Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

NiSource

NI stock analysis · Utilities · Multi-Utilities

FY 2025-12-31ANNUAL FILINGS
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ⓘ These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$47.55HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$22.8B

Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

— Requires positive annual FCF, usable shares and discount rate above terminal growth.

Requires positive annual FCF, usable shares and discount rate above terminal growth.

How this is calculated ↗
Valuation

Reverse DCF

— No solution in −50% to +100% growth, or nonpositive FCF / invalid assumptions.

No solution in −50% to +100% growth, or nonpositive FCF / invalid assumptions.

How this is calculated ↗
Valuation

Relative valuation

-11.4%

11 industry peers · median 21.7×

How this is calculated ↗
Valuation

Historical multiples

25.3×

6 annual observations · snapshot P/E 24.5× · -3.1% versus history

How this is calculated ↗
Valuation

Free cash flow yield

-1.8%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

5.6%

Normalized tax · financing-capital proxy

How this is calculated ↗
Valuation

Value composite

48/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

— Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

12.8%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

— Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-4.0%

Annual basis · read assumptions below

How this is calculated ↗
Momentum

Fundamental momentum

8.8%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 2.8B2020-12-31: cfo $1,104,000,000.002020-12-31: capex $1,758,100,000.0020202021-12-31: cfo $1,217,900,000.002021-12-31: capex $1,838,000,000.0020212022-12-31: cfo $1,409,400,000.002022-12-31: capex $2,203,100,000.0020222023-12-31: cfo $1,935,100,000.002023-12-31: capex $2,645,800,000.0020232024-12-31: cfo $1,781,500,000.002024-12-31: capex $2,614,000,000.0020242025-12-31: cfo $2,362,300,000.002025-12-31: capex $2,782,300,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%———
10.0%———
12.0%———

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-316.5B1B2.4B2.8B35.9B
2024-12-315.3B844.7M1.8B2.6B31.8B
2023-12-315.3B674.4M1.9B2.6B31.1B
2022-12-315.7B791.8M1.4B2.2B26.7B
2021-12-314.7B588.8M1.2B1.8B24.2B
2020-12-314.5B-14.2M1.1B1.8B22B
2019-12-315.1B383.1M1.6B1.8B22.7B
2018-12-315B-50.6M540.1M1.8B21.8B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue6.5BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-11
netIncome1BProfitLoss
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-11
Parent/common earnings proxy929.5MNetIncomeLossAvailableToCommonStockholdersBasic2026-02-11
cfo2.4BNetCashProvidedByUsedInOperatingActivities2026-02-11
capex2.8BPaymentsToAcquirePropertyPlantAndEquipment2026-02-11
operatingIncome1.8BOperatingIncomeLoss2026-02-11
assets35.9BAssets2026-02-11
equity11.7BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-11
Parent book equity proxy9.5BStockholdersEquity2026-02-11
debt15.5BLongTermDebtAndCapitalLeaseObligationsCurrent + LongTermDebtAndCapitalLeaseObligations2026-02-11
shortDebt736MShortTermBorrowings2026-02-11
cash110.1MCashAndCashEquivalentsAtCarryingValue2026-02-11
shares474.5MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-11
dividends530.4MPaymentsOfDividendsCommonStock2026-02-11
buybacks—Not reported under a supported tag—
issuance312.1MProceedsFromIssuanceOfCommonStock2026-02-11