NYSE: NI
NiSource
Utilities · Electric & Other Services Combined
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$18.7B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.16B |
| FY2017, ended Dec 31, 2017 | $8.66B |
| FY2018, ended Dec 31, 2018 | $9.44B |
| FY2019, ended Dec 31, 2019 | $10.6B |
| FY2020, ended Dec 31, 2020 | $8.99B |
| FY2021, ended Dec 31, 2021 | $11.2B |
| FY2022, ended Dec 31, 2022 | $11.3B |
| FY2023, ended Dec 31, 2023 | $11.9B |
| FY2024, ended Dec 31, 2024 | $17.3B |
| FY2025, ended Dec 31, 2025 | $20.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $18.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.80B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.49B |
| FY2017, ended Dec 31, 2017 | $4.87B |
| FY2018, ended Dec 31, 2018 | $4.99B |
| FY2019, ended Dec 31, 2019 | $5.05B |
| FY2020, ended Dec 31, 2020 | $4.47B |
| FY2021, ended Dec 31, 2021 | $4.73B |
| FY2022, ended Dec 31, 2022 | $5.74B |
| FY2023, ended Dec 31, 2023 | $5.35B |
| FY2024, ended Dec 31, 2024 | $5.28B |
| FY2025, ended Dec 31, 2025 | $6.52B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.80B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $332M | −$672M |
| FY2017, ended Dec 31, 2017 | $129M | −$954M |
| FY2018, ended Dec 31, 2018 | −$50.6M | −$1.28B |
| FY2019, ended Dec 31, 2019 | $383M | −$219M |
| FY2020, ended Dec 31, 2020 | −$17.6M | −$654M |
| FY2021, ended Dec 31, 2021 | $585M | −$620M |
| FY2022, ended Dec 31, 2022 | $804M | −$794M |
| FY2023, ended Dec 31, 2023 | $714M | −$711M |
| FY2024, ended Dec 31, 2024 | $760M | −$833M |
| FY2025, ended Dec 31, 2025 | $930M | −$420M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $940M | −$1.57B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$57.5M
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $26.4M |
| FY2017, ended Dec 31, 2017 | $29.0M |
| FY2018, ended Dec 31, 2018 | $113M |
| FY2019, ended Dec 31, 2019 | $139M |
| FY2020, ended Dec 31, 2020 | $117M |
| FY2021, ended Dec 31, 2021 | $84.2M |
| FY2022, ended Dec 31, 2022 | $40.8M |
| FY2023, ended Dec 31, 2023 | $2.25B |
| FY2024, ended Dec 31, 2024 | $157M |
| FY2025, ended Dec 31, 2025 | $110M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $57.5M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$18.3B
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.91B |
| FY2017, ended Dec 31, 2017 | $9.00B |
| FY2018, ended Dec 31, 2018 | $9.13B |
| FY2019, ended Dec 31, 2019 | $9.64B |
| FY2020, ended Dec 31, 2020 | $9.75B |
| FY2021, ended Dec 31, 2021 | $9.80B |
| FY2022, ended Dec 31, 2022 | $11.3B |
| FY2023, ended Dec 31, 2023 | $14.1B |
| FY2024, ended Dec 31, 2024 | $14.0B |
| FY2025, ended Dec 31, 2025 | $16.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $18.3B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 48.3% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.480M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 323M |
| FY2017, ended Dec 31, 2017 | 337M |
| FY2018, ended Dec 31, 2018 | 372M |
| FY2019, ended Dec 31, 2019 | 382M |
| FY2020, ended Dec 31, 2020 | 392M |
| FY2021, ended Dec 31, 2021 | 405M |
| FY2022, ended Dec 31, 2022 | 413M |
| FY2023, ended Dec 31, 2023 | 448M |
| FY2024, ended Dec 31, 2024 | 470M |
| FY2025, ended Dec 31, 2025 | 479M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 480M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $63.4M more issued than bought back
Show tableHide table
| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $9.40M | $46.5M | $23.1M |
| FY2017, ended Dec 31, 2017 | $7.20M | $40.1M | $337M |
| FY2018, ended Dec 31, 2018 | $4.00M | $28.6M | $848M |
| FY2019, ended Dec 31, 2019 | $0 | $25.9M | $244M |
| FY2020, ended Dec 31, 2020 | $0 | $17.4M | $211M |
| FY2021, ended Dec 31, 2021 | — | $24.3M | $300M |
| FY2022, ended Dec 31, 2022 | — | $24.9M | $154M |
| FY2023, ended Dec 31, 2023 | — | $33.5M | $12.9M |
| FY2024, ended Dec 31, 2024 | — | $43.6M | $613M |
| FY2025, ended Dec 31, 2025 | — | $50.9M | $312M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | — | $63.4M |
Revenue (TTM)
$6.80B
+12.3% YoY
Net income (TTM)
$940M
+4.9% YoY
Cash
$57.5M
−39.5% YoY
Total debt
$18.3B
+15.9% YoY
Valuation
At current price- Market Cap
- $21.4B
- P/E
- 22.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.1×
- Price / Book
- 2.2×
- EV / EBITDA
- 12.3×
Growth
Trailing 12 months- Revenue (TTM)
- $6.80B
- Revenue Growth YoY
- 12.3%
- Revenue CAGR 3Y
- 4.4%
- Revenue CAGR 5Y
- 7.8%
- EPS Growth YoY
- 2.6%
- Net Income Growth YoY
- 4.9%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 28.0%
- Net Margin
- 13.8%
- FCF Margin
- −23.0%
- Return on Equity
- 10.1%
Earnings
Trailing 12 months- Net Income
- $940M
- EPS (diluted)
- $1.95
- EBITDA
- $3.21B
- Operating Income
- $1.90B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $57.5M
- Total Debt
- $18.3B
- Net Debt
- $18.2B
- Total Assets
- $38.9B
- Total Liabilities
- $26.9B
- Shareholders' Equity
- $9.57B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.38B
- Capital Expenditure
- $3.95B
- Free Cash Flow
- −$1.57B
Dividends and risk
Last 12 months- Dividend Yield
- 3.3%
- Dividend / Share
- $1.48
- Beta (5Y)
- 0.55
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 12.3% year over year, at $6.80B.
Strength
Keeps 28.0% of revenue as operating profit.
Watch
Net debt is 5.7× EBITDA ($18.2B), a heavy load.
Watch
Free cash flow was negative (−$1.57B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K73Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 11, 2026 · Read the filing on EDGAR
- Revenue rose about 22% to $6.64 billion, though much of the gain was higher energy costs passed to customers; operating income rose about 26% to $1.84 billion.
- NiSource signed a large power contract with an Amazon data center unit, requiring about $7 billion of new generation and transmission assets.
- The 2026-2030 investment plan is about $21.0 billion for the base business plus about $7.0 billion for the Amazon contract.
- A federal emergency order kept the Schahfer coal plant running past its planned retirement, which may change NIPSCO's generation timelines.
Business momentum
Strong improvement
“The increase in net income available to common shareholders during 2025 was primarily due to higher revenues, net of cost of energy, driven by our continued investment in safety and successful regulatory outcomes for these investments”
Outlook
Positive
“We continue to experience strong demand from potential data center customers in our northern Indiana service territory and are engaged in negotiations with potential counterparties.”
Financial stress
Low
“We believe these sources provide adequate capital to fund our operating activities and capital expenditures in 2026 and beyond.”
Tone against the previous report
More positive
Red flags
- Medium
Other
“the U.S. Secretary of Energy issued an emergency order under section 202(c) of the Federal Power Act requiring R.M. Schahfer to continue operating for 90 days, through March 2026”
Positives
Amazon's parent company guarantee backs the data center customer's payments
“Amazon.com, Inc. a publicly traded, investment-grade parent company has guaranteed ADS’ payment obligations.”
Cash from operations grew strongly
“Net cash from operating activities for the year ended December 31, 2025 was $2,362.3 million, an increase of $580.8 million from 2024.”
Blackstone committed new capital for the power generation business
“Blackstone Investor will provide up to $1.325 billion in additional capital contributions over a seven-year period”
Concerns
Heavy debt, with significantly more expected for data center construction
“we expect to incur significant additional indebtedness in order to construct the generation and transmission assets needed to serve ADS and any future data center customers”
Depreciation, maintenance and interest costs are rising and took back part of the profit gain
“partially offset by higher operation and maintenance expense, higher depreciation expense attributed to our planned capital expenditures, and increased interest expense”
Tariffs and demand are keeping materials and supplies expensive
“We continue to experience elevated material and supply costs in certain product sourcing categories driven by increased demand and tariffs.”
New risks since the previous report
Reliance on one very large data center customer that can exit or cut its capacity in half
“Our partnership with ADS exposes us to significant customer concentration risk.”
Penalties to the customer if new power assets are late or underperform
“ADS is entitled to liquidated damages, which would be offset against NIPSCO’s billings to ADS and reduce the rate of return earned under the ADS Contract”
Funding data center projects could mean more share sales and dilute existing shareholders
“could lead to substantial dilution of our existing shareholders”
A slowdown in artificial intelligence could weaken data center demand and the share price
“our stock price may be negatively affected as a result of any actual or perceived slowdown in the adoption of artificial intelligence technology”
Repeated federal orders could keep coal units open and disrupt generation plans
“the 90-day 202(c) order could continue to be issued every 90 days to keep Schahfer Units 17 & 18 open for the foreseeable future”
Biggest risks named
- Amazon data center contract: customer concentration, early exit or capacity cut
- Construction delays and cost overruns on about $7 billion of contract assets
- Heavy debt, credit ratings and reliance on capital markets, with possible dilution
- Regulators limiting recovery of costs and investments
- Coal plant retirement delays, environmental rules and climate policy
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −1.8 | |
| New risks | −2 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 11, 2026 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 12, 2025 | 69 | Improving | None | |
| 10-K | Feb 21, 2024 | 55 | Mixed | None | |
| 10-K | Feb 22, 2023 | 62 | Strong improvement | None | |
| 10-K | Feb 23, 2022 | 72 | Strong improvement | None | |
| 10-K | Feb 17, 2021 | 43 | Sharp deterioration | 1 medium | |
| 10-K | Feb 28, 2020 | 43 | Stable | 4 medium | |
| 10-K | Feb 20, 2019 | 37 | Sharp deterioration | 1 medium | |
| 10-K | Feb 20, 2018 | 45 | Sharp deterioration | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR