National Grid plc

LSE:NG. Stock Report

Market Cap: UK£53.5b

National Grid Past Earnings Performance

Past criteria checks 5/6

National Grid has been growing earnings at an average annual rate of 14.5%, while the Integrated Utilities industry saw earnings growing at 11.5% annually. Revenues have been growing at an average rate of 8.5% per year. National Grid's return on equity is 7.5%, and it has net margins of 15.4%.

Key information

14.53%

Earnings growth rate

10.13%

EPS growth rate

Integrated Utilities Industry Growth8.06%
Revenue growth rate8.52%
Return on equity7.48%
Net Margin15.38%
Next Earnings Update06 Nov 2025

Recent past performance updates

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

There May Be Some Bright Spots In National Grid's (LON:NG.) Earnings

May 30
There May Be Some Bright Spots In National Grid's (LON:NG.) Earnings

Recent updates

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

National Grid (LON:NG.) Has Announced That Its Dividend Will Be Reduced To £0.1584

Nov 12
National Grid (LON:NG.) Has Announced That Its Dividend Will Be Reduced To £0.1584
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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.

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

Jul 29
Estimating The Intrinsic Value Of National Grid plc (LON:NG.)

There May Be Some Bright Spots In National Grid's (LON:NG.) Earnings

May 30
There May Be Some Bright Spots In National Grid's (LON:NG.) Earnings

National Grid (LON:NG.) Will Pay A Larger Dividend Than Last Year At £0.3912

May 26
National Grid (LON:NG.) Will Pay A Larger Dividend Than Last Year At £0.3912

Revenue & Expenses Breakdown

How National Grid makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

LSE:NG. Revenue, expenses and earnings (GBP Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 2518,3782,8261020
31 Dec 2418,8502,275860
30 Sep 2419,3221,724700
30 Jun 2419,5861,970750
31 Mar 2419,8502,216790
31 Dec 2320,2772,3871220
30 Sep 2320,7042,5581640
30 Jun 2321,1822,6361500
31 Mar 2321,6592,7141350
31 Dec 2221,3062,8701310
30 Sep 2220,9523,0261270
30 Jun 2219,7012,6041470
31 Mar 2218,4492,1821670
31 Dec 2116,4961,6852230
30 Sep 2114,5421,1872790
30 Jun 2114,1041,2453280
31 Mar 2113,6651,3033760
31 Dec 2012,8101,0963680
30 Sep 2014,3151,3773370
30 Jun 2014,4281,3252970
31 Mar 2013,3601,0292680
31 Dec 1914,7081,3662590
30 Sep 1914,8751,4582600
30 Jun 1914,9041,4792320
31 Mar 1914,9331,4992030
31 Dec 1814,9232,425-6590
30 Sep 1814,9133,3501,6800
30 Jun 1815,0823,4491,6910
31 Mar 1815,2503,5481010
31 Dec 1715,3452,5771,6800
30 Sep 1715,4391,6061,6570
30 Jun 1715,2371,7091,6650
31 Mar 1715,0351,8111,6730
30 Sep 1612,6381,6851,4290
30 Jun 1612,9251,7931,4320
31 Mar 1613,2121,8991,4340
31 Dec 1515,4032,3751,5880
30 Sep 1515,6912,1581,5610
30 Jun 1515,4462,0891,5590
31 Mar 1513,3571,5031,3650
31 Dec 1414,8272,0811,3700
30 Sep 1414,4522,1421,4530
30 Jun 1414,6312,3091,4650

Quality Earnings: NG. has high quality earnings.

Growing Profit Margin: NG.'s current net profit margins (15.4%) are higher than last year (11.2%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: NG.'s earnings have grown by 14.5% per year over the past 5 years.

Accelerating Growth: NG.'s earnings growth over the past year (27.5%) exceeds its 5-year average (14.5% per year).

Earnings vs Industry: NG. earnings growth over the past year (27.5%) exceeded the Integrated Utilities industry 13.9%.

Return on Equity

High ROE: NG.'s Return on Equity (7.5%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/25 22:49
End of Day Share Price 2025/05/23 00:00
Earnings2025/03/31
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

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

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 39 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Juan RodriguezAlphaValue
Gary HovisArgus Research Company
Dominic NashBarclays