National Grid PLC (NG) — Cash Flow Quality Index
National Grid PLC (NG) has a Cash Flow Quality Index of 1.30x as of March 2026. Operating cash flow of GBX3.41 Billion exceeds net income of GBX2.62 Billion, indicating high earnings quality where cash backs reported profits. Explore NG debt coverage from operations to assess how comfortably operating cash covers total debt obligations.
Cash Flow Quality Index
Operating Cash Flow
Net Income
Data as of
National Grid PLC Cash Flow Quality Index (1993–2026)
Historical Cash Flow Quality Index for National Grid PLC across 34 annual periods. Values consistently above 1.0x indicate high-quality earnings. For the full cash flow conversion analysis, see cash efficiency ratio of National Grid PLC.
Annual Cash Flow Quality Index for National Grid PLC (1993–2026)
Year-by-year earnings quality comparison for National Grid PLC.
| Year | Quality Index | Operating CF (GBX) | Net Income | YoY Change |
|---|---|---|---|---|
| 2026 | 1.92x | GBX6.23 Billion | GBX3.24 Billion | ▼ -18.0% |
| 2025 | 2.35x | GBX6.81 Billion | GBX2.90 Billion | ▲ +51.3% |
| 2024 | 1.55x | GBX6.94 Billion | GBX4.47 Billion | ▲ +9.7% |
| 2023 | 1.41x | GBX6.90 Billion | GBX4.88 Billion | ▼ -1.5% |
| 2022 | 1.43x | GBX6.27 Billion | GBX4.37 Billion | ▼ -6.9% |
| 2021 | 1.54x | GBX4.46 Billion | GBX2.90 Billion | ▼ -7.2% |
| 2020 | 1.66x | GBX4.62 Billion | GBX2.78 Billion | ▲ +10.4% |
| 2019 | 1.50x | GBX4.32 Billion | GBX2.87 Billion | ▲ +16.7% |
| 2018 | 1.29x | GBX4.50 Billion | GBX3.49 Billion | ▼ -20.9% |
| 2017 | 1.63x | GBX5.23 Billion | GBX3.21 Billion | ▲ +24.0% |
| 2016 | 1.31x | GBX5.37 Billion | GBX4.08 Billion | ▼ -0.8% |
| 2015 | 1.32x | GBX5.01 Billion | GBX3.78 Billion | ▲ +23.1% |
| 2014 | 1.08x | GBX4.02 Billion | GBX3.73 Billion | ▲ +7.7% |
| 2013 | 1.00x | GBX3.75 Billion | GBX3.75 Billion | ▼ -16.4% |
| 2012 | 1.19x | GBX4.23 Billion | GBX3.54 Billion | ▼ -7.9% |
| 2011 | 1.30x | GBX4.86 Billion | GBX3.75 Billion | ▼ -5.4% |
| 2010 | 1.37x | GBX4.52 Billion | GBX3.29 Billion | ▲ +47.7% |
| 2009 | 0.93x | GBX3.40 Billion | GBX3.66 Billion | ▲ +5.2% |
| 2008 | 0.88x | GBX5.32 Billion | GBX6.02 Billion | ▲ +10.8% |
| 2007 | 0.80x | GBX2.15 Billion | GBX2.69 Billion | ▼ -11.8% |
| 2006 | 0.90x | GBX2.27 Billion | GBX2.51 Billion | ▼ -4.9% |
| 2005 | 0.95x | GBX2.55 Billion | GBX2.69 Billion | ▲ +22.1% |
| 2004 | 0.78x | GBX1.42 Billion | GBX1.83 Billion | ▼ -31.3% |
| 2003 | 1.13x | GBX1.82 Billion | GBX1.61 Billion | ▲ +78.5% |
| 2002 | 0.63x | GBX554.40 Million | GBX874.70 Million | ▲ +461.9% |
| 2001 | 0.11x | GBX83.40 Million | GBX739.40 Million | ▼ -57.0% |
| 2000 | 0.26x | GBX149.90 Million | GBX572.10 Million | ▲ +0.9% |
| 1999 | 0.26x | GBX151.30 Million | GBX582.60 Million | ▲ +127.6% |
| 1998 | -0.94x | GBX-508.60 Million | GBX540.00 Million | ▼ -189.7% |
| 1997 | 1.05x | GBX694.70 Million | GBX661.90 Million | ▲ +175.1% |
| 1996 | -1.40x | GBX-952.30 Million | GBX681.70 Million | ▼ -287.1% |
| 1995 | 0.75x | GBX506.50 Million | GBX678.30 Million | ▲ +3.5% |
| 1994 | 0.72x | GBX455.10 Million | GBX630.50 Million | ▲ +4.8% |
| 1993 | 0.69x | GBX408.40 Million | GBX592.80 Million | — |