National Grid plc
NGGUtilities · Stock · semiannual payer
Forward Yield
4.15%
Annual Dividend
$3.24
Payout Ratio
71%
5-Yr Growth
-0.1%
Ex-Date
May 29, 2026
Frequency
Semiannual
Summary
As of September 2026, National Grid plc (NGG) yields 4.15% ($3.24 per share annually), with a blended fair-value estimate of $103.39 — +32% upside, so it screens as undervalued. Dividend safety grade: C (51/100).
Is NGG a good dividend stock?
MixedNational Grid plc (NGG) pays a semiannual dividend yielding 4.15% ($3.24/yr), with 0 years of growth and a dividend-safety grade of C. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal.
Advantages
Risks
- Cut its dividend in 2025
- Dividend has been shrinking, not growing
Key Data
- Dividend Yield
- 4.15%
- Payout Ratio
- 71%
- Annual Dividend
- $3.24
- 5-Yr Avg Growth
- -0.1%
- Ex-Dividend Date
- May 29, 2026
- Years of Growth
- 0
- Frequency
- semiannual
- Beta
- 0.59
- Market Cap
- $78.5B
- P/E Ratio
- 17.7
- 5-Yr Total Return
- 31%
- 52-Week Range
- $69.73 – $94.64
- Dividend Safety
- C · 51/100
- Ever Cut?
- Yes (2025)
Frequently Asked Questions
NGG Price — Last 12 Months
Daily close
Price Return
1 Year
+8%
3 Years
+29%
5 Years
+31%
52-Week Range
$69.73 – $94.64
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is NGG worth?
Undervaluedmedium confidenceOur blended fair-value estimate for National Grid plc is $103.39 per share, versus a market price of $78.12. That implies 32% of upside — a margin of safety of about 24%.
Fair Value
$103.39
Current Price
$78.12
Upside
+32%
Margin of Safety
24%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about 40.0% annual free-cash-flow growth. We model 9.7% — so the price already assumes faster growth than we think is likely.
Assumptions: 7.2% discount rate (CAPM), 9.7% stage-1 growth, 2.5% terminal growth, $4.41 EPS, $3.24 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
NGG Dividend Safety Score
Borderline
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| May 29, 2026 | — | $2.1740 | regular |
| Nov 21, 2025 | — | $1.0660 | regular |
| May 30, 2025 | — | $2.0550 | regular |
| Nov 22, 2024 | — | $1.0200 | regular |
| Jun 7, 2024 | — | $2.4940 | regular |
| May 31, 2024 | — | $3.5060 | regular |
| Nov 22, 2023 | — | $1.1900 | regular |
| Jun 1, 2023 | — | $2.3460 | regular |
| Nov 23, 2022 | — | $1.0310 | regular |
| Jun 3, 2022 | — | $2.0930 | regular |
| Dec 2, 2021 | — | $1.1570 | regular |
| Jun 3, 2021 | — | $2.2810 | regular |
| Nov 25, 2020 | — | $1.1290 | regular |
| Jul 1, 2020 | — | $2.0130 | regular |
Income Calculator
At $3.24 / yr per share
