# NiSource Inc. (NI)

> Source: Nexqual · https://nexqual.com/NI · data as of 2026-10-23 18:12 UTC · cite as "Nexqual, NiSource Inc. (NI), nexqual.com/NI" · informational, not investment advice.

**Price:** USD 43.17 (-1.19% today) · US market open, as of October 23, 2026 at 18:12 UTC; quotes may be delayed. Prev close 43.69 · day 43.13–43.81 · 52w 38.42–49.21 · market cap $20.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $11.4B, net income $905M (8.0% margin), free cash flow -$1.09B (SEC filings).
- Valuation: P/E 22.9x (avg 20.0x at the last 3 fiscal year-ends), EV/EBITDA 11.8x, net debt $16.2B.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $3.8M; 4 not under a Rule 10b5-1 plan ($3.8M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.06 on a 1–5 scale) (17 analysts), mean target USD 48.09 (range 43–52).
- Total return with dividends: 1Y +1.0% vs S&P 500 +14.5%; 5Y +104.0% vs S&P 500 +77.1%.
- Next earnings: 2026-10-28, EPS estimate USD 0.23, revenue estimate $1.41B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.73B | $5.74B | $5.35B | $5.28B | $6.52B | $11.4B |
| Operating income | $1.01B | $1.27B | $1.30B | $1.46B | $1.84B | $1.86B |
| Net income | $585M | $804M | $714M | $760M | $930M | $905M |
| EPS (diluted) | $1.27 | $1.70 | $1.48 | $1.62 | $1.95 | — |
| Free cash flow | -$620M | -$794M | -$711M | -$833M | -$420M | -$1.09B |
| Operating margin | 21.3% | 22.1% | 24.2% | 27.6% | 28.1% | 16.4% |
| Net margin | 12.4% | 14.0% | 13.4% | 14.4% | 14.3% | 8.0% |
| Revenue growth | +5.8% | +21.3% | -6.8% | -1.2% | +23.5% | — |
| Cash + short-term investments | $84.2M | $40.8M | $2.25B | $157M | $110M | — |
| Total debt | $9.74B | $11.3B | $11.1B | $13.4B | $15.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.9x · P/S 1.8x · EV/EBITDA 11.8x · EV/Sales 3.3x · P/B 2.2x · FCF yield -5.25% · Earnings yield 4.37% · Dividend yield (paid, TTM) 2.70% · Net debt $16.2B · EV $36.9B
P/E at fiscal year-ends: Dec 2025 21.3x, Dec 2024 22.0x, Dec 2023 16.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Birmingham Melody | EVP & Grp President, Utilities | 37,509 | $1.6M | 32.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Berman Melanie B. | EVP Administration & CHRO | 15,000 | $715K | 29.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-21 | Yates Lloyd M | Director and President & CEO | 19,905 | $950K | 3.7% | No | Too little history (no open-market trades in 2024) |
| 2026-05-14…2026-05-20 | Birmingham Melody | EVP & Grp President, Utilities | 12,500 | $590K | 9.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.06 on a 1–5 scale), 17 analysts; mean target USD 48.09 (low 43, high 52).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Buy | $49.5 |
| 2026-10-20 | JP Morgan | Target lowered | Overweight | $52 → $51 |
| 2026-10-19 | Barclays | Target lowered | Overweight | $45 → $44 |
| 2026-10-19 | BMO Capital | Target raised | Outperform | $45 → $48 |
| 2026-10-14 | Citigroup | Target lowered | Neutral | $49 → $45 |
| 2026-10-13 | Keybanc | Target lowered | Overweight | $50 → $48 |
| 2026-09-29 | Scotiabank | Initiated | Sector Perform | $43 |
| 2026-09-28 | BMO Capital | Target lowered | Outperform | $49 → $45 |
| 2026-08-26 | Mizuho | Target lowered | Outperform | $50 → $48 |
| 2026-08-17 | Ladenburg Thalmann | Target lowered | Buy | $51.5 → $51 |
| 2026-08-07 | Barclays | Target lowered | Overweight | $51 → $45 |
| 2026-07-23 | Keybanc | Target lowered | Overweight | $52 → $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +1.0% | +104.0% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | +1.0% | +15.3% |
| Volatility (annualized) | 18.1% | 20.0% |
| Max drawdown | -20.0% (Jun 2026→Sep 2026) | -22.4% (Mar 2022→Oct 2022) |

## Peers (Utilities - Regulated Gas)
ATO (Atmos Energy Corporation) USD 172.35 -0.90% · UGI (UGI Corporation) USD 38.68 +0.18% · SWX (Southwest Gas Holdings, Inc.) USD 91.25 +0.19% · BKH (Black Hills Corporation) USD 79.29 -0.03% · NJR (NewJersey Resources Corporation) USD 53.01 -1.16% · SR (Spire Inc.) USD 84.84 -0.84%

## More
Full page: https://nexqual.com/NI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NI's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/1111711/000111171126000027/nix-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Amazon (AMZN) | "In September 2025, NIPSCO entered into an agreement with ADS, a wholly-owned subsidiary of Amazon.com, Inc., under which NIPSCO will provide electricity to ADS' data centers." |

Other companies that name NI in their own reports (relationship from NI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | WEC ENERGY GROUP, INC. (WEC) | 10-K 2026-02-20 | "NiSource is a public utility holding company whose operating subsidiaries provide natural gas and electric service to customers across Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| NIPSCO Operations | $704.7M | 54.6% | +7.7% | $120.4M | 17.1% |
| Columbia Operations | $584.8M | 45.4% | -1.3% | $103.3M | 17.7% |
| Corporate costs (not allocated) | — | — | — | $4.4M | — |
| Total revenue | $1.29B | 100% | — | $228.1M | 17.7% |

## Company outlook (8-K filed 2026-08-05)

- "Schedule 1 of this press release contains a complete reconciliation of GAAP measures to non-GAAP measures. ** NiSource is reaffirming its 2026 non‑GAAP consolidated adjusted EPS guidance of $2.02-$2.07 and its compound annual growth rate (CAGR) with respect to non-GAAP consolidated adjusted EPS of 9%-10% from 2026-2033."
- "As presented, guidance with respect to base plan adjusted EPS, including annual base plan adjusted EPS growth, excludes, in addition to the items historically excluded from adjusted EPS, the impact of data center operations and development activities relating to provision of electric service to current and future data center or other large load customers."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.23 | $0.22 | +5.5% | $1.41B | 11 |
| Next quarter (ends 2026-12-31) | $0.61 | $0.61 | +0.7% | $2.00B | 7 |
| Current fiscal year (ends 2026-12-31) | $2.05 | $2.06 | -0.1% | $7.19B | 14 |
| Next fiscal year (ends 2027-12-31) | $2.25 | $2.25 | -0.4% | $7.64B | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±5.6%; last 8 reports averaged ±2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 16.9% | ±5.6% |
| 2026-12-18 | 56 | 18.9% | ±7.0% |
| 2027-01-15 | 84 | 18.6% | ±8.0% |
| 2027-04-16 | 175 | 19.1% | ±11.2% |