NISOURCE INC. NI
NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc. on April 14, 1999.
NiSource's principal subsidiaries include NiSource Gas Distribution Group, Inc. (a holding company that owns Columbia of Kentucky, Columbia of Maryland, Columbia of Ohio, Columbia of Pennsylvania, and Columbia of Virginia), and NIPSCO Holdings I (a holding company that owns a controlling interest in NIPSCO, a gas and electric utility). NiSource derives substantially all of its revenues and earnings from the operating results of these rate-regulated businesses. In addition, NiSource will develop the generation resources it plans to use in serving data center customers through its subsidiary Generation Holdings I (a holding company that holds a controlling interest in GenCo).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.52B | $5.28B | $5.35B | $5.74B | $4.73B | $4.47B | $5.05B | $4.99B | $4.73B | $4.39B |
| Cost of revenue | — | — | — | — | — | — | $1.53B | $1.76B | $1.52B | $1.39B |
| Gross profit | — | — | — | — | — | — | $5.21B | $5.11B | $4.87B | $4.49B |
| Total operating expenses | — | — | — | — | — | — | $4.32B | $4.99B | $3.95B | $3.63B |
| Operating income | $1.84B | $1.46B | $1.30B | $1.27B | $1.01B | $550.8M | $890.7M | $124.7M | $921.2M | $866.1M |
| Interest expense | $639.0M | $517.2M | $489.6M | $361.6M | $341.1M | $370.7M | $378.9M | $353.3M | $353.2M | $349.5M |
| Pre-tax income | $1.13B | $918.5M | $853.8M | $968.7M | $702.7M | -$500.0K | $506.6M | $129.4M | $443.0M | $513.6M |
| Income tax | $203.8M | $158.1M | $139.5M | $164.6M | $117.8M | $17.1M | $123.5M | $180.0M | $314.5M | $182.1M |
| Net income | $929.5M | $760.4M | $714.3M | $804.1M | $584.9M | -$17.6M | $383.1M | -$50.6M | $128.5M | $331.5M |
| EPS, basic | 1.96 | 1.63 | 1.59 | 1.84 | 1.35 | -0.19 | 0.88 | -0.18 | 0.39 | 1.03 |
| EPS, diluted | 1.95 | 1.62 | 1.48 | 1.70 | 1.27 | -0.19 | 0.87 | -0.18 | 0.39 | 1.02 |
| Shares, diluted (wtd. avg.) | $474.5M | $456.0M | $447.9M | $442.7M | $417.3M | $384.3M | $376.0M | $356.5M | $330.8M | $323.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $110.1M | $156.6M | $2.25B | $75.4M | $94.9M | $125.6M | $148.4M | $121.1M | $38.4M | $36.0M |
| Receivables | $1.20B | $964.2M | $862.0M | $1.04B | $825.6M | $791.3M | $856.9M | $1.06B | $898.9M | $847.0M |
| Total current assets | $2.38B | $2.08B | $4.50B | $2.58B | $1.92B | $1.66B | $1.85B | $2.06B | $1.76B | $1.76B |
| Property, plant and equipment | $28.69B | $25.45B | $22.27B | $19.84B | $17.88B | $16.62B | $16.91B | $15.54B | $14.36B | $13.07B |
| Goodwill | $1.49B | $1.49B | $1.49B | $1.49B | $1.49B | $1.49B | $1.49B | $1.69B | $1.69B | $1.69B |
| Other intangibles | — | — | — | — | $0 | $0 | $0 | $220.7M | $231.7M | $242.7M |
| Total assets | $35.86B | $31.79B | $31.08B | $26.74B | $24.16B | $22.04B | $22.66B | $21.80B | $19.96B | $18.69B |
| Accounts payable | $1.12B | $863.1M | $749.4M | $899.5M | $697.8M | $589.0M | $666.0M | $883.8M | $625.6M | $539.4M |
| Short-term debt | $19.7M | $1.28B | $23.8M | $1.76B | $560.0M | $503.0M | $1.77B | $1.98B | $1.21B | $1.49B |
| Total current liabilities | $3.46B | $4.11B | $5.27B | $4.66B | $2.75B | $2.28B | $3.75B | $4.04B | $3.18B | $3.45B |
| Retained earnings | -$315.2M | -$711.7M | -$967.0M | -$1.21B | -$1.58B | -$1.77B | -$1.37B | -$1.40B | -$1.07B | -$972.2M |
| Total equity | $9.45B | $8.68B | $10.14B | $7.90B | $7.27B | $5.84B | $5.99B | $5.75B | $4.32B | $4.07B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.36B | $1.78B | $1.94B | $1.41B | $1.22B | $1.10B | $1.58B | $540.1M | $742.2M | $803.3M |
| Depreciation and amortisation | $1.17B | $1.04B | $908.2M | $820.8M | $748.4M | $725.9M | $717.4M | $599.6M | $570.3M | $547.1M |
| Stock-based compensation | $50.9M | $43.6M | $33.5M | $24.9M | $24.3M | $17.4M | $25.9M | $28.6M | $40.1M | $46.5M |
| Capital expenditure | $2.78B | $2.61B | $2.65B | $2.20B | $1.84B | $1.76B | $1.80B | $1.82B | $1.70B | $1.48B |
| Investing cash flow | -$4.52B | -$3.21B | -$3.57B | -$2.57B | -$2.20B | -$879.1M | -$1.92B | -$1.93B | -$1.81B | -$1.60B |
| Financing cash flow | $2.10B | -$651.0M | $3.84B | $1.14B | $956.3M | -$247.7M | $366.4M | $1.47B | $1.07B | $790.5M |
| Dividends paid | $530.4M | $481.0M | $413.5M | $381.5M | $345.2M | $321.6M | $298.5M | $273.3M | $229.1M | $205.5M |
| Buybacks | — | — | $233.2M | $19.1M | $236.7M | $0 | $0 | $4.0M | $7.2M | $9.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001111711-26-000027.
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