National Grid plc

LSE:NG. Stock Report

Market Cap: UK£62.0b

National Grid Management

Management criteria checks 3/4

We currently do not have sufficient information about the CEO.

Key information

Zoe Yujnovich

Chief executive officer

UK£7.0m

Total compensation

CEO salary percentage10.81%
CEO tenureless than a year
CEO ownershipn/a
Management average tenure3.1yrs
Board average tenure4.8yrs

Recent management updates

Recent updates

Narrative Update • Jun 18

NG.: Multi-Billion Grid Upgrades Will Support Earnings Resilience And Dividend Visibility

Analysts have slightly reduced their fair value estimate for National Grid to £13.68 from £13.77, citing modestly adjusted expectations for revenue growth, profit margins and the future P/E multiple. Analyst Commentary Recent fair value revisions for National Grid reflect a mix of optimism about the core business and caution around execution, regulation and valuation.
Narrative Update • Jun 04

NG.: Dividend Visibility And Grid AI Collaboration Will Support Earnings Resilience

Analysts have slightly adjusted their fair value estimate for National Grid from £13.78 to about £13.77, reflecting updated views on revenue growth, profit margins and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts see the small change in fair value, from £13.78 to about £13.77, as a fine tuning of assumptions rather than a shift in the core investment case.
Analysis Article • May 21

We Think That There Are Some Issues For National Grid (LON:NG.) Beyond Its Promising Earnings

National Grid plc's ( LON:NG. ) healthy profit numbers didn't contain any surprises for investors. We think this is due...
Narrative Update • Apr 22

NG.: Grid AI Collaboration And Margin Discipline Will Shape Earnings Resilience

Analysts have nudged their fair value estimate for National Grid to £13.78, reflecting updated assumptions around slightly lower revenue growth, a modestly higher profit margin, and a marginally richer future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts point to the updated fair value estimate of £13.78 as support for National Grid's role as a regulated utility with relatively visible earnings, which can help anchor valuation assumptions.
Narrative Update • Apr 08

NG.: Grid Optimization And Execution Discipline Will Shape Earnings Resilience And Future P/E

Analysts have raised their price target on National Grid to £13.63 from £13.53, citing slightly higher assumptions for revenue growth, profit margin and future P/E as the main drivers of the change. Analyst Commentary Analysts are updating their views on National Grid in light of the revised price target, with attention on how the company can support its valuation through consistent execution and disciplined capital allocation.
Narrative Update • Mar 24

NG.: Execution On Regulated Projects Will Shape Future Earnings Resilience And P/E Framework

Analysts have lifted their price target for National Grid to £13.53 from £13.14, citing slightly higher assumptions for revenue growth, profit margins and future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts see the higher price target of £13.53 as better aligned with their updated assumptions for revenue and margin potential, which they view as more supportive of the current P/E framework.
Narrative Update • Mar 10

NG.: Margin Resilience And P/E Expectations Will Shape Predictable Future Returns

Analysts have nudged their National Grid fair value estimate higher from £12.47 to £13.14, pointing to slightly firmer profit margin expectations and a modestly higher future P/E multiple, even as revenue growth assumptions are trimmed. Analyst Commentary Bullish Takeaways Bullish analysts view the uplift in fair value to £13.14 as consistent with a business that can sustain firmer profit margins over time, which they see as supportive of the overall earnings quality story.
Narrative Update • Feb 24

NG.: Earnings Quality And Regulation Will Shape Predictable Future Returns

Analysts have adjusted their price target on National Grid to £12.47, reflecting updated views on revenue growth, profit margins and future P/E assumptions, while keeping key valuation inputs broadly unchanged. Analyst Commentary Bullish Takeaways Bullish analysts view the reaffirmed assumptions on revenue and profit margins as supportive of the revised £12.47 target and suggest the current P/E framework is still seen as appropriate for National Grid's earnings profile.
Narrative Update • Feb 10

NG.: Dividend Outlook And Regulation Will Shape Steady Future Returns

Analysts have slightly raised their price target on National Grid, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E that together point to a modestly higher implied equity value. Analyst Commentary Bullish Takeaways Bullish analysts see the updated assumptions on fair value and discount rate as broadly consistent with a regulated utility earning a steady return, which they view as supportive of the slightly higher price target.
Analysis Article • Feb 04

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

Key Insights Using the Dividend Discount Model, National Grid fair value estimate is UK£12.16 National Grid's UK£12.56...
Narrative Update • Jan 26

NG.: Dividend Outlook And Regulation Will Shape Steady Long Term Returns

Narrative Update Overview Analysts have modestly raised their fair value estimate for National Grid to £12.31 from £12.08, citing updated assumptions for future revenue growth, profit margins and P/E. These updates still use an unchanged 7.07% discount rate.
Analysis Article • Jan 20

Is National Grid (LON:NG.) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Narrative Update • Jan 12

NG.: Dividend Reliability And Regulatory Outcomes Will Guide Balanced Return Potential

Narrative Update The analyst price target for National Grid has been revised slightly higher to about $12.08 from $11.96, as analysts factor in a modestly higher fair value estimate and a small adjustment to future P/E assumptions, while keeping their core growth and margin expectations effectively unchanged. Analyst Commentary Recent research on National Grid focuses on fine tuning valuation inputs rather than changing the core business view.
Analysis Article • Jan 05

Investors Appear Satisfied With National Grid plc's (LON:NG.) Prospects

National Grid plc's ( LON:NG. ) price-to-earnings (or "P/E") ratio of 20x might make it look like a sell right now...
Narrative Update • Dec 18

NG.: Dividend Outlook And Regulatory Outcomes Will Shape Returns Ahead

Analysts have modestly raised their price target on National Grid, reflecting a slightly higher fair value estimate of approximately $11.96 as they factor in stronger anticipated revenue growth, partially offset by a small compression in forecast profit margins and future valuation multiples. Analyst Commentary Bullish analysts view the modestly higher price target as a reflection of improving growth visibility for National Grid, particularly as regulated asset base expansion and inflation-linked mechanisms support more resilient top line progression.
Narrative Update • Nov 18

NG.: Revenue Expectations And Margin Pressures Will Shape Performance Ahead

Narrative Update: National Grid Analyst Price Target Increased Analysts have raised their price target for National Grid to $11.93, up from $11.78. They cite improved expectations for revenue growth despite a slightly higher discount rate and modestly lower profit margins.
Analysis Article • Nov 09

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

The board of National Grid plc ( LON:NG. ) has announced that it will pay a dividend on the 13th of January, with...
Analysis Article • Sep 01

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

With a price-to-earnings (or "P/E") ratio of 18.3x National Grid plc ( LON:NG. ) may be sending bearish signals at the...
Analysis Article • Aug 02

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

Key Insights Using the Dividend Discount Model, National Grid fair value estimate is UK£12.05 National Grid's UK£10.80...
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New Narrative • Nov 10

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.

CEO Compensation Analysis

How has Zoe Yujnovich's remuneration changed compared to National Grid's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026UK£7mUK£758k

UK£3b

Compensation vs Market: Zoe's total compensation ($USD9.25M) is about average for companies of similar size in the UK market ($USD7.48M).

Compensation vs Earnings: Insufficient data to compare Zoe's compensation with company performance.

CEO

Zoe Yujnovich (51 yo)

less than a year
Tenure
UK£7,010,212
Compensation

Ms. Zoe Alexandra Yujnovich is Chief Executive Officer of National Grid plc from November 17, 2025 and serves as its Director since September 01, 2025. She has been the Independent Non-Executive Director o...

Leadership Team

NamePositionTenureCompensationOwnership
Zoe Yujnovich
CEO & Directorless than a yearUK£7.01mno data
Andrew Agg
CFO & Executive Director7.9yrsUK£4.86m0.018%
£ 11.3m
Talvis Love
Chief Information & Digital Officer2.4yrsno datano data
Angela Broad
Director of Investor Relationsno datano datano data
Justine Campbell
Chief Legal officerno datano datano data
Emma Hardaker-Jones
Chief People Officerless than a yearno datano data
Alice Delahunty
President of UK Electricity Transmission5.4yrsno datano data
Benjamin Wilson
President of National Grid Ventures & Chief US External Affairs Officer3.4yrsno datano data
Sarah Salati
Chief Commercial Officer of NGV North East Team3.3yrsno datano data
Carl Trowell
President of UK Strategic Infrastructure3.2yrsno datano data
Jim McGaugh
U.S. Head of Corporate Affairs3yrsno datano data
Lisa Wieland
President of National Grid New England2.6yrsno datano data
3.1yrs
Average Tenure
54.5yo
Average Age

Experienced Management: NG.'s management team is considered experienced (3.1 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Zoe Yujnovich
CEO & Directorless than a yearUK£7.01mno data
Andrew Agg
CFO & Executive Director7.4yrsUK£4.86m0.018%
£ 11.3m
Jonathan Silver
Independent Non-Executive Director7.1yrsUK£133.00kno data
Paula G. Reynolds
Non-Executive Chairman5.4yrsUK£803.00k0.00047%
£ 291.3k
Martha Wyrsch
Independent Non-Executive Director4.8yrsUK£157.00k0.00050%
£ 309.9k
Antony Wood
Independent Non-Executive Director4.8yrsUK£138.00k0.000050%
£ 31.0k
Earsel Shipp
Independent Non-Executive Director7.4yrsUK£145.00k0.00012%
£ 74.4k
Iain Mackay
Independent Non-Executive Director3.9yrsUK£164.00k0.000090%
£ 55.8k
Anne Robinson
Independent Non-Executive Director4.4yrsUK£135.00kno data
Jacqueline Patricia Ferguson
Independent Non-Executive Director2.4yrsUK£138.00kno data
Ian Livingston
Senior Independent Non-Executive Director4.8yrsUK£200.00k0.000050%
£ 31.0k
4.8yrs
Average Tenure
62yo
Average Age

Experienced Board: NG.'s board of directors are considered experienced (4.8 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/26 23:45
End of Day Share Price 2026/06/26 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

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 28 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