National GridNGGTF -1.23%74 Pretax Margin % is 31.59% as of Mar. 2026, which is 98% above its 10-year median of 15.97. GuruFocus rates NGGTF with a GF Score™ of 74/100 and a GF Value™ of $10.02 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 501 Utilities - Regulated companies, National Grid ranks better than 81.04% on this metric.
Pre-Tax margin is calculated as Pre-Tax Income divided by its Revenue. National Grid's Pre-Tax Income for the
six
months ended in Mar. 2026 was $4,475 Mil. National Grid's Revenue for the
six
months ended in Mar. 2026 was $14,163 Mil. Therefore, National Grid's pretax margin for the quarter that ended in Mar. 2026 was 31.59%.
The historical rank and industry rank for National Grid's Pretax Margin % or its related term are showing as below:
NGGTF'
s Pretax Margin % Range Over the Past 10 Years
Min: 10.48 Med: 15.97 Max: 23.64
Current: 23.64
NGGTF's Pretax Margin % is ranked better than 81.04% of 501
companies
in the Utilities - Regulated industry
Industry Median: 12.12
vs NGGTF: 23.64
National Grid (OTCPK:NGGTF) Pretax Margin % Explanation
The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.
The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.
It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.
The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.
National Grid Pretax Margin % Related Terms
National Grid Pretax Margin % Historical Data
* Premium members only.
The historical data trend for National Grid's Pretax 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 Pretax Margin %, along with its competitors' market caps and Pretax 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 Pretax Margin % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, National Grid's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where National Grid's Pretax 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 (NGGTF) has a Pretax Margin % of 31.59% as of Mar. 2026. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on National Grid and its competitors. This is 98% above median its historical median of 15.97. Over the past decade, National Grid's Pretax Margin % has ranged from 10.48 to 23.64. According to the industry distribution chart, National Grid ranks #95 out of 501 companies in the Utilities - Regulated industry, placing it in the top 19%.
Is National Grid's Pretax Margin % too high?
National Grid's current Pretax Margin % of 31.59% is 98% above median its 10-year median of 15.97. Over the past 10 years, this metric has ranged from a low of 10.48 to a high of 23.64. The Utilities - Regulated industry median Pretax Margin % is 12.12. National Grid's value of 31.59% is 160.6% above this industry median. Based on the distribution chart, National Grid ranks #95 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 Pretax Margin % compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, National Grid ranks #95 out of 501 companies for Pretax Margin %. This places National Grid in the top 19% of its industry — outperforming the majority of peers. The industry median Pretax Margin % is 12.12. National Grid's value of 31.59% is 160.6% above this benchmark. Historically, National Grid's own Pretax Margin % has ranged from 10.48 to 23.64 over the past decade. While the company's 10-year median is 15.97 vs. the industry median of 12.12, 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 Pretax Margin % for an Utilities - Regulated company?
The median Pretax Margin % among Utilities - Regulated companies is 12.12, based on 501 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Grid's current Pretax Margin % of 31.59% is 160.6% 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 Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on National Grid and its competitors. For the Utilities - Regulated industry, the median Pretax Margin % is 12.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Grid's current Pretax Margin % is 31.59%, which is 98% above median its own 10-year median of 15.97. 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 $10.02, compared to a current price of $16.67 — trading 66.3% above its estimated fair value. The current Pretax Margin % is 31.59%, which is 98% above median its 10-year median of 15.97 and 160.6% above the Utilities - Regulated industry median of 12.12. 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 Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For National Grid (NGGTF), the current Pretax Margin % is 31.59% 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 (NGGTF) Overvalued in 2026?
Based on GuruFocus' analysis, National Grid stock appears to be overvalued.
The current stock price of $16.67 is trading 66.3% above its estimated GF Value™ of $10.02.
GuruFocus considers National Grid to be Significantly Overvalued.
Key valuation signals for NGGTF:
Pretax Margin %: 31.59% (98% above median its 10-year median of 15.97)
GF Value™: $10.02 vs. price of $16.67 (66.3% above fair value)
Industry Position: 160.6% above the Utilities - Regulated median (#95 of 501)
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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