National Grid plc (NGGTF) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2026, filed Jun 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NGGTF SEC filings page.
National Grid plc (NGGTF) reported $23.3B in revenue for fiscal year 2026, down 1.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (20-F and 6-K reports).
Financial Health Signals
We do not publish a peer-relative financial health score for National Grid plc, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
National Grid plc scores 1.39, below the 1.81 distress threshold. The score is pulled down most by current liabilities exceeding current assets by $3.0B against total assets of $142.8B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
National Grid plc passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 2 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
National Grid plc earns $3.19 in operating income for every $1 of interest expense ($7.2B vs $2.2B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
National Grid plc generated $23.3B in revenue in fiscal year 2026. This represents a decrease of 1.6% from the prior year.
National Grid plc's EBITDA was $10.1B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.4% from the prior year.
National Grid plc reported $4.3B in net income in fiscal year 2026. This represents an increase of 14.2% from the prior year.
National Grid plc earned $0.86 per diluted share (EPS) in fiscal year 2026. This represents an increase of 8.6% from the prior year.
Cash & Balance Sheet
National Grid plc held $494.4M in cash against $56.5B in long-term debt as of fiscal year 2026.
Not reported for fiscal year 2026.
Not reported for fiscal year 2026.
Margins & Returns
National Grid plc's operating margin was 30.7% in fiscal year 2026, reflecting core business profitability. This is up 3.9 percentage points from the prior year.
National Grid plc's net profit margin was 18.3% in fiscal year 2026, showing the share of revenue converted to profit. This is up 2.5 percentage points from the prior year.
National Grid plc's ROE was 8.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the prior year.
Not reported for fiscal year 2026.
Capital Allocation
National Grid plc invested $50.1M in research and development in fiscal year 2026. This represents a decrease of 9.7% from the prior year.
National Grid plc invested $13.2B in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 16.3% from the prior year.
Not reported for fiscal year 2026.
NGGTF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.3B-1.6% | $23.7B-5.5% | $25.1B-6.4% | $26.8B+10.4% | $24.3B+28.7% | $18.9B+13.3% | $16.6B-14.5% | $19.5B-9.0% | $21.4B+13.5% | $18.8B-0.8% | $19.0B |
| R&D Expenses | $50.1M-9.7% | $55.5M+37.1% | $40.4M+42.1% | $28.4M+96.6% | $14.5M-12.6% | $16.6M+47.7% | $11.2M-54.7% | $24.8M+35.8% | $18.2M+3.9% | $17.6M-35.8% | $27.3M |
| Operating Income | $7.2B+12.5% | $6.4B+12.5% | $5.7B-6.3% | $6.0B+5.0% | $5.7B+73.6% | $3.3B+16.7% | $2.8B-24.1% | $3.7B-23.7% | $4.9B+21.8% | $4.0B-13.3% | $4.6B |
| EBITDA | $10.1B+10.4% | $9.2B+11.0% | $8.3B-2.7% | $8.5B+4.1% | $8.2B+52.1% | $5.4B+15.9% | $4.6B-22.9% | $6.0B-14.8% | $7.0B+19.9% | $5.9B-9.9% | $6.5B |
| Interest Expense | $2.2B-3.5% | $2.3B+7.7% | $2.2B+9.5% | $2.0B+40.2% | $1.4B+19.8% | $1.2B-7.4% | $1.3B-15.8% | $1.5B+6.5% | $1.4B-1.0% | $1.4B+1.7% | $1.4B |
| Income Tax | $1.2B+16.9% | $1.1B+0.8% | $1.1B-3.1% | $1.1B-34.5% | $1.7B+233.2% | $496.6M+7.8% | $460.8M+4.3% | $441.8Mn/m | -$1.2B-366.0% | $468.9M-23.6% | $614.1M |
| Net Income | $4.3B+14.2% | $3.7B+29.3% | $2.9B-70.0% | $9.6B+211.6% | $3.1B+36.8% | $2.3B+43.7% | $1.6B-20.1% | $2.0B-60.5% | $5.0B-49.0% | $9.8B+162.3% | $3.7B |
| EPS (Basic) | $0.86+8.7% | $0.79+9.5% | $0.73-70.2% | $2.44+183.4% | $0.86+33.8% | $0.64+41.4% | $0.45-21.8% | $0.58-59.6% | $1.44-44.6% | $2.60+162.8% | $0.99 |
| EPS (Diluted) | $0.86+8.6% | $0.79+9.7% | $0.72-70.3% | $2.43+183.9% | $0.85+33.9% | $0.64+41.3% | $0.45-21.9% | $0.58-59.6% | $1.43-44.6% | $2.59+162.8% | $0.98 |
| Diluted Shares (Avg) | 4.97B+5.1% | 4.73B+18.0% | 4.01B+0.9% | 3.97B+9.9% | 3.62B+2.1% | 3.54B+1.8% | 3.48B+2.3% | 3.40B-2.2% | 3.48B-8.0% | 3.78B-0.3% | 3.79B |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, SG&A Expenses.
NGGTF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $142.8B+3.7% | $137.7B+10.8% | $124.3B+8.4% | $114.7B-8.1% | $124.8B+34.5% | $92.7B+10.2% | $84.1B+1.8% | $82.6B-0.5% | $83.0B+0.6% | $82.5B | N/A |
| Current Assets | $9.9B-46.6% | $18.5B+40.9% | $13.1B+16.4% | $11.3B-52.3% | $23.6B+72.3% | $13.7B+89.8% | $7.2B-30.2% | $10.4B+10.5% | $9.4B-44.9% | $17.0B | N/A |
| Cash & Equivalents | $494.4M-67.5% | $1.5B+115.1% | $706.4M+250.4% | $201.6M-24.9% | $268.3M+23.9% | $216.6M+138.2% | $90.9M-72.3% | $328.4M-28.8% | $461.5M-67.7% | $1.4B+700.8% | $178.3M |
| Inventory | $737.0M+2.6% | $718.3M-31.4% | $1.0B-3.4% | $1.1B+61.2% | $672.1M+11.0% | $605.6M-11.4% | $683.7M+41.8% | $482.2M+0.8% | $478.3M-5.3% | $505.2M | N/A |
| Accounts Receivable | $5.1B-3.4% | $5.3B+22.3% | $4.3B-8.9% | $4.7B-3.0% | $4.9B+21.3% | $4.0B+8.3% | $3.7B-9.5% | $4.1B+4.7% | $3.9B+14.8% | $3.4B | N/A |
| Goodwill | $12.4B+1.0% | $12.3B0.0% | $12.3B+0.9% | $12.2B-2.8% | $12.5B+98.1% | $6.3B-11.0% | $7.1B+1.6% | $7.0B+0.1% | $7.0B-8.5% | $7.6B | N/A |
| Total Liabilities | $90.9B+2.3% | $88.9B+2.8% | $86.5B+10.7% | $78.1B-16.4% | $93.4B+42.9% | $65.3B+9.8% | $59.5B+4.1% | $57.1B+1.4% | $56.3B-1.1% | $57.0B | N/A |
| Current Liabilities | $12.9B-5.7% | $13.7B-4.8% | $14.4B+27.4% | $11.3B-65.3% | $32.6B+152.1% | $12.9B+21.2% | $10.7B-10.3% | $11.9B-2.5% | $12.2B-7.4% | $13.2B | N/A |
| Non-Current Liabilities | $78.0B+3.7% | $75.2B+4.3% | $72.1B+7.9% | $66.8B+9.9% | $60.8B+16.0% | $52.4B+7.3% | $48.8B+7.9% | $45.2B+2.5% | $44.1B+0.8% | $43.8B | N/A |
| Long-Term Debt | $56.5B+2.2% | $55.3B+3.7% | $53.3B+7.7% | $49.5B+12.9% | $43.9B+15.7% | $37.9B+13.9% | $33.3B+5.3% | $31.6B+1.6% | $31.1B+7.2% | $29.0B-28.8% | $40.8B |
| Total Equity | $51.8B+6.3% | $48.8B+29.2% | $37.7B+3.3% | $36.5B+16.6% | $31.3B+14.5% | $27.4B+11.1% | $24.6B-3.3% | $25.5B-4.5% | $26.7B+4.5% | $25.5B+30.9% | $19.5B |
| Retained Earnings | $55.3B+6.8% | $51.7B+27.6% | $40.5B+3.6% | $39.1B+11.7% | $35.0B+9.5% | $32.0B+17.2% | $27.3B-4.9% | $28.7B-6.2% | $30.6B+7.9% | $28.3B | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
NGGTF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Depreciation & Amortization | $3.0B+5.6% | $2.8B+7.7% | $2.6B+6.1% | $2.5B+2.0% | $2.4B+17.5% | $2.0B+14.6% | $1.8B-21.0% | $2.3B+5.4% | $2.1B+15.6% | $1.9B-1.5% | $1.9B |
| Capital Expenditures | $13.2B+16.3% | $11.3B+29.8% | $8.7B+11.5% | $7.8B+16.7% | $6.7B+15.5% | $5.8B+8.7% | $5.3B+12.8% | $4.7B-9.7% | $5.2B+26.9% | $4.1B+0.6% | $4.1B |
| Dividends Paid | $2.1B+8.5% | $2.0B-9.2% | $2.2B+9.2% | $2.0B+63.9% | $1.2B-37.8% | $1.9B+75.5% | $1.1B-26.5% | $1.5B-76.0% | $6.3B+243.1% | $1.8B-4.6% | $1.9B |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $2.8M-63.1% | $7.5M | N/A | $1.4B+502.0% | $236.9M-38.3% | $384.0M |
Not reported in any period shown, so not listed: Operating Cash Flow, Stock-Based Compensation, Free Cash Flow, Investing Cash Flow, Financing Cash Flow.
NGGTF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 30.7%+3.9pp | 26.9%+4.3pp | 22.5%0.0pp | 22.5%-1.2pp | 23.7%+6.1pp | 17.6%+0.5pp | 17.1%-2.2pp | 19.2%-3.7pp | 22.9%+1.6pp | 21.3%-3.1pp | 24.4% |
| Net Margin | 18.3%+2.5pp | 15.8%+4.3pp | 11.5%-24.5pp | 36.0%+23.3pp | 12.8%+0.8pp | 12.0%+2.5pp | 9.5%-0.7pp | 10.1%-13.2pp | 23.3%-28.6pp | 51.8%+32.2pp | 19.6% |
| Return on Equity | 8.3%+0.6pp | 7.7%0.0pp | 7.7%-18.7pp | 26.4%+16.5pp | 9.9%+1.6pp | 8.3%+1.9pp | 6.4%-1.3pp | 7.7%-10.9pp | 18.7%-19.6pp | 38.3%+19.2pp | 19.1% |
| Return on Assets | 3.0%+0.3pp | 2.7%+0.4pp | 2.3%-6.1pp | 8.4%+5.9pp | 2.5%0.0pp | 2.4%+0.6pp | 1.9%-0.5pp | 2.4%-3.6pp | 6.0%-5.8pp | 11.8% | N/A |
| Current Ratio | 0.76-0.6x | 1.35+0.4x | 0.91-0.1x | 1.00+0.3x | 0.73-0.3x | 1.06+0.4x | 0.68-0.2x | 0.87+0.1x | 0.77-0.5x | 1.29 | N/A |
| Debt-to-Equity | 1.090.0x | 1.13-0.3x | 1.41+0.1x | 1.360.0x | 1.400.0x | 1.390.0x | 1.35+0.1x | 1.24+0.1x | 1.170.0x | 1.14-1.0x | 2.09 |
| Liabilities-to-Equity | 1.75-0.1x | 1.82-0.5x | 2.29+0.2x | 2.14-0.8x | 2.98+0.6x | 2.390.0x | 2.42+0.2x | 2.24+0.1x | 2.11-0.1x | 2.23 | N/A |
| Asset Turnover | 0.160.0x | 0.170.0x | 0.200.0x | 0.230.0x | 0.190.0x | 0.200.0x | 0.200.0x | 0.240.0x | 0.260.0x | 0.23 | N/A |
Not reported in any period shown, so not listed: Gross Margin, FCF Margin.
Note: The current ratio is below 1.0 (0.76), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| National Grid plc NGGTF | FY2026 | $23.3B | $4.3B | 18.3% | $83.1B | — |
| Hydro One Ltd HRNNF | FY2025 | $6.6B | $976.5M | 14.8% | $24.0B | — |
Where National Grid plc Ranks
Frequently Asked Questions
National Grid plc (NGGTF) reported $23.3B in total revenue for fiscal year 2026. This represents a -1.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
National Grid plc (NGGTF) revenue declined by 1.6% year-over-year, from $23.7B to $23.3B in fiscal year 2026.
Yes, National Grid plc (NGGTF) reported a net income of $4.3B in fiscal year 2026, with a net profit margin of 18.3%.
National Grid plc (NGGTF) had EBITDA of $10.1B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2026, National Grid plc (NGGTF) had $494.4M in cash and equivalents against $56.5B in long-term debt.
National Grid plc (NGGTF) had an operating margin of 30.7% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
National Grid plc (NGGTF) had a net profit margin of 18.3% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
National Grid plc (NGGTF) has a return on equity of 8.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
National Grid plc (NGGTF) had $142.8B in total assets as of fiscal year 2026, including both current and long-term assets.
National Grid plc (NGGTF) invested $13.2B in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
National Grid plc (NGGTF) invested $50.1M in research and development during fiscal year 2026.
National Grid plc (NGGTF) had a current ratio of 0.76 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.
National Grid plc (NGGTF) had a debt-to-equity ratio of 1.09 as of fiscal year 2026. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
National Grid plc (NGGTF) had a liabilities-to-equity ratio of 1.75 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
National Grid plc (NGGTF) had a return on assets of 3.0% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
National Grid plc (NGGTF) trades at 19.5x earnings, its market capitalization divided by $4.3B net income, FY2026. The market capitalization is $83.1B as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
National Grid plc (NGGTF) trades at 3.6x sales, its market capitalization divided by $23.3B revenue, FY2026. The market capitalization is $83.1B as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
National Grid plc (NGGTF) has an Altman Z-Score of 1.39, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
National Grid plc (NGGTF) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
National Grid plc (NGGTF) has an interest coverage ratio of 3.19x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.