National Grid (NGRN) Stock Price & Analysis
NGRN Stock Chart & Stats
- Day’s Range
- N/A
- 52-Week Range
- N/A
- Previous Close
- N/A
- Volume
- N/A
- Average Volume (3M)
- N/A
- Market Cap
- MXN 1.59T
- Enterprise Value
- MXN 107.13B
- Total Cash (Recent Filing)
- MXN 2.83B
- Total Debt (Recent Filing)
- MXN 46.76B
- Price to Earnings (P/E)
- 19.0
- Beta
- N/A
- Next Earnings
- Nov 05, 2026 (Est.)
- EPS Estimate
- 8.7
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- 3.97%
Bulls Say, Bears Say
Bulls Say
Regulated Investment Growth
The large investment framework can expand National Grid’s regulated asset base and earning capacity over several years. Targeted asset growth, supported by network expansion and modernization, provides a durable route to higher allowed returns and earnings rather than relying on energy prices.
Strong Operating Cash Generation
Strong and improving operating cash generation supports National Grid’s ability to fund essential network activity, service obligations, and part of its investment program. This recurring cash engine is a fundamental strength for a capital-intensive utility, even while total investment remains substantial.
Regulatory And Delivery Visibility
Regulatory coverage and secured delivery mechanisms reduce uncertainty around a substantial portion of the expansion program. This improves visibility into project execution and potential recovery of invested capital, strengthening the durability of future network revenues and returns.
Bears Say
Elevated Leverage
Rising net debt and a projected high-60% gearing level could constrain financial flexibility as National Grid executes its investment program. Greater leverage increases sensitivity to financing costs and leaves less balance-sheet capacity to absorb regulatory delays, cost pressure, or weaker operating outcomes.
Persistent Negative Free Cash Flow
Negative free cash flow indicates that heavy network investment is exceeding internally generated cash, increasing reliance on debt or equity funding. While expansion may support future regulated earnings, ongoing external financing can raise balance-sheet pressure and reduce flexibility in capital allocation.
Uncovered Regulatory Exposure
A meaningful portion of the investment plan remains exposed to future regulatory decisions and execution requirements. If permitted returns, capitalization rules, or recovery mechanisms are less favorable than expected, project economics and the pace of distribution investment could weaken.
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Company Description
National Grid
National Grid plc operates as a major energy utility, focusing on the transmission and distribution of both electricity and natural gas. Its business is organized into distinct geographical and operational segments. Within the United Kingdom, it oversees the high-voltage electricity transmission network and related construction across England and Wales. It also handles electricity distribution for specific regions, including the Midlands, South West England, and South Wales. Furthermore, as the UK Electricity System Operator, the company plays a crucial role in balancing electricity supply and demand throughout Great Britain's transmission system and acts on behalf of other transmission operators. In the United States, its New England and New York divisions are responsible for the distribution of electricity and gas, alongside electricity transmission services, in their respective territories. Beyond these core functions, National Grid also provides cross-border electricity transmission via interconnectors, manages an LNG importation facility at the Isle of Grain, divests renewable energy projects, engages in the leasing and sale of commercial properties, and undertakes insurance activities within the UK. The company was founded in 1990 and maintains its headquarters in London, United Kingdom.
- Sector
- Utilities
- Industry
- Regulated Electric
- CEO
- Zoë Yujnovich
- Employees
- 33,026
- Website
- www.nationalgrid.com
- Address
- 1-3 Strand, London, GL, WC2N 5EH, GB
National Grid (NGRN) Earnings & Revenues
NGRN Earnings Call
Earnings Call SentimentPositive
The call presented a clear and positive investment and operational story: management outlined a major capital investment program (at least GBP 70bn), reiterated strong near-term results (underlying profit GBP 5.7bn, EPS +8%), and highlighted multiple technology-driven productivity gains and regulatory wins (e.g., T3). Material risks were acknowledged — rising net debt, portions of the plan not yet fully covered by regulation, NGV earnings decline, input-cost inflation, and RIIO-ED3 uncertainty — but management emphasized de-risking actions (2/3 covered by agreements, 3/4 delivery mechanisms secured), operational control improvements, and technology pilots that should mitigate execution risk. Overall, the positive momentum, visibility of regulated growth, and operational progress outweigh the acknowledged challenges.
View all MX:NGRN earnings summaries