Reading the tape
NYSE: NI
NiSource Inc.
Utilities · Regulated Gas
Market Cap
$23.03B
52w High
$48.98
52w Low
$37.22
P/E
24.48
Volume
118.46K
Outstanding Shares
478.53M
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 22.31%Revenue (TTM): 21.76%FCF (TTM): 51.25%P/E: 64th pct
What changed
The stock rose 22.31% over the last year. Revenue grew 21.76% over the trailing twelve months. Operating margin moved from 26.68% to 27.63%. Free cash flow grew 51.25% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/E range (64th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 27.63% — continued expansion would be needed to justify the premium. Revenue growth of 21.76% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States.
CEOLloyd Yates
SectorUtilities
IndustryRegulated Gas
Employees7,687
IPO dateDec 16, 1962
Valuation
Forward P/E—
EV/EBITDA11.94
Enterprise value$35.85B
Stock splits
Jul 2, 2015↑ Forward
Every 200 shares became 509
Feb 23, 1998↑ Forward
Every 1 shares became 2
Profitability & growth
Revenue growth19.85%
Gross margin52.95%▲13.79%vs FY2024
Operating margin27.63%▲3.56%vs FY2024
ROE9.84%▲12.33%vs FY2024
Analyst consensus
RatingBuy
Target price$49.80▲3.48%
16
Buy
6
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 6, 2026
Q2 FY26 · EPS est $1.06 · Revenue est $2.52B
View
Dividends
$1.16/shareQuarterlyDividend Achiever · 12yrAt RiskNI pays a dividend with a 2.41% dividend yield, 12 consecutive years of growth, growing at 6.17% annually, covered -0.8× by free cash flow.
Dividend Yield
2.41%
Annual Div / Share
$1.16
5yr CAGR
+6.17%
Doubles every ~11.6yr
Payout Ratio
57.06%
At Risk
Dividend Growth Rate
3yr CAGR
+6.14%
5yr CAGR
+6.17%
10yr CAGR
+6.46%
Dividend Safety
4/10At Risk
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$1.16+6.4%
2025$1.09+5.8%
2024$1.03+6.2%
2023$0.97+6.6%
2022$0.91+5.8%
2021$0.86+4.9%
2020$0.82+3.8%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$24/yr
$2/mo
In 5 yrs
$33/yr+35%
$3/mo
In 10 yrs
$44/yr+82%
$4/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$24/yr $2/mo | $33/yr+35% $3/mo | $44/yr+82% $4/mo |
Yield-on-cost grows from 2.41% → 4.39% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
NI has raised its dividend for 12 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Strong dividend growth rate
The 5-year CAGR of 6.17% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only -0.79× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.