NiSource Inc. (NI)

NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Columbia Operations and NIPSCO Operations. The company provides natural gas to residential, commercial, and industrial customers through approximately 37,300 miles of distribution main pipeline and the associated individual customer service lines; and 310 miles of transmission main pipeline in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. It also generates, transmits, and distributes electricity to approximately 0.5 million customers in various counties in the northern part of Indiana, as well as engages in wholesale electric and transmission transactions. It owns and operates steam coal generating stations in Wheatfield and Michigan City; combined cycle gas turbine in West Terre Haute; natural gas generating units in Wheatfield; hydro generating plants in Carroll County and White County; wind generating units in White County; and solar generating units in Sullivan County, Gibson County, Jasper County, and White County. The company was formerly known as NIPSCO Industries, Inc. and changed its name to NiSource Inc. in April 1999. NiSource Inc. was founded in 1847 and is headquartered in Merrillville, Indiana.

Symbol: NI
Exchange: NYSE
Sector: Utilities
Industry: Utilities - Regulated Gas
Market cap: $18.91B
52 week range: 38.42 - 49.21

Valuation

Share price: $39.43 (close of 2026-10-02)
P/E (TTM): 20.86x
Price to book: 1.59x
Price to free cash flow: -17.41x
Enterprise value: $36.24B
Book value per share: $24.81

Price performance

Period	Change
1 day	-0.18%
5 days	+0.03%
1 month	-4.18%
3 months	-17.54%
6 months	-16.97%
Year to date	-5.58%
1 year	-8.52%
3 years	+70.10%
5 years	+62.26%
10 years	+63.54%
All time	+719.75%

Members of Congress who disclosed NI trades

Dan Newhouse · Jefferson Shreve

Super investors holding NI

Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates)

Profitability and growth

Return on equity: 7.97%
Return on invested capital: 5.88%
Return on assets: 2.59%
Return on capital employed: 5.66%
Gross margin: 28.14%
Net margin: 14.25%
EBITDA margin: 46.04%
Revenue growth: 23.47%
Net income growth: 22.24%
Free cash flow growth: 49.55%

Cash flow and balance sheet

Free cash flow yield (TTM): -5.75%
Current ratio: 0.50x
Net debt to EBITDA: 5.41x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $6.52B
Cost of revenue: $4.69B
Gross profit: $1.84B
EBITDA: $3.00B
Net income: $929.50M
Earnings per share: $1.96
Shares outstanding: 472.90M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$6.52B	$1.84B	$929.50M	$1.96
2024-12-31	$5.28B	$1.46B	$760.40M	$1.63
2023-12-31	$5.35B	$1.30B	$714.30M	$1.59
2022-12-31	$5.74B	$1.27B	$804.10M	$1.84
2021-12-31	$4.73B	$1.01B	$584.90M	$1.35
2020-12-31	$4.47B	$550.80M	-$17.60M	$-0.19
2019-12-31	$5.05B	$5.21B	$383.10M	$0.88
2018-12-31	$4.99B	$5.11B	-$50.60M	$-0.18
2017-12-31	$4.73B	$4.87B	$128.50M	$0.39
2016-12-31	$4.39B	$4.49B	$331.50M	$1.03

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	28.14%	14.25%	7.97%	5.88%
2024-12-31	27.55%	14.39%	7.13%	5.30%
2023-12-31	24.22%	13.36%	7.05%	5.25%
2022-12-31	22.06%	14.01%	10.18%	5.74%
2021-12-31	21.28%	12.36%	8.04%	11.16%
2020-12-31	12.31%	-0.39%	-0.30%	8.53%
2019-12-31	103.08%	7.58%	6.40%	9.73%
2018-12-31	102.47%	-1.01%	-0.88%	1.64%
2017-12-31	103.05%	2.72%	2.97%	11.04%
2016-12-31	102.28%	7.55%	8.14%	12.36%

Cash and debt by year

Period end	Cash
2025-12-31	$110.10M
2024-12-31	$156.60M
2023-12-31	$2.25B
2022-12-31	$40.80M
2021-12-31	$84.20M
2020-12-31	$116.50M
2019-12-31	$139.30M
2018-12-31	$112.80M
2017-12-31	$29.00M
2016-12-31	$26.40M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$420.00M	$50.90M
2024-12-31	-$832.50M	$43.60M
2023-12-31	-$710.70M	$33.50M
2022-12-31	-$793.70M	$24.90M
2021-12-31	-$620.10M	$24.30M
2020-12-31	-$654.10M	$17.40M
2019-12-31	-$219.10M	$25.90M
2018-12-31	-$1.28B	$28.60M
2017-12-31	-$953.60M	$40.10M
2016-12-31	-$671.90M	$46.50M

Dividend history

Most recent payment: 2026-07-31
Paid in the last twelve months: $1.18

Payment date	Dividend per share
2026-07-31	$0.30
2026-04-30	$0.30
2026-02-03	$0.30
2025-10-31	$0.28
2025-07-31	$0.28
2025-04-30	$0.28
2025-02-03	$0.28
2024-10-31	$0.27

Investor relations

Next earnings report

Next confirmed report: 2026-11-04
Consensus EPS estimate: $0.22

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-05	Jun/2026	$0.15
2026-05-06	Mar/2026	$1.06
2026-02-11	Dec/2025	$0.49
2025-10-29	Sep/2025	$0.20
2025-08-06	Jun/2025	$0.21
2025-05-07	Mar/2025	$0.90
2025-02-12	Dec/2024	$0.47
2024-10-30	Sep/2024	$0.14

Filings and sources

Company website: nisource.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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