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NINiSource Inc
$40.52$19.1B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
NI logo

NiSource Inc

NI
NYSE · Gas Utilities
$40.52
At close - Sep 21, 4:00 PM EDT - USD
Market Cap$19.42B
P/E20.8x
52W High$49.21
Volume7.56M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Rate Base Growth Offsets Leverage and Cash Burn

NiSource's aggressive rate base expansion, evidenced by a 33% year-over-year increase in net PPE to $30.5B, is driving robust revenue growth of 21.8% in the latest quarter. However, this growth is heavily debt-funded, with debt-to-equity rising to 1.48 and cum...

GrowthAccelerating
ProfitabilityStable
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

NI price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

In Line

P/E is in line with peer median

03

Market leadership

RS 31 · Lag

Laggard (Underperforming 69% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Nov 5
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue surged 21.8% year-over-year in the latest quarter, but net margin contracted to 3.4% from 8.0% a year earlier, reflecting seasonal and non-recurring impacts that obscure core earnings stability.

Analyst Consensus+27.2% target
Buy(22 analysts)
16 Buy6 Hold0 Sell

The Bull Case

Upside Catalysts

Strong Growth Prospects

NiSource anticipates long-term earnings per share (EPS) growth of 6%-8% and a projected rate base growth of 8%-10% through 2029. This growth is supported by substantial capital expenditure opportunities, including an expected $2.2 billion in upside capital expenditures driven by industrial manufacturing growth in states like Indiana, Virginia, and Ohio.

Data Center Demand

The company is benefiting from optimism around power demand from the AI data center buildout. A significant capital plan of $28 billion over five years includes $6-$7 billion for Amazon's data center, driving 11%-12% rate base growth and 8%-9% targeted EPS growth through 2033.

Dividend Growth and Sustainability

NiSource pays a meaningful dividend with a trailing yield of 2.36%. The company has been increasing its dividend for 14 years, and its dividend payout ratio is considered healthy and sustainable.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
NI-1.77%
S&P 500 (^GSPC)+13.22%
1-Year Return
NI+0.96%
S&P 500 (^GSPC)+15.99%
3-Year Return
NI+62.03%
S&P 500 (^GSPC)+82.17%
5-Year Return
NI+90.65%
S&P 500 (^GSPC)+77.59%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
20.5x
Forward P/EExpansion
19.4x
EV/EBITDA40th %ile
11.7x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
20.5x
21.4x
40th· Fair
EV/EBITDA
11.7x
12.0x
40th· Fair
Price/FCF
N/A
N/A
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$58.91+45.4%
Base (Fair)$60.18+48.3%
Bull$65.82+62.5%
$58.91 Bear$60.18 Base$65.82 Bull
Current Market Price: $40.52
Trades at a 32.7% discount to Base DCF ($60.18)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$6.64B+21.8% YoY
Net income
$930M+22.2% YoY
Free cash flow
-$1.93B-124.1% YoY
Operating margin
27.6%+0.9 pts YoY
ROIC (TTM)5.3%
Avg ROIC 5Y-
ROE (TTM)8.3%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate7/12 (58%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 5, 2026
$0.16+1.4%
vs $0.16
$1.3B+17.0%
vs $1.1B
Q2 2026
May 6, 2026
$1.06+1.0%
vs $1.05
$2.4B-6.3%
vs $2.5B
Q1 2026
Feb 11, 2026
$0.51+2.9%
vs $0.50
$1.9B+33.0%
vs $1.4B
Q4 2025
Oct 29, 2025
$0.19-5.0%
vs $0.20
$1.3B+6.1%
vs $1.2B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·Sep 10, 2026
NiSource releases 2025 Sustainability Report, highlighting progress to shape a more sustainable energy future

MERRILLVILLE, Ind.--(BUSINESS WIRE)--NiSource Inc. (NYSE: NI) today released its 2025 Sustainability Report, Energizing a Sustainable Future, outlining achievements that help shape a safer, more resilient energy environment for the customers and communities we serve. In 2025, NiSource continued to connect day-to-day operations with long-term sustainability goals to drive value for customers and shareholders. Among the key achievements, we reduced environmental impacts across our operating footp.

Defense World·Sep 10, 2026
Amundi Has $85.04 Million Stock Holdings in NiSource, Inc $NI

Amundi lifted its stake in NiSource, Inc (NYSE: NI) by 94.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,788,427 shares of the utilities provider's stock after acquiring an additional 868,121 shares during the quarter. Amundi owned approximately 0.37% of

Zacks Investment Research·Sep 4, 2026
Why Is NiSource (NI) Down 4% Since Last Earnings Report?

NiSource (NI) reported earnings 30 days ago. What's next for the stock?

Defense World·Aug 29, 2026
Archer Investment Corp Makes New Investment in NiSource, Inc $NI

Archer Investment Corp acquired a new stake in NiSource, Inc (NYSE: NI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 13,537 shares of the utilities provider's stock, valued at approximately $644,000. Other hedge funds and other institutional investors also recently made changes

Filtered for NiSource IncMore Headlines
04

Compare before deciding

Benchmark NI against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for NiSource Inc (NI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NI logoNINiSource IncCurrent
$40.52$19.42B20.7821.76%13.99%8.33%2.76%
ATO logoATOAtmos Energy Corporation
$158.27$26.42B21.2212.91%28.5%9.67%—
SR logoSRSpire Inc.
$79.76$4.72B18.25-4.5%21.62%21.39%—
NWN logoNWNNorthwest Natural Holding Company
$48.07$2.02B17.3511.83%9.75%8.34%—
SWX logoSWXSouthwest Gas Holdings, Inc.
$84.65$6.13B13.92-62.05%29.83%12.89%—
OGS logoOGSONE Gas, Inc.
$74.31$4.66B17.0016.5%12.47%8.42%—

Compare NI vs Peers

NiSource Inc (NI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ATO

Most directly comparable listed peer for NI.

Scale Benchmark

vs LIN

Larger-name benchmark to compare NI against a more recognizable public peer.

Peer Set

Compare Top 5

vs ATO, SR, NWN, SWX

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

NI SEC Filings & Documents

NiSource Inc (NI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 5, 2026·SEC

Material company update

May 18, 2026·SEC

Material company update

May 12, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 11, 2026·SEC

FY 2025

Feb 12, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 5, 2026·SEC

FY 2026

May 6, 2026·SEC

FY 2025

Oct 29, 2025·SEC

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NI Frequently Asked Questions

NiSource Inc (NI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is NiSource Inc's revenue?

NiSource Inc (NI) reported $6.88B in revenue for fiscal year 2025. This represents a 278% increase from $1.82B in 1996.

How fast is NiSource Inc growing?

NiSource Inc (NI) grew revenue by 21.8% over the past year. This is strong growth.

Is NI profitable?

Yes, NiSource Inc (NI) is profitable, generating $905.1M in net income for fiscal year 2025 (14.0% net margin).

Dividend & Returns
Does NI pay dividends?

Yes, NiSource Inc (NI) pays a dividend with a yield of 2.76%. This makes it attractive for income-focused investors.

What is NI's return on equity?

NiSource Inc (NI) has a return on equity (ROE) of 8.3%. This is below average, suggesting room for improvement.

What is NiSource Inc's free cash flow?

NiSource Inc (NI) had negative free cash flow of $1.09B in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics
Is NI's dividend sustainable?

NiSource Inc (NI) has a dividend payout ratio of 57%. This suggests the dividend is well-covered and sustainable.

What if you invested $1,000 in NI back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →