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Friday 6 November 2026 Export NI’s income statement to Excel — free account

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

NiSource, Inc (NI) P/B ratio

Alert me on P/B ratio

As of 5 November 2026, NiSource, Inc (NI) trades at a P/B ratio of 1.8×. Over the past ten years it has ranged from 0.7× (September 2015) to 2.3× (July 2016); the current reading is higher than 40% of that period. That is above the Utilities Regulated Gas industry median of 1.6× and above the Utilities sector median of 1.7×.

P/B ratio, daily

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Annual newest first

Period P/B ratio Change
FY2025 1.7× 8.22%
FY2024 1.6× 34.38%
FY2023 1.2× (33.74%)
FY2022 1.8× (7.38%)
FY2021 1.9× 6.73%
FY2020 1.8× (12.93%)
FY2019 2.0× 10.07%
FY2018 1.9× (4.05%)
FY2017 1.9× 10.25%
FY2016 1.8× 8.76%

Quarterly newest first

Period P/B ratio Change
Sep 2026 1.6× (18.38%)
Jun 2026 1.9× 2.34%
Mar 2026 1.9× 10.63%
Dec 2025 1.7× (6.86%)
43 more quarters

Against its own ten years

Low 0.7× High 2.3×
Ten-year median 1.8×
Current reading's percentile 35

P/B ratio against peers

Company P/B ratio
MDU MDU Resources Group, Inc. compare 1.3×
OGS ONE Gas, Inc. compare 1.5×
SR Spire Inc. compare 1.5×
UGI UGI Corporation compare 1.5×
BKH Bright Horizon Energy Corporation compare 1.6×
SWX Southwest Gas Corporation compare 1.6×
NI NiSource, Inc 1.8×
ATO Atmos Energy Corporation compare 1.9×
NJR NewJersey Resources Corporation compare 2.1×
Utilities Regulated Gas industry median 1.6×
Utilities sector median 1.7×
Market median 1.7×

What P/B ratio is

Price to Book Value tells an investor how much the market pays for a company’s shares relative to the accounting net worth that belongs to common shareholders.

Stock Price ÷ (Common Equity (Total) (latest quarter) ÷ Shares (Basic, Weighted) (latest quarter))

The full definition of P/B ratio →

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