National Grid PLC (NG) — Capital Reinvestment Ratio
National Grid PLC (NG) has a Capital Reinvestment Ratio of 1.63x as of March 2026, meaning it reinvests 2% of its operating cash flow (GBX3.41 Billion) in capital expenditures (GBX5.54 Billion). Check NG intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
National Grid PLC Capital Reinvestment Ratio (1993–2026)
This chart tracks National Grid PLC's Capital Reinvestment Ratio across 32 annual periods. For the full cash flow conversion analysis, see NG cash flow metrics.
Annual Capital Reinvestment Ratio for National Grid PLC (1993–2026)
Year-by-year Capital Reinvestment Ratio for National Grid PLC from 1993 to 2026. See cash generation quality of National Grid PLC to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (GBX) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2026 | 1.60x | GBX6.23 Billion | GBX9.99 Billion | ▲ +24.3% |
| 2025 | 1.29x | GBX6.81 Billion | GBX8.78 Billion | ▲ +29.6% |
| 2024 | 0.99x | GBX6.94 Billion | GBX6.90 Billion | ▼ -0.4% |
| 2023 | 1.00x | GBX6.90 Billion | GBX6.89 Billion | ▲ +13.0% |
| 2022 | 0.88x | GBX6.27 Billion | GBX5.54 Billion | ▼ -17.6% |
| 2021 | 1.07x | GBX4.46 Billion | GBX4.79 Billion | ▲ +1.2% |
| 2020 | 1.06x | GBX4.62 Billion | GBX4.90 Billion | ▲ +16.3% |
| 2019 | 0.91x | GBX4.32 Billion | GBX3.94 Billion | ▲ +5.1% |
| 2018 | 0.87x | GBX4.50 Billion | GBX3.91 Billion | ▲ +29.1% |
| 2017 | 0.67x | GBX5.23 Billion | GBX3.52 Billion | ▼ -0.4% |
| 2016 | 0.68x | GBX5.37 Billion | GBX3.63 Billion | ▲ +3.1% |
| 2015 | 0.66x | GBX5.01 Billion | GBX3.28 Billion | ▼ -15.6% |
| 2014 | 0.78x | GBX4.02 Billion | GBX3.12 Billion | ▼ -14.0% |
| 2013 | 0.90x | GBX3.75 Billion | GBX3.39 Billion | ▲ +14.1% |
| 2012 | 0.79x | GBX4.23 Billion | GBX3.35 Billion | ▲ +22.8% |
| 2011 | 0.65x | GBX4.86 Billion | GBX3.13 Billion | ▼ -6.4% |
| 2010 | 0.69x | GBX4.52 Billion | GBX3.11 Billion | ▼ -26.4% |
| 2009 | 0.94x | GBX3.40 Billion | GBX3.19 Billion | ▲ +73.0% |
| 2008 | 0.54x | GBX5.32 Billion | GBX2.88 Billion | ▼ -47.7% |
| 2007 | 1.03x | GBX2.15 Billion | GBX2.22 Billion | ▲ +40.2% |
| 2006 | 0.74x | GBX2.27 Billion | GBX1.67 Billion | ▲ +24.9% |
| 2005 | 0.59x | GBX2.55 Billion | GBX1.51 Billion | ▼ -40.0% |
| 2004 | 0.98x | GBX1.42 Billion | GBX1.40 Billion | ▲ +18.3% |
| 2003 | 0.83x | GBX1.82 Billion | GBX1.52 Billion | ▼ -12.6% |
| 2002 | 0.95x | GBX554.40 Million | GBX527.80 Million | ▼ -83.6% |
| 2001 | 5.80x | GBX83.40 Million | GBX483.40 Million | ▲ +205.3% |
| 2000 | 1.90x | GBX149.90 Million | GBX284.60 Million | ▼ -9.6% |
| 1999 | 2.10x | GBX151.30 Million | GBX317.80 Million | ▲ +412.0% |
| 1997 | 0.41x | GBX694.70 Million | GBX285.00 Million | ▼ -44.9% |
| 1995 | 0.74x | GBX506.50 Million | GBX377.30 Million | ▼ -1.4% |
| 1994 | 0.76x | GBX455.10 Million | GBX343.70 Million | ▼ -19.3% |
| 1993 | 0.94x | GBX408.40 Million | GBX382.30 Million | — |