NGGNational Grid plc
Is it safe?
Nothing alarming, nothing pristine: comfortable debt (BBB) and steady price behavior.
Investment-grade balance sheet. A rule of thumb on leverage, not a credit rating.
Relatively steady, low volatility. Worst drawdown -39% · now 16% below its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can NGG take a bad year?
National Grid plc carries $40.6B of net debt at 5.71× EBITDA: a heavy load to carry through a bad year.
Net debt · as at FY2025 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 5.71×
Net debt / EBITDA · 6.55× a year ago · the load is coming down
- Cash runway
- 3.9 years
Cash runway · burning $447M a quarter at the current rate
- Annualised volatility
- 22%
Annualised volatility · about as steady as the market itself
Details›
- Total debtFY2025
- $47.5B
- Cash and short-term investments
- $6.93B
- Net debt
- $40.6B
- EBITDA, trailing twelve months
- $7.11B
- Operating profit, trailing twelve months
- $4.93B
- Debt / equity
- 1.26×
- Total debt / EBITDA
- 6.69×
- Annualised volatilitytwo years of daily moves
- 22%
- Worst drawdown on file
- −39%
- Below its 52-week high
- 16%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
Utilities, Regulated Electric
Ranks #10 of 15 by RyuScore