Nisource Inc. (NI)
Utilities · Multi-Utilities · US stock · S&P 500 component
$42.68
▲ +1.43 (3.47%)
Fair valueFair
$42 −1.8% to fair value
$21fair band $29–$54$63
Day's range
$41.67 – $42.87
52-week range
$38.42 – $48.88
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 2.8%. Overall, the X-Ray Score comes to 54 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.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $38.42 – $48.88Volume 9,100,500Daily, split-adjusted
Vitals
Market cap$20.5B
52-week range$38.42 – $48.88
Volume (last day)9,100,500
P/E (TTM)22.5
EBIT / EV yield4.6%
Free-cash-flow yield-5.3%
Dividend yield2.8%
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 like Apple). 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
$42model spread $39 – $47
Fair
−1.8% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Terminal value >80% of DCF: lower confidence
Price $43
Undervalued < $29Fair $29 – $54Overvalued > $54
10-year DCF (market-scaled)
$31
Peer multiples
$43
Earnings power floor (not blended)
$37
Fundamentals-adjusted multiple
$51
Growth the price implies
11.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (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.
Valuation
Fair
54/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield4.6%
Free-cash-flow yield-5.3%
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 yield2.8%
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...69 AEE Ameren Corp58 DTB Dte Energy Co55 D Dominion Energy, Inc48Other Multi-Utilities companies by X-Ray Score.
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
9 bullish · 1 neutral · 6 bearish
Weekly
Neutral
5 bullish · 1 neutral · 6 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 41.00 | Bullish |
| EMA 10 | 41.13 | Bullish |
| SMA 20 | 40.23 | Bullish |
| EMA 20 | 40.79 | Bullish |
| SMA 50 | 40.93 | Bullish |
| EMA 50 | 41.42 | Bullish |
| SMA 100 | 43.52 | Bearish |
| EMA 100 | 42.63 | Bullish |
| SMA 200 | 44.45 | Bearish |
| EMA 200 | 43.09 | Bearish |
Oscillators (daily)
| RSI (14) | 69.23 | Neutral |
| MACD (12, 26) | 0.20 | Bullish |
| Momentum (12) | 9.44 | Bullish |
| Stochastic %K (14) | 95.73 | Bearish |
| Williams %R (14) | -4.27 | Bearish |
| CCI (20) | 182.6 | Bearish |
Pivot points (classic, last session)
S3 40.74 | S2 41.21 | S1 41.94 | Pivot 42.41 | R1 43.14 | R2 43.61 | R3 44.34 |
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
2.76%
Frequency
Quarterly
Next ex-dividend date
30 Oct 2026
| Ex-dividend date | Amount per share |
|---|---|
| 30 Oct 2026 (upcoming) | 0.3000 |
| 31 Jul 2026 | 0.3000 |
| 30 Apr 2026 | 0.3000 |
| 3 Feb 2026 | 0.3000 |
| 31 Oct 2025 | 0.2800 |
| 31 Jul 2025 | 0.2800 |
| 30 Apr 2025 | 0.2800 |
| 3 Feb 2025 | 0.2800 |
| 31 Oct 2024 | 0.2650 |
| 31 Jul 2024 | 0.2650 |
| 29 Apr 2024 | 0.2650 |
| 2 Feb 2024 | 0.2650 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
NI SEC filings
16 Oct 2026
8-KSEC EDGAR
Current report
18 Aug 2026
8-KSEC EDGAR
Other events
13 Aug 2026
424B5SEC EDGAR
424B5
5 Aug 2026
10-QSEC EDGAR
Quarterly report
5 Aug 2026
8-KSEC EDGAR
Results of operations
18 May 2026
8-KSEC EDGAR
Other events
12 May 2026
8-KSEC EDGAR
Shareholder vote results
11 May 2026
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.