NiSource Inc. (NI) AI Stock Analysis

NiSource Inc. is an energy holding company operating regulated natural gas and electric utilities across the United States. Its Gas Distribution Operations segment delivers natural gas to approximately 853,000 customers in northern Indiana and over 2.4 million customers across Ohio, Pennsylvania, Virginia, Kentucky, and Maryland via 54,600 miles of distribution mains and 1,000 miles of transmission pipelines. The Electric Operations segment generates, transmits, and distributes electricity to roughly 483,000 customers in northern Indiana and executes wholesale power sales. Generation assets include coal-fired stations, combined cycle gas turbines, natural gas units, hydroelectric plants, and wind farms.

Between FY2020 and FY2025, NiSource generated a 5-year revenue compound annual growth rate of 7.2%. Annual revenue rose 21.8% to $6.64B in FY2025 from $5.46B in FY2024, rebounding from a 0.9% contraction in FY2024 and a 5.9% decline in FY2023. Operating margin reached 27.6% in FY2025, up from 20.6% in FY2021, and net income grew to $929.5M. Over the trailing twelve months, revenue was $6.88B with an operating margin of 17.2% and EPS of $1.88. For the latest quarter ended June 30, 2026, revenue increased 4.6% year-over-year, while quarterly earnings declined 58.4%.

As of June 30, 2026, NiSource held $70.0M in cash and short-term investments against $17.57B in total debt, creating net debt of $17.50B. Total assets stood at $37.54B and shareholders' equity was $9.57B, resulting in a debt-to-equity ratio of 1.83 and a current ratio of 0.50. In FY2025, operating cash flow was $2.36B, while capital expenditures of $2.78B caused free cash flow of -$420.0M. NiSource distributed $530.4M in dividends and raised $312.1M via share issuances in FY2025, with share count increasing 11.8% over five years.

NiSource carries a trailing P/E of 22.7x and a forward P/E of 17.4x, trading above the median of its S&P 500 Utilities peers, which stand at 20.9x and 16.0x, respectively. Its price-to-sales of 3.0x is slightly above the peer median of 2.9x, while its EV/EBITDA of 11.3x is below the peer median of 12.2x. Over the past year, NiSource returned 1.4%, trailing the S&P 500's return of 16.8%. Over a 5-year period, NiSource gained 101.8%, outperforming the S&P 500's 83.0%.

NiSource pays a quarterly dividend with an annualized forward rate of $1.20 per share, offering a dividend yield of 2.81%. The dividend payout ratio is 62.5%, and the company has paid dividends for 40 consecutive years. Over the last five years, the dividend grew at an annualized rate of 5.9%. The last ex-dividend date was October 30, 2026.

Wall Street analysts hold 9 Strong Buy, 4 Buy, and 3 Hold ratings on NiSource, with zero Sell or Strong Sell recommendations. The mean price target is $48.33, implying an upside of 13.2% above the last close of $42.68. For the fiscal year ending December 31, 2026, consensus estimates project EPS of $2.05 on revenue of $7.22B. For the following fiscal year, 16 analysts forecast EPS of $2.25 on $7.65B in revenue. NiSource beat EPS estimates in 3 of the last 4 quarters, with next earnings scheduled for October 28, 2026.

This page is an AI-written research summary of NiSource Inc. (NI). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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