NGG vs SO: National Grid PLC ADR and Southern compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Southern is the larger company, worth $98.2B, about 1.3 times National Grid PLC ADR.
- Southern grew revenue faster over the last year (+8.0% vs -7.4%).
- National Grid PLC ADR keeps more of each dollar of revenue as operating profit (26.9% vs 24.2%).
- On earnings, National Grid PLC ADR is the cheaper stock (18.5x vs 22.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NGG | SO |
|---|---|---|
| Market cap | $73.6B | $98.2B |
| Share price | $76.48 | $86.17 |
| Revenue (last fiscal year) | $18.4B | $29.6B |
| Free cash flow (last fiscal year) | — | -$2.9B |
| Revenue growth, last year | -7.4% | +8.0% |
| Revenue growth per year, last 5 fiscal years | +7.7% | +6.3% |
| Operating margin | 26.9% | 24.2% |
| Net margin | 15.8% | 14.5% |
| Return on equity | 7.7% | 10.9% |
| P/E (trailing) | 18.5x | 22.3x |
| Price / free cash flow | — | — |
| EV / EBITDA | 13.1x | 11.8x |
| FCF growth the price implies | — | — |
| Dividend yield | 4.4% | 3.4% |
| Debt / equity | 1.82x | 2.93x |
| Fundamental grade | C | D |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
National Grid PLC ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $13.7B | — | 17.6% |
| 2022 | $18.4B | — | 23.7% |
| 2023 | $21.7B | — | 22.5% |
| 2024 | $19.9B | — | 22.5% |
| 2025 | $18.4B | — | 26.8% |
Southern
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $23.1B | -$1.4B | 16.0% |
| 2022 | $29.3B | -$1.6B | 18.3% |
| 2023 | $25.3B | -$1.5B | 23.1% |
| 2024 | $26.7B | $833M | 26.4% |
| 2025 | $29.6B | -$2.9B | 24.7% |
Where the revenue comes from
National Grid PLC ADR · by segments, 2026
New York$7.6B43%
New England$4.2B24%
UK Electricity Transmission$2.8B16%
UK Electricity Distribution$1.9B11%
National Grid Ventures$1.1B6%
Other$90M1%
Southern · by segments, 2025
Traditional Electric Operating Companies$22.1B75%
Southern Company Gas$5.0B17%
Southern Power$2.2B8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NGG in InvestinglyQuestions
Which is bigger, National Grid PLC ADR or Southern?
Southern (SO), at $98.2B against $73.6B.
Is NGG or SO cheaper?
By trailing P/E, National Grid PLC ADR (18.5x) is cheaper than Southern (22.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, NGG or SO?
Southern: revenue grew +8.0% over the last year, against -7.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.