NI
NiSource Inc.
NI's fundamentals are mixed: revenue grew 15%, but free cash flow was negative. At 23x earnings, it's trading in line with its usual 22x. Analysts expect earnings growth.
NI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Weak | |
| Weak |
NI's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are weak.
NI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $35.61 | -22% |
| Forward | 21x | $45.81 | — |
| Fair | 22x | $42.93 | -6.3% |
| Current | 23x | $45.81 | — |
| Expensive | 25x | $48.88 | +6.7% |
Historical ranges are pointers, not guarantees.
NI's PE is in its expensive range at 23x. If earnings grow as analysts expect, today's price would be 21x next year's earnings, in its fair range.
NI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for NI, but weaker profitability.
NI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.18 | +12% |
| Q3 2026 | $1.95 | +3.2% |
| Q2 2026 | $1.88 | 0% |
| Q1 2026 | $2.01 | +8.6% |
| Q4 2025 | $1.95 | +20% |
| Q3 2025 | $1.89 | +14% |
| Q2 2025 | $1.88 | +15% |
| Q1 2025 | $1.85 | +20% |
| Q4 2024 | $1.62 | +9.5% |
NI earned $1.95 per share over the past year, up 3.2% from the year before.
NI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +4.7% |
| Q2 2026 | $1.3B | +3.4% |
| Q1 2026 | $2.3B | +8% |
| Q4 2025 | $6.5B | +23% |
| Q3 2025 | $1.2B | +15% |
| Q2 2025 | $1.2B | +15% |
| Q1 2025 | $2.1B | +26% |
| Q4 2024 | $5.3B | +282% |
NI's revenue has grown year over year for nine quarters in a row: $1.3B last quarter, up 4.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | +2.2 points |
| Q2 2026 | 18% | -3.4 points |
| Q1 2026 | 35% | 0 points |
| Q4 2025 | 7.9% | 0 points |
| Q3 2025 | 24% | +3.7 points |
| Q2 2025 | 21% | -0.8 points |
| Q1 2025 | 35% | +1.1 points |
| Q4 2024 | 7.9% | -18 points |
NI's operating margin was 26% last quarter, up 2.2 points from the same quarter a year ago.
NI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$653.1M | -$480.5M |
| Q2 2026 | -$417M | -$254.2M |
| Q1 2026 | -$362.9M | -839% |
| Q4 2025 | -$133.7M | +$86.5M |
| Q3 2025 | -$172.6M | +$122.1M |
| Q2 2025 | -$162.8M | +$21.5M |
| Q1 2025 | $49.1M | +$182.4M |
| Q4 2024 | -$220.2M | +$140.8M |
NI has burned cash in almost every quarter: −$1.6B over the past year, against −$507M the year before.
NI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -100K shares |
| 1 year | +1.6% | +7.4M shares |
| 3 years | +7.3% | +32.8M shares |
| 5 years | +12% | +50.8M shares |
| Available history | +28% | +105M shares |
NI has 481M diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
NI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.7x | High |
| Q2 2026 | 5.5x | High |
| Q1 2026 | 5.4x | High |
| Q4 2025 | 5.6x | High |
| Q3 2025 | 5.5x | High |
| Q2 2025 | 5.6x | High |
| Q1 2025 | 5.4x | High |
| Q4 2024 | 5.8x | High |
NI's net debt is about 5.7 years of its operating earnings (EBITDA), up from 5.5 years a year ago.
NI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.7 | Neutral |
| Stochastic | 81.9 | Overbought |
NI's weekly RSI is 59 (neutral) and its Stochastic is 82 (overbought).
NI PE vs Utilities Sector
| Metric | NI | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 20x | 15% above |
| PE % | 69 | 44 | 25 pts above |
NI is trading at 23x earnings, a 15% premium to the Utilities sector's median of 20x.
NI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $42.5 | 7.8% above |
| 20 week MA | $43.1 | 6.3% above |
| 50 week MA | $44.6 | 2.7% above |
| 100 week MA | $42.4 | 8% above |
| 200 week MA | $35.5 | 29% above |
NI is in an uptrend: it's above all five of its weekly moving averages, and 29% above its 200-week average.
NI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $27.3 | $22.1 | -19% |
| 2021 | $22.1 | $26.9 | +22% |
| 2022 | $26.9 | $27.7 | +3.1% |
| 2023 | $27.7 | $26.6 | -4.2% |
| 2024 | $26.6 | $36.8 | +38% |
| 2025 | $36.8 | $41.7 | +13% |
| 2026 YTD | $41.7 | $45.8 | +9.8% |
NI has finished higher in four of the last six years. It's up 9.8% so far in 2026.