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NiSource, Inc

NI Utilities Utilities Regulated Gas

NiSource, Inc’s revenue for fiscal 2025 (year ended December 2025) was $6.6 billion, up 21.8% from fiscal 2024.

Revenue
+5.99%
EPS
+35.0%
Free cash flow
−278.4%
Total debt
+15.9%

Quarter to September 2026, against a year earlier

44.49 0.80 −1.77%
Market cap
$21.3B
P/E
22.8×
Fwd P/E
21.9×
Dividend yield
2.70%
F-score
6/9
Altman Z
0.80
Beneish M
−2.41
Dividend safety
36/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2010

  • Gas Distribution Operations
  • Electric Operations
  • Columbia Pipeline Group Operations
  • Corporate and Other

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 6.58
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 — — 3 — — 1 — 2 —
Insider Ownership 0.40%

Capital & Financial Ratios $m

Size
Market Cap 21,320.00
Revenue ttm 6,957.80
Net income ttm 1,010.50
Free cash flow ttm (1,566.70)
Net debt Q 18,179.80
Valuation
P/E 22.82
Forward P/E 21.90
Price / sales 3.07
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.79
Financial health
Current ratio Q 0.50 (below 1: weak)
Debt / equity Q 1.53
Interest coverage Q 1.62
Growth
Revenue growth Q +5.99% (above 0%: growing)
Operating income growth Q +14.39% (above 0%: growing)
EPS, this year +8.21%
EPS, next year A +9.80%
Revenue, next year A +6.73%
EPS, past 5 yrs —
EPS, next 5 yrs A +9.55%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.7×, against a ten-year median of 3.9×; over the ten years it ranged from 2.9× in 2016 to 5.9× in 2025.
P/E against its own 10 years 50.79%
10-year low 10-year high
P/S against its own 10 years 85.63%
10-year low 10-year high
P/B against its own 10 years 34.51%
10-year low 10-year high
EV/Sales against its own 10 years 91.64%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.70%
Annual rate
1.20
Payout ratio
61.5%
Growth, 2018–26
+5.53%/yr
  1. 0.78 ’18
  2. 0.80 ’19 +3
  3. 0.84 ’20 +5
  4. 0.88 ’21 +5
  5. 0.94 ’22 +7
  6. 1.00 ’23 +6
  7. 1.06 ’24 +6
  8. 1.12 ’25 +6
  9. 1.20 ’26 +7
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,281 199 136 83
Receivables 928 1,010 1,264 879
Inventory 503 389 450 528
Other 682 344 379 647
4,499 2,080 2,377 2,364
2023 2024 2025 Q'26
Payables 749 863 1,125 1,241
ST’ Debt 3,072 1,886 756 1,882
Other 646 504 599 495
5,265 4,113 3,457 4,770

Compound Annual Growth %

10y 5y 3y
Sales 3.63% 7.25% 4.32%
Cash Flow 4.95% 16.43% 18.79%
Earnings 12.49% 0.00% 7.46%
Book Value 11.74% 14.84% 13.85%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.22 Actual 0.27

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.49 0.51 Beat by 0.02
Q1 FY26 1.06 1.06 Met by 0.00
Q2 FY26 0.15 0.16 Beat by 0.01
Q3 FY26 0.22 0.27 Beat by 0.05
Q4 FY26 0.59 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.06 0.09 0.27 — —
’25 1.00 0.22 0.20 0.53 1.95
’24 0.77 0.19 0.19 0.47 1.62
’23 0.71 0.09 0.17 0.50 1.48
’22 0.94 0.12 0.12 0.52 1.70
’21 0.72 0.11 0.12 0.36 1.27
’20 0.16 (0.05) (0.49) 0.18 (0.19)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,363 1,342 1,349 — —
’25 2,183 1,283 1,273 1,903 6,642
’24 1,706 1,085 1,076 1,588 5,455
’23 1,966 1,090 1,027 1,422 5,505
’22 1,873 1,183 1,090 1,705 5,851
’21 1,546 986 959 1,409 4,900
’20 1,606 963 903 1,211 4,682
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 442 680 547 — —
’25 686 495 468 713 2,362
’24 456 446 340 540 1,782
’23 683 508 345 399 1,935
’22 580 327 129 373 1,409
’21 448 255 236 279 1,218
’20 370 338 151 245 1,104
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (363) (417) (653) — —
’25 49 (163) (173) (134) (420)
’24 (133) (184) (295) (220) (832)
’23 126 (97) (379) (361) (711)
’22 130 (139) (477) (307) (794)
’21 81 (176) (258) (267) (620)
’20 (82) (29) (322) 895 462
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 24.8% a year for ten years.

Implied
24.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,493 4,875 5,115 5,209 4,682 4,900 5,851 5,505 5,455 6,642 6,958 +4.4% 7,089 7,358 8,033 +6.5%
Gross margin, % 69.06 68.84 65.56 70.54 76.31 71.58 63.93 72.15 79.25 76.15 77.70 +7.1 pt
EBT 514 443 (231) 507 (31) 707 956 814 1,003 1,216 1,173 +10.1%
EBT margin, % 11.43 9.09 (4.51) 9.73 (0.67) 14.42 16.35 14.78 18.38 18.31 16.86 +6.9 pt
Net income 332 129 (51) 383 (14) 589 792 674 845 1,013 1,011 +13.2%
Per share, $
Per share, $ Revenue 13.96 14.80 14.35 13.91 12.18 12.45 14.37 13.23 12.01 14.05 14.50 +0.1%
Earnings 1.03 0.39 (0.18) 0.88 (0.19) 1.35 1.84 1.59 1.63 1.96 1.95 +7.4%
Cash flow 2.50 2.25 1.52 4.23 2.87 3.09 3.46 4.65 3.92 5.00 4.96 +8.0%
Capex (4.58) (5.15) (5.10) (4.81) (1.67) (4.67) (5.41) (6.36) (5.76) (5.88) (8.23) +2.8%
Free cash flow (2.09) (2.89) (3.58) (0.58) 1.20 (1.58) (1.95) (1.71) (1.83) (0.89) (3.27) (9.1%)
Book value 12.65 13.12 16.13 15.98 15.19 18.48 19.41 24.36 23.49 24.66 24.92 +7.7%
Shares, m 322 329 357 375 384 394 407 416 454 473 478 +4.4%
Valuation, ×
Valuation, × P/E 21.97 65.03 0.00 31.64 0.00 20.45 14.91 16.99 22.69 21.31 22.82 21.5
P/S 1.59 1.71 1.77 2.00 1.88 2.22 1.91 2.04 3.06 2.97 3.07 2.1
P/B 1.75 1.93 1.86 2.04 1.78 1.90 1.76 1.16 1.57 1.69 1.79 1.7
EV/Sales 3.34 3.55 3.53 3.82 3.94 4.20 3.83 4.19 5.58 5.39 5.68 4.1
EV/FCF (22.35) (18.16) (14.14) (91.10) 39.92 (33.18) (28.24) (32.48) (36.59) (85.30) (25.23) (32.2)
Cash, $m
Cash, $m Operating cash flow 803 742 540 1,583 1,104 1,218 1,409 1,935 1,782 2,362 2,382 +12.7%
Capex (1,475) (1,696) (1,816) (1,802) (642) (1,838) (2,203) (2,646) (2,614) (2,782) (3,949) +7.3%
Free cash flow (672) (954) (1,276) (219) 462 (620) (794) (711) (832) (420) (1,567) (5.1%)
Balance, $m
Balance, $m Working capital (1,690) (1,415) (1,981) (1,892) (620) (825) (2,076) (766) (2,033) (1,080) (2,406) (4.9%)
Net debt 7,873 8,964 9,012 9,494 9,621 9,707 11,240 11,847 13,762 16,078 18,180 +8.3%
Shareholders’ equity 4,071 4,320 5,751 5,987 5,838 7,273 7,902 10,136 10,668 11,660 11,954 +12.4%
Returns, %
Returns, % ROA 1.83 0.66 (0.31) 1.48 (0.33) 2.29 2.94 2.29 2.35 2.75 2.58 +0.9 pt
ROIC 4.53 4.33 0.53 3.60 2.23 3.71 4.13 3.68 3.72 4.14 3.95 (0.4) pt
ROE 8.38 3.06 (1.43) 6.57 (1.44) 9.92 12.40 8.27 7.28 8.33 8.13 (0.1) pt
People
People Employees 8,007 8,175 8,087 8,363 7,389 7,342 7,162 7,411 7,746 7,738 — (0.4%)
Revenue/emp, $m 0.56 0.60 0.63 0.62 0.63 0.67 0.82 0.74 0.70 0.86 — +4.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

NiSource is an energy holding company whose main businesses are regulated natural gas and electric utilities. It was founded in 1912 and is headquartered in Merrillville. Lloyd Yates is its president and chief executive officer.

The company delivers natural gas to homes and businesses through local pipelines. In northern Indiana, it also generates, transmits and distributes electricity. Customers include households, commercial businesses and industrial users. Its utilities serve customers across six states.

Where the money comes from and where it goes Fiscal 2010

Fiscal 2010: revenue by segment, and margins
Gas Distribution Operations 3,620 56.82%
Electric Operations 1,381 21.67%
Columbia Pipeline Group Operations 780 12.25%
Corporate and Other 590 9.27%
Gross margin 53.48%
Operating margin 14.00%
Pre-tax margin 6.38%

Revenue by segment since 2009

NiSource, Inc vs peers in Utilities Regulated Gas (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ATO Atmos Energy Corporation $29.6B 20.7× 20.4× +4.80% (above 0%: growing) +23.08% (above 0%: growing) −7.79% (below 0%: shrinking) 99.07% 36.45% Compare
NI NiSource, Inc $21.3B 22.8× 21.9× +5.99% (above 0%: growing) +35.00% (above 0%: growing) −278.39% (below 0%: shrinking) 84.64% 25.22%
UGI UGI Corporation $8.0B 11.9× 13.7× −4.52% (below 0%: shrinking) n/m −56.52% (below 0%: shrinking) 43.05% (3.31%) Compare
SWX Southwest Gas Corporation $6.6B 22.1× 21.4× −5.91% (below 0%: shrinking) −95.30% (below 0%: shrinking) −30.09% (below 0%: shrinking) 93.25% 11.92% Compare
BKH Bright Horizon Energy Corporation $6.5B 20.6× 19.0× +8.34% (above 0%: growing) +33.81% (above 0%: growing) −10.84% (below 0%: shrinking) 0.00% 21.05% Compare
NJR NewJersey Resources Corporation $5.6B 15.0× 15.0× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $5.3B 9.9× 21.9× −0.40% (below 0%: shrinking) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $5.1B 17.3× 16.2× +3.21% (above 0%: growing) +12.59% (above 0%: growing) +12.70% (above 0%: growing) 81.13% 19.77% Compare
MDU MDU Resources Group, Inc. $3.9B 19.5× 20.1× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
Median of peers $6.0B 18.4× 19.6× +4.01% +28.45% −9.31% 70.35% 12.35%

All 14 Utilities Regulated Gas stocks →

From the latest earnings call

Updated

  • CEO Lloyd Yates said signed data-center agreements are expected to provide approximately $1.75 billion in savings to existing NIPSCO electric customers.
  • CFO Shawn Anderson said NiSource’s seven-year capital plan totals $40 billion, including $32 billion for the base business and approximately $8 billion for GenCo.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
BMO Capital Oct 21, 2026 Target cut Outperform 49.00 → 45.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 95.75%
Held by the ten largest 49.44%
Holder Shares Stake Change
Vanguard 63.74m 13.29% +415.95k
BlackRock 54.96m 11.46% +3.48m
T. Rowe Price 30.76m 6.42% −19.92m
State Street 27.62m 5.76% +520.36k
Geode Capital Management 12.92m 2.69% +306.86k
Deutsche Bank (DWS) 12.08m 2.52% +359.63k
Fidelity (FMR) 10.17m 2.12% +945.93k
Jennison Associates 9.24m 1.93% +13.83k
Invesco 7.79m 1.62% −1.46k
Norges Bank 7.79m 1.62% +7.79m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 30 March 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 11.30%
T. Rowe Price Investment Management, Inc. 10.50%
BlackRock, Inc. 9.90%
State Street Corporation One Congress Street, Suite 5.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

NiSource, Inc (NI) Latest News

30 Oct

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12 Aug

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NI metrics, ten years each

stockrow.com/NI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com