Valuation dashboard for NiSource Inc (NI) with P/E 23.01, P/B 2.25, EV/EBITDA 12.1 and dividend yield 2.67%. DCF, Graham Number, EPS growth, peer multiples and dividend discount models plus sector comparison against other Utilities companies.
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, Virgini...
What would it be worth at its usual multiples?
Versus its usual multiples: fairly priced · Current P/E 23.0× · Multiples range: $41.48 · $43.27.
At the decade median (22.2×) $43 (-4 %); at its sector median (21.3×) $41 (-8 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
Analysis Summary
NiSource Inc reported revenue of $6.64B in the most recent fiscal year, growing at a 5-year CAGR of 7.2%.
Trailing-twelve-month margins: gross margin 50.7%, operating margin 27.3%, net margin 13.5%.
At $44.86 (closing price, November 2, 2026), NI trades at a P/E of 23.01 and an ROE of 9.83%. Market capitalisation stands at $21.5B, placing it among large-cap names.
Balance sheet quality for NI: debt-to-equity ratio of 1.91, current ratio of 0.50 over the last 12 months. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Valuation Ratios
| P/E Ratio | 23.01 |
| Price / Book | 2.25 |
| EV / EBITDA | 12.1 |
| Dividend Yield | 2.67% |
Peer Comparison
| Symbol | Company | Market Cap | P/E | P/B | ROE |
|---|---|---|---|---|---|
| NI | NiSource Inc | $21.5B | 23.01 | 2.25 | 9.8% |
| ATO | Atmos Energy Corporation | $29.5B | 20.79 | 1.93 | 9.7% |
| DTE | DTE Energy Company | $28.3B | 21.33 | 2.33 | 10.8% |
| CNP | CenterPoint Energy, Inc. | $28.3B | 24.37 | 2.40 | 10.0% |
| CMS | CMS Energy Corporation | $22.2B | 24.83 | 2.28 | 9.2% |
| UGI | UGI Corporation | $8.3B | 12.95 | 1.60 | 13.2% |
| OGS | ONE Gas, Inc. | $5.0B | 17.03 | 1.41 | 8.4% |
| BKH | Black Hills Corporation | $6.3B | 20.84 | 1.59 | 7.7% |
Price
| Price | $44.86 (closing price, November 2, 2026) |
| Market Cap | $21.5B |
| Exchange | NYSE |
| Country | US |
Profitability
| Return on Equity | 9.83% |
| Return on Invested Capital | 4.55% |
| Return on Assets | 2.42% |
| Gross Margin | 50.71% |
| Operating Margin | 27.35% |
| Net Margin | 13.51% |
Related companies: ATO · DTE · CNP · CMS · UGI · OGS · BKH · CPK
Explore sector: Utilities · Regulated Gas
More sections of NI: Overview · Financials · Statistics · Estimates · Technical · Ownership · News · Events
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