NiSource (NI) stock
Utilities · Multi-Utilities
NiSource (NI) is a Multi-Utilities company in the Utilities sector, headquartered in Merrillville, Indiana. As of October 23, 2026, NI closed at $43.28, a market capitalization of $20.76 billion, the 399th largest company in the S&P 500. Over the last twelve months it generated $6.88 billion in revenue (+5% year over year) and -$1.46 billion in free cash flow. The stock trades at 23.0x trailing earnings and 19.3x forward earnings.
- 1-year total return: +1.3% (dividends reinvested)
- 5-year return: +15.2% a year
- 52-week range: $38.42 – $49.21
- Gross margin 51.0%, operating margin 17.2%
- Dividend yield: 2.77%, 14 straight years of increases
- FI Handbook report card: D+ across 10 metrics
- 26th largest of 31 Utilities stocks in the S&P 500
NI price chart
1Y price change: -1.3% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| NI | +10.3% | +5.7% | +1.3% | +24.4% | +15.2% | +10.2% | +7.8% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1973.
NI key statistics
- Market cap
- $20.8B
- #399 in S&P 500
- P/E (TTM)
- 23.0x
- Forward P/E
- 19.3x
- EPS (TTM)
- $1.88
- Revenue (TTM)
- $6.9B
- +5%
- Free cash flow
- -$1.5B
- Gross margin
- 51.0%
- Operating margin
- 17.2%
- Return on equity
- 8.5%
- Dividend yield
- 2.77%
- 52-week range
- $38.42 – $49.21
- Beta
- 0.55
- Price / sales
- 3.0x
- EV / EBITDA
- 13.4x
- Debt / equity
- 1.47x
- Employees
- 7,668
NI report card
D+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth4.6%D
- Gross margin51.0%B
- Operating margin17.2%C
- FCF margin-21.2%F
- Return on equity8.5%D
- Net debt / EBITDA5.7xF
- Forward P/E19.3xB
- PEG ratio2.1xD
- Shareholder yield2.8%C
- Share count change / yr4.3%F
NiSource financials
Revenue went from $4.4B in fiscal 2016 to $6.5B in fiscal 2025, growing 4.5% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4B | $4.7B | $5.0B | $5.1B | $4.5B | $4.7B | $5.7B | $5.3B | $5.3B | $6.5B |
| Gross profit | $4.5B | $4.9B | $5.1B | $5.2B | — | — | — | — | — | — |
| Operating income | $866.1M | $921.2M | $124.7M | $890.7M | $550.8M | $1.0B | $1.3B | $1.3B | $1.5B | $1.8B |
| Net income | $331.5M | $128.5M | -$50.6M | $383.1M | -$17.6M | $584.9M | $804.1M | $714.3M | $760.4M | $929.5M |
| EPS (diluted) | $1.02 | $0.39 | $-0.18 | $0.87 | $-0.19 | $1.27 | $1.70 | $1.48 | $1.62 | $1.95 |
| Free cash flow | -$671.9M | -$953.6M | -$1.3B | -$219.1M | -$654.1M | -$620.1M | -$793.7M | -$710.7M | -$832.5M | -$420.0M |
| Buybacks | $9.4M | $7.2M | $4.0M | $0 | $0 | — | — | — | — | — |
| Dividends paid | $205.5M | $229.1M | $273.3M | $298.5M | $321.6M | $345.2M | $381.5M | $413.5M | $481.0M | $530.4M |
| Diluted shares | 323.5M | 330.8M | 356.5M | 376.0M | 384.3M | 417.3M | 442.7M | 447.9M | 456.0M | 474.5M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into NI?
A reverse DCF asks what growth the current price requires. With an enterprise value of $38.1B and -$1.5B of trailing free cash flow, NiSource needs to grow free cash flow at a rate outside our model for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 22.2x vs. median 23.8x (10th–90th percentile 11.4x–44.5x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
NI dividend
- Dividend yield
- 2.77%
- Annual dividend
- $1.20
- Years of increases
- 14
- 5-yr dividend growth
- 5.9%
- per year
- Payout ratio
- 62%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
NI analyst price targets
16 analysts' average 12-month target is $48.09 (+11% vs. $43.28). Targets range from $43.00 to $52.00. 76% rate it a buy.
NI earnings
Next report: October 28, 2026. NiSource has beaten EPS estimates 3 quarters in a row. Last quarter's revenue was $1.3B (+5% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 5, 2026 | $0.16 | $0.16 | +1.5% |
| May 6, 2026 | $1.05 | $1.06 | +1.4% |
| Feb 11, 2026 | $0.50 | $0.51 | +2.9% |
| Oct 29, 2025 | $0.20 | $0.19 | -3.2% |
| Aug 6, 2025 | $0.21 | $0.22 | +7.1% |
| May 7, 2025 | $0.90 | $0.98 | +8.7% |
| Feb 12, 2025 | $0.50 | $0.49 | -2.3% |
| Oct 30, 2024 | $0.16 | $0.20 | +24.4% |
Stocks like NI
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 NEE NextEra Energy | +0.24% | +1% | $172.2B | 14.8x | Compare |
 D Dominion Energy | -0.31% | +12% | $57.3B | 22.6x | Compare |
 SRE DBA Sempra | -0.84% | -6% | $55.0B | 24.3x | Compare |
 XEL Xcel Energy | -1.08% | +0% | $48.8B | 21.4x | Compare |
 ED Consolidated Edison | -0.45% | +19% | $42.8B | 19.1x | Compare |
 PCG Pacific Gas & Electric | -2.70% | -22% | $37.9B | 9.4x | Compare |
 AEE Ameren | -0.83% | +7% | $29.9B | 19.0x | Compare |
 DTE DTE Energy | -0.88% | -4% | $27.4B | 20.9x | Compare |
NI news
- Electric Utility NiSource’s Data-Center Power Business Can Continue to Grow — And NI Stock Is Cheap · Oct 21, 2026
- NiSource (NI) Earnings Expected to Grow: What to Know Ahead of Next Week's Release · Oct 21, 2026
- NiSource (NI) Stock Looks Overvalued Against Its Dividend Outlook · Oct 20, 2026
- Sector Update: Energy Stocks Gain Late Afternoon · Oct 16, 2026
- NiSource Expands Microsoft Power Deal, Projects $1.75B In Customer Savings · Oct 16, 2026
NI stock FAQ
What is NI's market cap?
NiSource's market capitalization is $20.76 billion as of October 23, 2026, ranking 399th in the S&P 500.
What is NI's P/E ratio?
NI trades at a trailing price-to-earnings ratio of 23.0x and a forward P/E of 19.3x. Its median P/E over the period we track is 23.8x.
Does NI pay a dividend?
Yes. NiSource pays $1.20 per share a year, a 2.77% yield. It has raised its dividend 14 years in a row. Dividends grew 5.9% a year over the last five years.
How much has NI stock returned?
Including reinvested dividends, NI returned +1.3% over one year, +15.2% a year over five years, +10.2% a year over ten years through October 23, 2026.
What is the NI price target?
16 analysts cover NI with an average 12-month price target of $48.09, +11% from the current price. 76% of them rate it a buy.
When does NI report earnings?
NiSource is expected to report earnings on October 28, 2026. It has beaten EPS estimates 3 quarters in a row.
How many employees does NiSource have?
NiSource has about 7,668 full-time employees, or $897,431 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology