NiSource Inc. (NI) Stock

NiSource Inc. (NI) is a Utilities stock trading at $40.63 (as of 2026-08-21), with a market capitalization of $19.48B and a trailing P/E of 14.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

NiSource Inc. is a U.S. energy holding company that provides regulated natural gas service and electricity generation, transmission, and distribution. It operates through gas distribution and electric operations segments, serving residential, commercial, and industrial customers across multiple states and performing wholesale electric and transmission transactions.

Understand NiSource Inc.: how it makes money

NiSource runs regulated natural gas and electric distribution utilities in the United States, earning revenue by delivering gas and electricity to its customer base under regulatory rate frameworks.

Profit drivers are tied to regulatory rate outcomes, including approved or authorized revenue uplift for specific utilities and incremental revenue from higher rate-based investments, with items like weather normalization also affecting revenues.

Business quality (Solid): A regulated utility model where operating performance is closely linked to rate actions (approved or authorized changes) and regulated investment returns, which can bring stability but also adds regulatory and weather sensitivity.

Valuation: At 24× earnings, NI trades 11% above the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

Approved rate uplift is a direct operating driver: The latest period highlights “Indiana NIPSCO electric rate case revenue uplift (approved)” as a contributor to revenue changes.
Rate-based investments can translate into incremental revenue: “Incremental revenue from higher rate-based investments” is identified as an additional contributor.
Multiple utility jurisdictions are part of the model: NiSource distributes natural gas and operates electric utility operations across multiple states (northern Indiana, plus customers in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland), which can diversify demand within its regulated footprint.

Bear case

Regulatory authorizations matter: The identified revenue drivers are explicitly tied to approved or authorized actions, so outcomes could vary if future regulatory decisions differ from expectations.
Weather can affect revenue comparisons: “Weather normalization revenue impact (vs normal)” is called out, indicating that weather-related normalization can influence reported revenue changes.
Not all operating components show positive contribution in the provided drivers: Several listed revenue/earnings components are shown as 0.0 in the provided set of candidates, suggesting some items may not be meaningful drivers for the period.

Valuation — source: SEC EDGAR (first-party)
Price	$40.63
Market Cap	$19.48B
P/E Ratio	14.8
EV / EBITDA	5.5
Price / Book	1.64
Price / Sales	2.49
FCF Yield	-5.6%
DCF Value (model)	$64.82
DCF Upside vs Price	59.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$6.52B
Net Margin	14.3%
Revenue Growth (YoY)	3.4%
EPS Growth (YoY)	-54.5%
FCF Growth (YoY)	156.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.78 (distress)

Valuation vs Sector & Industry
Stock P/E	14.8
Sector P/E (Utilities)	20.8
Industry P/E (Utilities)	20.1
vs Sector	-29.0%
vs Industry	-26.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($2.61B)
Institutional Holders Tracked	10
Congressional Trades (recent)	5

Company
Sector	Utilities
Industry	Utilities
CEO	Lloyd Yates
Employees	7,687
Country	US
IPO Date	1962-12-16

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.