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NATIONAL GRID PLC (NNGF.DE) Stock Fundamental Analysis

FRA:NNGF - Deutsche Boerse Ag - GB00BDR05C01 - Common Stock - Currency: EUR

12.3  0 (0%)

Fundamental Rating

4

NNGF gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 13 industry peers in the Multi-Utilities industry. NNGF has an average financial health and profitability rating. While showing a medium growth rate, NNGF is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

In the past year NNGF was profitable.
NNGF had a positive operating cash flow in the past year.
In the past 5 years NNGF has always been profitable.
In the past 5 years NNGF always reported a positive cash flow from operatings.
NNGF.DE Yearly Net Income VS EBIT VS OCF VS FCFNNGF.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B 6B

1.2 Ratios

NNGF has a Return On Assets (2.72%) which is comparable to the rest of the industry.
NNGF has a worse Return On Equity (7.68%) than 84.62% of its industry peers.
NNGF has a Return On Invested Capital of 3.70%. This is amonst the worse of the industry: NNGF underperforms 92.31% of its industry peers.
The Average Return On Invested Capital over the past 3 years for NNGF is below the industry average of 6.45%.
Industry RankSector Rank
ROA 2.72%
ROE 7.68%
ROIC 3.7%
ROA(3y)4.49%
ROA(5y)3.68%
ROE(3y)13.91%
ROE(5y)11.98%
ROIC(3y)4.19%
ROIC(5y)3.99%
NNGF.DE Yearly ROA, ROE, ROICNNGF.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

1.3 Margins

NNGF's Profit Margin of 15.79% is amongst the best of the industry. NNGF outperforms 100.00% of its industry peers.
NNGF's Profit Margin has improved in the last couple of years.
With an excellent Operating Margin value of 25.74%, NNGF belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
NNGF's Operating Margin has improved in the last couple of years.
Industry RankSector Rank
OM 25.74%
PM (TTM) 15.79%
GM N/A
OM growth 3Y6.7%
OM growth 5Y1.75%
PM growth 3Y7.01%
PM growth 5Y12.68%
GM growth 3YN/A
GM growth 5YN/A
NNGF.DE Yearly Profit, Operating, Gross MarginsNNGF.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

4

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so NNGF is destroying value.
The number of shares outstanding for NNGF has been increased compared to 1 year ago.
NNGF has more shares outstanding than it did 5 years ago.
NNGF has a better debt/assets ratio than last year.
NNGF.DE Yearly Shares OutstandingNNGF.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B
NNGF.DE Yearly Total Debt VS Total AssetsNNGF.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B 100B

2.2 Solvency

Based on the Altman-Z score of 0.97, we must say that NNGF is in the distress zone and has some risk of bankruptcy.
NNGF has a Altman-Z score (0.97) which is comparable to the rest of the industry.
NNGF has a Debt/Equity ratio of 1.13. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 1.13, NNGF belongs to the top of the industry, outperforming 84.62% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.13
Debt/FCF N/A
Altman-Z 0.97
ROIC/WACC0.85
WACC4.36%
NNGF.DE Yearly LT Debt VS Equity VS FCFNNGF.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B 40B

2.3 Liquidity

NNGF has a Current Ratio of 1.35. This is a normal value and indicates that NNGF is financially healthy and should not expect problems in meeting its short term obligations.
NNGF's Current ratio of 1.35 is amongst the best of the industry. NNGF outperforms 100.00% of its industry peers.
NNGF has a Quick Ratio of 1.30. This is a normal value and indicates that NNGF is financially healthy and should not expect problems in meeting its short term obligations.
NNGF's Quick ratio of 1.30 is amongst the best of the industry. NNGF outperforms 100.00% of its industry peers.
Industry RankSector Rank
Current Ratio 1.35
Quick Ratio 1.3
NNGF.DE Yearly Current Assets VS Current LiabilitesNNGF.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

4

3. Growth

3.1 Past

The earnings per share for NNGF have decreased by -4.95% in the last year.
Measured over the past 5 years, NNGF shows a small growth in Earnings Per Share. The EPS has been growing by 5.87% on average per year.
NNGF shows a decrease in Revenue. In the last year, the revenue decreased by -7.42%.
Measured over the past years, NNGF shows a small growth in Revenue. The Revenue has been growing by 4.80% on average per year.
EPS 1Y (TTM)-4.95%
EPS 3Y6.08%
EPS 5Y5.87%
EPS Q2Q%-14.77%
Revenue 1Y (TTM)-7.42%
Revenue growth 3Y0.21%
Revenue growth 5Y4.8%
Sales Q2Q%-8.31%

3.2 Future

Based on estimates for the next years, NNGF will show a small growth in Earnings Per Share. The EPS will grow by 7.31% on average per year.
The Revenue is expected to grow by 7.66% on average over the next years.
EPS Next Y4.87%
EPS Next 2Y6.96%
EPS Next 3Y8.14%
EPS Next 5Y7.31%
Revenue Next Year0.86%
Revenue Next 2Y6.45%
Revenue Next 3Y5.7%
Revenue Next 5Y7.66%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
NNGF.DE Yearly Revenue VS EstimatesNNGF.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 10B 20B 30B
NNGF.DE Yearly EPS VS EstimatesNNGF.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 0.2 0.4 0.6 0.8 1

2

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 14.14, the valuation of NNGF can be described as correct.
Based on the Price/Earnings ratio, NNGF is valued a bit more expensive than 76.92% of the companies in the same industry.
NNGF's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 26.59.
The Price/Forward Earnings ratio is 13.54, which indicates a correct valuation of NNGF.
Compared to the rest of the industry, the Price/Forward Earnings ratio of NNGF is on the same level as its industry peers.
NNGF is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.39, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 14.14
Fwd PE 13.54
NNGF.DE Price Earnings VS Forward Price EarningsNNGF.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, NNGF is valued more expensive than 84.62% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 6.53
NNGF.DE Per share dataNNGF.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30 40

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates NNGF does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)2.91
PEG (5Y)2.41
EPS Next 2Y6.96%
EPS Next 3Y8.14%

6

5. Dividend

5.1 Amount

NNGF has a Yearly Dividend Yield of 4.51%, which is a nice return.
NNGF's Dividend Yield is comparable with the industry average which is at 5.13.
NNGF's Dividend Yield is rather good when compared to the S&P500 average which is at 2.39.
Industry RankSector Rank
Dividend Yield 4.51%

5.2 History

The dividend of NNGF is nicely growing with an annual growth rate of 10.55%!
Dividend Growth(5Y)10.55%
Div Incr Years0
Div Non Decr Years0
NNGF.DE Yearly Dividends per shareNNGF.DE Yearly Dividends per shareYearly Dividends per share 2018 2020 2021 2022 2023 2024 2025 0.1 0.2 0.3 0.4 0.5

5.3 Sustainability

NNGF pays out 52.69% of its income as dividend. This is a bit on the high side, but may be sustainable.
NNGF's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP52.69%
EPS Next 2Y6.96%
EPS Next 3Y8.14%
NNGF.DE Yearly Income VS Free CF VS DividendNNGF.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B -2B 4B 6B
NNGF.DE Dividend Payout.NNGF.DE Dividend Payout, showing the Payout Ratio.NNGF.DE Dividend Payout.PayoutRetained Earnings

NATIONAL GRID PLC

FRA:NNGF (6/10/2025, 7:00:00 PM)

12.3

0 (0%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryMulti-Utilities
Earnings (Last)05-15 2025-05-15/bmo
Earnings (Next)11-06 2025-11-06
Inst Owners63.21%
Inst Owner ChangeN/A
Ins Owners0.15%
Ins Owner ChangeN/A
Market Cap12.06B
Analysts80
Price Target14.18 (15.28%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.51%
Yearly Dividend0.42
Dividend Growth(5Y)10.55%
DP52.69%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)3.69%
PT rev (3m)-0.04%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-0.78%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.05%
Valuation
Industry RankSector Rank
PE 14.14
Fwd PE 13.54
P/S 0.56
P/FCF N/A
P/OCF 1.53
P/B 0.27
P/tB 0.41
EV/EBITDA 6.53
EPS(TTM)0.87
EY7.07%
EPS(NY)0.91
Fwd EY7.38%
FCF(TTM)-3.16
FCFYN/A
OCF(TTM)8.06
OCFY65.5%
SpS22.15
BVpS45.56
TBVpS29.78
PEG (NY)2.91
PEG (5Y)2.41
Profitability
Industry RankSector Rank
ROA 2.72%
ROE 7.68%
ROCE 4.92%
ROIC 3.7%
ROICexc 3.98%
ROICexgc 4.67%
OM 25.74%
PM (TTM) 15.79%
GM N/A
FCFM N/A
ROA(3y)4.49%
ROA(5y)3.68%
ROE(3y)13.91%
ROE(5y)11.98%
ROIC(3y)4.19%
ROIC(5y)3.99%
ROICexc(3y)4.41%
ROICexc(5y)4.19%
ROICexgc(3y)5.23%
ROICexgc(5y)4.96%
ROCE(3y)5.63%
ROCE(5y)5.37%
ROICexcg growth 3Y-3.9%
ROICexcg growth 5Y-1.49%
ROICexc growth 3Y-2.29%
ROICexc growth 5Y-2.09%
OM growth 3Y6.7%
OM growth 5Y1.75%
PM growth 3Y7.01%
PM growth 5Y12.68%
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.17
Health
Industry RankSector Rank
Debt/Equity 1.13
Debt/FCF N/A
Debt/EBITDA 6.21
Cap/Depr 427.86%
Cap/Sales 50.64%
Interest Coverage 2.46
Cash Conversion 96.81%
Profit Quality N/A
Current Ratio 1.35
Quick Ratio 1.3
Altman-Z 0.97
F-Score7
WACC4.36%
ROIC/WACC0.85
Cap/Depr(3y)378.95%
Cap/Depr(5y)345.24%
Cap/Sales(3y)40%
Cap/Sales(5y)37.08%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-4.95%
EPS 3Y6.08%
EPS 5Y5.87%
EPS Q2Q%-14.77%
EPS Next Y4.87%
EPS Next 2Y6.96%
EPS Next 3Y8.14%
EPS Next 5Y7.31%
Revenue 1Y (TTM)-7.42%
Revenue growth 3Y0.21%
Revenue growth 5Y4.8%
Sales Q2Q%-8.31%
Revenue Next Year0.86%
Revenue Next 2Y6.45%
Revenue Next 3Y5.7%
Revenue Next 5Y7.66%
EBIT growth 1Y-20.54%
EBIT growth 3Y6.93%
EBIT growth 5Y6.64%
EBIT Next Year53.93%
EBIT Next 3Y24.4%
EBIT Next 5Y17.59%
FCF growth 1Y-381.8%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-3.24%
OCF growth 3Y2.21%
OCF growth 5Y7.68%