NiSource Inc.
- Open
- 46.59
- Day high
- 46.99
- Day low
- 45.78
- Prev close
- 46.27
- Volume
- 4.6M
- Mkt cap
- $22.0B
- P/E (TTM)
- 22.8
- EPS (TTM)
- $2.02
- P/B
- 2.3
- P/S
- 3.2
- Yield
- 2.52%
- Per share
- $1.16
- ▼Insiders net selling -$2.3M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
NiSource Inc. (NI) is a Utilities company listed on NYSE. The stock is up 12% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
NiSource Inc. (NI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.06 | $1.06 | +0.0% | $2.4B | -6.3% |
| Feb 11, 2026 | $0.49 | $0.51 | +4.1% | $1.9B | -40.8% |
| Oct 29, 2025 | $0.20 | $0.19 | -5.0% | $1.3B | +6.1% |
| Aug 6, 2025 | $0.20 | $0.22 | +7.3% | $1.3B | +5.7% |
| May 7, 2025 | $0.90 | $0.98 | +9.4% | $2.2B | +1.2% |
| Feb 12, 2025 | $0.48 | $0.49 | +2.3% | $1.6B | -10.6% |
| Oct 30, 2024 | $0.16 | $0.20 | +25.0% | $1.1B | +9.2% |
| Feb 21, 2024 | $0.54 | $0.53 | -1.9% | $1.4B | -16.1% |
| Nov 1, 2023 | $0.16 | $0.19 | +18.8% | $1.0B | -5.2% |
| Aug 2, 2023 | $0.11 | $0.11 | +0.0% | $1.1B | +7.4% |
| May 3, 2023 | $0.75 | $0.77 | +2.7% | $2.0B | +5.3% |
| Feb 22, 2023 | $0.48 | $0.50 | +4.2% | $5.9B | +322.3% |
NI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 27, 2026 | Berman Melanie B.officer: EVP Administration & CHRO | Sell | 15,000 | $47.68 |
| May 26, 2026 | Yates Lloyd Mdirector, officer: Director and President & CEO | Sell | 19,905 | $47.73 |
| May 21, 2026 | BIRMINGHAM MELODYofficer: EVP & Grp President, Utilities | Sell | 2,500 | $47.43 |
| May 21, 2026 | BIRMINGHAM MELODYofficer: EVP & Grp President, Utilities | Sell | 10,000 | $47.19 |
| May 13, 2026 | KABAT KEVIN Tdirector | Grant | 3,807 | $47.03 |
| May 13, 2026 | BUTLER ERIC Ldirector | Grant | 3,807 | $47.03 |
| May 13, 2026 | JOHNSON WILLIAM Ddirector | Grant | 3,807 | $47.03 |
| May 13, 2026 | Hersman Deborahdirector | Grant | 3,807 | $47.03 |
| May 13, 2026 | Barbour Sondra Ldirector | Grant | 3,807 | $47.03 |
| May 13, 2026 | Lee Cassandra S.director | Grant | 3,807 | $47.03 |
| May 13, 2026 | HENRETTA DEBORAH Adirector | Grant | 3,807 | $47.03 |
| May 13, 2026 | Bunting Theodore H JRdirector | Grant | 3,807 | $47.03 |
| May 13, 2026 | McAvoy Johndirector | Grant | 3,807 | $47.03 |
| May 13, 2026 | ALTABEF PETERdirector | Grant | 3,807 | $47.03 |
| May 13, 2026 | Jesanis Michael Edirector | Grant | 3,807 | $47.03 |
Source: NI SEC Form 4 filings, latest May 27, 2026. For informational purposes only — not investment advice.
See the full NI insider & 13F page →NiSource Inc. company profile
Overview
NiSource Inc. (NYSE:NI) is a regulated utility holding company that has been serving customers across the Midwest and Mid-Atlantic regions since its founding in 1847. Originally established as Northern Indiana Public Service Company (NIPSCO), the company transformed into NiSource Inc. in 1999 through various mergers and acquisitions. Today, NiSource operates as one of the largest natural gas distribution companies in the United States, serving approximately 3.3 million customers across six states, while also providing electric service to nearly half a million customers in northern Indiana. The company is headquartered in Merrillville, Indiana, and has positioned itself as a key player in the energy transition, investing heavily in renewable generation and infrastructure modernization.
Business
NiSource operates in the regulated utilities sector, providing essential energy services through two primary business segments. The company functions within a highly regulated industry where state utility commissions oversee rates, service quality, and capital investments to ensure fair pricing for consumers while allowing utilities to earn reasonable returns on their infrastructure investments. Gas Distribution Operations represents the larger portion of NiSource's business, accounting for approximately 60% of the company's five-year capital expenditure plan. This segment distributes natural gas to roughly 2.4 million residential, commercial, and industrial customers across Ohio, Pennsylvania, Virginia, Kentucky, and Maryland, plus an additional 853,000 customers in northern Indiana. The company operates an extensive pipeline network of approximately 54,600 miles of distribution mains and 1,000 miles of transmission pipelines. Natural gas distribution involves purchasing gas from producers, transporting it through pipeline networks, and delivering it to end-users for heating, cooking, and industrial processes. Electric Operations serves approximately 483,000 customers across 20 counties in northern Indiana through the NIPSCO subsidiary. This segment generates, transmits, and distributes electricity using a diverse generation portfolio that includes coal-fired plants (1,177 MW total capacity), combined-cycle gas turbines (563 MW), natural gas units (155 MW), hydroelectric facilities (16 MW), and wind generation (404 MW). The company is actively transitioning away from coal generation, planning to retire all coal-fired capacity by 2028 and replace it with renewable energy sources and natural gas-fired generation. The electric segment also engages in wholesale power transactions within regional electricity markets.
Revenue model
NiSource generates revenue through regulated utility rate structures approved by state utility commissions in each jurisdiction where it operates. The company's business model is built on regulated rate-of-return frameworks, where utilities invest capital in infrastructure and earn predetermined returns on those investments through customer rates. For the Gas Distribution Operations, revenue comes primarily from monthly customer charges, volumetric gas sales, and distribution fees. The company purchases natural gas as a commodity and passes these costs through to customers, earning margins on the distribution service rather than the gas itself. Revenue is seasonal, with higher demand and earnings during winter heating months. The Electric Operations generates revenue through electric service charges that include both energy (kilowatt-hour) usage and capacity (demand) components. Unlike the gas business, NiSource owns generation assets and earns returns on these capital investments. The company also participates in wholesale electricity markets, selling excess power and purchasing electricity when needed. Several factors influence NiSource's profitability margins. Regulatory lag can temporarily compress margins when costs increase faster than rate adjustments, though the company has secured various regulatory mechanisms to minimize this impact. Weather patterns significantly affect gas demand, with colder winters driving higher usage and earnings. Economic growth in service territories increases customer connections and usage, while energy efficiency improvements can reduce per-customer consumption. Commodity price volatility affects customer affordability and payment patterns, though the company generally passes commodity costs through to customers. Interest rate changes impact financing costs for the company's substantial capital investment programs, while regulatory relationships and the company's ability to secure timely rate relief directly influence profitability.
Competitive moat
NiSource possesses a strong regulatory moat typical of regulated utilities, though this protection comes with inherent limitations. The company's primary competitive advantage stems from its natural monopoly status in gas distribution and electric service within its defined service territories. State utility commissions grant exclusive franchises to serve specific geographic areas, creating substantial barriers to entry since duplicating pipeline and electric infrastructure would be economically inefficient. The company's essential service provision creates relatively inelastic demand - customers require natural gas for heating and electricity for daily life, providing stable cash flows even during economic downturns. NiSource has strengthened its position through constructive regulatory relationships across its six-state footprint, securing various mechanisms like infrastructure trackers and weather normalization adjustments that reduce earnings volatility. However, this moat faces several challenges. Regulatory risk remains significant, as unfavorable commission decisions can materially impact returns and growth prospects. The company operates under constant regulatory scrutiny regarding rate increases, capital allocation, and service quality. Energy transition pressures create both opportunities and threats - while NiSource is investing heavily in renewable generation, changing customer preferences toward distributed energy resources and energy efficiency could reduce long-term demand growth. Technological disruption poses longer-term risks, particularly from distributed solar, battery storage, and potential future technologies that could bypass traditional utility infrastructure. Environmental and political pressures regarding natural gas usage and carbon emissions could impact the long-term viability of gas distribution, though this transition is likely to occur over decades rather than years. The company's substantial capital requirements also create financing risks if credit markets tighten or if regulatory returns prove inadequate to attract investment capital.
Risks & safety
NiSource presents a moderate margin of safety typical of regulated utilities, with stable cash flows but high leverage and capital intensity creating some financial constraints. • Debt and Solvency: Debt-to-equity ratio of 1.67x is elevated but manageable for a utility. The company maintains investment-grade credit ratings and targets FFO-to-debt ratios of 14-16%. Current ratio of 0.52x reflects typical utility working capital management, with substantial current liabilities from regulatory mechanisms. • Cash Flow Profile: Operating cash flow of $1.78 billion in 2024 provides solid coverage, though free cash flow was negative $862 million due to heavy capital investment program. The company's $19.4 billion five-year capital plan requires continued access to capital markets. • Valuation Metrics: Trading at P/E of 21.9x and EV/EBITDA of 11.9x based on 2024 results, representing reasonable but not compelling valuations for a utility. Price-to-book ratio of 1.92x reflects premium to book value typical of well-positioned utilities. • Other Considerations: Regulated utility model provides earnings stability and visibility. Strong rate base growth of 8-10% projected through 2029 supports earnings growth. Data center opportunities could provide additional upside but remain speculative.
Recent development
Over the past several years, NiSource has executed a comprehensive energy transition strategy centered on retiring coal-fired generation and replacing it with renewable energy sources. The company has installed over 2,100 megawatts of renewable nameplate capacity, including completion of major solar projects like Cavalry Solar and Dunns Bridge II. All coal-fired generation is planned for retirement by 2028, representing a fundamental shift in the company's generation portfolio. The most significant recent development is NiSource's aggressive pursuit of data center opportunities, particularly in northern Indiana. The company filed a "Genco declination petition" with the Indiana Utility Regulatory Commission to create a regulatory framework for serving large industrial customers while protecting existing ratepayers. Management has identified potential data center load ranging from 2,600 to 8,000 megawatts, which could dramatically expand the company's capital investment opportunities and rate base growth prospects. NiSource has also implemented advanced technology initiatives, including AI-driven work management intelligence programs that have increased productivity by 16% across service territories. The company has begun deploying advanced metering infrastructure and is exploring applications of artificial intelligence for operational optimization. On the regulatory front, NiSource has secured multiple favorable rate case outcomes across its service territories, including settlements in Pennsylvania, Kentucky, Maryland, and Virginia that support continued infrastructure investment. The company has also established various regulatory mechanisms to reduce earnings volatility and support timely cost recovery for capital investments. The company's capital allocation strategy has evolved to include potential upside investments beyond the base $19.4 billion five-year plan, with an additional $2.2 billion in identified opportunities primarily related to data center infrastructure, transmission projects, and renewable energy expansion.
NI company profile · for informational purposes only — not investment advice.
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