National Grid annual debt-to-equity ratio
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
National Grid Debt-to-Equity Ratio Growth & History (NG.)
National Grid's debt-to-equity ratio was 1.19 for fiscal 2026.
View full National Grid company overviewNational Grid annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2026 | 2026-03-31 | 1.19 | −0.09 | −7.01% |
| 2025 | 2025-03-31 | 1.28 | −0.32 | −20.14% |
| 2024 | 2024-03-31 | 1.60 | 0.12 | +8.30% |
| 2023 | 2023-03-31 | 1.48 | −0.45 | −23.39% |
| 2022 | 2022-03-31 | 1.93 | 0.32 | +20.08% |
| 2021 | 2021-03-31 | 1.61 | 0.01 | +0.85% |
| 2020 | 2020-03-31 | 1.59 | 0.11 | +7.49% |
| 2019 | 2019-03-31 | 1.48 | 0.08 | +5.96% |
| 2018 | 2018-03-31 | 1.40 | −0.01 | −0.42% |
| 2017 | 2017-03-31 | 1.41 | −0.68 | −32.71% |
| 2016 | 2016-03-31 | 2.09 | — | — |
National Grid quarterly debt-to-equity ratio
Q4.17
Q4.18
Q2.19
Q4.19
Q4.20
Q4.21
Q4.22
Q2.23
Q4.23
Q2.24
Q4.24
Q2.25
Q4.25
Q2.26
Q4.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q4 2026 | 2026-03-31 | 1.19 | −0.09 | −7.01% |
| Q2 2026 | 2025-09-30 | 1.23 | −0.03 | −2.05% |
| Q4 2025 | 2025-03-31 | 1.28 | −0.32 | −20.14% |
| Q2 2025 | 2024-09-30 | 1.26 | −0.26 | −17.12% |
| Q4 2024 | 2024-03-31 | 1.60 | 0.12 | +8.30% |
| Q2 2024 | 2023-09-30 | 1.52 | −0.35 | −18.84% |
| Q4 2023 | 2023-03-31 | 1.48 | −0.45 | −23.39% |
| Q2 2023 | 2022-09-30 | 1.87 | — | — |
| Q4 2022 | 2022-03-31 | 1.93 | 0.32 | +20.08% |
| Q4 2021 | 2021-03-31 | 1.61 | 0.01 | +0.85% |
| Q4 2020 | 2020-03-31 | 1.59 | 0.11 | +7.49% |
| Q4 2019 | 2019-03-31 | 1.48 | 0.08 | +5.96% |
| Q2 2019 | 2018-09-30 | 1.43 | — | — |
| Q4 2018 | 2018-03-31 | 1.40 | −0.01 | −0.42% |
| Q4 2017 | 2017-03-31 | 1.41 | — | — |
National Grid debt-to-equity ratio trends
Over the last five fiscal years, National Grid's debt-to-equity ratio decreased from 1.61 to 1.19, a change of −0.42. The latest reported quarter, Q4 2026, shows 1.19.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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