Nisource Inc. (NI)
Utilities · Multi-Utilities · US stock · S&P 500 component
$43.28
▼ -0.41 (0.94%)
Fair valueFair
$44 +2.7% to fair value
$22fair band $38–$54$67
Day's range
$43.13 – $43.81
52-week range
$38.42 – $49.21
About Nisource Inc.
NiSource is a utility holding company that delivers natural gas and electricity to customers in several midwestern states. Its subsidiaries run pipelines and distribution networks and operate power generation. Revenue comes from regulated rates approved by state commissions, which allow the company to recover costs and earn a return on the money it invests in its networks and in cleaner generation.
Revenue over the last twelve months came to $11.4 billion. Across three years, revenue grew 4.4% a year. It posts an operating margin of 16.4%, with return on invested capital of 5%. Leverage, measured as net debt to EBITDA, is 5.5 times. The dividend yield is 2.7%. Overall, the X-Ray Score comes to 55 out of 100. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
Price chart
52-wk range $38.42 – $49.21Volume 4,050,926Daily, split-adjusted
Vitals
Market cap$20.8B
52-week range$38.42 – $49.21
Volume (last day)4,050,926
P/E (TTM)22.8
EBIT / EV yield4.6%
Free-cash-flow yield-5.2%
Dividend yield2.7%
Revenue (TTM)$11.4B
Net income (TTM)$905M
Operating margin16.4%
Return on capital5.5%
Debt incl. leases$17.4B
Cash & securities$70M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$44middle half of models $39 – $46
Fair
+2.7% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $43
Undervalued < $38Fair $38 – $54Overvalued > $54
P/E multiple
$42
P/B multiple
$39
P/S multiple
$49
EV/EBITDA multiple
$43
EV/EBIT multiple
$42
EV/revenue multiple
$54
10-year DCF, EBITDA exit
$35
5-year DCF, EBITDA exit
$44
10-year DCF, revenue exit
$34
5-year DCF, revenue exit
$46
10-year DCF, growth exit
$35
5-year DCF, growth exit
$42
Dividend discount, stable · not used
$109
Dividend discount, multi-stage · not used
$171
Earnings power value
$74
Growth the price implies
11.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 4.96%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Utilities peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
53/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield4.6%
Free-cash-flow yield-5.2%
Fair value vs price1.0×
Growth
Fair
66/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)4.4%
EPS growth (3y)4.7%
Growth consistency80%
Profitability
Weak
48/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital5.5%
Operating margin16.4%
Financial health
Fair
52/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA5.5×
Interest cover2.5×
Dividends
Fair
62/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.7%
Dividend growth11.6%
Quarterly results: last 6 quarters
+26.0%
Mar '25
+14.9%
Jun '25
+15.2%
Sep '25
+23.5%
Dec '25
+8.0%
Mar '26
+3.4%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.3B, diluted EPS $0.09.
Compare with peers
ED Consolidated Edison In...70 AEE Ameren Corp55 DTB Dte Energy Co54 D Dominion Energy, Inc53Other Multi-Utilities companies by X-Ray Score.
SWOT analysis: Nisource Inc.
Strengthsinside the company
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Return on invested capital is only 5.5% (median 4.8% for industry peers), so the business earns little above its cost of capital.
- Free cash flow is negative, so spending or debt has to be financed from outside.
- Net debt is 5.5x EBITDA, above the 3x level that lenders usually watch.
- Operating profit covers interest only 2.5x.
Opportunitiesvaluation and setting
- Revenue growth picked up to 23.5% last year from 4.4% a year over three years.
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Our Market Compass rates the backdrop for Utilities as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare NI with peers and sector
Medians of 11 Multi-Utilities peers and of 30 Utilities stocks in our universe.
Largest peers (X-Ray Score): NEE 44, D 53, SRE 33, XEL 27, ED 70, AEE 55.
| Metric | NI | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 55 | 44 | 48 |
| Valuation | 53 | 42 | 50 |
| Growth | 66 | 50 | 53 |
| Profitability | 48 | 40 | 50 |
| Financial health | 52 | 46 | 51 |
| Dividends | 62 | 48 | 53 |
Sector leaders: highest X-Ray Score in Utilities
NI ranks #10 of 31 in Utilities and #3 of 12 in Multi-Utilities by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for NI
Each factor is rated by where NI stands among the 31 Utilities stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 8 Good · 8 Average · 4 Bad of 20
Growth: 2 · 0 · 1
Profitability: 0 · 2 · 2
Financial strength: 2 · 1 · 1
Valuation: 1 · 4 · 0
Cash flow: 2 · 1 · 0
Efficiency: 1 · 0 · 0
| Factor | NI | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +4.4% | Good beats 78% | +3.4% | – | – |
| Revenue growth, last year | +23.5% | Good beats 98% | +9.6% | +5.8% | ▲ Better |
| EPS growth, 3 years a year | +4.7% | Bad beats 28% | +8.1% | – | – |
| Profitability | |||||
| Operating margin | 16.4% | Bad beats 12% | 22.9% | 24.2% | ▼ Worse |
| Net margin | 8.0% | Bad beats 15% | 14.4% | 14.0% | ▼ Worse |
| Return on invested capital | 5.5% | Average beats 50% | 5.5% | – | – |
| Return on equity | 9.5% | Average beats 40% | 10.1% | 8.8% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 5.5x | Good beats 68% | 5.8x | 5.8x | ≈ In line |
| Interest cover | 2.5x | Average beats 50% | 2.5x | 2.9x | ≈ In line |
| Current ratio | 0.50 | Bad beats 5% | 0.78 | 0.69 | ▼ Worse |
| Piotroski F-score | 7 / 9 | Good beats 87% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 23.0x | Average beats 34% | 21.6x | 19.7x | ▼ Worse |
| Price / book | 2.2x | Average beats 44% | 2.1x | 1.7x | ▼ Worse |
| Price / sales | 1.8x | Good beats 78% | 2.9x | 2.4x | ▲ Better |
| EV / EBITDA | 12.9x | Average beats 66% | 13.9x | 12.2x | ≈ In line |
| Free cash flow yield | -5.2% | Average beats 48% | -5.0% | -5.4% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | -9.5% | Average beats 48% | -9.1% | -13.3% | ▲ Better |
| Cash from operations / net income | 2.54 | Good beats 73% | 2.20 | 2.34 | ≈ In line |
| Accruals (lower is better) | −3.7% | Good beats 76% | −3.3% | – | – |
| Efficiency | |||||
| Days sales outstanding | 27 days | Good beats 86% | 44 days | 66 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 6 Average · ● 4 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Bad
Revenue growth (3y)Good
Growth consistencyAverage
Balance sheet
Current ratioBad
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 48/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $4.7B | $5.7B | $5.3B | $5.3B | $6.5B |
| Operating income | $1.0B | $1.3B | $1.3B | $1.5B | $1.8B |
| Net income | $585M | $804M | $714M | $760M | $930M |
| Operating cash flow | $1.2B | $1.4B | $1.9B | $1.8B | $2.4B |
| Operating margin | 21.3% | 22.1% | 24.2% | 27.6% | 28.1% |
| Free cash flow | −$620M | −$794M | −$711M | −$833M | −$420M |
| Diluted EPS | $1.27 | $1.70 | $1.48 | $1.62 | $1.95 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
10 bullish · 1 neutral · 5 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 42.26 | Bullish |
| EMA 10 | 42.36 | Bullish |
| SMA 20 | 41.05 | Bullish |
| EMA 20 | 41.66 | Bullish |
| SMA 50 | 41.01 | Bullish |
| EMA 50 | 41.70 | Bullish |
| SMA 100 | 43.37 | Bearish |
| EMA 100 | 42.66 | Bullish |
| SMA 200 | 44.50 | Bearish |
| EMA 200 | 43.08 | Bullish |
Oscillators (daily)
| RSI (14) | 65.94 | Neutral |
| MACD (12, 26) | 0.66 | Bullish |
| Momentum (12) | 6.76 | Bullish |
| Stochastic %K (14) | 87.44 | Bearish |
| Williams %R (14) | -12.56 | Bearish |
| CCI (20) | 131.5 | Bearish |
Pivot points (classic, last session)
S3 42.32 | S2 42.73 | S1 43.00 | Pivot 43.41 | R1 43.68 | R2 44.09 | R3 44.36 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.18 USD
Yield on today's price
2.73%
Frequency
Quarterly
Next ex-dividend date
30 Oct 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.3000 |
| 0.3000 | |
| 0.3000 | |
| 0.3000 | |
| 0.2800 | |
| 0.2800 | |
| 0.2800 | |
| 0.2800 | |
| 0.2650 | |
| 0.2650 | |
| 0.2650 | |
| 0.2650 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold NI
| ETF | Share of the fund |
|---|---|
| TCAF T. Rowe Price Capital Appreciation Equ... | 2.42% |
| XLU Utilities Select Sector SPDR | 1.61% |
| VPU Vanguard Utilities | 1.45% |
| FUTY Fidelity MSCI Utilities Index | 1.39% |
| IDU iShares U.S. Utilities | 1.31% |
| SPLV Invesco S&P 500 Low Volatility | 1.03% |
| DVY iShares Select Dividend | 0.80% |
| IFRA iShares U.S. Infrastructure | 0.62% |
The eight funds with the largest weight in NI among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
NI stock splits
NI has split its stock once since 1998. The latest was a 2-for-1 split on 23 Feb 1998.
Full NI stock split history →NI SEC filings
8-KSEC EDGAR
Current report
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Shareholder vote results
424B5SEC EDGAR
424B5
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.