A Business at a Glance
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NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc. on April 14, 1999. NiSource’s principal subsidiaries include NiSource Gas Distribution Group, Inc. (a holding company that owns Columbia of Kentucky, Columbia of Maryland, Columbia of Ohio, Columbia of Pennsylvania, and Columbia of Virginia), and NIPSCO Holdings I (a holding company that owns a controlling interest in NIPSCO, a gas and electric utility). NiSource derives substantially all of its revenues and earnings from the operating results of these rate-regulated businesses.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.5B | 6.5B | 5.3B | 5.3B | 5.7B | 4.7B |
| Net Income | 930M | 930M | 740M | 662M | 749M | 530M |
| EPS | $1.95 | $1.95 | $1.62 | $1.48 | $1.70 | $1.27 |
| Free Cash Flow | -420M | -420M | -833M | -711M | -794M | -620M |
| ROIC | 5.9% | 6.4% | 5.5% | 5.4% | 5.6% | 5.1% |
| Gross Margin | 75.7% | 75.7% | 78.6% | 71.3% | 63.2% | 70.6% |
| Debt/Equity | 1.72 | 1.72 | 1.61 | 1.71 | 1.49 | 1.41 |
| Dividends/Share | $1.11 | $1.12 | $1.06 | $1.00 | $0.94 | $0.88 |
| Operating Income | 1.8B | 1.8B | 1.5B | 1.3B | 1.3B | 1.0B |
| Operating Margin | 28.1% | 28.1% | 27.6% | 24.2% | 22.1% | 21.3% |
| ROE | 9.8% | 10.3% | 8.5% | 8.0% | 9.9% | 7.6% |
| Shares Outstanding | 477M | 477M | 457M | 447M | 441M | 417M |
NISOURCE INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
NISOURCE INC. trades at 24.2x 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 5.6% 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 +47.8%.
NISOURCE INC. (NI) has a current P/E ratio of 24.2, 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 5.6%. This is below average and may indicate limited pricing power.
NISOURCE INC. (NI) has a market capitalization of $22.5B. It is classified as a large-cap stock.
Yes, NISOURCE INC. (NI) pays a dividend with a trailing twelve-month yield of 2.36%.
Based on historical P/E analysis, NISOURCE INC. (NI) appears fair. The current P/E of 24.2 is 21% above its historical median of 20.0. The estimated fair value CAGR (P/E method) is 47.8%.
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. (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.