National Grid plc (NGG) Key Metrics
NGG key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · British poundsNGG returns How much profit the business earns on the capital it uses.
NGG financial health Debt, liquidity and how easily interest is covered.
NGG efficiency & capital use Working capital cycle and where the cash goes.
NGG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NGG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NGG cash returned to shareholders
NGG key metrics in British pounds
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 8.5% | 8.6% | 7.7% | 29.2% | 10.8% | 11.9% | 6.4% | 7.9% | 18.1% | 45.9% |
| Return on invested capital (ROIC) | 5.6% | 5.1% | 4.6% | 5.4% | 4.8% | 5.7% | 3.5% | 5.3% | 8.6% | 6.8% |
| Return on assets (ROA) | 3.1% | 2.8% | 2.4% | 8.3% | 2.9% | 3.5% | 1.9% | 2.5% | 5.7% | 12.5% |
| Return on tangible assets | 3.5% | 3.1% | 2.7% | 9.8% | 2.9% | 3.8% | 2.1% | 2.7% | 6.8% | 13.3% |
| Free cash flow margin | −21.2% | −18.4% | −6.4% | 2.6% | 6.4% | 1.4% | 2.4% | −0.6% | 0.1% | 8.6% |
| Income quality (OCF / net income) | 1.92 | 1.82 | 2.46 | 0.88 | 2.67 | 1.90 | 3.65 | 2.35 | 1.00 | 0.61 |
| Financial health | ||||||||||
| Total debt | £46.76B | £47.54B | £47.07B | £42.98B | £45.47B | £31.22B | £30.79B | £28.73B | £26.62B | £28.64B |
| Cash & short-term investments | £2.83B | £6.93B | £4.25B | £2.73B | £3.33B | £2.49B | £2.07B | £2.23B | £3.02B | £9.88B |
| Net debt | £43.93B | £40.61B | £42.83B | £40.25B | £42.13B | £28.73B | £28.72B | £26.50B | £23.60B | £18.76B |
| Debt / equity | 1.19 | 1.26 | 1.58 | 1.46 | 1.91 | 1.57 | 1.56 | 1.47 | 1.41 | 1.41 |
| Debt / assets | 0.43 | 0.45 | 0.48 | 0.46 | 0.48 | 0.46 | 0.46 | 0.45 | 0.45 | 0.43 |
| Net debt / EBITDA | 5.62 | 5.31 | 6.27 | 5.55 | 6.55 | 4.65 | 7.49 | 5.95 | 4.43 | 3.96 |
| Current ratio | 0.76 | 1.35 | 0.91 | 1.00 | 0.73 | 1.06 | 0.68 | 0.87 | 0.77 | 1.29 |
| Quick ratio | 0.71 | 1.30 | 0.84 | 0.90 | 0.70 | 1.02 | 0.63 | 0.83 | 0.74 | 1.26 |
| Interest coverage | 4.5 | 3.6 | 3.3 | 3.5 | 4.1 | 6.4 | 2.3 | 3.1 | 3.7 | 3.4 |
| Working capital | −£2.31B | £3.71B | −£1.01B | −£17.0M | −£6.81B | £570.0M | −£2.76B | −£1.18B | −£2.02B | £3.06B |
| Invested capital | £83.23B | £78.41B | £72.69B | £69.79B | £65.96B | £48.57B | £48.49B | £46.05B | £42.43B | £39.13B |
| Tangible asset value | £26.04B | £24.73B | £16.73B | £16.11B | £11.05B | £13.83B | £12.79B | £13.11B | £12.51B | £13.37B |
| Net current asset value | −£61.47B | −£54.58B | −£58.05B | −£54.02B | −£53.04B | −£37.42B | −£41.97B | −£35.90B | −£33.26B | −£31.88B |
| Capital allocation | ||||||||||
| Dividends paid | £1.65B | £1.51B | £1.72B | £1.61B | £922.0M | £1.41B | £892.0M | £1.16B | £4.23B | £1.53B |
| Share buybacks (net) | £1.0M | £7.0M | £4.0M | £0 | £3.0M | £2.0M | £6.0M | £2.0M | £963.1M | £203.6M |
| Dividend payout ratio | 50.1% | 51.9% | 75.1% | 20.6% | 39.2% | 60.1% | 70.6% | 76.9% | 119.1% | 19.6% |
| Dividends + buybacks / free cash flow | — | — | — | 280.5% | 78.8% | 561.5% | 274.6% | — | — | 133.3% |
| Capex / revenue | 56.5% | 47.1% | 34.8% | 29.2% | 27.6% | 22.8% | 32.1% | 24.4% | 23.1% | 22.9% |
| Capex / operating cash flow | 160.3% | 164.2% | 122.5% | 91.7% | 81.3% | 94.4% | 92.9% | 102.7% | 99.7% | 72.6% |
| Capex / depreciation | 4.52 | 3.96 | 3.35 | 3.77 | 3.35 | 3.27 | 3.34 | 2.29 | 2.30 | 2.32 |
| Stock-based compensation / revenue | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.2% | 0.1% | 0.2% |
| R&D / revenue | — | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| SG&A / revenue | — | 12.7% | 11.0% | 9.9% | 10.5% | 1.1% | 13.5% | 11.7% | 11.1% | 11.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 77.5 | 67.3 | 59.5 | 56.7 | 57.6 | 50.5 | 78.3 | 59.0 | 57.1 | 53.1 |
| Days of inventory on hand | 16.8 | 60.9 | 59.0 | 29.4 | 25.7 | 22.8 | 35.5 | 37.0 | 36.5 | 48.7 |
| Days payables outstanding | 120.8 | 252.9 | 208.9 | 134.6 | 158.0 | 130.8 | 270.1 | 333.1 | 264.4 | 319.5 |
| Cash conversion cycle (days) | -26.5 | -124.7 | -90.4 | -48.6 | -74.7 | -57.4 | -156.3 | -237.1 | -170.8 | -217.7 |
| Receivables turnover | 4.71 | 5.42 | 6.14 | 6.44 | 6.34 | 7.22 | 4.66 | 6.19 | 6.39 | 6.87 |
| Payables turnover | 3.02 | 1.44 | 1.75 | 2.71 | 2.31 | 2.79 | 1.35 | 1.10 | 1.38 | 1.14 |
| Inventory turnover | 21.69 | 5.99 | 6.19 | 12.43 | 14.21 | 15.98 | 10.27 | 9.87 | 9.99 | 7.50 |
| Asset turnover | 0.17 | 0.18 | 0.21 | 0.23 | 0.23 | 0.27 | 0.20 | 0.24 | 0.24 | 0.24 |
| Average receivables | £3.82B | £3.39B | £3.24B | £3.36B | £2.91B | £2.56B | £2.87B | £2.41B | £2.39B | £2.19B |
| Average payables | £4.01B | £2.88B | £3.02B | £3.18B | £2.64B | £2.19B | £2.99B | £2.87B | £2.06B | £2.09B |
| Average inventory | £558.0M | £692.5M | £852.0M | £693.5M | £429.0M | £381.5M | £393.0M | £319.0M | £284.0M | £318.0M |
| Intangibles / total assets | 12.3% | 12.3% | 13.4% | 14.5% | 13.5% | 9.0% | 10.4% | 10.2% | 10.8% | 10.7% |
Computed from NGG's annual financial statements (latest annual report filed June 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in British pounds; data from EODHD. Averages use the opening and closing balance of each year.
NGG valuation and financial ratios
National Grid earned a return on equity of 8.5% and a return on invested capital of 5.6% in fiscal 2026. It ended the year with £46.8 billion of debt and £2.8 billion in cash and short-term investments, net debt of £43.9 billion. It returned £1.7 billion to shareholders: £1.6 billion in dividends and £1.0 million in share buybacks.
See the NGG income statement, the NGG chart for price history, or the NGG stock overview for the latest quote and news.
NGG key metrics FAQ
What is National Grid's return on equity?
National Grid's return on equity (ROE) was 8.5% in fiscal 2026: net income of £3.3 billion on average shareholders' equity of £38.6 billion.
What is National Grid's ROIC?
National Grid's return on invested capital was 5.6% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does National Grid have?
National Grid had total debt of £46.8 billion at the end of fiscal 2026, a debt-to-equity ratio of 1.19 and £43.9 billion of net debt (5.62 times EBITDA).
Does National Grid buy back its shares?
Yes. National Grid spent £1.0 million on net share repurchases in fiscal 2026.
What is National Grid's current ratio?
National Grid's current ratio was 0.76 at the end of fiscal 2026: current assets were 0.76 times current liabilities.
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