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National GridNGG +0.01%73 EV-to-OCF is 13.32 as of Aug. 06, 2026, which is 6% above its 10-year median of 12.58. GuruFocus rates NGG with a GF Score™ of 73/100 and a GF Value™ of $50.96 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 507 Utilities - Regulated companies, National Grid ranks worse than 60.55% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, National Grid's Enterprise Value is $139,875 Mil.
National Grid's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was $10,504 Mil. Therefore, National Grid's EV-to-OCF for today is 13.32.
The historical rank and industry rank for National Grid's EV-to-OCF or its related term are showing as below:
NGG'
s EV-to-OCF Range Over the Past 10 Years
Min: 9.18 Med: 12.58 Max: 15.63
Current: 13.32
During the past 13 years, the highest EV-to-OCF of National Grid was 15.63. The lowest was 9.18. And the median was 12.58.
NGG's EV-to-OCF is ranked worse than 60.55% of 507
companies
in the Utilities - Regulated industry
Industry Median: 10.83
vs NGG: 13.32
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
National Grid's PE Ratio (TTM) for today is calculated as:
National Grid's share price for today is $80.27.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. National Grid's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 was $4.372.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
National Grid EV-to-OCF Related Terms
National Grid EV-to-OCF Historical Data
* Premium members only.
The historical data trend for National Grid's EV-to-OCF 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.
For the Utilities - Regulated Electric subindustry, National Grid's EV-to-OCF, along with its competitors' market caps and EV-to-OCF 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 EV-to-OCF vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, National Grid's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where National Grid's EV-to-OCF falls into.
National Grid's current Enterprise Value is $139,875 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. National Grid's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was $10,504 Mil.
* 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 (NGG) has a EV-to-OCF of 13.32 as of Aug. 06, 2026. This is near median its historical median of 12.58. Over the past decade, National Grid's EV-to-OCF has ranged from 9.18 to 15.63. According to the industry distribution chart, National Grid ranks #307 out of 507 companies in the Utilities - Regulated industry, placing it in the top 60.6%.
Is National Grid's EV-to-OCF too high?
National Grid's current EV-to-OCF of 13.32 is near median its 10-year median of 12.58. Over the past 10 years, this metric has ranged from a low of 9.18 to a high of 15.63. The Utilities - Regulated industry median EV-to-OCF is 10.83. National Grid's value of 13.32 is 23% above this industry median. Based on the distribution chart, National Grid ranks #307 out of 507 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, National Grid has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Grid's EV-to-OCF compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, National Grid ranks #307 out of 507 companies for EV-to-OCF. This places National Grid in the lower half of its industry. The industry median EV-to-OCF is 10.83. National Grid's value of 13.32 is 23% above this benchmark. Historically, National Grid's own EV-to-OCF has ranged from 9.18 to 15.63 over the past decade. While the company's 10-year median is 12.58 vs. the industry median of 10.83, 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 EV-to-OCF for an Utilities - Regulated company?
The median EV-to-OCF among Utilities - Regulated companies is 10.83, based on 507 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Grid's current EV-to-OCF of 13.32 is 23% 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 EV-to-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Utilities - Regulated industry, the median EV-to-OCF is 10.83 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Grid's current EV-to-OCF is 13.32, which is near median its own 10-year median of 12.58. 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 (NGG) is currently considered Significantly Overvalued. The stock's GF Value™ is $50.96, compared to a current price of $80.27 — trading 57.5% above its estimated fair value. The current EV-to-OCF is 13.32, which is near median its 10-year median of 12.58 and 23% above the Utilities - Regulated industry median of 10.83. National Grid's overall GF Score™ is 73/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For National Grid (NGG), the current EV-to-OCF is 13.32 as of Aug. 06, 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 (NGG) Overvalued in 2026?
Based on GuruFocus' analysis, National Grid stock appears to be overvalued.
The current stock price of $80.27 is trading 57.5% above its estimated GF Value™ of $50.96.
GuruFocus considers National Grid to be Significantly Overvalued.
Key valuation signals for NGG:
EV-to-OCF: 13.32 (near median its 10-year median of 12.58)
GF Value™: $50.96 vs. price of $80.27 (57.5% above fair value)
Industry Position: 23% above the Utilities - Regulated median (#307 of 507)
No single metric tells the full story. See the NGG 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.
73GF Score
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