438.93M 2.5%
Operating income5.43B 30.7%
Tax954.27M 5.4%
Other expense1.24B 7.0%
Net income3.24B 18.3%
FY2026, in GBP. Each band is as wide as its money; the percentage is its share of revenue.
FY2026, in GBP. Each band is as wide as its money; the percentage is its share of revenue.
National Grid revenue breakdown
By product
FY2026
74.8%Distribution21.2%Transmission2.1%Generation1.9%Other Product And Services
| Segment | Revenue | Share of revenue | Change on the year |
|---|---|---|---|
| Distribution | 13.12B | 74.8% | +1.8% |
| Transmission | 3.72B | 21.2% | +5.4% |
| Generation | 364.00M | 2.1% | -5.2% |
| Other Product And Services | 327.00M | 1.9% | +2.8% |
By region
FY2026
69.1%United States30.9%Country of domicile
| Region | Revenue | Share of revenue | Change on the year |
|---|---|---|---|
| United States | 12.22B | 69.1% | +4.7% |
| Country of domicile | 5.47B | 30.9% | -18.4% |
Operating and free cash flow
Full cash flow statementOperating cash flow Free cash flow
National Grid financial health
Full balance sheet- Cash and short-term investments
- 3.35B GBP
- Total debt
- 51.57B GBP
- Net cash
- -48.22B GBP
- Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.
- -3.67B GBP
- Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.
- 0.62
- Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.
- 1.29
- Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.
- 6 / 9
- Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.
- 1.32
Cash, debt and free cash flow
Cash and short-term investments Total debt Free cash flow
Assets, liabilities and equity
Total assets Total liabilities Shareholders' equity
National Grid valuation
- Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 15.75
- Forward P/E (FY2027)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.
- 13.82
- Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.
- 3.39
- Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.
- 1.60
- EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.
- 13.05
Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.
Market capitalization
84.76B USD
+
Total debt
68.14B USD
−
Cash and short-term investments
4.42B USD
=
Enterprise value
148.49B USD
Valuation over time
P/EForward P/EForward P/E · EstimateEstimate
National Grid against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.
Each figure in the latest fiscal year against the same figure from FY2022 to FY2026: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.
Its peers: Duke Energy, The Southern, American Electric Power Company, Dominion Energy, Entergy, and Xcel Energy, the US Regulated Electric companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.
- P/E (today)Below its median15.84.930.9
- Gross marginLowest in 5 years33.2%33.2%77.4%Against its peers: 3 of 7Peers' median 31.7%
- Operating marginHighest in 5 years30.7%22.5%30.7%Against its peers: 1 of 7Peers' median 24.5%
- Net marginAbove its median18.3%11.5%36.0%Against its peers: 1 of 7Peers' median 15.0%
- Return on equityAt its median8.2%7.7%26.4%Against its peers: 7 of 7Peers' median 10.3%
- Free cash flow marginLowest in 5 years-21.6%-21.6%1.8%Against its peers: 5 of 7Peers' median -15.7%
- Revenue growthAt its median-3.8%-8.4%17.4%Against its peers: 7 of 7Peers' median 9.3%
- EPS growthAbove its median8.9%-70.1%205.5%Against its peers: 5 of 7Peers' median 14.9%
- Debt to EBITDABelow its median5.98×5.93×7.07×Against its peers: 7 of 7Peers' median 5.49×
- Current ratioBelow its median0.760.731.35Against its peers: 2 of 7Peers' median 0.68
Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.
National Grid dividends
- Annual dividend
- 2.29 USD
- Dividend yield (indicated)What is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.
- 2.71%
- Payout ratioWhat is the payout ratio? The payout ratio is the share of a company's earnings paid out as dividends: dividends per share divided by earnings per share (EPS).
- 81.89%
- Frequency
- Semi-annual
- Next payment
- 1.14 USD
- Next ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.
- 20 Nov 2026
- Next payment date
- 12 Jan 2027
Dividends per share
National Grid ownership
- InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.
- 6.59%
- Institutional holders
- 640 (+32)
- Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.
- 100.00%
Who owns the shares
Institutions 6.6% Others 93.4%
As of 30 Jun 2026
Shares free to trade
Free float 1.01B shares ·100.0% Closely held 1.01K shares ·0.0%
Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.
Shares outstanding
Basic shares Diluted shares Change in diluted shares
Common questions about National Grid's financials
Source: Financial Modeling Prep