Seven criteria, each scored 0 to 100 on a published scale, weighted into one number.
43/100RyuScore 43 out of 100, Below average
43
Today's price. Only valuation depends on it.
-50%-40%-30%-20%-10%today+10%+20%+30%
Below average. National Grid plc scores higher than 38% of the 2,231 companies Ryufin scores.
Carried by return on new capital and earnings quality, held back by return on capital and capital allocation.
Utilities median 50 · all companies 55
Valuation
26% of the score
54median 53
National Grid plc is valued at 23.8x its operating profit, including debt: a rich multiple.
60x
50x
35x
25x
18x
12x
8x
23.8x
Full points at 8x or less, none from 60xfull points
Return on capital
18% of the score
15median 24
Over 7 years the business earned 3.9% a year after tax on the capital it uses.
2%
8%
15%
25%
3.9%
None at 2% or less, full points from 25%full points
Return on capital by year
7 years agolatest 4.4%
Return on new capital
16% of the score
84median 33
For every dollar of operating profit earned over 6 years, yearly profit grew by 9 cents. New capital earned 6%, and 156% of profit went back into the business.
-5%
12%
9.3%
None at minus 5 cents, full points from 12 centsfull points
Capital allocation
14% of the score
21median 63
How management spends the money: shares bought back or issued, and whether assets grow faster than the business they serve.
Share countUp 7% a year over 5 years: new shares
0
5%
-3%
7%
0 pointsfull points
Assets against salesAssets grew 10% a year, sales 5.3%
52
12%
-2%
4.7%
0 pointsfull points
Cycle position
12% of the score
37median 63
Today's operating margin of 31% is 1.34x its normal 23%: above its usual level. Normal is half the 10 year median, half the last four years, so a margin that has held is not taken for a peak.
2x
1.5x
1x
0.7x
1.3x
A trough earns points, a peak costs themfull points
Operating margin by year, against its normal level
10 years agonow 31%
Balance sheet
8% of the score
8median 50
What the debt weighs against the profit that has to carry it.
Net debt to EBITDA5.7x a year of EBITDA
0
4.5x
0.5x
5.7x
0 pointsfull points
Interest coverOperating profit covers interest 3x
16
1.5x
12x
3.2x
0 pointsfull points
Earnings quality
6% of the score
91median 90
Whether the reported profit arrives as cash, and whether the accounts show the usual signs of stretching.
Cash against profitOperating cash flow was 2.63x profit over 3 years
100
0.7x
1x
1.3x
2.6x
0 pointsfull points
AccrualsCash ran ahead of profit by 4.3% of assets
82
8%
0%
-8%
-4.3%
0 pointsfull points
How the RyuScore works
Each criterion earns 0 to 100 points on the scale drawn under it, and the RyuScore is their average weighted 26, 18, 16, 14, 12, 8 and 6. Scales bend in the company's favour between their ends, so an ordinary figure is never already near zero. Where a criterion cannot be measured from the filings it is taken out and the remaining weights scale up; a company needs 60% of the weight covered, and always a price, to get a score.
Built from the company's annual and quarterly filings with the SEC and today's share price. Banks, insurers and property trusts are not scored: their debt is their raw material, so these yardsticks mean something else there. Figures as of 2026-03-31, latest annual report FY2026.