National GridFRA:NNGD +2.16%74 Net Margin % is 24.70% as of Mar. 2026, which is 73% above its 10-year median of 14.27. GuruFocus rates FRA:NNGD with a GF Score™ of 74/100 and a GF Value™ of €41.89 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 501 Utilities - Regulated companies, National Grid ranks better than 81.24% on this metric.
Net margin is calculated as Net Income divided by its Revenue. National Grid's Net Income for the
six
months ended in Mar. 2026 was €3,026 Mil. National Grid's Revenue for the
six
months ended in Mar. 2026 was €12,251 Mil. Therefore, National Grid's net margin for the quarter that ended in Mar. 2026 was 24.70%.
The historical rank and industry rank for National Grid's Net Margin % or its related term are showing as below:
FRA:NNGD'
s Net Margin % Range Over the Past 10 Years
Min: 9.46 Med: 14.27 Max: 51.85
Current: 18.32
FRA:NNGD's Net Margin % is ranked better than 81.24% of 501
companies
in the Utilities - Regulated industry
Industry Median: 8.8
vs FRA:NNGD: 18.32
National Grid (FRA:NNGD) Net Margin % Explanation
Although Net Income and Earnings-per-Share (EPS) are the most widely used parameter in measuring a company's profitability and valuation, it is the least reliable. The reason is that reported earnings can be manipulated easily by adjusting any numbers such as Depreciation, Depletion and Amotorization and non-recurring items.
But the long term trend of the net margin is a good indicator of the competitiveness and health of the business.
National Grid Net Margin % Related Terms
National Grid Net Margin % Historical Data
* Premium members only.
The historical data trend for National Grid's Net Margin % 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 Net Margin %, along with its competitors' market caps and Net Margin % 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 Net Margin % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, National Grid's Net Margin % distribution charts can be found below:
* The bar in red indicates where National Grid's Net Margin % 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 (FRA:NNGD) has a Net Margin % of 24.70% as of Mar. 2026. Net margin is the ratio of total net income to net sales. View historical data on National Grid and its competitors. This is 73% above median its historical median of 14.27. Over the past decade, National Grid's Net Margin % has ranged from 9.46 to 51.85. According to the industry distribution chart, National Grid ranks #94 out of 501 companies in the Utilities - Regulated industry, placing it in the top 18.8%.
Is National Grid's Net Margin % too high?
National Grid's current Net Margin % of 24.70% is 73% above median its 10-year median of 14.27. Over the past 10 years, this metric has ranged from a low of 9.46 to a high of 51.85. The Utilities - Regulated industry median Net Margin % is 8.80. National Grid's value of 24.70% is 180.7% above this industry median. Based on the distribution chart, National Grid ranks #94 out of 501 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. 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 Net Margin % compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, National Grid ranks #94 out of 501 companies for Net Margin %. This places National Grid in the top 19% of its industry — outperforming the majority of peers. The industry median Net Margin % is 8.80. National Grid's value of 24.70% is 180.7% above this benchmark. Historically, National Grid's own Net Margin % has ranged from 9.46 to 51.85 over the past decade. While the company's 10-year median is 14.27 vs. the industry median of 8.80, 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 Net Margin % for an Utilities - Regulated company?
The median Net Margin % among Utilities - Regulated companies is 8.80, based on 501 companies in the industry. Companies in the top quartile (top 25%) have a Net Margin % significantly above this median, while those in the bottom quartile fall well below. However, Net Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Grid's current Net Margin % of 24.70% is 180.7% 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 Net Margin % mean?
A high Net Margin % can signal that a stock is expensive relative to its fundamentals. Net margin is the ratio of total net income to net sales. View historical data on National Grid and its competitors. For the Utilities - Regulated industry, the median Net Margin % is 8.80 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Grid's current Net Margin % is 24.70%, which is 73% above median its own 10-year median of 14.27. 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 (FRA:NNGD) is currently considered Significantly Overvalued. The stock's GF Value™ is €41.89, compared to a current price of €71.00 — trading 69.5% above its estimated fair value. The current Net Margin % is 24.70%, which is 73% above median its 10-year median of 14.27 and 180.7% above the Utilities - Regulated industry median of 8.80. National Grid's overall GF Score™ is 74/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Margin % calculated?
Net Margin % is calculated from a company's financial statements. For National Grid (FRA:NNGD), the current Net Margin % is 24.70% 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 (FRA:NNGD) Overvalued in 2026?
Based on GuruFocus' analysis, National Grid stock appears to be overvalued.
The current stock price of €71.00 is trading 69.5% above its estimated GF Value™ of €41.89.
GuruFocus considers National Grid to be Significantly Overvalued.
Key valuation signals for FRA:NNGD:
Net Margin %: 24.70% (73% above median its 10-year median of 14.27)
GF Value™: €41.89 vs. price of €71.00 (69.5% above fair value)
Industry Position: 180.7% above the Utilities - Regulated median (#94 of 501)
No single metric tells the full story. See the FRA:NNGD 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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