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Regulated natural gas and electric utility holding company serving customers mainly in Indiana and other states.
Regulated natural gas and electric utility holding company serving customers mainly in Indiana and other states.
Earns a regulated return on the value of its gas pipes and power plants in each state, set in rate cases by state regulators, with investment going into renewing gas networks and moving NIPSCO's electricity from coal to gas, wind and solar. Spinning off Columbia Pipeline Group in 2015 and selling the Massachusetts gas business after the 2018 explosions there left it a pure utilities business.
Moat: wide (regulatory licence, installed base). Regulated monopoly utility franchises with guaranteed returns on infrastructure investment.
Headquarters: Merrillville, Indiana, US · Founded: 1912 · Employees: 7,738
Size NiSource (NI) is a United States Utilities company (Gas Distributors) with a market value of $21.2B, the 479th largest of 3,117 United States companies the cockpit tracks. Shares closed at $44.15 on 6 Nov 2026.
Performance Over six months the shares fell 5.5%, against -0.3% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 10.0% over the last twelve months (peer median +3.1%); the operating margin is 27.4% (peer median 23.2%).
Valuation It trades at 20.3× forward earnings against a peer median of 14.9× (4th most expensive of 21).
Capital Return on invested capital runs 1.6 points below its cost of capital (6.6% WACC).
Credit NiSource has 25 bonds outstanding ($17.1B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 87 bp.
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.96B | $6.64B | $5.46B | $5.51B | $5.85B |
| Revenue growth | — | +22% | -1% | -6% | — |
| Gross profit | $4.10B | $3.89B | $3.28B | $3.06B | $2.92B |
| EBITDA | $3.21B | $3.00B | $2.51B | $2.21B | $1.98B |
| Net income | $937M | $927M | $759M | $714M | $804M |
| Free cash flow | -$1.57B | -$420M | -$832M | -$711M | -$807M |
| Capital expenditure | $3.95B | $2.78B | $2.61B | $2.65B | $2.20B |
| Total debt | $18.3B | $16.2B | $14.0B | $14.2B | $11.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NiSource NI | $21.2B | -6% | +10% | 27% | 20.3× | n/a |
| Atmos Energy ATO | $29.3B | -4% | +6% | 37% | 19.3× | n/a |
| Black Hills BKH | $6.47B | +13% | +3% | 24% | 18.2× | n/a |
| CenterPoint Energy CNP | $27.0B | -2% | +8% | 24% | 19.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.9% | +3.9% | 6th highest of 21 |
| 6-month return | -5.5% | -0.3% | 7th lowest of 21 |
| Distance from 52-week high | -10.3% | -10.2% | 11th highest of 21 |
| Revenue growth (TTM) | +10.0% | +3.1% | 3rd highest of 21 |
| Operating margin | 27.4% | 23.2% | 7th highest of 20 |
| Forward P/E | 20.3× | 14.9× | 4th most expensive of 21 |
| ROIC minus cost of capital | -1.6 pp | +0.0 pp | 4th lowest of 20 |
| EV / EBITDA | 13.0× | 11.9× | 7th most expensive of 18 |
| Net debt / EBITDA | 5.7× | 4.5× | 6th most indebted of 18 |
| Bond spread | 87 bp | 84 bp | 4th widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NiSource NI | United States | $21.2B | -6% | +10% | 27% | 20.3× | n/a | n/a |
| Snam SRG.MI | Italy | $23.3B | -2% | +9% | 46% | 14.5× | 9.3% | +6.9% |
| HK & China Gas 0003.HK | Hong Kong | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% | +5.8% |
| Cheniere Energy Partners, L.P CQP | United States | $27.8B | -8% | +13% | 33% | 12.0× | -13.4% | +12.7% |
| Atmos Energy ATO | United States | $29.3B | -4% | +6% | 37% | 19.3× | n/a | n/a |
| Naturgy Energy NTGY.MC | Spain | $31.8B | +8% | +5% | 18% | 13.1× | -7.4% | +4.9% |
| Osaka Gas 9532.T | Japan | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% | +8.3% |
| Tokyo Gas 9531.T | Japan | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% | +9.9% |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| Sempra SRE | United States | $51.1B | -14% | +1% | 25% | 15.2× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
NiSource has 25 bonds outstanding with $17.1B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.75%, a spread of 87 bp over government bonds.