National Grid
Financial ratios & Valuation

Forward Multiples (2026 – 2029)

2026202720282029
Price/Earnings ratio
18.6416.9916.1815.12
Price/Sales ratio
1.981.771.591.36
Earnings per Share (EPS)
$3.81$4.18$4.39$4.70

Historical Multiples (2015 – 2024)

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TTM Median
Valuation Ratios
Price/Earnings ratio
22.0119.7622.017.7919.02128.3192.3389.4825.8690.5177.2119.02
Price/Sales ratio
2.472.842.651.811.9211.1511.0811.419.3110.442.321.92
Price/Book Value ratio
2.762.761.951.471.478.207.638.836.826.935.921.47
Price/Cash Flow ratio
6.606.997.626.146.6542.5739.8038.8129.2329.8727.846.65
Price/Free Cash Flow ratio
13.6214.9320.6236.1942.08-148.65-188.35-1.76K351.98-403.26-56.00-56.00
Price/Earnings Growth ratio
-0.560.73-2.620.07-0.33-1.533.022.330.11-1.260.97-0.33
Dividend Yield
3.84%3.56%3.66%16.20%4.03%0.54%0.93%0.43%0.79%0.82%9.41%4.03%
Profitability Indicator Ratios
Gross Profit Margin
70.93%75.37%77.85%60.11%54.44%58.81%58.94%61.88%61.93%73.31%27.91%58.81%
Operating Profit Margin
21.51%23.64%24.87%23.29%23.82%22.26%17.33%20.80%18.67%22.54%22.06%22.26%
Pretax Profit Margin
14.67%17.62%14.52%17.44%12.32%9.62%11.75%18.15%16.57%15.35%14.99%12.32%
Net Profit Margin
11.25%14.37%12.04%23.27%10.11%8.69%12.00%12.75%35.99%11.53%11.53%10.11%
Effective Tax Rate
23.82%18.33%17.12%33.42%18.41%26.42%22.41%37.56%24.40%27.26%27.91%18.41%
Return on Assets
2.72%3.22%2.75%6.03%2.38%1.87%2.43%2.48%8.41%2.32%2.32%1.87%
Return On Equity
12.56%14.00%8.89%18.85%7.72%6.39%8.26%9.87%26.39%7.66%7.72%6.39%
Return on Capital Employed
6.02%6.1%6.75%7.09%6.55%5.48%4.09%5.47%4.83%5.14%5.03%5.48%
Liquidity Ratios
Current Ratio
0.810.811.29N/A0.870.671.06N/AN/AN/A0.910.87
Quick Ratio
0.780.771.260.730.820.611.010.700.920.840.840.82
Cash ratio
0.010.010.100.030.020.000.010.000.010.040.040.02
Days of Sales Outstanding
77.4968.2975.2340.0677.0639.4339.8738.6334.9137.1037.1039.43
Days of Inventory outstanding
26.0437.6832.8816.0819.8533.4628.5626.5232.7550.3118.6233.46
Operating Cycle
103.54105.98108.1156.1496.9272.9068.4465.1667.6787.4155.7272.90
Days of Payables Outstanding
192.74228.60234.01118.64202.24134.40140.86161.58143.83192.0171.06134.40
Cash Conversion Cycle
-89.20-122.62-125.90-62.49-105.32-61.50-72.41-96.41-76.15-104.59-15.33-105.32
Debt Ratios
Debt Ratio
0.510.510.460.460.450.460.460.480.460.470.470.45
Debt Equity Ratio
2.342.221.501.441.461.571.571.921.461.541.541.46
Long-term Debt to Capitalization
0.670.650.540.540.550.570.580.580.570.580.580.55
Total Debt to Capitalization
0.700.680.600.590.590.610.610.650.590.600.600.59
Interest Coverage Ratio
5.766.283.51N/A5.023.062.97N/AN/AN/A2.743.06
Cash Flow to Debt Ratio
0.170.170.170.160.150.120.120.110.150.140.130.13
Company Equity Multiplier
4.604.343.233.123.243.413.383.983.133.293.293.24
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.370.400.340.290.280.260.270.290.310.340.310.28
Free Cash Flow / Operating Cash Flow Ratio
0.480.460.360.160.15-0.28-0.21-0.020.08-0.07-0.12-0.28
Cash Flow Coverage Ratio
0.170.170.170.160.150.120.120.110.150.140.130.13
Short Term Coverage Ratio
1.381.370.800.950.960.901.020.442.331.461.330.96
Dividend Payout Ratio
84.56%70.40%80.78%126.39%76.77%70.56%86.15%39.18%20.61%75.02%75.02%75.02%