National Grid plc

LSE:NG. Stock Report

Market Cap: UK£55.4b

National Grid Balance Sheet Health

Financial Health criteria checks 2/6

National Grid has a total shareholder equity of £37.2B and total debt of £45.9B, which brings its debt-to-equity ratio to 123.4%. Its total assets and total liabilities are £103.8B and £66.5B respectively. National Grid's EBIT is £5.3B making its interest coverage ratio 3.9. It has cash and short-term investments of £4.1B.

Key information

123.37%

Debt to equity ratio

UK£45.91b

Debt

Interest coverage ratio3.9x
CashUK£4.06b
EquityUK£37.22b
Total liabilitiesUK£66.54b
Total assetsUK£103.76b

Recent financial health updates

Does National Grid (LON:NG.) Have A Healthy Balance Sheet?

Jun 17
Does National Grid (LON:NG.) Have A Healthy Balance Sheet?

We Think National Grid (LON:NG.) Is Taking Some Risk With Its Debt

Feb 27
We Think National Grid (LON:NG.) Is Taking Some Risk With Its Debt

These 4 Measures Indicate That National Grid (LON:NG.) Is Using Debt Extensively

Nov 27
These 4 Measures Indicate That National Grid (LON:NG.) Is Using Debt Extensively

Recent updates

National Grid (LON:NG.) Will Pay A Dividend Of £0.1635

Nov 09
National Grid (LON:NG.) Will Pay A Dividend Of £0.1635

National Grid plc's (LON:NG.) Share Price Not Quite Adding Up

Sep 01
National Grid plc's (LON:NG.) Share Price Not Quite Adding Up

Estimating The Intrinsic Value Of National Grid plc (LON:NG.)

Aug 02
Estimating The Intrinsic Value Of National Grid plc (LON:NG.)

Does National Grid (LON:NG.) Have A Healthy Balance Sheet?

Jun 17
Does National Grid (LON:NG.) Have A Healthy Balance Sheet?

National Grid (LON:NG.) Strong Profits May Be Masking Some Underlying Issues

May 22
National Grid (LON:NG.) Strong Profits May Be Masking Some Underlying Issues

National Grid plc Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

May 17
National Grid plc Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Calculating The Intrinsic Value Of National Grid plc (LON:NG.)

Apr 19
Calculating The Intrinsic Value Of National Grid plc (LON:NG.)

We Think National Grid (LON:NG.) Is Taking Some Risk With Its Debt

Feb 27
We Think National Grid (LON:NG.) Is Taking Some Risk With Its Debt

Is There An Opportunity With National Grid plc's (LON:NG.) 26% Undervaluation?

Jan 13
Is There An Opportunity With National Grid plc's (LON:NG.) 26% Undervaluation?

Why We're Not Concerned About National Grid plc's (LON:NG.) Share Price

Dec 28
Why We're Not Concerned About National Grid plc's (LON:NG.) Share Price

These 4 Measures Indicate That National Grid (LON:NG.) Is Using Debt Extensively

Nov 27
These 4 Measures Indicate That National Grid (LON:NG.) Is Using Debt Extensively
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Calculated Investments And Infrastructure Growth Set To Bolster Earnings And Unlock Value

National Grid plans massive network investments to drive asset growth, boost future revenues, and stabilize earnings.

Financial Position Analysis

Short Term Liabilities: NG.'s short term assets (£8.9B) do not cover its short term liabilities (£9.2B).

Long Term Liabilities: NG.'s short term assets (£8.9B) do not cover its long term liabilities (£57.4B).

Debt to Equity History and Analysis

Debt Level: NG.'s net debt to equity ratio (112.5%) is considered high.

Reducing Debt: NG.'s debt to equity ratio has reduced from 174.5% to 123.4% over the past 5 years.

Debt Coverage: NG.'s debt is not well covered by operating cash flow (17%).

Interest Coverage: NG.'s interest payments on its debt are well covered by EBIT (3.9x coverage).

Balance Sheet

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/24 14:54
End of Day Share Price 2025/11/24 00:00
Earnings2025/09/30
Annual Earnings2025/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

National Grid plc is covered by 32 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gary HovisArgus Research Company
Dominic NashBarclays
Daniel FordBarclays