National Grid plc NGG NYSE

National Grid plc (NGG) generated $6.81B in operating cash flow for fiscal year 2025. After capital expenditures of $9.31B, free cash flow was $-2.5B.

Free cash flow margin was -13.6% of revenue. Cash conversion ratio was 1.38x, indicating earnings are backed by cash.

The company returned $7M in share buybacks to shareholders during the period.

Criteria supported by this page:

• HEALTH (33/100, Fail) — weak cash flow raises concerns about debt servicing
• MOAT (84/100, Pass) — $-2.5B (-13.6% FCF margin) supports a durable competitive advantage
• INCOME (70/100) — Cash conversion ratio was 1.38x confirms earnings are backed by real cash flow

Overall SharesGrow Score: 63/100 with 4/7 criteria passed.