NiSource vs Pinnacle West Capital
NiSource is the larger business, with $6.52bn of revenue in fiscal 2025 against $5.34bn for Pinnacle West Capital (1.2 times as much). NiSource grew faster (23.5% against 4.2%). NiSource kept more of each dollar of sales as profit: a net margin of 14.3% against 11.5%. Pinnacle West Capital carries less debt relative to equity (149.9% against 171.6%).
| Latest fiscal year | NiSourceNI, 2025 | Pinnacle West CapitalPNW, 2025 |
|---|---|---|
| Revenue | $6.52bn | $5.34bn |
| Revenue growth | 23.5% | 4.2% |
| Net income | $930m | $617m |
| Operating margin | 28.1% | 20.0% |
| Net margin | 14.3% | 11.5% |
| Return on equity | 10.3% | 8.9% |
| Free cash flow | −$420m | −$820m |
| Cash | $110m | $6.6m |
| Total debt | $16.21bn | $10.56bn |
| Debt to equity | 171.6% | 149.9% |
| Dividend per share | $1.12 | $3.61 |
| Dividend yield | 2.7% | 3.3% |
| Share buybacks | — | — |
| Employees | — | — |
| Market value | $21.38bn | $13.35bn |
| Price vs our value range | — | — |
| Moat score | 34 (Weak) | 40 (Weak) |
| Insider trades, 12 months | 0 buys, 8 sales | 0 buys, 4 sales |