NiSource Inc. (NI) Stock Analysis
Utilities · Utilities - Regulated Gas · NYSE
NiSource Inc. (NI) posted $6.61B in revenue for fiscal 2025 (up 19.8% year over year), at a 14.1% net margin, and has compounded revenue about 8.1%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on NiSource Inc.
NiSource Inc. has grown revenue from $4.49B to $6.61B over the last 10 fiscal years, compounding about 8.1% a year. The most recent year was up 19.8%, so growth is actually accelerating.
Net margin sits at 14.1%, up 0.7 points year over year. It carries about $736.00M of total debt.
The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from NiSource Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
NiSource Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.49B | $4.87B | $4.99B | $5.05B | $4.47B | $4.73B | $5.83B | $5.57B | $5.52B | $6.61B |
| Gross profit | $4.49B | $4.87B | $5.11B | $5.21B | — | — | — | — | — | — |
| Net income | $331.50M | $128.50M | $-50.60M | $383.10M | $-17.60M | $584.90M | $749.00M | $661.70M | $739.70M | $929.50M |
| Net margin | 7.4% | 2.6% | -1.0% | 7.6% | -0.4% | 12.4% | 12.8% | 11.9% | 13.4% | 14.1% |
Source: NiSource Inc. SEC filings (10-K). 18 years of history available in the interactive view.
NiSource Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 18.0% over 4 years (405.3M → 478.4M) — existing holders' stakes are being diluted.
Explore 18 years of NiSource Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeNiSource Inc. financial history by metric
Compare NiSource Inc. with peers
About NiSource Inc.
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.
NiSource Inc. — frequently asked questions
What is NiSource Inc.'s revenue?
NiSource Inc. (NI) reported revenue of $6.61B for fiscal year 2025, up 19.8% from the prior year, according to its SEC filings.
Is NiSource Inc. profitable?
Yes. NI earned net income of $929.50M in fiscal 2025, a net margin of 14.1%.
What is NI's P/E ratio?
NiSource Inc. trades at a price-to-earnings ratio of about 22.1 based on the latest data in our nightly-refreshed cache.
How fast is NiSource Inc. growing?
NI's revenue grew at roughly 8.1% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does NiSource Inc. have?
As of fiscal year 2025, NI carried roughly $736.00M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is NiSource Inc.'s market cap?
NiSource Inc. (NI) has a market capitalization of about $21.30B, based on the latest data in our nightly-refreshed cache.
When does NiSource Inc.'s fiscal year end?
NI's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from NiSource Inc.'s official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.