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National Grid plc Financial Ratios 2025-2011 | NGG
Brief overview of National Grid plc's financial ratios
The comparison uses the five latest available annual observations between 2021 and 2025.
Key multiples at the end of the period are P/E 117.81x (median 97.55x), EV/EBITDA 55.31x (median 47.13x), P/S 18.62x (median 12x). Multiples are on average 17.4% above their own medians. A substantial share of positive expectations may already be priced in.
The 1/P/E calculation produces a 0.8% earnings yield. It does not capture future growth or capital structure.
Returns on assets and capital are represented by ROE 7.7%, ROA 2.7%, ROCE 5.1%. Profitability remains low. Market valuation has limited fundamental support until resource returns improve.
The cash conversion cycle is -189.9 days versus -185 days initially. Turnover changed little.
Valuation takeaway
National Grid plc combines weak profitability with valuation above its historical norm, leaving limited cushion.
Annual Financial Ratios National Grid plc
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
P/E |
117.8 | 97.6 | 31.2 | 94.1 | 154.4 | 29.6 | 26.3 | - | 4.6 | 15.2 | 18.4 | 15.6 | 14.9 | 13.8 | 11.7 |
P/S |
18.6 | 11.3 | 11.2 | 12.0 | 18.5 | 2.8 | 2.7 | 2.0 | 2.4 | 2.6 | 2.4 | 2.6 | 2.4 | 2.0 | 1.8 |
EPS |
0.6 | 0.6 | 2.0 | 0.7 | 0.5 | 0.4 | 0.4 | 1.0 | 2.1 | 0.7 | - | - | - | - | - |
EV (Enterprise Value) |
410 B | 291 B | 306 B | 292 B | 301 B | 85.2 B | 83.3 B | 70.8 B | 93.2 B | 99.4 B | 93.9 B | 93.5 B | 91.2 B | 76.7 B | 72 B |
EBITDA per Share |
1.57 | 1.64 | 1.73 | 1.72 | 1.1 | 5.37 | 6.79 | 7.42 | 7.62 | 12.2 | 11.5 | 11.5 | 12.1 | 7.5 | 6.06 |
EV/EBITDA |
55.3 | 44.6 | 44.6 | 47.1 | 76.5 | 14.3 | 9.7 | 9813.3 | 14.5 | 9.8 | 9.6 | 10.0 | 9.1 | 12.5 | 15.3 |
PEG |
-18.38 | -10.02 | -3.0 | -8.53 | -5.18 | -2.32 | -3.11 | - | 0.02 | 0.53 | -0.95 | 2.58 | 1.54 | -1.3 | 0.41 |
P/B |
9.0 | 7.5 | 8.2 | 9.3 | 12.8 | 1.9 | 2.0 | 1.6 | 1.8 | 2.9 | 3.1 | 3.3 | 3.3 | 3.0 | 2.8 |
P/CF |
- | - | - | - | - | - | - | - | 28.6 | 31.1 | 29.5 | 59.2 | 129.6 | 44.0 | 20.1 |
ROE % |
7.68 | 7.66 | 26.38 | 9.87 | 8.26 | 6.39 | 7.72 | - | 38.27 | 19.11 | 16.88 | 20.79 | 22.44 | 22.04 | 23.83 |
ROA % |
2.72 | 2.33 | 8.41 | 2.48 | 2.44 | 1.87 | 2.38 | - | 11.84 | 4.40 | 3.66 | 4.73 | 4.20 | 4.30 | 4.65 |
ROCE % |
5.13 | 5.15 | 5.84 | 6.24 | 4.15 | 3.88 | 5.31 | -28.16 | 6.82 | 13.23 | 13.59 | 14.25 | 14.36 | 8.78 | 9.46 |
Current Ratio |
1.5 | 1.4 | 1.5 | 1.3 | 1.4 | 1.4 | 1.4 | 1.5 | 1.3 | 0.8 | 0.8 | 1.0 | 1.3 | 0.9 | 0.9 |
DSO |
- | - | - | - | - | - | - | - | 75.2 | 59.7 | 68.1 | 70.4 | 74.0 | 52.0 | 56.3 |
DIO |
- | - | - | - | - | - | - | - | 61.7 | 69.5 | 40.0 | 30.4 | 43.3 | 46.2 | 11.0 |
DPO |
- | - | - | - | - | - | - | - | 326.9 | 324.0 | 241.3 | 220.2 | 302.3 | 188.2 | 59.2 |
Operating Cycle |
- | - | - | - | - | - | - | - | 136.9 | 129.2 | 108.1 | 100.8 | 117.2 | 98.3 | 67.3 |
Cash Conversion Cycle |
- | - | - | - | - | - | - | - | -189.9 | -194.8 | -133.2 | -119.4 | -185.0 | -89.9 | 8.1 |
All numbers in GBP currency
Quarterly Financial Ratios National Grid plc
| 2026-Q2 | 2025-Q2 | 2025-Q1 | 2024-Q2 | 2024-Q1 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPS |
0.126 | 0.143 | 0.616 | 0.306 | 0.574 | 0.344 | 1.971 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA per Share |
0.53 | 0.52 | 1.57 | 0.82 | 1.64 | 0.87 | 1.73 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
ROE % |
14.98 | 20.98 | 24.01 | 42.71 | 7.66 | 4.84 | 26.38 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
ROA % |
5.15 | 6.89 | 7.50 | 13.19 | 2.33 | 1.25 | 8.41 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
ROCE % |
10.47 | 14.00 | 15.38 | 16.08 | 5.15 | 2.79 | 5.84 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Current Ratio |
1.6 | 1.5 | 1.6 | 1.5 | 1.4 | 1.4 | 1.5 | - | - | - | 1.3 | - | - | - | 1.4 | - | - | - | 1.4 | - | - | - | 1.4 | - | 1.5 | - | 1.5 | - | - | - | 1.4 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in GBP currency
Multiples are an important financial analysis tool for the company National Grid plc, allowing investors and analysts to quickly assess the company’s value and investment attractiveness based on the ratio of market indicators to the company’s financial performance. Essentially, multiples express how the market values the company relative to its earnings, revenue, equity, or other key metrics.
Advantages of Using Financial Ratios- Simplified Data Analysis
Financial ratios transform large volumes of accounting data into compact and easily interpretable indicators, significantly simplifying the assessment of the company’s condition. - Comparability Between Companies
Multiples standardize financial metrics, enabling objective comparison of companies of different sizes, industries, and market capitalizations. - Identification of Trends and Issues
Regular analysis of ratios helps track the dynamics of financial health, identify strengths and weaknesses of the business, as well as potential risks. - Decision Support
Financial multiples serve as an important tool for investors, creditors, and company management in making investment, credit, and managerial decisions. - Accelerated Assessment of Investment Attractiveness
Ratios allow quick determination of key performance, liquidity, and financial stability indicators, facilitating prompt evaluation of companies’ attractiveness for investments.
Using multiples enables comparison between companies, even if they differ in size or industry, as they standardize financial data into ratios convenient for analysis. This is especially useful for evaluating companies where direct analysis of financial statements may be complex or require in-depth knowledge.
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