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United Kingdom
In shortNational Grid PLC is profitable, burns cash and carries moderate debt, with revenue shrinking (−3.8% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 30.7% | 100/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 18.3% | 93/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 8.4% | 42/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 4.9% | 33/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.76× | 0/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 1.19× | 45/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 8.54× | 0/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 3.19× | 16/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 2.06 | 25/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -12.0% | 0/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | -0.66× | 0/100 |
| Years with positive free cash flow (last 5) | 3 of 5 | 50/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 3 of 5 | 0/100 |
| Revenue growth volatility | 19.0% | 41/100 |
| Operating margin volatility | 3.5% | 77/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | -6.5% | 0/100 |
|---|---|---|
| EPS growth, 3-year average | -32.5% | 0/100 |
Weight in the score: 10%
Fiscal year 2026 · change vs prior year
European data comes from annual reports in ESEF format (since 2020). Industry and ticker are not provided by this source.
Annual figures as reported. Hover a bar or point for the exact value.
2 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
GBP millions; negative values in parentheses.
| Fiscal year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 18,449 | 21,659 | 19,850 | 18,378 | 17,687 |
| Operating income | 4,371 | 4,879 | 4,475 | 4,934 | 5,431 |
| Interest expense | 1,072 | 1,598 | 1,712 | 1,807 | 1,705 |
| Pre-tax income | 3,441 | 3,590 | 3,048 | 3,650 | 4,182 |
| Income tax | 1,258 | 876 | 831 | 821 | 939 |
| Net income | 2,353 | 7,797 | 2,290 | 2,902 | 3,241 |
| Diluted EPS | £0.65 | £2.12 | £0.57 | £0.61 | £0.65 |
2 older years available with the 10-year history. Essential plan, from €8.25/month →
2.06 Grey zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: filings.xbrl.org (ESEF). Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Mar 31, 2026 · Data updated Mar 31, 2026