National Grid (NGGTF)

Utilities · Utilities - Regulated Electric
$15.50 +3.75% on the day Market cap $76.4B 52-week range $14.45 to $19.33 Prices as of Oct 7, 2026

What the price implies

A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.

National Grid's free cash flow isn't comparable to its market value here, so a cash-flow reverse DCF doesn't give a meaningful answer. The Modeling tab works from revenue and margins instead.

Fundamental grade

C

Five factors scored 1 to 9 from NGGTF's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.

Valuation6
Profitability6
Growth4
Financial health3

Key numbers

P/E (trailing)18.9x
P/E (forward)12.9x
Price / free cash flow—
EV / EBITDA13.1x
Price / sales4.32x
Price / book1.46x
Revenue growth-7.4%
Operating margin26.9%
Net margin15.8%
Return on equity7.7%
Dividend yield3.2%
Debt / equity1.82x

Results from SEC filings

Fiscal years, from National Grid's 10-K filings. The deep dive has 15+ years, quarters and every line.

Fiscal year20212022202320242025
Revenue$13.7B$18.4B$21.7B$19.9B$18.4B
Net income$1.6B$2.4B$7.8B$2.3B$2.9B
Free cash flow—————
EPS (diluted)$0.46$0.65$1.96$0.57$0.61
Operating margin17.6%23.7%22.5%22.5%26.8%

Where the revenue comes from

Revenue by segments, fiscal 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%

Superinvestors who own NGGTF

From each investor's latest 13F filing (what a 13F shows).

None of the superinvestors we track held NGGTF in their latest 13F.

Insider buying

Open-market purchases by National Grid's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.

No open-market insider purchases of NGGTF in the last 12 months. Most insider activity is selling and option exercises, which aren't shown here.

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In the full deep dive

DCF fair value per share
Yearly return (IRR) at today's price
Growth implied by revenue and margins
15+ years of statements and quarters

Questions

Are National Grid insiders buying the stock?

No open-market insider purchases of NGGTF in the last 12 months, according to SEC Form 4 filings.

Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.