Is NiSource (NI) overvalued or fairly valued?

MarketChacha shows NiSource's valuation in context — a trailing P/E of about 26.4, a forward P/E of about 18.4, a price-to-book of about 2.1 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does NiSource's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (2.53×) from reported figures — education, not a rating.

What is NiSource's revenue?

NiSource reported revenue of $6.5B for FY2025, with net profit of $929.5M, per official filings.

What is the share price of NiSource (NI)?

NiSource last traded at $41.39 (-0.6% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

NiSource

NI · NYSE · Utilities · United States

Snapshot

TickerNI

ExchangeNYSE

SectorUtilities

IndustryUtilities - Regulated Gas

CountryUnited States

Employees7,668

HeadquartersMerrillville, United States

Websitewww.nisource.com

Filings tracked16

About NiSource

NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Columbia Operations and NIPSCO Operations. The company provides natural gas to residential, commercial, and industrial customers through approximately 37,300 miles of distribution main pipeline and the associated individual customer service lines; and 310 miles of transmission main pipeline in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. It also generates, transmits, and distributes electricity to approximately 0.5 million customers in various counties in the northern part of Indiana, as well as engages in wholesale electric and transmission transactions. It owns and operates steam coal generating stations in Wheatfield and Michigan City; combined cycle gas turbine in West Terre Haute; natural gas generating units in Wheatfield; hydro generating plants in Carroll County and White County; wind generating units in White County; and solar generating units in Sullivan County, Gibson County, Jasper County, and White County. The company was formerly known as NIPSCO Industries, Inc. and changed its name to NiSource Inc. in April 1999. NiSource Inc. was founded in 1847 and is headquartered in Merrillville, Indiana.

Who owns it

Insiders0.3%
Institutions98.2%
Public & other1.5%

1,237 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.11.46%
Vanguard Capital Management LLC6.54%
T. Rowe Price Investment Management, Inc.6.22%
State Street Corporation5.76%
Vanguard Portfolio Management LLC5.64%
Geode Capital Management, LLC2.69%
Deutsche Bank AG2.52%
FMR, LLC2.12%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion2.53×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend13.4% → 14.3%

Margin has held broadly steady over the period — stable profitability.

Growth qualityrev 10% · PAT 14%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $2.0B · EPS 0.62

Est. earnings growth +21.6%

Next fiscal year

Rev $7.7B · EPS 2.25

Est. earnings growth +9.8%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$6.5B

Net margin

14.3%

ROE

9.8%

Revenue CAGR (2y)

+10.4%

Profit CAGR (2y)

+14.1%

EPS (FY2025)

1.95

Net profit (FY2025)

$929.5M

Ask MarketChacha about NI

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$6.5B	$929.5M	1.95	14.3%	9.8%
FY2024	$5.3B	$760.4M	1.62	14.4%	8.8%
FY2023	$5.3B	$714.3M	1.48	13.4%	8.6%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$1.3B	$45.5M	0.09	3.5%
2026Q1	$2.3B	$507.1M	1.06	21.8%
2025Q4	$6.5B	—	—	—
2025Q3	$1.2B	$94.7M	0.20	7.6%
2025Q2	$1.2B	$102.2M	0.22	8.2%
2025Q1	$2.1B	$474.8M	1.00	22.1%
2024Q4	$5.3B	—	—	—
2024Q3	$1.0B	$85.7M	0.19	8.2%
2024Q2	$1.1B	$85.8M	0.19	8.1%
2024Q1	$1.6B	$365.0M	0.77	22.2%
2023Q3	$1.0B	$85.1M	0.17	8.5%
2023Q2	$1.1B	$58.8M	0.09	5.5%
2023Q1	$1.9B	$333.0M	0.71	17.6%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Results of operations, Exhibits
SEC8/5/2026material
10-Q filing
SEC8/5/2026
8-K — Other events, Exhibits
SEC5/18/2026material
8-K — Shareholder vote results, Exhibits
SEC5/12/2026material
8-K — Results of operations, Exhibits
SEC5/6/2026material
10-Q filing
SEC5/6/2026
8-K — Results of operations, Exhibits
SEC2/11/2026material
10-K filing
SEC2/11/2026

2025

8-K — Material agreement, Material financial obligation, Exhibits
SEC12/11/2025material
8-K — Other events, Exhibits
SEC11/7/2025material
8-K — Material agreement, Other events, Exhibits
SEC10/31/2025material
8-K — Results of operations, Exhibits
SEC10/29/2025material
10-Q filing
SEC10/29/2025
8-K — Reg FD disclosure, Exhibits
SEC9/22/2025material
8-K — Results of operations, Exhibits
SEC8/6/2025material
10-Q filing
SEC8/6/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.