NI vs. SO: NiSource vs. Southern Company Stock Comparison

November 11, 2026

How do NiSource (NI) and Southern Company (SO) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

NiSource (NI) and Southern Company (SO) both fall under the Utilities industry group, but NI is classified in Multi-Utilities while SO is classified in Electric Utilities.

Company profile comparison for NiSource (NI) and Southern Company (SO)
Profile Item	NI	SO
Name	NiSource Inc.	The Southern Company
Country/Region	United States	United States
GICS Sector	Utilities	Utilities
GICS Industry Group	Utilities	Utilities
GICS Industry	Multi-Utilities	Electric Utilities
GICS Sub-Industry	Multi-Utilities	Electric Utilities
Market Capitalization	21.18 billion USD	107.51 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	February 21, 1973	December 31, 1981
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

GSPC

NiSource (NI) vs. Southern Company (SO), with S&P 500 (GSPC) for reference: 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 Southern Company (SO). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for NiSource (NI) and Southern Company (SO). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for NiSource (NI) and Southern Company (SO)
Metric	NI	SO
Total Return (1Y)	6.11%	6.21%
Total Return (3Y, Annualized)	25.66%	15.28%
Total Return (5Y, Annualized)	16.11%	12.24%

Risk Profile

Drawdown History

GSPC

NiSource (NI) vs. Southern Company (SO), with S&P 500 (GSPC) for reference: 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 Southern Company (SO). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for NiSource (NI) and Southern Company (SO)
Metric	NI	SO
Volatility (1Y, Annualized)	18.23%	17.95%
Beta (5Y)	0.53	0.30
Max Drawdown (5Y)	-24.76%	-23.28%
Avg. Volume (3M)	5.64M	6.19M

Risk-Adjusted Performance

Risk-Return Positioning

NI and SO are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for NiSource (NI) and Southern Company (SO)
Metric	NI	SO
Sharpe Ratio (1Y)	0.10	0.11
Sortino Ratio (1Y)	0.14	0.16

Profitability

ROE (TTM)

Both NiSource (NI) at 8.71% and Southern Company (SO) at 11.90% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

NI

Utilities industry group

8.71%

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

SO

Utilities industry group

11.90%

Max: 17.99%
Q3: 12.01%
SO: 11.90%
Median: 9.44%
Q1: 7.56%
Min: 2.17%

NiSource (NI) vs. Southern Company (SO): A comparison of their ROE against the Utilities industry group benchmark.

Net Margin (TTM)

Both NiSource (NI) at 13.51% and Southern Company (SO) at 16.00% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

NI

Utilities industry group

13.51%

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

SO

Utilities industry group

16.00%

Max: 28.78%
Q3: 17.30%
SO: 16.00%
Median: 12.73%
Q1: 9.18%
Min: -0.20%

NiSource (NI) vs. Southern Company (SO): A comparison of their net margin against the Utilities industry group benchmark.

Operating Margin (TTM)

Southern Company (SO) at 36.92% operates in the top operating margin quartile, ahead of NiSource (NI) at 25.20%, which runs around its industry’s norm.

NI

Utilities industry group

25.20%

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

SO

Utilities industry group

36.92%

Max: 53.83%
SO: 36.92%
Q3: 31.12%
Median: 23.62%
Q1: 15.45%
Min: -4.90%

NiSource (NI) vs. Southern Company (SO): A comparison of their operating margin against the Utilities industry group benchmark.

Profitability Metrics

Profitability metrics for NiSource (NI) and Southern Company (SO)
Metric	NI	SO
ROE (TTM)	8.71%	11.90%
ROA (TTM)	3.25%	3.36%
Net Margin (TTM)	13.51%	16.00%
Operating Margin (TTM)	25.20%	36.92%
Gross Margin (TTM)	50.92%	48.55%

Growth

Revenue Growth

NiSource (NI) at 21.76% sits in the top revenue growth quartile, while Southern Company (SO) at 10.59% is closer to the peer norm — faster top-line expansion for NI.

NiSource (NI) vs. Southern Company (SO): A comparison of their Revenue Growth across different time periods.

EPS Growth

NiSource (NI) at 20.37% sits in the top EPS growth quartile, while Southern Company (SO) at -1.75% is closer to the peer norm — faster per-share earnings growth for NI.

NiSource (NI) vs. Southern Company (SO): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for NiSource (NI) and Southern Company (SO)
Metric	NI	SO
Revenue Growth (YoY)	21.76%	10.59%
Revenue Growth (3Y CAGR)	4.32%	0.31%
EPS Growth (YoY)	20.37%	-1.75%
EPS Growth (3Y CAGR)	4.68%	6.34%

Financial Strength

Current Ratio (MRQ)

Southern Company (SO) at 0.84 keeps current ratio within its industry’s typical mid-range, while NiSource (NI) at 0.50 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for NI.

NI

Utilities industry group

0.50

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

SO

Utilities industry group

0.84

Max: 1.90
Q3: 1.17
Median: 0.88
SO: 0.84
Q1: 0.66
Min: 0.29

NiSource (NI) vs. Southern Company (SO): A comparison of their current ratio against the Utilities industry group benchmark.

Debt / Equity (MRQ)

Both NiSource (NI) at 1.53 and Southern Company (SO) at 1.68 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

NI

Utilities industry group

1.53

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

SO

Utilities industry group

1.68

Max: 2.63
Q3: 1.77
SO: 1.68
Median: 1.35
Q1: 0.84
Min: 0.00

NiSource (NI) vs. Southern Company (SO): A comparison of their debt-to-equity ratio against the Utilities industry group benchmark.

Financial Strength Metrics

Financial strength metrics for NiSource (NI) and Southern Company (SO)
Metric	NI	SO
Current Ratio (MRQ)	0.50	0.84
Debt / Equity (MRQ)	1.53	1.68
Net Debt / EBITDA	5.87	5.01

Dividends

Dividend Yield (TTM)

Both NiSource (NI) at 0.68% and Southern Company (SO) at 3.21% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.

NI

Utilities industry group

0.68%

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

SO

Utilities industry group

3.21%

Max: 6.66%
Q3: 3.58%
SO: 3.21%
Median: 2.85%
Q1: 0.66%
Min: 0.00%

NiSource (NI) vs. Southern Company (SO): A comparison of their dividend yield against the Utilities industry group benchmark.

Dividend Payout Ratio (TTM)

Both NiSource (NI) at 60.51% and Southern Company (SO) at 68.49% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.

NI

Utilities industry group

60.51%

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

SO

Utilities industry group

68.49%

Max: 113.04%
Q3: 68.72%
SO: 68.49%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

NiSource (NI) vs. Southern Company (SO): A comparison of their payout ratio against the Utilities industry group benchmark.

Dividend Metrics

Dividend metrics for NiSource (NI) and Southern Company (SO)
Metric	NI	SO
Dividend Yield (TTM)	0.68%	3.21%
Dividend Payout Ratio (TTM)	60.51%	68.49%

Valuation

P/E Ratio (TTM)

Both NiSource (NI) at 22.64 and Southern Company (SO) at 21.08 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

NI

Utilities industry group

22.64

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

SO

Utilities industry group

21.08

Max: 31.22
Q3: 23.30
SO: 21.08
Median: 19.64
Q1: 15.17
Min: 3.34

NiSource (NI) vs. Southern Company (SO): A comparison of their P/E ratio against the Utilities industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both NiSource (NI) at 3.04 and Southern Company (SO) at 3.45 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

NI

Utilities industry group

3.04

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

SO

Utilities industry group

3.45

Max: 6.35
Q3: 3.63
SO: 3.45
Median: 2.63
Q1: 1.52
Min: 0.00

NiSource (NI) vs. Southern Company (SO): A comparison of their P/S ratio against the Utilities industry group benchmark.

P/B Ratio (MRQ)

NiSource (NI) at 2.21 is valued about in line with its industry on P/B ratio, while Southern Company (SO) at 2.56 carries an above-peer premium to book — SO is pricier on assets.

NI

Utilities industry group

2.21

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

SO

Utilities industry group

2.56

Max: 3.12
SO: 2.56
Q3: 2.21
Median: 1.83
Q1: 1.46
Min: 0.34

NiSource (NI) vs. Southern Company (SO): A comparison of their P/B ratio against the Utilities industry group benchmark.

Valuation Metrics

Valuation metrics for NiSource (NI) and Southern Company (SO)
Metric	NI	SO
P/E Ratio (TTM)	22.64	21.08
P/S Ratio (TTM)	3.04	3.45
P/B Ratio (MRQ)	2.21	2.56
Free Cash Flow Yield (TTM)	-10.51%	-4.73%