ValueScreener
Named tests met0 of 30
83.26 USD Market data. Sources for Share priceClose of Nov 11, 2026

Market data as of Nov 11, 2026. Ratios computed Nov 11, 2026.

ValueScreener company report

NYSE / Utilities / Regulated Electric

Reading

The evidence behind it

Overview

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

4.5% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

21.86x Computed

FY2025 accounts, priced at 21:00 UTC

Read valuation

Cash generation

Free cash flow yield

-3.1% Computed

FY2025 accounts, priced at 21:00 UTC

Read cash generation

Strength

Debt to equity

1.28 Computed

From the FY2025 filing

Read strength

Revenue and net income, by fiscal year

FY2016 Revenue: 13.21B GBPFY2016 Net income: 2.59B GBPFY2017 Revenue: 15.04B GBPFY2017 Net income: 7.79B GBPFY2018 Revenue: 15.25B GBPFY2018 Net income: 3.55B GBPFY2019 Revenue: 14.93B GBPFY2019 Net income: 1.51B GBPFY2020 Revenue: 13.36B GBPFY2020 Net income: 1.26B GBPFY2021 Revenue: 13.66B GBPFY2021 Net income: 1.64B GBPFY2022 Revenue: 18.45B GBPFY2022 Net income: 2.35B GBPFY2023 Revenue: 21.66B GBPFY2023 Net income: 7.80B GBPFY2024 Revenue: 19.85B GBPFY2024 Net income: 2.29B GBPFY2025 Revenue: 18.38B GBPFY2025 Net income: 2.90B GBP
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Market capitalisation
84.64B USD Market data. Sources for Market capitalisation21:00 UTC
Filed accounts
FY2025, filed May 29, 2025
Filed years
9, FY2017 to FY2025
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 21.86x at the close of 2026-11-11 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Regulated Electric industry (35 companies), 21.86x sits at the 56th percentile; the middle half of that group runs from 19.48x to 24.05x.

Is it good

Return on invested capital was 4.5% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Utilities sector (52 companies), 4.5% sits at the 22nd percentile; the middle half of that group runs from 4.5% to 6.2%.

Is it safe

Interest coverage was 2.73x in FY2025, in the band labelled "Speculative grade" (1.50x to 3.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether National Grid plc's return on invested capital stayed above the median of the Utilities sector, year by year. (FY2019 to FY2025, 7 fiscal years of National Grid plc with a comparable figure)
The direction
Which way National Grid plc's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of National Grid plc)
What could explain it
What in National Grid plc's filed statements could explain the movements. (5 readings drawn from the statement lines National Grid plc filed)
What to check next
What to check next on National Grid plc, and where in its filings. (8 questions for National Grid plc)
In one paragraph
One paragraph on National Grid plc's returns, cash, balance sheet and price. (14 of sixteen figures read for National Grid plc)

These are NGG’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research NGGPart of Serious. New accounts start with 30 days of Professional, free, no card.

What changed

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed May 29, 2025, accession 0001004315-25-000012.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

What this cannot tell you

  • 9 figures could not be read on this company, among them Current Ratio, Positive Earnings Streak, Altman Z-Score. Each blank in the table above names the rest, with its reason. 1 named test comes back incomplete because of them, which is neither met nor missed.
  • We hold 9 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Then we check your line against newly filed data and write to you the night our data shows it broke. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published. It is Professional, the plan a new account starts on for 30 days, one trial per person.

Monitor my portfolioHow this is computed

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, and what it can mean for a thesis.

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