At a glance
NiSource Inc is worth $21.52B, about 23 times its fiscal 2025 earnings. Revenue grew 23.5% to $6.52B in fiscal 2025, with 14.3% kept as profit; over 5 years it has grown 7.8% a year. It pays a 2.67% dividend yield, raised every year for at least 9 years, and returned $2.15B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +9.4% over the past year with dividends reinvested and +16.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.6% in the 2020 crash (S&P 500: 33.7%) and 24.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months and 21 months after the lows.
The business in plain English
NiSource is a holding company that owns regulated natural gas and electric utilities serving about 3.8 million customers in six states. "Regulated" means regulators approve the rates it charges. Those rates are generally set to cover its costs and give it a return on the pipes, wires and power plants it builds. Substantially all of NiSource's revenue and earnings come from these utilities.
It reports two segments of nearly equal size. Columbia Operations delivers natural gas to about 2.4 million homes and businesses in Ohio, Pennsylvania, Virginia, Kentucky and Maryland through roughly 37,300 miles of distribution pipeline. It brought in $3.32 billion, or 51% of NiSource's $6.52 billion in revenue for fiscal 2025, which ended December 31, 2025. NIPSCO Operations in northern Indiana provides gas to about 0.9 million customers and electricity to about 0.5 million, accounting for the other 49%. Gas revenue is heaviest in the October-to-May heating season.
NIPSCO's own coal, natural gas, hydro, wind and solar plants met 55.4% of its electricity demand in 2025. The rest came through long-term supply contracts and MISO, the nonprofit that runs the regional wholesale power market. In September 2025 NiSource signed a contract to serve a data center customer, called ADS, with power from new generation to be developed by its GenCo subsidiary.
Price history
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NI +9.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Columbia Operations | $3.32B | 51% |
| NIPSCO Operations | $3.20B | 49% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.30B, up 4.7% from a year earlier, and net income was $129.5M (+36.7%).
- For fiscal 2025, revenue was $6.52B (+23.5% year over year; +7.8% a year from FY2020 to FY2025) with a 14.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.8% good |
|---|---|
| Operating margin | 28.1% good |
| Free cash flow margin | -6.4% weak |
| Return on equity (FY2025) | 9.8% watch |
| Return on assets (FY2025) | 2.6% weak |
| Net cash (cash minus debt) | $-18.04B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.47B | $-17.6M | $-654.1M |
| FY2021 | $4.73B | $584.9M | $-620.1M |
| FY2022 | $5.74B | $804.1M | $-793.7M |
| FY2023 | $5.35B | $714.3M | $-710.7M |
| FY2024 | $5.28B | $760.4M | $-832.5M |
| FY2025 | $6.52B | $929.5M | $-420.0M |
Valuation snapshot
| Market value | $21.52B |
|---|---|
| P/E ratio | 23 |
| Dividend yield | 2.67% |
Rank among 1514 US companies
Market value at each year end
NiSource’s market value went from $7.15B at the end of 2016 to $21.52B on Nov 2, 2026, about 3.0 times as much; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $21.52B | +8.0% |
| 2025 | $19.93B | +16.1% |
| 2024 | $17.16B | +56.3% |
| 2023 | $10.98B | -1.4% |
| 2022 | $11.14B | +2.7% |
| 2021 | $10.84B | +23.3% |
| 2020 | $8.79B | -15.5% |
| 2019 | $10.40B | +12.9% |
| 2018 | $9.21B | +6.5% |
| 2017 | $8.65B | +21.0% |
| 2016 | $7.15B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NI price data to Nov 2, 2026 | +10.3% | +9.4% | +24.0% | +16.3% | +10.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.3% |
| 2025 | +16.8% |
| 2024 | +43.6% |
| 2023 | +0.5% |
| 2022 | +2.7% |
| 2021 | +24.8% |
| 2020 | -14.9% |
| 2019 | +13.0% |
| 2018 | +2.0% |
| 2017 | +19.4% |
| 2016 | +16.8% |
| 2015 | +24.3% |
| 2014 | +32.6% |
| 2013 | +36.5% |
| 2012 | +8.4% |
| 2011 | +41.4% |
| 2010 | +21.3% |
| 2009 | +51.5% |
| 2008 | -38.6% |
| 2007 | -18.2% |
| 2006 | +18.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.9% over that stretch · deepest drop along the way 58.5%, back to its old high 17.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.5% over that stretch · deepest drop along the way 30.6%, back to its old high 21.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.9% over that stretch · deepest drop along the way 24.3%, back to its old high 21 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 6 sales ($3.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 14, 2026 | Melody Birmingham EVP & Grp President, Utilities | sell | $1.6M |
| May 21, 2026 | Lloyd M Yates Director and President & CEO, Director | sell | $950K |
| May 22, 2026 | Melanie B. Berman EVP Administration & CHRO | sell | $715K |
| May 14, 2026 | Melody Birmingham EVP & Grp President, Utilities | sell | $472K |
| May 20, 2026 | Melody Birmingham EVP & Grp President, Utilities | sell | $119K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.55% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 6.2% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.64% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Mar 31, 2025 |
ETFs with the most weight in NI
| PJFV PGIM Jennison Focused Value ETF | 5.75% |
| PJFM PGIM Jennison Focused Mid-Cap ETF | 5.41% |
| UTES Virtus Reaves Utilities ETF | 5.29% |
| TPYP Tortoise North American Pipeline Fund | 4.09% |
| SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF | 4.06% |
| PUI Invesco Dorsey Wright Utilities Momentum ETF | 3.92% |
| AIVL WisdomTree U.S. AI Enhanced Value Fund | 3.11% |
| TSME Thrivent Small-Mid Cap Equity ETF | 1.89% |
What could go wrong
- Heavy reliance on one data center customer. The ADS contract ties a major growth project to a single customer. Its returns work differently from regular utility rates, and the company says it limits near-term strategic and financial flexibility.
- Construction risk on new data center plants. Its GenCo subsidiary must build new power plants to serve ADS. Delays, cost overruns or performance problems could cut returns and require significant extra financing, which may not come on favorable terms.
- Coal retirements and new plants could slip. NIPSCO is replacing coal units with gas, wind, solar and storage. In December 2025 a federal emergency order kept its R.M. Schahfer coal plant running past its planned retirement, showing how plans can change.
- Large debt and ongoing need for capital. Debt totaled about $18.3 billion versus $224 million in cash and investments as of September 30, 2026. Spending on pipes and plants exceeded operating cash flow every year from 2020 through 2025.
- Regulators decide what it can charge. Most revenue is set through regulatory rate reviews. If regulators approve smaller increases than requested or refuse to let it recover some costs, earnings and cash flow suffer.
- Gas pipeline hazards and aging infrastructure. Delivering gas and power carries public safety hazards such as leaks, fires and explosions. Aging pipes and equipment can cause disruptions and raise maintenance costs, and insurance may not cover every significant loss.
Recent events
- Quarterly results released
- New debt or financial obligation
- Other company announcement
- Quarterly results released
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
For income and retirement investors
NiSource has raised its dividend at least nine straight years, through fiscal 2025, and the streak may be longer. Dividends per share grew from $0.84 in 2020 to $1.12 in 2025, about 5.9% a year; dividends paid took 57.1% of 2025 earnings. The yield was 2.69% as of October 28, 2026. Free cash flow, the cash left after capital spending, was negative every year from 2020 to 2025, so the dividend was not covered by internally generated cash. There were no buybacks (share repurchases) from 2021 to 2025, and the share count rose about 22% between October 2021 and October 2026.
In past downturns the shares fell about 59% in the 2008 financial crisis, regaining their prior high in August 2010; about 31% in the 2020 COVID crash, regaining it in January 2022; and 24% from April to October 2022, regaining it in July 2024. Any single stock, even a regulated utility, carries more risk than a diversified fund.
Questions investors ask
How does NiSource make money?
NiSource makes money by delivering natural gas and electricity at prices set by regulators. Substantially all of its revenue and earnings come from regulated utilities serving about 3.8 million customers in six states. In fiscal 2025, Columbia Operations, a gas business in Ohio, Pennsylvania, Virginia, Kentucky and Maryland, produced 51% of its $6.52 billion in revenue. NIPSCO Operations, which provides gas and electricity in northern Indiana, produced the other 49%. Growth depends largely on investing in pipes, wires and power plants and winning approval to charge customers for them.
Does NiSource raise its dividend every year?
Yes. NiSource has raised its dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $0.84 in 2020 to $1.12 in 2025, about 5.9% a year. Dividends paid took 57.1% of 2025 earnings, and the yield was 2.69% as of October 28, 2026. One caution: capital spending exceeded operating cash flow every year from 2020 to 2025, so the dividend was not covered by internally generated cash.
What is NiSource's data center deal?
It is the ADS Contract, signed in September 2025. Under this customized agreement NIPSCO, NiSource's northern Indiana utility, will supply electricity to a data center customer called ADS. NIPSCO will obtain that power from GenCo, a NiSource subsidiary that will develop the related generation. The deal offers growth opportunities, but the company flags real risks: dependence on one customer, possible construction delays and cost overruns, a need for significant additional financing, and returns that work differently from its traditional regulated business.
How much debt does NiSource have?
NiSource had about $18.3 billion of total debt as of September 30, 2026. That compares with $224 million in cash and investments and about $9.6 billion of shareholders' equity. Utilities often borrow heavily to build long-lived pipes and power plants, and NiSource's capital spending exceeded its operating cash flow every year from 2020 to 2025. The company warns that a credit rating downgrade could hurt its cash flow and liquidity (access to cash). It also says the data center build-out will require significant additional financing.
What is NiSource's P/E ratio and dividend yield?
NiSource's price-to-earnings (P/E) ratio was about 22.5 and its dividend yield was 2.69% as of October 28, 2026, using fiscal 2025 earnings of $1.95 per share. The P/E shows how many dollars investors pay for each dollar of yearly profit. Its market value was about $21.0 billion. Over the five years to that date the stock returned an average of about 15.7% a year, and about 3.8% over the latest year.