企業概要
National Grid plc is a prominent utility enterprise engaged in the transmission and distribution of electricity and gas across multiple segments, including UK Electricity Transmission, UK Electricity Distribution, New England, New York, National Grid Ventures, and other operations. The company operates within the Utilities sector, specifically classified under the Regulated Electric industry, which signifies its involvement in infrastructure assets subject to government regulation regarding rates and service obligations. On a global scale, the enterprise commands a substantial market capitalization of $87.52 billion and generates annual revenues totaling $17.48 billion, supported by a workforce of 31,654 employees. These valuation and revenue figures indicate that National Grid plc maintains a massive operational footprint and serves as a critical infrastructure provider, reflecting the significant capital intensity and scale inherent in the regulated electric utility market.
財務健全性
The company reported a revenue of $17.48 billion and generated net income of $2.87 billion over the trailing twelve months, while EBITDA stood at $7.14 billion. The substantial gap between the $17.48 billion in revenue and the $2.87 billion in net income reveals a cost structure heavily influenced by operating expenses and taxes, resulting in a profit margin of 16.4%. Despite the high gross margin of 100.0%, which is characteristic of utility accounting where revenue often includes non-cash components or regulatory pass-throughs, the operating margin is recorded at 24.1%. The company's free cash flow is reported as a negative $3,579,249,920, which suggests that capital expenditures for maintaining and upgrading grid infrastructure currently exceed the cash generated from operations. In terms of balance sheet strength, National Grid holds $4.06 billion in cash against $45.91 billion in total debt, resulting in a debt-to-equity ratio of 123.36 that indicates a highly leveraged financial position typical for capital-intensive utility firms. The current ratio stands at 0.97, suggesting that the company's current assets are slightly below its current liabilities, which implies tight short-term liquidity management. Management effectiveness is further evaluated through a return on equity of 7.9% and a return on assets of 3.2%, metrics that reflect the return generated on shareholders' equity and the total asset base respectively.
バリュエーション評価
Valuation metrics for National Grid plc show a trailing P/E ratio of 22.28 compared to a forward P/E of 14.56, implying that the market expects earnings to decline or remain stagnant in the near term given the lower forward multiple. The price-to-book ratio is 8.80, indicating that the stock trades at a significant premium relative to its tangible book value, likely due to the scarcity of regulated utility assets and stable cash flow expectations. Alternative valuation measures such as a price-to-sales ratio of 5.01 and an EV/EBITDA of 66.55 suggest that investors are pricing in long-term stability rather than high growth, although the high EV/EBITDA multiple reflects the company's substantial debt load. The stock has traded between a 52-week low of $62.13 and a 52-week high of $94.64, placing the current valuation within a historical range that reflects market volatility in the utilities sector. With a beta of 0.64, the stock exhibits lower price volatility relative to the broader market, behaving more as a defensive holding that is less sensitive to general economic cycles.
Growth & Income
Recent performance data indicates a revenue growth of -11.3% year-over-year and earnings growth of -12.4% year-over-year, showing that earnings are contracting at a rate slightly faster than revenue, which points to margin compression or one-time charges impacting the bottom line. As a dividend payer, the company offers a dividend yield of 3.5% while maintaining a payout ratio of 78.0%, a level that is elevated and requires careful monitoring to ensure sustainability given the recent negative growth trends. The combination of negative growth metrics and a high payout ratio suggests that the company is distributing a significant portion of its earnings while facing headwinds in revenue generation. Overall, the growth and income profile of National Grid plc is characterized by negative earnings growth paired with a high dividend yield, presenting a scenario where income is prioritized despite a lack of organic expansion.