National Grid plc

NGG

$78.17

+0.15%

2026-09-03 16:00:02 EDT+$0.12

Utilities

Regulated Electric

NYSE

Active Trading

National Grid plc engages in the transmission and distribution of electricity and gas. It operates through UK Electricity Transmission, UK Electricity Distribution, ...

Price Action of NGG

$78.17

+0.15%+$0.12

High—

Low—

52W High-15.2%

Rel. vol—

Interval

Range6.5h

Volume—SMA5SMA10

—

National Grid plc (NYSE: NGG) is an investor-owned utility that connects and powers communities by delivering electricity and gas safely, reliably, and efficiently. The company operates across two core geographies: the UK and the Northeastern United States (notably New England and New York). Its UK businesses include electricity transmission networks ...National Grid plc (NYSE: NGG) is an investor-owned utility that connects and powers communities by delivering electricity and gas safely, reliably, and efficiently. The company operates across two core geographies: the UK and the Northeastern United States (notably New England and New York). Its UK businesses include electricity transmission networks in England and Wales and electricity distribution services across regions such as the East and West Midlands, Southwest England, and South Wales. These regulated networks are designed to deliver resilient grid performance, maintain system integrity, and support long-term demand and decarbonization. In the US, National Grid serves electricity and gas customers and operates infrastructure that includes both distribution and, in certain areas, high-voltage transmission services. The company also runs the National Grid Ventures segment, which invests in transmission-related opportunities (including interconnectors) and gas-related infrastructure such as LNG importation at the Isle of Grain, as well as other supporting activities like leasing and sale of commercial property and insurance activities in the UK. From a business perspective, National Grid’s value proposition centers on infrastructure stewardship in heavily regulated markets: earning outcomes depend on regulated returns, capital deployment, safety and reliability performance, and the ability to fund and deliver ongoing network upgrades. Operationally, this typically involves substantial capital expenditure for grid reinforcement, refurbishment, and expansion to support load growth and integrate new generation sources. Financially, the dataset indicates National Grid has a large asset base consistent with a utility operator (with significant invested capital) and a dividend policy (dividend yield shown in the dataset). Utility economics often involve lower growth but steady demand, with cash flows influenced by regulatory frameworks, interest rates, and the timing of capex relative to regulated asset bases. The presence of negative free cash flow metrics in the snapshot underscores the capital-intensive nature of the business, where investment cycles can temporarily pressure free cash flow despite ongoing operating profitability. Leadership is provided by Zoë A. Yujnovich as CEO, and the company’s senior leadership team includes roles such as President (New York) and functional leaders across transformation and customer operations. Key priorities commonly include improving customer service, achieving operational excellence on safety and reliability, and advancing energy transition plans—such as enabling network capabilities for electrification and modernizing infrastructure. In short, National Grid is a core grid operator and energy delivery company whose products and services are fundamentally about transporting and distributing electricity and gas at scale—supported by long-term infrastructure investment, regulated performance, and ongoing network modernization.ExpandCollapse

Founded

1990

Employees

33026

CEO

Zoë Yujnovich

Full Name

National Grid plc

Sector

Utilities

Industry

Regulated Electric

ROE

8.47%

Market Cap

$78.59B

Current Ratio

0.76

WACC

5.60%

ROIC

4.61%

Contact Information

https://www.nationalgrid.com

44 20 7004 3000

1-3 Strand, London, GL WC2N 5EH

Key Metrics of NGG

Snapshot

Latest / TTM · 6 periods

Market Cap

$78.59B

ROCE

5.8%

EV / EBITDA

13.36x

-0.2% YoY

FCF Yield

-6.5%

-0.5% YoY

Cash Conversion Cycle

-172.9d

Current Ratio

0.76

Quick take

TTM —

Current ratio below 1.0

Negative working capital

Financial Highlights of NGG

Profitability trend

Latest / TTM · 6 periods

Gross Margin

63.4%

Net Margin

18.3%

P/E Ratio

17.36x

n/a

Debt / Equity

1.19

n/a

Current Ratio

0.76

Dividend Yield

4.2%

Understanding

TTM —

Current ratio below 1.0

Calendar of NGG

Upcoming

Mar 31, 2027
FY2027 · Estimated annual results
Est. EPS $4.58 · Revenue $20.06B · 3 analysts
Mar 31, 2028
FY2028 · Estimated annual results
Est. EPS $4.98 · Revenue $21.90B · 3 analysts
Mar 31, 2029
FY2029 · Estimated annual results
Est. EPS $5.41 · Revenue $23.73B · 1 analysts
Mar 31, 2030
FY2030 · Estimated annual results
Est. EPS $5.84 · Revenue $27.26B · 1 analysts

Recent history

Jul 23, 2026
Dividend payment
$0.48 per share
May 29, 2026
Ex-dividend date
$0.48 per share
Mar 31, 2026
FY2026 · Annual results
EPS £3.30 · Revenue £17.97B
Sep 30, 2025
Q2 FY2026 · Results reported
EPS £0.60 · Revenue £7.05B
Mar 31, 2025
FY2025 · Annual results
EPS £3.03 · Revenue £18.38B
Sep 30, 2024
Q2 FY2025 · Results reported
EPS £0.68 · Revenue £7.62B

Financial Statements of NGG

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$18.0B	-2.2%	+53.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$3.3B	+13.5%	+332.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+32.7%	-57.8%	+70.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+32.7%	+21.6%	+70.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+18.3%	+16.0%	+182.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$-3.8B	-12.7%	-33.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	-21.2%	-15.3%	+12.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	119.0%	-5.4%	-3.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	0.76x	-43.4%	-21.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$108.3B	+1.4%	+4.4%

Actual vs Estimate

A Mar 31Q Mar 31

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	3.30 vs 3.98	-17.2%	2.70 vs 2.49	+8.3%
Revenue Surprise	$18.0B vs $19.9B	-9.7%	$10.8B vs $12.2B	-11.9%

Earnings Call Transcript of NGG

1 transcript segments

Q4 2026

Unknown Speaker

Zoë Yujnovich Good afternoon, everyone, and welcome. Thank you to those of you joining us in the room and online. I've been really looking forward to presenting to you today. As Chief Executive, my ambition is clear: to build on National Grid's strong foundations, sharpen execution, and advance us as a world-class business. Strong execution is the foundation of confidence for customers, regulators, governments, and investors. We must continue to transform our business as the external environment changes at pace. Let me start with our full-year results. These strong results demonstrate the momentum we're building. We delivered a step-up in CapEx of more than 20% to GBP 11.6 billion, driving asset growth of 10.9%. Underlying operating profit increased to GBP 5.7 billion, reflecting strong operational delivery. This supported 8% growth in underlying EPS at constant currency, in line with our guidance. We also grew our dividend per share by 3.8%, in line with U.K. CPIH inflation. These results show we are delivering on our commitments. They also provide the reference point for the observations I've made since arriving and the strategic priorities we're now driving forward. Since becoming Chief Executive last autumn, I've spent significant time across our U.K. and U.S. operations and with colleagues at every level of the organization. I've engaged to listen and learn and to reinforce that safety remains one of our foundational values. These conversations will ensure that whatever changes we make are grounded in today's realities and informed by broad input. I've also spent time with our external stakeholders, consumers, customers, suppliers, strategic partners, and with many of you. I've invested significant time with regulators and governments on both sides of the Atlantic. It's through working together that we can navigate the trade-offs between affordability, security of supply, resilience, and sustainability. All of this underscores for me that National Grid has strong foundations and is differentiated from our peers. Our portfolio is well-diversified across geographies, regulatory frameworks, and energy mix. We have clear visibility on investment and growth, deep engineering capability, and regulatory expertise. Our colleagues understand the critical role we play in the energy system, and they take that responsibility seriously. These strengths underpin our long-standing track record as one of the most reliable and resilient companies in the sector. My focus now is ensuring the way we work reflects the scale, complexity, and opportunities ahead. I'm guided by what has served me well throughout my career, a belief that every organization can and must improve its performance. As a first step, I strengthened the executive leadership team and took actions to improve decision-making and clarifying accountabilities. This has included creating a new growth forum to provide more effective challenge on capital and bringing together the T3 …

Leadership Team of NGG

11 executives

Name	Title	Compensation	Gender	Year Born	Status
Zoe Alexandra Yujnovich	Chief Executive Officer & Director	GBP 3,820,736	Female	1975	Active
Andrew J. Agg	Chief Financial Officer & Executive Director	GBP 2,800,755	Male	1969	Active
Cordelia O'Hara	President of UK Electricity Distribution	—	Female	1974	Active
Emma Hardaker-Jones	Chief People Officer	—	Female	1973	Active
Justine Campbell	Chief Legal officer	—	Female	1970	Active
Benjamin Hollis Wilson	President of National Grid Ventures & Chief US External Affairs Officer	—	Male	1974	Active
Carl G. Trowell	President of UK Strategic Infrastructure	—	—	1969	Active
Sarah Orban Salati	Chief Commercial Officer of NGV North East Team	—	Female	—	Active
Talvis Love	Chief Information & Digital Officer	—	Male	1969	Active
Angela Broad	Director of Investor Relations	—	—	—	Active
Alice Kyne Delahunty	President of UK Electricity Transmission	—	Female	1981	Active

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Defense World7/28/2026Neutral

Bank of New York Mellon Corp Sells 45,455 Shares of National Grid Transco, PLC $NGG

Bank of New York Mellon Corp reduced its position in National Grid Transco, PLC (NYSE: NGG) by 13.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 301,715 shares of the utilities provider's stock after selling 45,455 shares during the quarter. Bank

Defense World7/27/2026Neutral

Entropy Technologies LP Increases Stake in National Grid Transco, PLC $NGG

Entropy Technologies LP raised its stake in National Grid Transco, PLC (NYSE: NGG) by 167.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,905 shares of the utilities provider's stock after acquiring an additional 19,993 shares during the quarter. Entropy

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Historical Employee Count of NGG

Current

33,017

Change

+10.06%

Minimum

29,292

Maximum

33,017

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Mar 31, 2026	33,017	20-F	Jun 3, 2026	View
Mar 31, 2025	30,000	20-F	May 29, 2025	View
Mar 31, 2024	31,425	20-F	May 23, 2024	View
Mar 31, 2023	29,450	20-F	Jun 6, 2023	View
Mar 31, 2022	29,292	20-F	Jun 7, 2022	View

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National Grid plc