Utilities · Multi-Utilities · US stock · price as of 16 Oct 2026
Key indicators
Price
$42.68
52-week range
$38.42 – $48.88
Market cap
$20.5B
P/E (trailing)
22.5×
EV / EBITDA
12.1×
Free-cash-flow yield
−5.3%
Dividend yield
2.8%
Revenue (last 12 months)
$11.4B
Revenue growth (3y a year)
4.4%
Operating margin
16.4%
Return on invested capital
5.5%
Net debt / EBITDA
5.5×
Fair value
Blended fair value$41.91 range $39 – $47
Versus priceFair−2% to fair value
Peer multiples
$43.27
Fundamentals-adjusted multiple
$51.46
10-year DCF (market-scaled)
$30.99
Earnings power value (floor, not blended)
$37.25
Model uncertainty
Medium
X-Ray Score
55/ 100 · Medium confidence · ahead of 65% of sector peers
Valuation54
Growth66
Profitability48
Financial health52
Dividends62
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%. 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.
StocksXray gives Nisource Inc. an X-Ray Score of 55 out of 100 (medium confidence), ahead of 65% of the S&P 500 stocks in its sector. Its strongest lens is growth (66) and its weakest is profitability (48).
Our fair value blend is $41.91 (range $38.89 to $47.37). At $42.68 the stock trades 2% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Nisource Inc. (NI)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$23.68
$24.31
$24.43
$35.05
$40.94
$42.68
Market cap
$9.9B
$10.8B
$10.9B
$16.0B
$19.4B
$20.5B
P/E
18.6×
14.3×
16.5×
21.6×
21.0×
22.5×
EV / revenue
4.3×
4.0×
4.8×
6.1×
5.9×
3.5×
EV / EBITDA
11.7×
10.9×
11.7×
13.0×
12.8×
12.8×
Price / free cash flow
–
–
–
–
–
–
Free-cash-flow yield
−6.3%
−7.4%
−6.5%
−5.2%
−2.2%
−5.3%
Price / book
1.4×
1.4×
1.3×
1.8×
2.1×
2.1×
Dividend yield
3.72%
3.87%
4.09%
3.02%
2.74%
2.76%
Fundamentals checklist ● 4 Good · ● 6 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.7%Good
Free-cash-flow yield−5.3%Average
Risk models
Altman Z score0.3×Bad
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)4.7%Bad
Revenue growth (3y)4.4%Good
Growth consistency80%Average
Balance sheet
Current ratio0.5×Bad
Net debt / EBITDA5.5×Good
Interest cover2.5×Average
Valuation
Fair value vs price1.0×Average
EBIT / EV yield4.6%Average
Profitability
Return on invested capital5.5%Average
Operating margin16.4%Bad
XStocksXray
Nisource Inc. (NI)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
4,731
5,739
5,348
5,283
6,523
11,375
Gross profit
–
–
–
–
–
–
Operating income
1,007
1,266
1,296
1,456
1,835
1,860
Net income
585
804
714
760
930
905
Diluted EPS ($)
1.27
1.70
1.48
1.62
1.95
1.90
Free cash flow
-620
-794
-711
-833
-420
-1,086
Gross margin
–
–
–
–
–
–
Operating margin
21.3%
22.1%
24.2%
27.6%
28.1%
16.4%
Net margin
12.4%
14.0%
13.4%
14.4%
14.3%
8.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
24,157
26,737
31,077
31,788
35,859
37,544
Cash
84
41
2,245
157
110
70
Total debt
10,362
11,731
15,189
14,565
16,950
17,403
Equity
6,947
7,575
8,270
8,684
9,450
9,575
Dividend per share ($)
0.88
0.94
1.00
1.06
1.12
1.18
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.