Earnings Review · 02 September 2026
National Grid Had a Strong Quarter. Why a Values-Conscious Book Still Steps Aside.
The print
Results are in but not yet verified against a primary source in our ledger; this review updates the moment the audited figures land. What does not change is our read below.
Did the flow confirm the move?
Money has been flowing IN underneath a flat-to-lower price: quiet accumulation, the kind of positioning that tends to show up before a name moves, not after.
Give the business its due
The business itself is genuinely strong: revenue growing about 2%, net margins near 18%, a weak competitive moat.
The valuation lens
Our framework labels the valuation MODERATE. Fair value lands near $98 against a $81 share price, a margin of safety of about 21%. The trailing multiple sits around 18 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Debt ratio. A strong business is not the same as a suitable one; for a values-conscious book this is a do-not-chase regardless of the print.
The compliant alternative
If the theme is what draws you, Hawaiian Electric Industries, Inc. (HE) sits in the same industry (Utilities – Regulated Electric) and clears our principled screen, the place to look instead of chasing a name that does not.
The verdict for a values-conscious investor
A beat-and-raise does not change the screen. This is a great company you can admire without owning, protection first. We do not confuse a strong quarter with a suitable holding.
This is analysis, not financial advice. Always manage your risk.
