National Grid (National Grid) Earnings Yield (Joel Greenblatt) %

National Grid Annual Data
	Trend	Mar14	Mar15	Mar16	Mar17	Mar18	Mar19	Mar20	Mar21	Mar22	Mar23
Earnings Yield (Joel Greenblatt) %							5.16	3.88	4.32	5.42	6.54

National Grid Semi-Annual Data
	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Earnings Yield (Joel Greenblatt) %																-	5.42	-	6.54	-

For the Utilities - Regulated Electric subindustry, National Grid's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

For the Utilities - Regulated industry and Utilities sector, National Grid's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where National Grid's Earnings Yield (Joel Greenblatt) % falls into.

National Grid Earnings Yield (Joel Greenblatt) % Calculation

In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.

National Grids Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Mar. 2023 is calculated as

For company reported semi-annually or annually, GuruFocus only calculate annual data for Earnings Yield (Joel Greenblatt) and apply the annual figure to corresponding quarter.

National Grid  (NYSE:NGG) Earnings Yield (Joel Greenblatt) % Explanation

Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.

Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.

Be Aware

Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.

Forward Rate of Return (Yacktman) % based on Don Yacktman's definition is a better measure of the expected rate of return for a stock.

National Grid Earnings Yield (Joel Greenblatt) % Related Terms

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National Grid (National Grid) Business Description