NiSource Inc (NI)
Fair ValueFundamental
63
Price
$43.28
Market Cap
$20.62B
Part 1 · What the company is worth
Overview
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.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 19, 2026, shared with all users
CenterPoint runs the same combination of regulated gas distribution plus regulated electric service in Indiana and gas distribution in Ohio, the two states where NiSource's NIPSCO and Columbia Gas of Ohio operate, so the two compete directly for Midwestern rate-base investment, industrial load and new large customers such as data centres.
Atmos is the closest pure play to NiSource's core business — about three million regulated gas distribution customers against NiSource's 3.5 million — and the two overlap in Kentucky while competing for the same residential and commercial gas users elsewhere in the Midwest and South.
ONE Gas is a purely regulated gas distributor serving more than two million homes and businesses in Oklahoma, Kansas and Texas, offering the same service to the same kind of customer as NiSource's Columbia Gas utilities, in adjacent states rather than the same ones.
Spire distributes regulated natural gas to households and businesses in Missouri, Alabama and Mississippi, the same residential and commercial gas franchise model as NiSource, and bids for the same infrastructure-replacement spending in neighbouring Midwestern territory.
National Fuel Gas distributes regulated natural gas to households and businesses in western Pennsylvania and New York, right beside Columbia Gas of Pennsylvania's territory, and moves Appalachian gas through pipelines that serve the same regional market.
Southwest Gas is another investor-owned regulated gas distributor whose revenue comes almost entirely from residential and small commercial gas delivery in Arizona, Nevada and California, the same business NiSource runs in six eastern and midwestern states.
Balance Sheet & Liquidity
Revenue
$11.37B
Trailing 12 months (through 6/30/2026)
Net Income
-
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$-420M
Total Equity
$9.45B
Total Liabilities
$24.20B
Current Ratio
0.50
Interest Coverage
2.87
Debt/EBITDA
5.80
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$38.50
Current Price
$43.28
Margin of Safety
-12.4%
Fair Value Range
$30.20 - $46.80
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
22.05
ROE
9.8%
P/B Ratio
2.17
P/FCF
-
Gross Margin
-
ROIC
4.5%
Profitability Radar
Value Creation (Economic Moat)
ROIC
4.5%
WACC
5.7%
ROIC − WACC
-1.2 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (15)
- EPS shows upward trend
- EPS CAGR 11.86%
- Price CAGR 6.42%
- P/B ratio 2.17
- Debt/equity ratio
- Operating margin 28.1%
- Interest coverage
- Debt/EBITDA
- Return on tangible assets
- Low reliance on intangibles
- ROE 9.6%
- Revenue growth 5Y 7.8%
- Earnings quality (operating cash flow / net income) 2.54
- Share dilution 1.6%
- Piotroski F-Score 6/9
Failed (6)
- ROIC 4.5%
- Positive free cash flow
- Current ratio
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings surprise, average -3.1%
Unavailable (6)
- Gross margin –
- P/FCF –
- Dividend payout –
- CapEx intensity
- PEG ratio (needs P/E > 0 and growth > 0)
- Net margin trend (invalid data)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Share count is stable
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Lloyd M. Yates | President, CEO & Director | 64 |
| Mr. Shawn Anderson | Executive VP & CFO | 43 |
| Mr. William Jefferson Jr. | Executive VP and Chief Operating & Safety Officer | 63 |
| Mr. Michael S. Luhrs | Executive VP of Technology & Customer and Chief Commercial Officer | 52 |
| Ms. Melody Birmingham | Executive VP & Group President of NiSource Utilities | 53 |
| Mr. Gunnar J. Gode | Senior VP, Chief Accounting & Tax Officer | 50 |
| Ms. Melanie B. Berman | Executive VP of Administration & Chief Human Resources Officer | 54 |
| Mr. Durgesh Chopra | Vice President of Investor Relations | - |
| Ms. Kimberly S. Cuccia | Executive VP, General Counsel & Corporate Secretary | 41 |
| Ms. Angela Sanchez | Vice President of Communications | - |
Audit Risk
7
Board Risk
3
Compensation Risk
5
Shareholder Rights Risk
5
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-11
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-08-05
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-10-16
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much NI moves, measured on its daily prices.
More volatile than 7% of the tracked stocks (90-day volatility).
- Volatility 30d
- 19.5%
- Volatility 90d
- 19.9%
- Beta vs S&P 500 (1y)
- 0.12Correlation 0.09
- Max drawdown (12m)
- -20.5%
- ATR (14d, % of price)
- 1.75%
Earnings reactions
How NI moved around its past quarterly results.
Next earnings release
Oct 28, 2026 · In 4 days · Before the open
EPS estimate: 0.23Revenue estimate: $1.4B
What usually happens
- Over the last 12 releases the stock moved a median of 1.3% the next day, up or down.
- Next-day moves: up 6, down 6 (out of 12).
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026 | Before the open | 0.16 | 0.16 | -2.1% | -3.5% | -3.6% | -5.7% |
| May 6, 2026 | Before the open | 1.08 | 1.06 | -2.3% | +0.2% | -1.4% | -2.1% |
| Feb 11, 2026 | Before the open | 0.52 | 0.51 | -1.3% | +1.1% | -0.2% | +1.3% |
| Oct 29, 2025 | Before the open | 0.20 | 0.19 | -6.8% | +2.6% | -2.1% | -1.2% |
| Aug 6, 2025 | Before the open | n/a | n/a | n/a | +0.4% | -2.5% | -1.3% |
| May 7, 2025 | Before the open | n/a | n/a | n/a | -1.7% | +2.8% | -3.9% |
| Feb 12, 2025 | Before the open | n/a | n/a | n/a | -1.2% | +1.0% | +4.3% |
| Oct 30, 2024 | Before the open | n/a | n/a | n/a | +0.9% | +2.1% | +2.4% |
| Aug 7, 2024 | Before the open | n/a | n/a | n/a | +1.4% | +0.5% | +2.3% |
| May 8, 2024 | Before the open | n/a | n/a | n/a | -1.3% | -1.1% | -0.6% |
| Feb 21, 2024 | Before the open | n/a | n/a | n/a | 0.0% | +0.9% | 0.0% |
| Nov 1, 2023 | Before the open | n/a | n/a | n/a | +0.4% | +1.0% | -0.4% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on NI and what the price did next.
- 4/17/2026PositiveNiSource Teams Up With Alphabet And Amazon To Power AI Data Centers—And Says Your Energy Bills Could Drop By This Much
- +1 day
- 0.0%
- +3 days
- -2.0%
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for NI.
- 5/6/2026NEUTRALNiSource Reports Q1 2026 Results: Full Earnings Call Transcript
NiSource Inc. has released its Q1 2026 earnings call transcript. While the transcript provides a detailed overview of the company's financial performance and strategic outlook, it does not contain specific forward-looking guidance or new material information that would suggest a significant shift in the company's valuation. Investors should review the transcript for qualitative insights into operational performance, management commentary on industry trends, and any disclosed capital expenditure plans or regulatory updates that may impact future earnings. The absence of explicit financial targets or surprises indicates a status quo assessment for the immediate trading period.
- 4/17/2026POSITIVENiSource Teams Up With Alphabet And Amazon To Power AI Data Centers—And Says Your Energy Bills Could Drop By This Much
NiSource Inc. has announced a significant partnership with Alphabet and an expanded deal with Amazon, focusing on powering AI data centers. This collaboration aims to leverage renewable energy sources to meet the substantial power demands of these facilities, while simultaneously promising to reduce energy costs for NiSource's existing customer base. The initiative highlights a strategic move towards sustainable energy solutions and innovation in the utility sector, potentially positioning NiSource as a leader in supporting the growth of AI infrastructure. Investors will be watching for the financial implications of these large-scale contracts and the projected impact on customer bills.