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NATIONAL GRID PLC (NNGF.DE) Stock Fundamental Analysis

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

12.6  +0.2 (+1.61%)

Fundamental Rating

4

Overall NNGF gets a fundamental rating of 4 out of 10. We evaluated NNGF against 13 industry peers in the Multi-Utilities industry. NNGF has only an average score on both its financial health and profitability. NNGF is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

NNGF had positive earnings in the past year.
In the past year NNGF had a positive cash flow from operations.
In the past 5 years NNGF has always been profitable.
NNGF had a positive operating cash flow in each of the past 5 years.
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.
Looking at the Return On Equity, with a value of 7.68%, NNGF is doing worse than 84.62% of the companies in the same industry.
The Return On Invested Capital of NNGF (3.70%) is worse than 92.31% of its industry peers.
NNGF had an Average Return On Invested Capital over the past 3 years of 4.19%. This 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

With an excellent Profit Margin value of 15.79%, NNGF belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
NNGF's Profit Margin has improved in the last couple of years.
Looking at the Operating Margin, with a value of 25.74%, NNGF belongs to the top 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

NNGF has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for NNGF has been increased compared to 1 year ago.
Compared to 5 years ago, NNGF has more shares outstanding
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

NNGF has an Altman-Z score of 0.98. This is a bad value and indicates that NNGF is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of NNGF (0.98) is comparable to the rest of the industry.
A Debt/Equity ratio of 1.13 is on the high side and indicates that NNGF has dependencies on debt financing.
NNGF's Debt to Equity ratio of 1.13 is amongst the best of the industry. NNGF outperforms 84.62% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.13
Debt/FCF N/A
Altman-Z 0.98
ROIC/WACC0.85
WACC4.37%
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

A Current Ratio of 1.35 indicates that NNGF should not have too much problems paying its short term obligations.
NNGF has a Current ratio of 1.35. This is amongst the best in the industry. NNGF outperforms 100.00% of its industry peers.
A Quick Ratio of 1.30 indicates that NNGF should not have too much problems paying 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

NNGF shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -4.95%.
The Earnings Per Share has been growing slightly by 5.87% on average over the past years.
Looking at the last year, NNGF shows a decrease in Revenue. The Revenue has decreased by -7.42% in the last year.
NNGF shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.80% yearly.
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

NNGF is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 7.31% yearly.
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

With a Price/Earnings ratio of 14.65, NNGF is valued correctly.
Based on the Price/Earnings ratio, NNGF is valued a bit more expensive than the industry average as 76.92% of the companies are valued more cheaply.
When comparing the Price/Earnings ratio of NNGF to the average of the S&P500 Index (26.60), we can say NNGF is valued slightly cheaper.
With a Price/Forward Earnings ratio of 14.00, NNGF is valued correctly.
Based on the Price/Forward Earnings ratio, NNGF is valued a bit more expensive than 76.92% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.39, NNGF is valued a bit cheaper.
Industry RankSector Rank
PE 14.65
Fwd PE 14
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

84.62% of the companies in the same industry are cheaper than NNGF, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 6.58
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)3.01
PEG (5Y)2.49
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.
Compared to an average industry Dividend Yield of 5.13, NNGF has a dividend in line with its industry peers.
Compared to an average S&P500 Dividend Yield of 2.39, NNGF pays a better dividend.
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

52.69% of the earnings are spent on dividend by NNGF. This is a bit on the high side, but may be sustainable.
The dividend of NNGF is growing, but the earnings are growing slower. 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 (6/12/2025, 7:00:00 PM)

12.6

+0.2 (+1.61%)

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 Cap12.35B
Analysts80
Price Target14.18 (12.54%)
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 14.65
Fwd PE 14
P/S 0.57
P/FCF N/A
P/OCF 1.58
P/B 0.28
P/tB 0.43
EV/EBITDA 6.58
EPS(TTM)0.86
EY6.83%
EPS(NY)0.9
Fwd EY7.15%
FCF(TTM)-3.13
FCFYN/A
OCF(TTM)7.99
OCFY63.39%
SpS21.96
BVpS45.16
TBVpS29.52
PEG (NY)3.01
PEG (5Y)2.49
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 0.98
F-Score7
WACC4.37%
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%