NiSource (NI) Stock Analysis

November 11, 2026

This is a peer-relative look at NiSource (NI): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Utilities peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for NiSource (NI)
Profile Item	NI
Name	NiSource Inc.
Country/Region	United States
GICS Sector	Utilities
GICS Industry Group	Utilities
GICS Industry	Multi-Utilities
GICS Sub-Industry	Multi-Utilities
Market Capitalization	21.18 billion USD
Currency	USD
Exchange	NYSE
Listing Date	February 21, 1973
Security Type	Common Stock

Price Performance

Cumulative Growth

GSPC

NiSource (NI) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for NiSource (NI) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for NiSource (NI) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

NiSource (NI) metric values compared with Utilities industry-group medians
Metric	Current stock: NI	Industry group median
Total Return (1Y)	6.11%	5.85%
Total Return (3Y, Annualized)	25.66%	15.48%
Total Return (5Y, Annualized)	16.11%	8.14%

Risk Profile

Drawdown History

GSPC

NiSource (NI) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for NiSource (NI) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

NiSource (NI) metric values compared with Utilities industry-group medians
Metric	Current stock: NI	Industry group median
Volatility (1Y, Annualized)	18.23%	22.23%
Beta (5Y)	0.53	0.53
Max Drawdown (5Y)	-24.76%	-36.85%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. NI is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

NiSource (NI) metric values compared with Utilities industry-group medians
Metric	Current stock: NI	Industry group median
Sharpe Ratio (1Y)	0.10	0.08
Sortino Ratio (1Y)	0.14	0.12

Profitability

ROE (TTM)

NiSource (NI) posts ROE of 8.71%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

NI

Utilities industry group

8.71%

Group distribution

Max: 17.99%
Q3: 12.01%
Median: 9.44%
NI: 8.71%
Q1: 7.56%
Min: 2.17%

Largest peers

CEG: 15.06%
NEE: 14.06%
SO: 11.90%
AEP: 10.60%
NGG: 10.31%
DUK: 10.10%
NI: 8.71%

Where NiSource (NI) stands on ROE within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

NiSource (NI) keeps 13.51% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

NI

Utilities industry group

13.51%

Group distribution

Max: 28.78%
Q3: 17.30%
NI: 13.51%
Median: 12.73%
Q1: 9.18%
Min: -0.20%

Largest peers

NEE: 40.37%
NGG: 21.15%
DUK: 16.16%
SO: 16.00%
AEP: 14.21%
NI: 13.51%
CEG: 11.08%

Where NiSource (NI) stands on net margin within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

NiSource (NI) turns 25.20% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

NI

Utilities industry group

25.20%

Group distribution

Max: 53.83%
Q3: 31.12%
NI: 25.20%
Median: 23.62%
Q1: 15.45%
Min: -4.90%

Largest peers

SO: 36.92%
NEE: 33.00%
DUK: 30.03%
NGG: 28.64%
AEP: 26.89%
NI: 25.20%
CEG: 8.66%

Where NiSource (NI) stands on operating margin within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

NiSource (NI) metric values compared with Utilities industry-group medians
Metric	Current stock: NI	Industry group median
ROE (TTM)	8.71%	9.44%
ROA (TTM)	3.25%	3.08%
Net Margin (TTM)	13.51%	12.73%
Operating Margin (TTM)	25.20%	23.62%
Gross Margin (TTM)	50.92%	44.03%

Growth

Revenue Growth

NiSource (NI) grew revenue 21.76%, in the upper peer quartile. The top line is expanding faster than at most industry peers, which points to share gains or stronger pricing.

NiSource (NI): Revenue Growth across different time periods, set against Utilities industry-group medians.

EPS Growth

NiSource (NI) grew earnings per share 20.37%, in the upper peer quartile. Per-share profits are compounding faster than at most industry peers.

NiSource (NI): EPS Growth across different time periods, set against Utilities industry-group medians.

Growth Metrics

NiSource (NI) metric values compared with Utilities industry-group medians
Metric	Current stock: NI	Industry group median
Revenue Growth (YoY)	21.76%	8.45%
Revenue Growth (3Y CAGR)	4.32%	3.87%
EPS Growth (YoY)	20.37%	3.93%
EPS Growth (3Y CAGR)	4.68%	5.25%

Financial Strength

Current Ratio (MRQ)

NiSource (NI) has current ratio of 0.50, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

NI

Utilities industry group

0.50

Group distribution

Max: 1.90
Q3: 1.17
Median: 0.88
Q1: 0.66
NI: 0.50
Min: 0.29

Largest peers

CEG: 1.46
SO: 0.84
DUK: 0.68
NGG: 0.62
NEE: 0.53
AEP: 0.51
NI: 0.50

Where NiSource (NI) stands on current ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

NiSource (NI) has debt-to-equity ratio of 1.53, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

NI

Utilities industry group

1.53

Group distribution

Max: 2.63
Q3: 1.77
NI: 1.53
Median: 1.35
Q1: 0.84
Min: 0.00

Largest peers

SO: 1.68
DUK: 1.63
AEP: 1.62
NEE: 1.53
NI: 1.53
NGG: 1.32
CEG: 0.76

Where NiSource (NI) stands on debt-to-equity ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

NiSource (NI) metric values compared with Utilities industry-group medians
Metric	Current stock: NI	Industry group median
Current Ratio (MRQ)	0.50	0.88
Debt / Equity (MRQ)	1.53	1.35
Net Debt / EBITDA	5.87	5.31

Dividends

Dividend Yield (TTM)

NiSource (NI) has dividend yield of 0.68%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

NI

Utilities industry group

0.68%

Group distribution

Max: 6.66%
Q3: 3.58%
Median: 2.85%
NI: 0.68%
Q1: 0.66%
Min: 0.00%

Largest peers

DUK: 3.29%
SO: 3.21%
AEP: 3.00%
NEE: 2.76%
CEG: 0.68%
NI: 0.68%
NGG: 0.57%

Where NiSource (NI) stands on dividend yield within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

NiSource (NI) has payout ratio of 60.51%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

NI

Utilities industry group

60.51%

Group distribution

Max: 113.04%
Q3: 68.72%
NI: 60.51%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

Largest peers

NGG: 71.97%
SO: 68.49%
DUK: 62.76%
AEP: 62.09%
NI: 60.51%
NEE: 43.89%
CEG: 15.92%

Where NiSource (NI) stands on payout ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

NiSource (NI) metric values compared with Utilities industry-group medians
Metric	Current stock: NI	Industry group median
Dividend Yield (TTM)	0.68%	2.85%
Dividend Payout Ratio (TTM)	60.51%	56.38%

Valuation

P/E Ratio (TTM)

NiSource (NI) trades at P/E ratio of 22.64, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

NI

Utilities industry group

22.64

Group distribution

Max: 31.22
Q3: 23.30
NI: 22.64
Median: 19.64
Q1: 15.17
Min: 3.34

Largest peers

CEG: 24.43
NI: 22.64
SO: 21.08
AEP: 20.67
DUK: 18.74
NEE: 15.67
NGG: 15.54

Where NiSource (NI) stands on P/E ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

NiSource (NI) trades at 3.04 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

NI

Utilities industry group

3.04

Group distribution

Max: 6.35
Q3: 3.63
NI: 3.04
Median: 2.63
Q1: 1.52
Min: 0.00

Largest peers

NEE: 6.33
NGG: 4.46
SO: 3.45
NI: 3.04
DUK: 2.99
AEP: 2.92
CEG: 2.83

Where NiSource (NI) stands on P/S ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

NiSource (NI) trades at 2.21 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

NI

Utilities industry group

2.21

Group distribution

Max: 3.12
Q3: 2.21
NI: 2.21
Median: 1.83
Q1: 1.46
Min: 0.34

Largest peers

NGG: 9.36
NEE: 2.97
CEG: 2.78
SO: 2.56
NI: 2.21
AEP: 2.10
DUK: 1.83

Where NiSource (NI) stands on P/B ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

NiSource (NI) metric values compared with Utilities industry-group medians
Metric	Current stock: NI	Industry group median
P/E Ratio (TTM)	22.64	19.64
P/S Ratio (TTM)	3.04	2.63
P/B Ratio (MRQ)	2.21	1.83
Free Cash Flow Yield (TTM)	-10.51%	-7.11%