Top Page
National Grid Transco
(NYSE:NGG)
National Grid Transco (NGG) vs. SPDR S&P 500 ETF (SPY)
National Grid Transco Business Overview & Revenue Model
National Grid Transco Key Performance Indicators (KPIs)
Tracks revenue generated from external customers in each segment, indicating the company's reliance on third-party sales and potential market demand.
The FlyNational Grid Transco Earnings Call Summary
National Grid Transco Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.28B | 18.38B | 19.85B | 21.66B | 18.45B | 18.45B |
| Gross Profit | 5.10B | 14.23B | 14.58B | 13.04B | 12.35B | 12.35B |
| EBITDA | 7.25B | 7.63B | 6.83B | 7.25B | 6.43B | 6.43B |
| Net Income | 2.83B | 2.90B | 2.29B | 7.80B | 2.35B | 2.35B |
Balance Sheet | ||||||
| Total Assets | 103.76B | 106.74B | 98.33B | 92.70B | 94.86B | 67.22B |
| Cash, Cash Equivalents and Short-Term Investments | 4.06B | 6.93B | 4.25B | 2.73B | 3.33B | 2.49B |
| Total Debt | 45.91B | 47.54B | 47.07B | 42.98B | 45.47B | 31.22B |
| Total Liabilities | 66.54B | 68.92B | 68.43B | 63.13B | 71.00B | 47.36B |
| Stockholders Equity | 37.19B | 37.80B | 29.87B | 29.54B | 23.83B | 19.84B |
Cash Flow | ||||||
| Free Cash Flow | -2.87B | -3.39B | -1.27B | -585.92M | 340.31M | -382.67M |
| Operating Cash Flow | 6.24B | 5.27B | 5.64B | 5.57B | 5.65B | 3.59B |
| Investing Cash Flow | -4.99B | -10.87B | -7.83B | -14.60M | -14.79B | -4.92B |
| Financing Cash Flow | -1.60B | 6.36B | 2.62B | -5.59B | 9.18B | 1.42B |
National Grid Transco Technical Analysis
National Grid Transco Risk Analysis
National Grid Transco Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $79.91B | 21.48 | 7.53% | 4.03% | -7.06% | 38.21% | |
70 Outperform | $64.07B | 17.55 | 12.85% | 3.25% | 7.66% | 37.42% | |
70 Outperform | $92.71B | 18.74 | 9.92% | 3.61% | 4.80% | 14.44% | |
68 Neutral | $97.89B | 22.10 | 13.06% | 3.40% | 9.40% | -6.05% | |
67 Neutral | $45.19B | 16.01 | 10.31% | 3.68% | 6.07% | 15.20% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
58 Neutral | $52.20B | 20.80 | 9.27% | 4.59% | 12.72% | 4.90% |
National Grid Transco Corporate Events
On 12 January 2026, National Grid plc announced that it has applied to the UK Financial Conduct Authority and the London Stock Exchange for the admission to listing and trading of 7,084,688 new ordinary shares in connection with the operation of its Scrip Dividend Scheme for the 2025/26 interim dividend, payable on 13 January 2026. Under the scheme, 6,613,638 ordinary shares will be issued at 1,130.40 pence per share, while a further 94,210 American Depositary Receipts—equivalent to 471,050 ordinary shares—will be issued to US ADR holders at US$74.2334 per ADR; dealings in the new shares are expected to begin on 13 January 2026, with the new stock ranking pari passu with existing ordinary shares, modestly expanding the company’s equity base and offering shareholders a share-based alternative to cash dividends.
The most recent analyst rating on (NGG) stock is a Buy with a $85.50 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On 12 January 2026, National Grid plc announced that it has applied to the UK Financial Conduct Authority and the London Stock Exchange for the admission to listing and trading of 7,084,688 new ordinary shares in connection with its Scrip Dividend Scheme for the 2025/26 interim dividend, payable on 13 January 2026. Under the scheme, 6,613,638 new ordinary shares will be issued at 1,130.40 pence per share, while for US investors holding American Depositary Receipts, 94,210 new ADRs representing 471,050 ordinary shares will be issued at US$74.2334 per ADR, with dealings in the new stock expected to begin on 13 January 2026 and the shares ranking pari passu with existing ordinary shares, modestly increasing the company’s equity base and offering shareholders an alternative to cash dividends.
The most recent analyst rating on (NGG) stock is a Buy with a $85.50 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On 1 December 2025, National Grid reported that its registered capital as of 30 November 2025 comprised 5,191,884,002 ordinary shares, of which 230,339,116 were held in treasury, leaving 4,961,544,886 shares carrying voting rights to be used by investors in calculating disclosure thresholds under UK transparency rules. During December 2025 the company also disclosed routine insider dealing notifications: on 1 December 2025 Chief Information and Digital Officer Talvis Love received 14,147 American Depositary Shares at nil cost under a 3 June 2024 Retention Award Plan vesting, with 6,865 ADSs automatically sold on the NYSE to cover tax, and on 8 December 2025 Chief Financial Officer Andy Agg made a small monthly purchase of 13 ordinary shares under the Share Incentive Plan on the London Stock Exchange, highlighting ongoing use of share-based remuneration and modest executive equity participation rather than any change in corporate strategy or capital structure.
The most recent analyst rating on (NGG) stock is a Buy with a $85.50 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On December 11, 2025, National Grid plc announced the outcome of its audit tender process, resulting in the re-appointment of Deloitte LLP as its external auditor. This decision, pending shareholder approval, will see Deloitte continue in this role until the financial year ending March 2028. The process aligns with UK regulations requiring audit tenders every 10 years and rotations every 20 years, with Deloitte initially appointed in 2018. This strategic move ensures compliance and continuity in National Grid’s financial oversight.
The most recent analyst rating on (NGG) stock is a Buy with a $84.00 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On December 4, 2025, National Grid plc announced that Ofgem has published its Final Determination for the RIIO-T3 framework, which will guide the company’s electricity transmission operations from April 2026 to March 2031. The determination includes a real allowed cost of equity of 6.12% at 60% gearing, recognizing the need for significant investment to enhance power transfer capabilities. National Grid will review the determination to assess its viability and workability, with a focus on the incentive framework and cost recovery mechanisms. The company anticipates further consultation on proposed licence modifications and plans to announce its response in early March 2026.
The most recent analyst rating on (NGG) stock is a Buy with a $84.00 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On November 28, 2025, National Grid plc announced the completion of the sale of its Grain LNG business to a consortium comprising Centrica plc and Energy Capital Partners, part of Bridgepoint Group plc. This strategic move is expected to impact National Grid’s operations by allowing it to focus more on its core energy network activities, potentially enhancing its industry positioning and benefiting stakeholders through a more streamlined business model.
The most recent analyst rating on (NGG) stock is a Buy with a $84.00 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
National Grid plc announced updates regarding its voting rights and shareholding transactions. As of October 31, 2025, the company’s registered capital consisted of 5,191,884,002 ordinary shares, with 230,345,795 held as treasury shares, leaving 4,961,538,207 shares with voting rights. This figure is crucial for shareholders to determine their notification obligations under the FCA’s Disclosure Guidance and Transparency Rules. Additionally, the company disclosed transactions involving the purchase of shares by its Chief Financial Officer, Chief Executive, Chief People Officer, and a Non-Executive Director, reflecting ongoing managerial engagement with the company’s equity.
The most recent analyst rating on (NGG) stock is a Buy with a $84.00 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On November 27, 2025, National Grid announced the scrip dividend reference price for the 2025/26 interim dividend. The reference price for ordinary shareholders is set at 1,130.40 pence, while for American Depositary Receipt holders, it is US$74.2334. This announcement is part of the company’s ongoing dividend policy, impacting shareholders by offering them the option to receive dividends in the form of additional shares rather than cash, which could influence the company’s liquidity and shareholder value.
The most recent analyst rating on (NGG) stock is a Buy with a $84.00 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On November 25, 2025, National Grid plc announced a significant change in its shareholder structure following a notification from BlackRock, Inc. The notification revealed that BlackRock’s total interest in National Grid’s voting ordinary shares had increased to 8.17% as of November 24, 2025. This increase in holdings by a major institutional investor like BlackRock could impact National Grid’s market positioning and influence shareholder decisions.
The most recent analyst rating on (NGG) stock is a Buy with a $84.00 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On November 17, 2025, National Grid plc announced a significant change in its shareholding structure, as BlackRock, Inc. reported an increase in its voting rights in National Grid’s ordinary shares. This notification, dated November 14, 2025, indicates that BlackRock’s total voting rights have risen to 8.12%, reflecting a strategic acquisition of voting rights and financial instruments. This development could impact National Grid’s corporate governance and shareholder dynamics, potentially influencing future decisions and strategies.
The most recent analyst rating on (NGG) stock is a Buy with a $84.00 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On November 6, 2025, National Grid plc announced its half-year results for the period ending September 30, 2025, highlighting a strong financial performance with a 17% increase in operating profit and a 21% rise in profit before tax. The company invested a record £5 billion in the first half of the year, with plans to invest over £11 billion annually, focusing on infrastructure resilience and economic growth. Strategic initiatives include securing supply chains, expanding talent, and supporting AI Growth Zones in the UK. Key projects and regulatory approvals are progressing well, with significant investments in electricity transmission and modernization plans in the US. Zoë Yujnovich is set to succeed John Pettigrew as CEO on November 17, 2025.
The most recent analyst rating on (NGG) stock is a Buy with a $79.00 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On November 6, 2025, National Grid announced its half-year results for the period ending September 30, 2025, highlighting a strong operational performance with a 17% increase in statutory operating profit and a 21% rise in profit before tax compared to the previous year. The company invested a record £5 billion in the first half of the year and is on track to invest over £11 billion annually, supporting strategic initiatives such as AI Growth Zones and significant infrastructure projects in the UK and US. The announcement also marked a leadership transition, with Zoë Yujnovich set to succeed John Pettigrew as CEO on November 17, 2025.
The most recent analyst rating on (NGG) stock is a Buy with a $79.00 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.
On October 1, 2025, National Grid plc announced an update on its total voting rights, reporting that as of September 30, 2025, the company had 4,961,449,896 shares with voting rights. This figure is crucial for shareholders to determine their notification requirements under the FCA’s Disclosure Guidance and Transparency Rules. Additionally, on October 8, 2025, the company disclosed transactions by key executives, including the Chief Financial Officer, Chief Executive, and Chief People Officer, involving the purchase of partnership shares under the Share Incentive Plan. These transactions, conducted on October 7, 2025, were part of routine monthly purchases and were reported in compliance with the Market Abuse Regulation.
The most recent analyst rating on (NGG) stock is a Buy with a $79.00 price target. To see the full list of analyst forecasts on National Grid Transco stock, see the NGG Stock Forecast page.