NiSource Inc.
NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc…
$42.99
+$0.23 (+0.54%)
EOD Oct 21, 2026
28.43% operating margin is above average. ROIC at 6.68%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 23.1%, still solid.
Negative free cash flow of -$420M. The business is consuming cash, not generating it.
22.9x earnings. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$11.37B
▲ +23.1% YoY
Net Income (TTM)
$905M
▲ +22.2% YoY
Op. Margin
16.35%
▲ +0.7pp YoY
ROIC
6.48%
▲ +1.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1.09B
▲ +49.5% YoY
Op. Cash Flow (TTM)
$2.30B
▲ +32.6% YoY
Net Debt
$17.33B
Cash & Equiv.
$70M
5Y CAGR: +7.9%
Continue Research
SourceComputed from the 10-Q filed 29 Jul 2026, covering the period ending 30 Jun 2026, as reported to the SEC. Data last refreshed 26 Sept 2026. How this is calculated.
Price from market data, last close as of 21 Oct 2026. Fiscal year ends Dec. Sector medians are approximate S&P 500 benchmarks and update periodically.
Is NiSource (NI) overvalued?
At a P/E of 22.9, NiSource (NI)'s valuation is best read against its own history, its peers, and the growth its price implies. A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, NiSource scores 23/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 2.7%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
Is NiSource a high-quality business?+
NiSource scores 23 out of 100 on Intrinsiqq's quality score, a weighted blend of 7 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 16.4% operating margin and a 6.5% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Does NiSource (NI) pay a dividend, and how much?+
Yes, NiSource pays a regular dividend of about $1.16 per share per year (typically in quarterly installments), a yield of roughly 2.7% at the current price. That is a payout ratio of about 61.8% of earnings, so the dividend is well covered. NiSource has grown the dividend at roughly 11.3% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For NI's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is NiSource a good stock to buy right now?+
That depends on valuation and quality together, not either alone. you should weigh NI's valuation and scores 23/100 on quality (lower-quality). It also yields about 2.7%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.
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Spot a number that looks wrong? Check it in NI's SEC filings or
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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