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National Grid Valuation Multiples
Discover revenue and EBITDA valuation multiples for National Grid and similar public comparables like Engie, TAQA, Duke Energy, American Electric Power and more.
National Grid Overview
About National Grid
National Grid owns and operates the electric transmission system in England and Wales. It sold the bulk of its UK gas transmission business in fiscal 2023 to fund the acquisition of PPL's UK power distribution assets. In the Northeastern United States, it serves electricity and gas customers combined in three states. It also owns regulated transmission and electricity generation in the United States, metering services, merchant transmission lines in the UK, and the Grain (UK) liquefied natural gas facility.
Founded
2000
HQ
Employees
31.6K
Website
Sectors
Financials (LTM)
EV
$143B
National Grid Financials
National Grid reported last 12-month revenue of $26B and EBITDA of $11B.
In the same LTM period, National Grid generated $11B in EBITDA and $5B in net income.
Revenue (LTM)
National Grid P&L
In the most recent fiscal year, National Grid reported revenue of $25B and EBITDA of $10B.
National Grid expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $26B | XXX | $25B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $19B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 77% | XXX | XXX | XXX |
| EBITDA | $11B | XXX | $10B | XXX | XXX | XXX |
| EBITDA Margin | 42% | XXX | 42% | XXX | XXX | XXX |
| EBIT Margin | 30% | XXX | 29% | XXX | XXX | XXX |
| Net Profit | $5B | XXX | $4B | XXX | XXX | XXX |
| Net Margin | 20% | XXX | 16% | XXX | XXX | XXX |
| Net Debt | — | — | $62B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
National Grid Stock Performance
National Grid has current market cap of $87B, and enterprise value of $143B.
Market Cap Evolution
National Grid's stock price is $17.41.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $143B | $87B | 0.0% | XXX | XXX | XXX | $0.79 |
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Start Free TrialNational Grid Valuation Multiples
National Grid trades at 5.5x EV/Revenue multiple, and 13.0x EV/EBITDA.
EV / Revenue (LTM)
National Grid Financial Valuation Multiples
As of April 20, 2026, National Grid has market cap of $87B and EV of $143B.
Equity research analysts estimate National Grid's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
National Grid has a P/E ratio of 16.4x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $87B | XXX | $87B | XXX | XXX | XXX |
| EV (current) | $143B | XXX | $143B | XXX | XXX | XXX |
| EV/Revenue | 5.5x | XXX | 5.8x | XXX | XXX | XXX |
| EV/EBITDA | 13.0x | XXX | 13.9x | XXX | XXX | XXX |
| EV/EBIT | 18.1x | XXX | 20.2x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 7.4x | XXX | XXX | XXX |
| P/E | 16.4x | XXX | 22.1x | XXX | XXX | XXX |
| EV/FCF | (47.3x) | XXX | (76.5x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified National Grid Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
National Grid Margins & Growth Rates
National Grid's revenue in the last 12 month grew by 10%.
National Grid's revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.4M for the same period.
National Grid's rule of 40 is 52% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
National Grid's rule of X is 66% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
National Grid Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 10% | XXX | 5% | XXX | XXX | XXX |
| EBITDA Margin | 42% | XXX | 42% | XXX | XXX | XXX |
| EBITDA Growth | 15% | XXX | 6% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 52% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 66% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.8M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 49% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
National Grid Public Comps
See public comps and valuation multiples for other Utilities comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| National Grid | XXX | XXX | XXX | XXX | XXX | XXX |
| Engie | XXX | XXX | XXX | XXX | XXX | XXX |
| TAQA | XXX | XXX | XXX | XXX | XXX | XXX |
| Duke Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| American Electric Power | XXX | XXX | XXX | XXX | XXX | XXX |
| Southern Company | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
National Grid M&A Activity
National Grid acquired XXX companies to date.
Last acquisition by National Grid was on XXXXXXXX, XXXXX. National Grid acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by National Grid
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialNational Grid Investment Activity
National Grid invested in XXX companies to date.
National Grid made its latest investment on XXXXXXXX, XXXXX. National Grid invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by National Grid
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout National Grid
| When was National Grid founded? | National Grid was founded in 2000. |
| Where is National Grid headquartered? | National Grid is headquartered in United Kingdom. |
| How many employees does National Grid have? | As of today, National Grid has over 31K employees. |
| Who is the CEO of National Grid? | National Grid's CEO is Zoe A. Yujnovich. |
| Is National Grid publicly listed? | Yes, National Grid is a public company listed on London Stock Exchange. |
| What is the stock symbol of National Grid? | National Grid trades under NG. ticker. |
| When did National Grid go public? | National Grid went public in 2002. |
| Who are competitors of National Grid? | National Grid main competitors are Engie, TAQA, Duke Energy, American Electric Power. |
| What is the current market cap of National Grid? | National Grid's current market cap is $87B. |
| What is the current revenue of National Grid? | National Grid's last 12 months revenue is $26B. |
| What is the current revenue growth of National Grid? | National Grid revenue growth (NTM/LTM) is 10%. |
| What is the current EV/Revenue multiple of National Grid? | Current revenue multiple of National Grid is 5.5x. |
| Is National Grid profitable? | Yes, National Grid is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of National Grid? | National Grid's last 12 months EBITDA is $11B. |
| What is National Grid's EBITDA margin? | National Grid's last 12 months EBITDA margin is 42%. |
| What is the current EV/EBITDA multiple of National Grid? | Current EBITDA multiple of National Grid is 13.0x. |
| What is the current FCF of National Grid? | National Grid's last 12 months FCF is ($3B). |
| What is National Grid's FCF margin? | National Grid's last 12 months FCF margin is (12%). |
| What is the current EV/FCF multiple of National Grid? | Current FCF multiple of National Grid is (47.3x). |
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