A Business at a Glance
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NISOURCE INC.
NI
$22.3B
Mkt Cap
$46.68
-0.15%
NISOURCE INC. (NI) has a current P/E ratio of 23.9, compared to its historical median P/E of 20.0. The stock is currently considered Fair based on its historical valuation range.
NISOURCE INC. (NI) has a 5-year average return on invested capital (ROIC) of 5.8%. This is below average and may indicate limited pricing power.
NISOURCE INC. (NI) has a market capitalization of $22.4B. It is classified as a large-cap stock.
Yes, NISOURCE INC. (NI) pays a dividend with a trailing twelve-month yield of 2.45%.
Based on historical P/E analysis, NISOURCE INC. (NI) appears fair. The current P/E of 23.9 is 20% above its historical median of 20.0. The estimated fair value CAGR (P/E method) is 42.8%.
NISOURCE INC. (NI) operates in the Electric & Other Services Combined industry, within the Utilities sector.
NISOURCE INC. (NI) reported annual revenue of $6.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
NiSource Inc. is a fully regulated energy holding company serving approximately 3.8 million customers across six states through two primary operating segments: Columbia Operations, which distributes natural gas to approximately 2.4 million residential, commercial, and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland; and NIPSCO Operations, which provides both natural gas and electric service to approximately 0.9 million and 0.5 million customers respectively in northern Indiana. The company derives substantially all revenues and earnings from rate-regulated utility operations, operating approximately 37,300 miles of gas distribution main pipeline in Columbia's service areas and approximately 18,100 miles in NIPSCO's service areas, along with electric generation, transmission, and distribution infrastructure in Indiana. NiSource's business model is characterized by long-term, stable cash flows from regulated rate-base growth, supported by infrastructure investment programs focused on safety, reliability, and modernization; the company also generates incremental growth through its subsidiary GenCo, which develops generation resources to serve data center customers under long-term contracts. The company competes in open-access natural gas markets where customers can purchase gas from third parties, though it maintains exclusive service territories for electric distribution in Indiana, and faces competition from alternative fuels and distributed energy sources; NiSource's competitive positioning is supported by customer preference for natural gas and its established infrastructure across its service territories.
【Data center-driven growth acceleration】 Management expects significant earnings accretion from GenCo's data center operations, with newly executed agreements with Alphabet and Amazon anticipated to deliver accelerated timelines and customer benefits compared to initial forecasts. The company is pursuing an expedited regulatory review process for its data center contracts, with approvals expected in the second half of 2026, and anticipates full ramp of contracted capacity by 2030. NiSource remains focused on disciplined capital deployment across its base utility business while leveraging GenCo to convert incremental generation investments into earnings growth, with management confident in executing projects efficiently and maintaining its commitment to customer affordability through targeted annual bill increases below 5% across its territories.
| Metric | Target | Period |
|---|---|---|
| Consolidated adjusted EPS | $2.02–$2.07 | FY2026 |
| Consolidated adjusted EPS CAGR | 9%–10% | 2023 to 2033 |
| GenCo EPS contribution | $0.25–$0.35 | FY2030 |
| GenCo EPS contribution | $0.40–$0.60 | FY2033 |
| FFO-to-debt ratio | 14%–16% | All years of plan through 2033 |
Consolidated adjusted EPS (FY2026): “We are reaffirming our 2026 consolidated adjusted EPS guidance of $2.02-$2.07 per share.”
Consolidated adjusted EPS CAGR (2023 to 2033): “We are increasing our consolidated adjusted EPS CAGR 100 basis points for 2023 to 2033 to 9%-10% towards the high end of that range through 2030, driven by the robust portfolio of investment opportunities supporting data centers.”
GenCo EPS contribution (FY2030): “We have increased our 2030 GenCo EPS guidance, now projecting $0.25-$0.35 per share.”
GenCo EPS contribution (FY2033): “Our 2033 outlook is also higher, as we're now guiding to $0.40-$0.60 per share.”
FFO-to-debt ratio (All years of plan through 2033): “We are reaffirming 14%-16% FFO- to- debt in all years of the plan.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.7B | 6.5B | 5.3B | 5.3B | 5.7B | 4.7B |
| Net Income | 965M | 930M | 740M | 662M | 749M | 530M |
| EPS | $2.02 | $1.95 | $1.62 | $1.48 | $1.70 | $1.27 |
| Free Cash Flow | -832M | -420M | -833M | -711M | -794M | -620M |
| ROIC | 6.1% | 6.4% | 5.8% | 5.5% | 5.9% | 5.3% |
| Gross Margin | - | 75.7% | 78.6% | 71.3% | 63.2% | 70.6% |
| Debt/Equity | 1.74 | 1.72 | 1.61 | 1.71 | 1.50 | 1.42 |
| Dividends/Share | $1.14 | $1.12 | $1.06 | $1.00 | $0.94 | $0.88 |
| Operating Income | 1.9B | 1.8B | 1.5B | 1.3B | 1.3B | 1.0B |
| Operating Margin | 28.3% | 28.1% | 27.6% | 24.2% | 22.1% | 21.3% |
| ROE | 10.0% | 10.3% | 8.7% | 8.4% | 10.3% | 8.3% |
| Shares Outstanding | 479M | 477M | 457M | 447M | 441M | 417M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.3B | 4.7B | 4.5B | 4.9B | 5.0B | 5.1B | 4.5B | 4.7B | 5.7B | 5.3B | 5.3B | 6.5B | 6.7B |
| Gross Margin | 55.0% | 100.0% | 100.0% | 100.0% | N/A | N/A | 75.2% | 70.6% | 63.2% | 71.3% | 78.6% | 75.7% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.1B | 2.2B | 2.2B | 2.4B | 3.1B | 2.6B | 2.8B | 2.3B | 2.4B | 2.5B | 2.7B | 3.1B | 3.1B |
| EBIT | 789M | 800M | 866M | 921M | 125M | 891M | 551M | 1.0B | 1.3B | 1.3B | 1.5B | 1.8B | 1.9B |
| Op. Margin | 15.0% | 17.2% | 19.3% | 18.9% | 2.5% | 17.6% | 12.3% | 21.3% | 22.1% | 24.2% | 27.6% | 28.1% | 28.3% |
| Net Income | 530M | 287M | 332M | 129M | -66M | 328M | -73M | 530M | 749M | 662M | 740M | 930M | 965M |
| Net Margin | 10.1% | 6.2% | 7.4% | 2.6% | -1.3% | 6.5% | -1.6% | 11.2% | 13.1% | 12.4% | 14.0% | 14.3% | 14.4% |
| Non-Recurring | -3.0M | -1.6M | 0 | 0 | -1.3M | 415M | -410M | -5.6M | 105M | -2.9M | 3.2M | 700K | 700K |
| Returns on Capital | |||||||||||||
| ROIC | 3.1% | 3.6% | 4.9% | 4.4% | 0.9% | 4.5% | 3.6% | 5.3% | 5.9% | 5.5% | 5.8% | 6.4% | 6.1% |
| ROE | 8.8% | 5.7% | 8.4% | 3.1% | -1.3% | 5.6% | -1.2% | 8.3% | 10.3% | 8.4% | 8.7% | 10.3% | 10.0% |
| ROA | 2.2% | 1.4% | 1.8% | 0.7% | -0.3% | 1.5% | -0.3% | 2.3% | 2.9% | 2.3% | 2.4% | 2.7% | 2.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.3B | 1.5B | 803M | 742M | 540M | 1.6B | 1.1B | 1.2B | 1.4B | 1.9B | 1.8B | 2.4B | 2.1B |
| Free Cash Flow | 37M | 96M | -672M | -954M | -1.3B | -219M | -654M | -620M | -794M | -711M | -833M | -420M | -832M |
| Owner Earnings | 767M | 882M | 210M | 132M | -88M | 840M | 361M | 445M | 564M | 993M | 695M | 1.1B | 870M |
| CapEx | 1.3B | 1.4B | 1.5B | 1.7B | 1.8B | 1.8B | 1.8B | 1.8B | 2.2B | 2.6B | 2.6B | 2.8B | 3.0B |
| Maint. CapEx | 487M | 524M | 547M | 570M | 600M | 717M | 726M | 748M | 821M | 908M | 1.0B | 1.2B | 1.2B |
| Growth CapEx | 796M | 836M | 928M | 1.1B | 1.2B | 1.1B | 1.0B | 1.1B | 1.4B | 1.7B | 1.6B | 1.6B | 1.8B |
| D&A | 487M | 524M | 547M | 570M | 600M | 717M | 726M | 748M | 821M | 908M | 1.0B | 1.2B | 1.2B |
| CapEx/OCF | 97.2% | 93.4% | 183.6% | 228.5% | 336.6% | 113.8% | 159.2% | 150.9% | 156.3% | 136.7% | 146.7% | 117.8% | 139.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 321M | 263M | 206M | 229M | 273M | 299M | 322M | 345M | 382M | 414M | 481M | 530M | 547M |
| Dividend Yield | 9.8% | 6.5% | 3.7% | 3.7% | 3.8% | 3.5% | 4.1% | 3.9% | 3.4% | 3.7% | 3.6% | 2.8% | 2.4% |
| Share Buybacks | 10M | 20M | 9.4M | 7.2M | 4.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.3% | 0.5% | 0.2% | 0.1% | 0.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 66M | 51M | 47M | 40M | 29M | 26M | 17M | 24M | 25M | 34M | 44M | 51M | 51M |
| Debt Repayment | 521M | 2.1B | 435M | 1.9B | 1.0B | 700M | 1.6B | 26M | 60M | 0 | 0 | 1.3B | 1.3B |
| Balance Sheet | |||||||||||||
| Net Debt | 10.0B | 6.9B | 7.9B | 8.8B | 8.9B | 9.4B | 9.5B | 9.6B | 11.2B | 11.8B | 13.7B | 16.0B | 16.5B |
| Cash & Equiv. | 25M | 16M | 26M | 29M | 113M | 139M | 117M | 84M | 41M | 2.2B | 157M | 110M | 229M |
| Long-Term Debt | 8.2B | 5.9B | 6.1B | 7.5B | 7.1B | 7.9B | 9.2B | 9.2B | 9.5B | 11.1B | 12.1B | 15.5B | 15.5B |
| Debt/Equity | 1.62 | 1.81 | 1.94 | 2.08 | 1.59 | 1.62 | 1.70 | 1.42 | 1.50 | 1.71 | 1.61 | 1.72 | 1.74 |
| Interest Coverage | 2.1 | 2.1 | 2.5 | 2.6 | 0.4 | 2.4 | 1.5 | 3.0 | 3.5 | 2.6 | 2.8 | 2.9 | 26.4 |
| Equity | 6.2B | 3.8B | 4.1B | 4.3B | 5.8B | 6.0B | 5.8B | 6.9B | 7.6B | 8.3B | 8.7B | 9.5B | 9.7B |
| Total Assets | 24.6B | 17.5B | 18.7B | 20.0B | 21.8B | 22.7B | 22.0B | 24.2B | 26.7B | 31.1B | 31.8B | 35.9B | 36.6B |
| Total Liabilities | 18.4B | 13.6B | 3.8B | 15.6B | 16.1B | 16.7B | 2.7B | 2.8B | 18.8B | 20.9B | 21.1B | 24.2B | 27M |
| Intangibles | 265M | 254M | 243M | 232M | 221M | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 1.5B | -1.1B | -972M | -1.1B | -1.4B | -1.4B | -1.8B | -1.6B | -1.2B | -967M | -712M | -315M | -97M |
| Working Capital | -1.8B | -1.1B | -1.7B | -1.4B | -2.0B | -1.9B | -620M | -825M | -2.1B | -766M | -2.0B | -1.1B | -1.3B |
| Current Assets | 2.2B | 1.6B | 1.8B | 1.8B | 2.1B | 1.9B | 1.7B | 1.9B | 2.6B | 4.5B | 2.1B | 2.4B | 2.4B |
| Current Liabilities | 4.0B | 2.7B | 3.5B | 3.2B | 4.0B | 3.7B | 2.3B | 2.7B | 4.7B | 5.3B | 4.1B | 3.5B | 3.7B |
| Per Share Data | |||||||||||||
| EPS | 1.67 | 0.90 | 1.02 | 0.39 | -0.18 | 0.87 | -0.19 | 1.27 | 1.70 | 1.48 | 1.62 | 1.95 | 2.02 |
| Owner EPS | 2.42 | 2.77 | 0.65 | 0.40 | -0.24 | 2.23 | 0.94 | 1.07 | 1.28 | 2.22 | 1.52 | 2.40 | 1.81 |
| Book Value | 19.46 | 12.07 | 12.53 | 13.11 | 15.78 | 15.88 | 15.03 | 16.65 | 17.19 | 18.50 | 19.02 | 19.83 | 20.15 |
| Cash Flow/Share | 4.16 | 4.58 | 2.47 | 2.25 | 1.48 | 4.20 | 2.89 | 2.92 | 3.20 | 4.33 | 3.90 | 4.96 | 4.51 |
| Dividends/Share | 1.02 | 1.02 | 0.64 | 0.70 | 0.78 | 0.80 | 0.84 | 0.88 | 0.94 | 1.00 | 1.06 | 1.12 | 1.14 |
| Shares Out. | 317.4M | 318.3M | 325.0M | 329.5M | 364.4M | 377.0M | 382.6M | 417.2M | 440.6M | 447.1M | 456.6M | 476.7M | 479.4M |
| Valuation | |||||||||||||
| P/E Ratio | 7.3 | 15.6 | 16.0 | 50.1 | N/A | 25.4 | N/A | 18.7 | 14.6 | 16.7 | 21.9 | 21.2 | 23.1 |
| P/FCF | 103.9 | 46.6 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 17.5 | 14.2 | 15.3 | 16.7 | 130.1 | 19.9 | 30.2 | 19.3 | 17.4 | 17.6 | 20.6 | 19.5 | 20.5 |
| Price/Book | 0.6 | 1.2 | 1.3 | 1.5 | 1.3 | 1.4 | 1.2 | 1.4 | 1.4 | 1.3 | 1.9 | 2.1 | 2.3 |
| Price/Sales | 0.6 | 0.9 | N/A | 1.3 | 1.4 | 1.7 | 1.7 | 1.9 | 2.0 | 2.1 | 2.5 | 2.9 | 3.3 |
| FCF Yield | 1.0% | 2.1% | -12.7% | -14.8% | -17.5% | -2.6% | -9.1% | -6.3% | -7.3% | -6.4% | -5.1% | -2.1% | -3.7% |
| Market Cap | 3.9B | 4.5B | 5.3B | 6.4B | 7.3B | 8.3B | 7.2B | 9.9B | 10.9B | 11.1B | 16.2B | 19.8B | 22.4B |
| Avg. Price | 10.30 | 12.63 | 16.99 | 18.97 | 19.53 | 22.39 | 20.29 | 20.98 | 25.41 | 24.69 | 29.12 | 39.70 | 46.68 |
| Year-End Price | 12.15 | 14.06 | 16.29 | 19.52 | 20.08 | 22.14 | 18.69 | 23.77 | 24.74 | 24.74 | 35.51 | 41.44 | 46.68 |
NISOURCE INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
NISOURCE INC. trades at 23.9x trailing earnings, compared to its 15-year median P/E of 20.0x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 5.8% with a gross margin of 71.9%. Total shareholder yield (dividends) is 2.4%. At current prices, the estimated annualized return to fair value is +42.8%.
NISOURCE INC. (NI) has a net profit margin of 14.3%. This is a healthy margin.
NISOURCE INC. (NI) generated $-420 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
NISOURCE INC. (NI) has a debt-to-equity ratio of 1.72. This indicates higher leverage, which may increase financial risk.
NISOURCE INC. (NI) reported earnings per share (EPS) of $1.95 in its most recent fiscal year.
NISOURCE INC. (NI) has a return on equity (ROE) of 10.3%. This indicates moderate shareholder returns.
NISOURCE INC. (NI) has a 5-year average gross margin of 71.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for NISOURCE INC. (NI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NISOURCE INC. (NI) has a book value per share of $19.83, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects significant earnings accretion from GenCo's data center operations, with newly executed agreements with Alphabet and Amazon anticipated to deliver accelerated timelines and customer benefits compared to initial forecasts. The company is pursuing an expedited regulatory review process for its data center contracts, with approvals expected in the second half of 2026, and anticipates full ramp of contracted capacity by 2030. NiSource remains focused on disciplined capital deployment across its base utility business while leveraging GenCo to convert incremental generation investments into earnings growth, with management confident in executing projects efficiently and maintaining its commitment to customer affordability through targeted annual bill increases below 5% across its territories.
Based on recent SEC filings and earnings calls, NISOURCE INC. (NI) has provided the following forward guidance: Consolidated adjusted EPS: $2.02–$2.07 (FY2026); Consolidated adjusted EPS CAGR: 9%–10% (2023 to 2033); GenCo EPS contribution: $0.25–$0.35 (FY2030); GenCo EPS contribution: $0.40–$0.60 (FY2033); FFO-to-debt ratio: 14%–16% (All years of plan through 2033).