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National GridCHIX:NGL -2.11%74 Debt-to-Equity is 1.19 as of Mar. 2026, which is 18% below its 10-year median of 1.46. GuruFocus rates CHIX:NGL with a GF Score™ of 74/100 and a GF Value™ of £7.51 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 472 Utilities - Regulated companies, National Grid ranks worse than 59.11% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for National Grid's Debt-to-Equity or its related term are showing as below:
CHIX:NGl'
s Debt-to-Equity Range Over the Past 10 Years
Min: 1.19 Med: 1.46 Max: 1.91
Current: 1.19
During the past 13 years, the highest Debt-to-Equity Ratio of National Grid was 1.91. The lowest was 1.19. And the median was 1.46.
CHIX:NGl's Debt-to-Equity is ranked worse than 59.11% of 472
companies
in the Utilities - Regulated industry
Industry Median: 0.985
vs CHIX:NGl: 1.19
National Grid (CHIX:NGl) Debt-to-Equity Explanation
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
National Grid Debt-to-Equity Related Terms
National Grid Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for National Grid's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CHIX:NGL vs NEE, SO, DUK: Debt-to-Equity Comparison
For the Utilities - Regulated Electric subindustry, National Grid's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity 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.
National Grid Debt-to-Equity vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, National Grid's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where National Grid's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
National Grid (CHIX:NGL) has a Debt-to-Equity of 1.19 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on National Grid and its competitors. This is 18% below median its historical median of 1.46. Over the past decade, National Grid's Debt-to-Equity has ranged from 1.19 to 1.91. According to the industry distribution chart, National Grid ranks #279 out of 472 companies in the Utilities - Regulated industry, placing it in the top 59.1%.
Is National Grid's Debt-to-Equity too high?
National Grid's current Debt-to-Equity of 1.19 is 18% below median its 10-year median of 1.46. Over the past 10 years, this metric has ranged from a low of 1.19 to a high of 1.91. The Utilities - Regulated industry median Debt-to-Equity is 0.99. National Grid's value of 1.19 is 20.8% above this industry median. Based on the distribution chart, National Grid ranks #279 out of 472 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, National Grid has a GF Score™ of 74/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Grid's Debt-to-Equity compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, National Grid ranks #279 out of 472 companies for Debt-to-Equity. This places National Grid in the lower half of its industry. The industry median Debt-to-Equity is 0.99. National Grid's value of 1.19 is 20.8% above this benchmark. Historically, National Grid's own Debt-to-Equity has ranged from 1.19 to 1.91 over the past decade. While the company's 10-year median is 1.46 vs. the industry median of 0.99, National Grid has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for an Utilities - Regulated company?
The median Debt-to-Equity among Utilities - Regulated companies is 0.99, based on 472 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Grid's current Debt-to-Equity of 1.19 is 20.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on National Grid and its competitors. For the Utilities - Regulated industry, the median Debt-to-Equity is 0.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Grid's current Debt-to-Equity is 1.19, which is 18% below median its own 10-year median of 1.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Grid stock overvalued right now?
Based on GuruFocus' analysis, National Grid (CHIX:NGL) is currently considered Significantly Overvalued. The stock's GF Value™ is £7.51, compared to a current price of £11.96 — trading 59.2% above its estimated fair value. The current Debt-to-Equity is 1.19, which is 18% below median its 10-year median of 1.46 and 20.8% above the Utilities - Regulated industry median of 0.99. National Grid's overall GF Score™ is 74/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For National Grid (CHIX:NGL), the current Debt-to-Equity is 1.19 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is National Grid (CHIX:NGL) Overvalued in 2026?
Based on GuruFocus' analysis, National Grid stock appears to be overvalued.
The current stock price of £11.96 is trading 59.2% above its estimated GF Value™ of £7.51.
GuruFocus considers National Grid to be Significantly Overvalued.
Key valuation signals for CHIX:NGL:
Debt-to-Equity: 1.19 (18% below median its 10-year median of 1.46)
GF Value™: £7.51 vs. price of £11.96 (59.2% above fair value)
Industry Position: 20.8% above the Utilities - Regulated median (#279 of 472)
No single metric tells the full story. See the CHIX:NGL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 electricity networks in the United States, metering services and merchant transmission lines in the UK.
74GF Score
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