National GridNGGTF +4.54%74 PB Ratio is 1.57 as of Jun. 25, 2026, which is 3% above its 10-year median of 1.52. GuruFocus rates NGGTF with a GF Score™ of 74/100 and a GF Value™ of $9.67 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 502 Utilities - Regulated companies, National Grid ranks worse than 55.18% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-25), National Grid's share price is $16.556. National Grid's Book Value per Share for the quarter that ended in Mar. 2026 was $10.54. Hence, National Grid's PB Ratio of today is 1.57.
The historical rank and industry rank for National Grid's PB Ratio or its related term are showing as below:
NGGTF'
s PB Ratio Range Over the Past 10 Years
Min: 1.16 Med: 1.52 Max: 3.07
Current: 1.62
During the past 13 years, National Grid's highest PB Ratio was 3.07. The lowest was 1.16. And the median was 1.52.
NGGTF's PB Ratio is ranked worse than 55.18% of 502
companies
in the Utilities - Regulated industry
Industry Median: 1.43
vs NGGTF: 1.62
During the past 12 months, National Grid's average Book Value Per Share Growth Rate was 2.40% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 2.30% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 8.70% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 6.80% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of National Grid was 62.00% per year. The lowest was -39.90% per year. And the median was 8.70% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
National Grid PB Ratio Related Terms
National Grid PB Ratio Historical Data
* Premium members only.
The historical data trend for National Grid's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, National Grid's PB Ratio distribution charts can be found below:
* The bar in red indicates where National Grid's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
National Grid's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
National Grid (NGGTF) has a PB Ratio of 1.57 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on National Grid and its competitors. This is near median its historical median of 1.52. Over the past decade, National Grid's PB Ratio has ranged from 1.16 to 3.07. According to the industry distribution chart, National Grid ranks #277 out of 502 companies in the Utilities - Regulated industry, placing it in the top 55.2%.
Is National Grid's PB Ratio too high?
National Grid's current PB Ratio of 1.57 is near median its 10-year median of 1.52. Over the past 10 years, this metric has ranged from a low of 1.16 to a high of 3.07. The Utilities - Regulated industry median PB Ratio is 1.43. National Grid's value of 1.57 is 9.8% above this industry median. Based on the distribution chart, National Grid ranks #277 out of 502 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 PB Ratio compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, National Grid ranks #277 out of 502 companies for PB Ratio. This places National Grid in the lower half of its industry. The industry median PB Ratio is 1.43. National Grid's value of 1.57 is 9.8% above this benchmark. Historically, National Grid's own PB Ratio has ranged from 1.16 to 3.07 over the past decade. While the company's 10-year median is 1.52 vs. the industry median of 1.43, 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 PB Ratio for an Utilities - Regulated company?
The median PB Ratio among Utilities - Regulated companies is 1.43, based on 502 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Grid's current PB Ratio of 1.57 is 9.8% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on National Grid and its competitors. For the Utilities - Regulated industry, the median PB Ratio is 1.43 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Grid's current PB Ratio is 1.57, which is near median its own 10-year median of 1.52. 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 (NGGTF) is currently considered Significantly Overvalued. The stock's GF Value™ is $9.67, compared to a current price of $16.56 — trading 71.2% above its estimated fair value. The current PB Ratio is 1.57, which is near median its 10-year median of 1.52 and 9.8% above the Utilities - Regulated industry median of 1.43. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For National Grid (NGGTF), the current PB Ratio is 1.57 as of Jun. 25, 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 (NGGTF) Overvalued in 2026?
Based on GuruFocus' analysis, National Grid stock appears to be overvalued.
The current stock price of $16.56 is trading 71.2% above its estimated GF Value™ of $9.67.
GuruFocus considers National Grid to be Significantly Overvalued.
Key valuation signals for NGGTF:
PB Ratio: 1.57 (near median its 10-year median of 1.52)
GF Value™: $9.67 vs. price of $16.56 (71.2% above fair value)
Industry Position: 9.8% above the Utilities - Regulated median (#277 of 502)
No single metric tells the full story. See the NGGTF 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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