National Grid plc (NG.)

Price£12.48Cached quoteAs of 2026-11-04 15:36 UTC

AI: Fair-priced

Verified security and valuationFACT: London-listed ordinary shares trade under NG., ISIN GB00BDR05C01, quoted in GBX. NYSE NGG represents US-dollar American Depositary Shares, each equivalent to five ordinary shares.

FACT: The latest verified London closing price is 1,240.50 GBX (£12.405), from 3 November 2026; a timestamped November 4 intraday price was unavailable. Against FY2025/26 statutory EPS of 65.5p, adjusted EPS of 58.5p and underlying EPS of 78.0p, trailing P/E multiples are approximately 18.9x, 21.2x and 15.9x. Applying the price to 5,026,965,821 shares excluding treasury implies approximately £62.36 billion equity value. INFERENCE: These multiples reflect expectations of regulated growth. Infrastructure characteristics are offset by debt, investment requirements and execution risk. An independently validated discounted-cash-flow valuation and like-for-like peer valuation were unavailable.

Growing earnings, demanding cash fundingFACT: FY2025/26 statutory operating profit was £5.431 billion, underlying operating profit £5.680 billion and statutory earnings £3.241 billion. Capital investment reached £11.576 billion, up 18% at actual exchange rates.

FACT: Net debt rose from £41.371 billion to £44.160 billion; cash and cash equivalents ended at £375 million. Operating cash inflow was £7.829 billion versus £9.989 billion of property, plant and equipment purchases and £586 million of intangible purchases. Cash capital purchases exceeded operating cash inflow by £2.746 billion before dividends, financing and disposal proceeds. Disposals of National Grid Renewables and Grain LNG supported funding. Regulatory gearing remained 61%; funds from operations/adjusted net debt declined from 13.7% to 13.0%. INFERENCE: Regulated assets provide borrowing capacity, but dividends and construction require continuing capital-market access. Interest rates, regulatory recovery timing and project overruns remain risks.

£70 billion investment programmeFACT: The FY2026/27–FY2030/31 framework targets at least £70 billion cumulative investment, approximately 10% annual compound asset growth and 8–10% annual underlying EPS growth from FY2025/26. Around two-thirds of investment is covered by regulatory agreements.

FACT: FY2025/26 regulated asset growth was 11.7% and total asset growth 10.9%. Acceptance of the UK RIIO-T3 electricity transmission framework improved visibility. The October 5 pre-close announcement expected FY2026/27 underlying EPS growth slightly above previous 13–15% guidance. Approximately £130 million of better-than-anticipated first-half performance in National Grid Ventures and Other included one-off investment fair-value gains and stronger interconnectors. Half-year results were scheduled for November 5 and unavailable on the valuation date. INFERENCE: Growth prospects are credible, but temporary gains should not be capitalised as recurring earnings. Regulatory decisions, construction delivery and future gearing constrain upside.

Inflation-linked dividends and dilutionFACT: FY2025/26 dividends totalled 48.49p, including a 32.14p final dividend paid July 23. At 1,240.50 GBX, the historical yield is approximately 3.91%. Management aims to increase dividends in line with UK CPIH inflation.

FACT: Underlying EPS covered dividends approximately 1.6 times; adjusted EPS cover was about 1.21 times. The 2024 7-for-24 rights issue raised approximately £7 billion through 1,085,448,980 new shares. July 2026 scrip arrangements involved another 50,862,899 underlying ordinary shares, approximately 1% of the October voting-share count. The November 2 voting-rights announcement reported 5,249,831,589 issued shares, including 222,865,768 treasury shares, leaving 5,026,965,821 voting shares. INFERENCE: Scrip preserves cash but dilutes non-participating holders. Future equity fundraising cannot be ruled out, although no additional rights issue is assumed. Dividend growth requires cash generation and per-share earnings to keep pace with investment.

AI: News

Sea Link development consent — October 30, 2026FACT: The UK Secretary of State for Energy Security and Net Zero granted development consent for National Grid's Sea Link transmission project.

FACT: Sea Link includes a 138-kilometre subsea connection between Suffolk and Kent and converter stations in both counties. Siemens Energy is contracted for converter stations; Sumitomo Electric will manufacture subsea cable in Scotland. Construction is expected in early 2027, with completion targeted for 2031, subject to detailed planning. INFERENCE: Consent removes a significant planning obstacle and improves delivery visibility. Costs, schedules and regulated returns remain uncertain; no verified project-specific equity valuation uplift was available.

Up to £400 million for IFA — October 29, 2026FACT: National Grid announced investment of up to £400 million to extend the Interconnexion France-Angleterre electricity link's operating life until at least 2050.

FACT: IFA is jointly owned with French transmission operator RTE. National Grid will upgrade essential equipment, buildings and facilities to support two-way electricity trading. The £400 million is National Grid's investment; RTE's contribution was not disclosed. INFERENCE: Extending the asset's useful life may preserve long-duration earnings and support system flexibility, while creating near-term funding demands. A verified incremental profit forecast or project-level investment return was unavailable.

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	£17.69B	£18.38B	£19.85B	£21.66B	£18.45B	£13.66B	£13.36B	£14.93B	£15.25B	£15.04B	£13.21B
Research & development	£38.0M	£43.0M	£32.0M	£23.0M	£11.0M	£12.0M	£9.0M	£19.0M	£13.0M	£14.0M	£19.0M
Operating expenses	£12.74B	£13.44B	£15.39B	£17.77B	£14.31B	£11.88B	£11.76B	£12.06B	£11.76B	£11.83B	£9.99B
Operating income	£5.43B	£4.93B	£4.47B	£4.88B	£4.37B	£2.40B	£2.28B	£2.87B	£3.49B	£3.21B	£3.23B
Operating margin	30.71%	26.85%	22.54%	22.53%	23.69%	17.57%	17.06%	19.22%	22.90%	21.34%	24.41%
EBITDA	£7.76B	£7.18B	£6.58B	£6.93B	£6.30B	£4.07B	£3.92B	£4.44B	£5.02B	£4.69B	£4.54B
EBITDA margin	43.87%	39.07%	33.15%	32.02%	34.13%	29.81%	29.33%	29.75%	32.94%	31.19%	34.33%
Net income	£3.24B	£2.90B	£2.29B	£7.80B	£2.35B	£1.64B	£1.26B	£1.51B	£3.55B	£7.79B	£2.59B
Net profit margin	18.34%	15.81%	11.54%	36.00%	12.76%	12.01%	9.47%	10.14%	23.29%	51.84%	19.63%
Basic EPSper basic share	£0.66	£0.62	£0.57	£1.97	£0.65	£0.47	£0.37	£0.45	£1.03	£2.07	£0.69
Diluted EPSper diluted share	£0.65	£0.61	£0.57	£1.96	£0.65	£0.46	£0.36	£0.44	£1.02	£2.06	£0.68

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Owners

Reported major voting-rights holders

FCA threshold notices

8.39%of voting rights

BlackRock, Inc.Notified Jun 1, 2026

View holders

Reported major voting-rights holders of NG.
Holder	Voting rights
BlackRock, Inc.	8.39%Jun 1, 2026 · 417.62M votes
Bank of America Corporation	2.03%May 29, 2025 · 99.61M votes

These are threshold-crossing notices, not a complete ownership register. Percentages show issuer voting rights held through the listed share class, exclude financial instruments, and come from different dates. Positions may overlap.

Gray completes the 100% scale; it is not an estimate of other owners.

Source: FCA voting-rights notice ↗Updated Nov 4, 2026

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@tickerstat1 day ago
National Grid wins planning consent for Sea Link, with construction expected in 2027
National Grid (London: NG.) received development consent for Sea Link on 30 October 2026, clearing a major planning step for its electricity connection between Suffolk and Kent. The project includes a 138 km high-voltage link, largely offsh ...
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National Grid plc (NG.)

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National Grid wins planning consent for Sea Link, with construction expected in 2027