NI
UtilitiesNiSource Inc. · Regulated Gas · $23B
What is NiSource Inc.?
NiSource Inc. is a regulated energy holding company serving millions of natural gas and electric customers across six US states. Headquartered in Merrillville, Indiana, the company operates through two core segments: Gas Distribution and Electric Operations.
NiSource distributes natural gas to residential, commercial, and industrial customers in Indiana, Ohio, Pennsylvania, Virginia, Kentucky, and Maryland through an extensive pipeline network. Its electric operations generate, transmit, and distribute power to customers across northern Indiana using a mix of coal, natural gas, hydro, and wind generation assets. Revenue is earned through regulated utility rates, providing a relatively predictable income stream tied to infrastructure investment and customer growth.
NiSource traces its roots to 1847 and is headquartered in Merrillville, Indiana.
- Regulated natural gas distribution across six states
- Electric generation and distribution in northern Indiana
- Transmission pipeline infrastructure spanning over a thousand miles
- Renewable wind generation capacity in Indiana
- Wholesale electric and transmission transactions
Is NI a Good Stock to Buy?
UQS Score rates NI as Below Average overall.
NiSource's most notable pillar is Growth, rated Good — reflecting ongoing infrastructure investment and customer base expansion typical of regulated utilities pursuing energy transition. The Quality and Moat pillars both register as Neutral, suggesting the company holds a defensible regulated franchise without standing out on profitability or competitive differentiation relative to sector peers.
The Risk pillar is rated Weak, which is the most significant drag on the overall score — pointing to elevated financial leverage and regulatory exposure that investors in the utility sector should weigh carefully.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does NI pay dividends?
Yes — NiSource Inc. pays a dividend.
NiSource pays a regular dividend, consistent with the income-oriented profile of regulated utility companies. The dividend is supported by predictable rate-regulated cash flows, making it a consideration for income-focused investors. That said, the company's elevated debt load — reflected in the Weak Risk rating — is worth monitoring in the context of dividend sustainability over time.
When does NI report earnings?
NiSource reports earnings on a quarterly cadence, as is standard for US-listed public companies.
Results have generally reflected the capital-intensive nature of regulated utility operations, with infrastructure spending and rate case outcomes shaping period-to-period performance. Growth trends have been supported by ongoing pipeline and grid investment programs.
For the most recent quarter's results and guidance, visit NiSource's investor relations page directly.
NI Price History
+115.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in NiSource Inc.?
Based on NiSource Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
NI Long-term Outlook
NiSource's Growth pillar rated Good suggests the company is executing on a multi-year capital investment plan aimed at modernizing infrastructure and expanding its renewable energy mix. However, the Weak Risk pillar signals that elevated leverage could constrain financial flexibility, particularly in a higher-for-longer interest rate environment. Valuation is rated Neutral, meaning the stock does not appear dramatically cheap or expensive relative to its fundamentals. The balance between infrastructure-driven growth and balance sheet risk is the central tension for the long-term outlook.
Growth drivers
- Ongoing regulated infrastructure replacement and modernization programs
- Expansion of renewable generation capacity in Indiana
- Rate base growth supported by approved utility capital plans
Key risks
- High financial leverage amplifying sensitivity to rising interest rates
- Regulatory risk from rate case outcomes across multiple state jurisdictions
- Transition costs associated with retiring coal generation assets
NI vs Peers
NiSource operates in a competitive regulated utility landscape alongside several peers with overlapping gas distribution and energy infrastructure businesses.
Atmos Energy is a pure-play natural gas distributor with a geographically distinct footprint concentrated in the South and Midwest, without the electric utility segment that NiSource carries.
AltaGas operates across both Canadian and US markets, combining midstream energy infrastructure with regulated utility distribution — giving it a broader asset mix than NiSource's domestic-only operations.
UGI has a more diversified energy distribution model that includes propane distribution and international operations, contrasting with NiSource's focus on regulated gas and electric utility service in the Midwest and Mid-Atlantic.
Frequently Asked Questions
What does NiSource do?
NiSource is a regulated energy holding company that distributes natural gas to millions of customers across six US states and provides electric generation and distribution services in northern Indiana. It earns revenue through state-regulated utility rates, making its business model relatively predictable compared to unregulated energy companies.
Does NI pay dividends?
Yes, NiSource pays a regular dividend. This is consistent with the income-oriented profile of regulated utilities, which tend to return cash to shareholders through dividends rather than share buybacks. Investors should review the company's investor relations page for current dividend details and payout history.
When does NI report earnings?
NiSource reports earnings on a quarterly cadence, standard for US-listed companies. The company does not pre-announce specific dates far in advance. Check NiSource's investor relations page or financial data providers for the most current earnings schedule.
Is NI a good stock to buy?
UQS Score rates NI as Below Average overall. While the Growth pillar is rated Good and the company benefits from a regulated utility franchise, the Weak Risk rating — driven by elevated leverage — is a meaningful concern. The full pillar breakdown is available to UQS Pro members for a deeper view.
Is NI overvalued?
NiSource's Valuation pillar is rated Neutral, suggesting the stock is neither clearly cheap nor expensive relative to its fundamentals at current levels. Regulated utilities often trade at premium multiples to the broader market given their income characteristics, but leverage and growth rates matter for assessing fair value.
How does NI compare to its competitors?
Compared to peers like Atmos Energy, AltaGas, and UGI Corporation, NiSource is distinguished by its dual gas-and-electric utility model focused on the Midwest and Mid-Atlantic. Competitors vary in geographic reach and business mix. The UQS platform provides side-by-side scoring for a structured comparison.
What is NI's market cap bracket?
NiSource is classified as a large-cap company, placing it among the more substantial regulated utilities in the US market. Large-cap utilities typically attract income-oriented and institutional investors seeking relative stability within the equity universe.
Who founded NiSource?
NiSource's origins date to 1847, and the company operated for many years as NIPSCO Industries before rebranding as NiSource Inc. in April 1999. Detailed founding history is publicly available through the company's official communications and investor relations materials.
Is NI a long-term quality investment?
From a long-term quality perspective, NiSource's UQS profile shows a mixed picture. The Good Growth rating reflects a credible infrastructure investment thesis, but the Weak Risk rating highlights balance sheet concerns that could affect long-term resilience. Quality and Moat are both Neutral, indicating an average competitive position within the regulated utility sector.
What is the main competitive advantage of NiSource?
NiSource's primary advantage is its position as a regulated utility — meaning it operates within state-approved service territories with limited direct competition. This regulatory framework provides revenue predictability, though it also caps upside and subjects the company to rate case decisions across multiple jurisdictions.
What sector does NI belong to?
NiSource belongs to the Utilities sector, specifically operating as a regulated natural gas and electric utility. Utilities are generally considered defensive investments due to their stable demand and regulated revenue structures, though they carry sensitivity to interest rates and capital costs.
Is NI a growth stock or value stock?
NiSource leans toward a blend — its Growth pillar is rated Good, reflecting active infrastructure investment, while its Valuation pillar is Neutral, suggesting it is not priced as a deep-value opportunity. It is best characterized as a regulated utility with moderate growth ambitions rather than a pure growth or value play.
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Pro Analysis
NI — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 10, 2026 | 50.2 | 33.3 | 56.0 | 68.1 | 40.0 | 54.9 | +0.3 |
| May 8, 2026 | 49.9 | 33.3 | 56.0 | 67.8 | 40.0 | 53.7 | 0.0 |
| May 7, 2026 | 49.9 | 50.6 | 56.0 | 67.8 | 8.0 | 56.7 | +0.1 |
| May 3, 2026 | 49.8 | 50.6 | 56.0 | 67.8 | 8.0 | 56.2 | -0.1 |
| May 1, 2026 | 49.9 | 50.6 | 56.0 | 67.8 | 8.0 | 56.3 | +0.3 |
| Apr 26, 2026 | 49.6 | 50.6 | 56.0 | 66.4 | 8.0 | 56.2 | +0.2 |
| Apr 21, 2026 | 49.4 | 50.6 | 56.0 | 65.8 | 8.0 | 55.6 | +0.7 |
| Apr 19, 2026 | 48.7 | 50.6 | 56.0 | 62.7 | 8.0 | 55.2 | -0.1 |
| Apr 18, 2026 | 48.8 | 50.6 | 56.0 | 62.7 | 8.0 | 56.3 | +0.5 |
| Apr 15, 2026 | 48.3 | 50.6 | 56.0 | 62.7 | 8.0 | 52.7 | 0.0 |
NI — Pillar Breakdown
Quality
— 51.0/100 (25%)NiSource Inc. has average quality metrics, with room for improvement in margins or capital efficiency.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 68.5/100 (20%)NiSource Inc. demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 7.2/100 (15%)NiSource Inc. presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 56.5/100 (15%)NiSource Inc. trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 56/100 (25%)NiSource Inc. has meaningful competitive advantages that should protect its market position. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for NI.
Score Composition
Financial Data
More Stock Analysis
How is the NI UQS Score Calculated?
The UQS (Unified Quality Score) for NiSource Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses NiSource Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether NiSource Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.