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NiSource (NI) stock

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NYSE: NI NYSE Multi-Utilities Next results ~February 10, 2027

C Fundamentals grade

NiSource is a US-listed company in the multi-utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$37

Valuation models combined (5)

Base case. Range ~$31–$40. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 17% below it.

Price used: $44.86, November 2, 2026

NiSource valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds485 adding, 314 cuttingOf 78 active managers that changed their stake, 47 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter NiSource files

10-Q filed October 28: NiSource

Revenue for the twelve months to September 2026 reached $6.80bn, a gain of 12.3% on the year. That pace trailed the 14.4% growth recorded a quarter earlier, though it still ranks 3 of 14 among the multi-utilities companies we cover. Weighing against this, free-cash-flow margin dropped to -23.0% from -8.4% a year earlier. On the back of that, the fundamentals grade slips from C+ to C. Our model value is little changed at $34.05 a share, well below the current share price of $43.33. The rating stays Sell.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where NiSource stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.74bn, up 14.4% on a year earlier, slower than 16.9% a quarter earlier. That growth ranks 3 of 11 among the multi-utilities companies we cover. Free-cash-flow margin fell to -16.1% from -10.7% a year earlier. The diluted share count is up 2.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 2 financial-health checks. Our valuation models combined value is $33.94 a share, against a share price of $42.76.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

NiSource's trailing-twelve-month revenue grew 12.3% year on year, with a free-cash-flow margin of -23.0%. Where it stands out: operating margin of 28.0% ranks 2 of 16 multi-utilities companies we cover. Where it lags: change in growth rate of -2.1pp ranks 15 of 17 multi-utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 209.3% while net income grew 4.9%: a 214pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 28.0% of revenue is left as operating profit, against a median of 20.5% for multi-utilities companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Burning cash. Free cash flow was -23.0% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $16.3bn, more than 1.5 times annual revenue.
  • Growth easing. The growth rate is 2.1 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was -167% of net income over the last 12 months.
  • Below peers: change in growth rate. Change in growth rate of -2.1pp ranks 15 of 17 multi-utilities companies we cover (median -0.2pp).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 42.1% ranks 13 of 16 multi-utilities companies we cover (median 39.5%).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.27 against an average estimate of $0.23: beat by 16.9%
Revenue
$1.30bn, up 4.7% on a year earlier
Share reaction
+2.6% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
non-GAAP consolidated adjusted EPS guidance $2.02 to $2.07 (2026); non-GAAP consolidated adjusted EPS compound annual growth rate (CAGR) growth 9% to 10% (2026-2033)
Next report
October 28, 2026; average EPS estimate $0.60

NiSource's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week+4.0%
  • 1 month+14.5%
  • This year+10.3%
  • 1 year+9.4%
  • 5 years+108.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.8B
Operating margin
28.0%
Net margin
13.8%
EPS (TTM, diluted)
$1.96

Growth

Revenue growth
+12.3%
Change in growth rate
−2.1 pts
Share count change
+1.8%

Cash

Free cash flow (TTM)
-$1.6B
FCF margin
-23.0%

Earnings

Last results
October 28, 2026
Next results (est.)
February 10, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Our research
  4. Partnership
  5. Financing
  6. Announcement
  7. Announcement
  8. Insider trade
  9. Dividend
  10. Results
  11. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

NiSource valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$37
Price used
$44.52close November 3, 2026
Implied change
▼ 16%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like NiSource (see the models table below and how they are combined) , with a 7.12% cost of equity. The models span ~$31–~$40; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value NiSource as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.48 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$40 ~$33–$51 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$35 ~$35–$43 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$39 ~$31–$51 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$31 ~$22–$45 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$38 ~$30–$50 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$37 ~$31–$40 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare NiSource with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$13.81$16.12$19.22$19.59$22.15$18.85$23.52$24.15$24.26$34.81$40.67$44.86
Market value$4.4bn$5.2bn$6.4bn$7.0bn$8.3bn$7.2bn$9.8bn$10.7bn$10.9bn$15.9bn$19.3bn$21.6bn
+ Net debt (− = net cash)$7.0bn$7.9bn$9.0bn$9.0bn$9.5bn$9.6bn$9.7bn$11.3bn$11.9bn$13.8bn$16.1bn$18.2bn
Enterprise value$11.4bn$13.1bn$15.3bn$16.0bn$17.8bn$16.9bn$19.5bn$22.0bn$22.8bn$29.7bn$35.4bn$39.8bn
Multiples
Price / sales 0.9x1.2x1.3x1.4x1.6x1.6x2.1x1.9x2.0x3.0x3.0x3.2x
Price / earnings 15.4x15.7x49.5x—21.7x—16.8x13.3x15.2x20.9x20.8x22.9x
Price / free cash flow 46.0x———————————
EV / EBITDA 8.6x9.3x10.3x22.1x11.1x13.2x11.1x10.5x10.3x11.9x11.8x12.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard NiSource's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.3% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 62.3%, moving by 19.5 percentage points (standard deviation) across 8 years.

  • Durability 11 / 20

    Operating margin has been a median 21.5%; its worst year was 6.3%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -13.4% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 17.8% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.05 +8% $7.2bn +9%
Next $2.25 +10% $7.4bn +2%

Next year's EPS estimate has moved −0.3% in 90 days, across 13 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.3% on 90 days ago. In the last 30 days, 1 analyst raised NiSource's forecast and 4 cut it.

Consensus EPS forecast NiSource, last 90 days
$2.00 $2.10 $2.20 $2.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.06 Current fiscal year, 60 days ago: $2.05 Current fiscal year, 30 days ago: $2.05 Current fiscal year, 7 days ago: $2.05 Current fiscal year, Now: $2.05 $2.05 Next fiscal year, 90 days ago: $2.25 Next fiscal year, 60 days ago: $2.26 Next fiscal year, 30 days ago: $2.25 Next fiscal year, 7 days ago: $2.25 Next fiscal year, Now: $2.25 $2.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.06$2.25
60 days ago $2.05$2.26
30 days ago $2.05$2.25
7 days ago $2.05$2.25
Now $2.05$2.25

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.23 $0.27 +16.9%
Jun 2026 $0.16 $0.16 +1.5%
Mar 2026 $1.05 $1.06 +1.4%
Dec 2025 $0.50 $0.51 +2.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • non-GAAP consolidated adjusted EPS guidance 2026 $2.02 to $2.07 Non-GAAP Maintained
    “NiSource is reaffirming its 2026 non-GAAP consolidated adjusted EPS guidance of $2.02-$2.07 and its compound annual growth rate (CAGR) with respect to non-GAAP consolidated adjusted EPS of 9%-10% from 2026-2033.” source
  • non-GAAP consolidated adjusted EPS compound annual growth rate (CAGR) 2026-2033 9% growth to 10% growth Non-GAAP Maintained
    “NiSource is reaffirming its 2026 non-GAAP consolidated adjusted EPS guidance of $2.02-$2.07 and its compound annual growth rate (CAGR) with respect to non-GAAP consolidated adjusted EPS of 9%-10% from 2026-2033.” source
  • consolidated capital investment plan 2026-2030 about $28.6bn
    “The company's 2026-2030 consolidated capital investment plan of $28.6 billion, including $21.0 billion of base capital investments and $7.6 billion of strategic data center infrastructure investments, is expected to support 9%-11% consolidated rate base growth from 2026-2033.” source
  • base capital investments 2026-2030 about $21bn
    “The company's 2026-2030 consolidated capital investment plan of $28.6 billion, including $21.0 billion of base capital investments and $7.6 billion of strategic data center infrastructure investments, is expected to support 9%-11% consolidated rate base growth from 2026-2033.” source
  • strategic data center infrastructure investments 2026-2030 about $7.6bn
    “The company's 2026-2030 consolidated capital investment plan of $28.6 billion, including $21.0 billion of base capital investments and $7.6 billion of strategic data center infrastructure investments, is expected to support 9%-11% consolidated rate base growth from 2026-2033.” source
  • consolidated rate base growth 2026-2033 9% growth to 11% growth
    “The company's 2026-2030 consolidated capital investment plan of $28.6 billion, including $21.0 billion of base capital investments and $7.6 billion of strategic data center infrastructure investments, is expected to support 9%-11% consolidated rate base growth from 2026-2033.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

17 analysts, Oct 2026
Buy1376%
Hold424%
Sell00%

Monthly trend

  1. Oct 2026310417
  2. Sep 202649316
  3. Aug 202639315
  4. Jul 2026310216

Counts of recommendations published by analysts covering NiSource, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.3%
of tradable shares
Days to cover
2.9
at average volume
Short interest, 1 month
+8%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
0.3%
of shares
Employees
7,668
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +9.4%

$41.01 on October 31, 2025 to $44.86

ThenNowEffect
Revenue (last 12 months) $5.9bn $6.7bn +14.4%
Net margin 15.1% 13.4% −10.8%
P/E multiple 21.6x 23.7x +9.8%
Share count 467m 479m −2.4%

Biggest factor: revenue.

Last 3 years +90.9%

$23.50 on November 3, 2023 to $44.86

ThenNowEffect
Revenue (last 12 months) $5.7bn $6.7bn +17.4%
Net margin 12.2% 13.4% +9.8%
P/E multiple 14.9x 23.7x +59.0%
Share count 446m 479m −6.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NI+25%+3%+1%+44%+17%+10%
Industry peers (median)+10%+3%−3%+14%+12%+8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NI42%50%67%75%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NI−9%−24%−19%−8%−10%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 31% from February 14, 2020 to March 23, 2020. Getting back needed a 45% gain, reached on January 28, 2022, 676 days after the low.

Price behaviour

52-week range
$38.74 – $48.43
From 52-week high
−7.4%
vs 50-day average
+9.3%
vs 200-day average
+1.3%
Volatility (1 year)
18%
Beta vs S&P 500
0.12

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±1.7%
After a week
5 up, 6 down
typical move ±2.4%
After a month
6 up, 5 down
typical move ±4.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +2.6% 0.0% — —
August 5, 2026 −2.6% −0.4% −5.7% −6.4%
May 6, 2026 −2.4% +1.1% −2.4% −3.3%
February 11, 2026 +1.0% −1.6% +2.4% +5.9%
October 29, 2025 −2.9% −1.1% −0.5% +2.4%
August 6, 2025 −1.2% +0.7% −0.5% −6.0%
May 7, 2025 +0.6% +1.1% −3.8% −0.2%
February 12, 2025 +3.0% +0.7% +4.0% +2.7%
October 30, 2024 +2.9% −2.3% +2.9% +11.5%
August 7, 2024 +0.4% +1.6% +2.9% +7.3%
May 8, 2024 −0.5% +0.6% +0.3% −2.7%
February 21, 2024 +0.1% +2.2% −0.7% +4.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How NiSource’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

NI NiSource Grade C $44.98

Own 100 shares, sell the $45.00 call expiring December 18, 2026 (46 days) for $1.15 a share — $115 per contract.

Previous session · Bid $1.15, ask $1.35, quoted Mon 2 Nov, 17:31 New York time with NI at $44.98. Option prices move with the shares: check the live chain at your broker before trading.

  • If NI ends below $45.00: you keep your shares and the $115 — 2.6% extra on the position, 20.3% a year at that pace.
  • If it ends above $45.00: your shares are sold at $45.00, a total return of 2.6% including the premium — at or above our value of ~$37.
$117 $0 −$876 Our value $37.00 Break-even $43.83 Price $44.98
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$115
Annualised
20.3%
Break-even
$43.83
Max gain
$117.5
Chance of selling
~54%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

NiSource in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) NiSource
$5B $5.5B $6B $6.5B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.3B Revenue (TTM), FY24 Q1: $5.1B Revenue (TTM), FY24 Q2: $5.1B Revenue (TTM), FY24 Q3: $5.1B Revenue (TTM), FY24 Q4: $5.3B Revenue (TTM), FY25 Q1: $5.7B Revenue (TTM), FY25 Q2: $5.9B Revenue (TTM), FY25 Q3: $6.1B Revenue (TTM), FY25 Q4: $6.5B Revenue (TTM), FY26 Q1: $6.7B Revenue (TTM), FY26 Q2: $6.7B Revenue (TTM), FY26 Q3: $6.8B $6.8B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.3B
FY24 Q1 $5.1B
FY24 Q2 $5.1B
FY24 Q3 $5.1B
FY24 Q4 $5.3B
FY25 Q1 $5.7B
FY25 Q2 $5.9B
FY25 Q3 $6.1B
FY25 Q4 $6.5B
FY26 Q1 $6.7B
FY26 Q2 $6.7B
FY26 Q3 $6.8B
Revenue growth, TTM YoY NiSource
-20% -10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -6.8% Revenue growth, TTM YoY, FY24 Q1: -12.7% Revenue growth, TTM YoY, FY24 Q2: -11.4% Revenue growth, TTM YoY, FY24 Q3: -9.6% Revenue growth, TTM YoY, FY24 Q4: -1.2% Revenue growth, TTM YoY, FY25 Q1: 12.5% Revenue growth, TTM YoY, FY25 Q2: 15.8% Revenue growth, TTM YoY, FY25 Q3: 17.9% Revenue growth, TTM YoY, FY25 Q4: 23.5% Revenue growth, TTM YoY, FY26 Q1: 16.9% Revenue growth, TTM YoY, FY26 Q2: 14.4% Revenue growth, TTM YoY, FY26 Q3: 12.3% 12.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -6.8%
FY24 Q1 -12.7%
FY24 Q2 -11.4%
FY24 Q3 -9.6%
FY24 Q4 -1.2%
FY25 Q1 12.5%
FY25 Q2 15.8%
FY25 Q3 17.9%
FY25 Q4 23.5%
FY26 Q1 16.9%
FY26 Q2 14.4%
FY26 Q3 12.3%
Operating margin (TTM) NiSource
24% 26% 28% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 24.2% Operating margin (TTM), FY24 Q1: 26.5% Operating margin (TTM), FY24 Q2: 27.9% Operating margin (TTM), FY24 Q3: 27.3% Operating margin (TTM), FY24 Q4: 27.6% Operating margin (TTM), FY25 Q1: 28.5% Operating margin (TTM), FY25 Q2: 28.1% Operating margin (TTM), FY25 Q3: 28.7% Operating margin (TTM), FY25 Q4: 28.1% Operating margin (TTM), FY26 Q1: 28.3% Operating margin (TTM), FY26 Q2: 27.6% Operating margin (TTM), FY26 Q3: 28.0% 28.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 24.2%
FY24 Q1 26.5%
FY24 Q2 27.9%
FY24 Q3 27.3%
FY24 Q4 27.6%
FY25 Q1 28.5%
FY25 Q2 28.1%
FY25 Q3 28.7%
FY25 Q4 28.1%
FY26 Q1 28.3%
FY26 Q2 27.6%
FY26 Q3 28.0%
FCF margin (TTM) NiSource
-30% -20% -10% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -13.3% FCF margin (TTM), FY24 Q1: -19.1% FCF margin (TTM), FY24 Q2: -20.8% FCF margin (TTM), FY24 Q3: -19.0% FCF margin (TTM), FY24 Q4: -15.8% FCF margin (TTM), FY25 Q1: -11.4% FCF margin (TTM), FY25 Q2: -10.7% FCF margin (TTM), FY25 Q3: -8.4% FCF margin (TTM), FY25 Q4: -6.4% FCF margin (TTM), FY26 Q1: -12.4% FCF margin (TTM), FY26 Q2: -16.1% FCF margin (TTM), FY26 Q3: -23.0% -23.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -13.3%
FY24 Q1 -19.1%
FY24 Q2 -20.8%
FY24 Q3 -19.0%
FY24 Q4 -15.8%
FY25 Q1 -11.4%
FY25 Q2 -10.7%
FY25 Q3 -8.4%
FY25 Q4 -6.4%
FY26 Q1 -12.4%
FY26 Q2 -16.1%
FY26 Q3 -23.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar NiSource took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $6.5B
  2. Other operating costs $4.7B · 71.9%
  3. Operating income $1.8B · 28.1%
  4. Income tax $204M · 3.1%
  5. Interest and other $702M · 10.8%
  6. Net income $930M · 14.3%

Shares of revenue. Source: NiSource's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 6.7 6.4 5.8 5.0 4.6 5.3 4.7 4.5 4.9 5.0 5.1 4.5 4.7 5.7 5.3 5.3 6.5 6.8
Gross profit 3.3 3.4 3.4 3.5 2.7 2.9 4.7 4.5 4.9 5.1 5.2 — — — — — — —
EBITDA 1.4 1.5 1.5 1.6 1.2 1.3 1.3 1.4 1.5 0.7 1.6 1.3 1.8 2.1 2.2 2.5 3.0 3.2
Operating income 0.8 0.9 0.9 1.0 0.7 0.8 0.8 0.9 0.9 0.1 0.9 0.6 1.0 1.3 1.3 1.5 1.8 1.9
Net income 0.2 0.3 0.3 0.4 0.5 0.5 0.3 0.3 0.1 −0.1 0.4 −0.0 0.6 0.8 0.7 0.8 0.9 0.9
Diluted EPS $0.78 $1.01 $1.03 $1.39 $1.70 $1.67 $0.90 $1.02 $0.39 −$0.18 $0.87 −$0.19 $1.27 $1.70 $1.48 $1.62 $1.95 $1.96
Growth (year on year)
Revenue −25.1% −4.2% −9.7% −12.5% −8.1% +14.0% −11.8% −3.4% +8.5% +2.4% +1.2% −11.5% +5.8% +21.3% −6.8% −1.2% +23.5% +12.3%
EBITDA −6.5% +7.0% −2.5% +10.5% −27.1% +9.2% +3.8% +6.7% +5.5% −51.4% +122.0% −20.6% +37.5% +18.9% +5.6% +13.4% +20.2% +11.9%
Operating income −12.9% +11.5% +2.5% +13.7% −32.9% +13.0% +1.4% +8.3% +6.4% −86.5% +614.3% −38.2% +82.8% +25.7% +2.3% +12.4% +26.1% +9.6%
Net income — +30.2% +5.8% +39.1% +27.9% −0.4% −45.9% +15.7% −61.2% −139.4% — −104.6% — +37.5% −11.2% +6.5% +22.2% +4.9%
Diluted EPS — +29.5% +2.0% +35.0% +22.3% −1.8% −46.1% +13.3% −61.8% −146.2% — −121.8% — +33.9% −12.9% +9.5% +20.4% +3.1%
Margins
Gross margin 50.1% 53.5% 59.9% 69.8% 57.6% 55.0% 100.0% 100.0% 100.0% — — — — — — — — —
EBITDA margin 20.9% 23.3% 25.2% 31.8% 25.3% 24.2% 28.5% 31.5% 30.6% 14.5% 31.8% 28.5% 37.1% 36.4% 41.2% 47.3% 46.0% 47.2%
Operating margin 12.0% 14.0% 15.9% 20.7% 15.1% 15.0% 17.2% 19.3% 18.9% 2.5% 17.6% 12.3% 21.3% 22.1% 24.2% 27.6% 28.1% 28.0%
Net margin 3.3% 4.4% 5.2% 8.3% 11.5% 10.1% 6.2% 7.4% 2.6% −1.0% 7.6% −0.4% 12.4% 14.0% 13.4% 14.4% 14.3% 13.8%
Free-cash-flow margin 13.4% −1.2% −4.4% −4.4% 5.0% 0.7% 2.1% −15.0% −19.6% −25.6% −4.3% −14.6% −13.1% −13.8% −13.3% −15.8% −6.4% −23.0%
Cash flow
Cash from operations 1.7 0.7 0.9 1.3 1.4 1.3 1.5 0.8 0.7 0.5 1.6 1.1 1.2 1.4 1.9 1.8 2.4 2.4
Capital spending 0.8 0.8 1.1 1.5 1.2 1.3 1.4 1.5 1.7 1.8 1.8 1.8 1.8 2.2 2.6 2.6 2.8 3.9
Free cash flow 0.9 −0.1 −0.3 −0.2 0.2 0.0 0.1 −0.7 −1.0 −1.3 −0.2 −0.7 −0.6 −0.8 −0.7 −0.8 −0.4 −1.6
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 —
Free cash flow after stock pay 0.9 −0.1 −0.3 −0.3 0.2 −0.0 0.0 −0.7 −1.0 −1.3 −0.2 −0.7 −0.6 −0.8 −0.7 −0.9 −0.5 —
Balance sheet
Cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.0 2.2 0.2 0.1 0.1
Total debt 9.6 7.4 8.0 8.1 8.9 10.0 7.0 7.9 9.0 9.1 9.6 9.7 9.8 11.3 14.1 14.0 16.2 18.3
Net debt (negative = net cash) 9.6 7.3 8.0 8.1 8.9 10.0 7.0 7.9 9.0 9.0 9.5 9.6 9.7 11.3 11.9 13.8 16.1 18.2
Diluted shares 276m 280m 288m 300m 314m 317m 320m 324m 331m 356m 376m 384m 417m 443m 448m 456m 475m 481m
Returned to shareholders
Dividends 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.6
Buybacks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — — — — — —
Total returned 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · September 30, 2026
What it owns · $38.9bn
Short-term assets $2.4bnLonger-term assets $36.5bn
What it owes, and who funded it · $14.3bn
Short-term liabilities $4.8bnShareholders' equity $9.6bn
  • Short-term assets cover short-term liabilities $2.4bn of assets due within a year against $4.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $58m of cash against $17.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 179% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 127% to 179% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.4bn of operating cash flow against $17.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.9bn against $789m of interest.

From NiSource's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$572M
Diluted share count
+1.8%
year over year
Total shareholder yield
2.7%
dividends 2.7% + buybacks 0.0% of market value
Dividend payout ratio
61%
of net income paid out
Days sales outstanding
44 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in multi-utilities
Last 12 months unless stated NI PNW AEE CMS CNP SRE Median
Revenue, last 12 months $6.8bn $5.6bn $8.7bn $9.0bn $9.8bn $13.6bn $9.0bn
Revenue growth, last 12 months 12.3% 5.7% 3.8% 8.2% 7.8% 1.6% 7.8%
Revenue growth, 3-year average 6.2% 6.9% 2.3% 4.8% 2.1% −7.2% 2.3%
Revenue growth, latest quarter 4.7% 7.1% −5.8% 8.0% 10.2% −0.1% 6.6%
Gross margin 100.0% 70.5% — — 100.0% — 100.0%
Operating margin 28.0% 20.5% 24.9% 13.8% 24.4% — 20.4%
Operating margin, 3-year average 28.0% 19.8% 22.2% 18.0% 22.8% — 20.4%
Net margin 13.8% 11.5% 17.9% 9.7% 11.8% 16.8% 11.8%
Cash from operations / revenue 35.0% 31.9% 37.2% 25.4% 28.8% 40.0% 28.8%
Free-cash-flow margin −23.0% −15.8% −16.0% 10.2% −28.8% −38.7% −13.3%
Free-cash-flow margin, 3-year average −16.8% −14.9% −16.9% 12.0% −25.8% −31.1% −7.6%
Stock pay / revenue 0.7% 0.5% 0.3% — — 0.7% 0.5%
Change in share count 1.8% 3.9% 2.2% 3.3% 1.3% 1.3% 2.2%

Median of all 17 companies we cover in multi-utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 multi-utilities companies
Measure Company Peer median Rank
Revenue growth Growth 12.3% 7.8% 4 of 17
Change in growth rate Growth -2.1pp -0.2pp 15 of 17
Operating margin Profitability 28.0% 20.5% 2 of 16
Net margin Profitability 13.8% 11.8% 6 of 17
Free-cash-flow margin Cash generation -23.0% -13.3% 14 of 17
Long-term debt as % of assets Balance sheet 42.1% 39.5% 13 of 16
Change in share count Balance sheet 1.8% 2.2% 8 of 17
Days sales outstanding Balance sheet 44 days 39 days 10 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Columbia Operations $3.3B 51.0% ▲ 26.5%
NIPSCO Operations $3.2B 49.0% ▲ 20.5%
Corporate and Other $0 0.0% —

From NiSource's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$21.9B
Institutions reporting
906
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
89 / 69

Top buyers and sellers, Q2 2026: 485 institutions bought and 314 sold ; the biggest buyer was Blackrock, Inc (+3.5M shares) and the biggest seller T. Rowe Price Investment Management, Inc (−20.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.6B 55.0M 11.9% ▲ 6.8%
Vanguard Capital Management LLC $1.5B 31.4M 6.8% ▲ 0.7%
T. Rowe Price Investment Management, Inc. $1.4B 29.8M 6.5% ▼ 40.1%
State Street Corp $1.3B 27.6M 6.0% ▲ 1.9%
Vanguard Portfolio Management LLC $1.3B 27.1M 5.9% ▲ 0.3%
Geode Capital Management, LLC $612M 12.9M 2.8% ▲ 2.4%
Deutsche Bank Ag\ $574M 12.1M 2.6% ▲ 3.1%
FMR LLC $484M 10.2M 2.2% ▲ 10.3%
Jennison Associates LLC $439M 9.2M 2.0% ▲ 0.1%
Invesco Ltd. $370M 7.8M 1.7% 0.0%
Norges Bank $370M 7.8M 1.7% —
Jpmorgan Chase & Co $335M 7.0M 1.5% ▼ 18.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not NiSource's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $4.9M 8 trades by 6 insiders · 12% under pre-set plans
Net ▼ $4.9M net selling
Insider Date Trade Shares Price Value
Birmingham Melody EVP & Grp President, Utilities August 14, 2026 Sell 37,509 $42.40 $1.6M
Berman Melanie B. EVP Administration & CHRO May 22, 2026 Sell 15,000 $47.68 $715,200
Yates Lloyd M Director and President & CEO May 21, 2026 Sell 19,905 $47.73 $950,066
Birmingham Melody EVP & Grp President, Utilities May 20, 2026 Sell 2,500 $47.43 $118,575
Birmingham Melody EVP & Grp President, Utilities May 14, 2026 Sell 10,000 $47.19 $471,850
Gode Gunnar SVP Chief Accting&Tax Officer February 18, 2026 Sell 2,175 $46.00 $100,050
Anderson Shawn EVP & CFO February 13, 2026 Sell pre-set plan 12,500 $45.01 $562,625
Cuccia Kimberly S EVP, GC & Corporate Secretary November 25, 2025 Sell 8,000 $43.13 $345,040

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

No trades in NiSource disclosed in the last 12 months; 12 earlier trades on record.

  • Jefferson Shreve(R-IN 6):Sale (full), $50,001 - $100,000, traded May 12, 2025, filed June 22, 2025
  • Dan Newhouse(R-WA 4):Sale (partial), $1,001 - $15,000, traded April 11, 2025, filed May 16, 2025
  • Dan Newhouse(R-WA 4):Purchase, $1,001 - $15,000, traded April 10, 2024, filed April 25, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • August 5, 2026
  • May 6, 2026
  • February 11, 2026
  • October 29, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on NiSource was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

NiSource in brief

What does NiSource do?
NiSource is a US-listed company in the multi-utilities industry. Its financial year ends in December.
What is NiSource's stock ticker?
NiSource trades under the ticker NI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is NiSource's revenue, and how fast is it growing?
Over its most recent trailing twelve months, NiSource reported revenue of $6.8B, 12.3% higher than a year earlier, according to its SEC filings.
What is NiSource's free cash flow?
NiSource's free-cash-flow margin is -23.0% of revenue over the trailing twelve months, ranking 14 of the 17 multi-utilities companies we cover.
Who are NiSource's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and T. Rowe Price Investment Management, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is NiSource's market cap?
On November 2, 2026, NiSource's market capitalisation was about $21.6B, with a price-to-earnings ratio of 22.9 and net debt of $18.2B. Market figures come from third-party market data and may be delayed.
Does NiSource pay a dividend?
Yes: NiSource paid $572M in dividends over the trailing twelve months, a dividend yield of 2.66% and a payout ratio of 60.8%.
How much debt does NiSource have?
NiSource's debt-to-equity ratio is 179.3%, from its latest balance sheet (127.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are NiSource's competitors?
In our Multi-Utilities peer group, the companies closest to NiSource are Pinnacle West Capital, Ameren, CMS Energy, CenterPoint Energy and Sempra. The side-by-side comparison below sets their revenue, margins and growth against NiSource's.
Are insiders buying or selling NiSource stock?
Over the last 12 months, NiSource's directors and officers reported 0 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is NiSource's next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — NiSource announces its own schedule.