NiSource Inc.

NYSE:NI Stock Report

Market Cap: US$23.0b

NiSource Future Growth

Future criteria checks 1/6

NiSource is forecast to grow earnings and revenue by 10.1% and 5.9% per annum respectively. EPS is expected to grow by 8.2% per annum. Return on equity is forecast to be 8.7% in 3 years.

Key information

10.1%

Earnings growth rate

8.17%

EPS growth rate

Integrated Utilities earnings growth11.9%
Revenue growth rate5.9%
Future return on equity8.68%
Analyst coverage

Good

Last updated27 Apr 2026

Recent future growth updates

Recent updates

NI: GenCo Agreements And Data Center Loads Will Support Balanced Future Returns

Analysts have lifted their price target on NiSource from $49.43 to $50.79. This reflects updated assumptions that include a higher projected revenue growth rate, a slightly lower profit margin outlook, and a modestly higher future P/E multiple.

NI: Data Center Agreements And GenCo Framework Will Support Balanced Future Returns

Analysts have slightly lifted their price target for NiSource to $49.43 from $48.79, citing updated assumptions that combine a modestly higher revenue growth outlook with a small adjustment to expected profit margins and future P/E levels. What's in the News NiSource agreed a new long term energy supply contract with an Alphabet Inc.

NI: Future Dividend And Updated P/E Assumptions Will Support Balanced Returns

Analysts now put their average price target for NiSource at about $48.79, up slightly from roughly $48.54, reflecting updated assumptions around revenue growth, profit margin, and future P/E estimates. What's in the News The board declared a quarterly common stock dividend of $0.30 per share, scheduled for payment on February 20, 2026, to stockholders of record as of February 3, 2026 (company board announcement).

NI: Future Dividend And Slightly Higher P/E Assumptions Will Support Balanced Returns

Analysts have adjusted their price target for NiSource slightly higher to $48.54 from $48.08. This reflects updated views on its fair value and P/E assumptions while keeping other key inputs broadly consistent.

NI: Future Dividend And Refined P/E Assumptions Will Support Balanced Returns

Analysts have nudged their price target for NiSource slightly higher to $48.08 from $47.85, reflecting updated assumptions around revenue growth, profit margins, and future P/E expectations. What's in the News The board of directors declared a quarterly common stock dividend of $0.30 per share for NiSource, scheduled to be paid on February 20, 2026, to shareholders of record as of February 3, 2026 (Key Developments).

NI: Future Dividend Increase And Refined P/E Assumptions Will Support Balanced Returns

Analysts have raised their price target on NiSource slightly to about $47.85 from $46.75, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News The board of directors declared a quarterly common stock dividend of $0.30 per share for NiSource.

NI: Future Dividend Profile And P/E Assumptions Will Support Balanced Return Potential

Analysts have increased their price target for NiSource slightly to US$46.75 from about US$46.27, citing updated assumptions around revenue growth, profit margins, and future P/E expectations. What's in the News The board of directors declared a quarterly common stock dividend of US$0.30 per share for NiSource, scheduled to be paid on February 20, 2026, to shareholders of record as of February 3, 2026 (Key Developments).

NiSource (NYSE:NI) Is Paying Out A Larger Dividend Than Last Year

Jan 29
NiSource (NYSE:NI) Is Paying Out A Larger Dividend Than Last Year

NI: At The Market Equity Issuance Will Support Balanced Future Return Potential

Analysts have made a marginal adjustment to their NiSource price target, trimming it by about $0.09 as they refresh their views on fair value, discount rate assumptions, revenue growth, profit margin and future P/E expectations. What's in the News NiSource filed a follow on equity offering for up to US$1.5b in common stock through an at the market program (Key Developments).

NI: At The Market Equity Program Will Support Future Return Potential

Analysts have made a small refinement to their price target for NiSource, keeping it effectively unchanged around US$46.36. They have slightly adjusted assumptions on the discount rate, long-term revenue growth, profit margin and future P/E to reflect updated views on the company’s steady outlook.

NiSource: Data Center Upside With Less Political Risk

Jan 07

NI: Equity Expansion And GenCo Approval Will Drive Attractive Future Returns

Analysts have modestly raised their price target on NiSource by approximately $0.00 per share, reflecting slightly stronger long term revenue growth expectations that are only partially offset by a marginally lower projected profit margin and a small contraction in future valuation multiples. What's in the News Filed a new at the market follow-on equity offering for up to $1.5 billion in common stock, providing additional capital flexibility for growth initiatives and balance sheet support (company filing) Completed an $852.5 million follow-on equity offering of multiple tranches of common stock, including more than 24 million shares offered at a price of about $40.10 per share, expanding the equity base and supporting planned investments (company filing) Received Indiana Utility Regulatory Commission approval for the NIPSCO Generation LLC declination petition, enabling GenCo to own and develop generation assets targeted to data center and other large load customers while insulating existing NIPSCO retail customers from related costs (Indiana Utility Regulatory Commission decision) Outlined GenCo’s strategic pillars of prioritizing existing customers, supporting rapid growth in data center demand, strengthening financial stability, and maintaining flexibility to adapt to evolving energy markets in Northern Indiana (company statement) Valuation Changes Fair Value Estimate remained unchanged at approximately $46.36 per share, indicating no net impact from the updated assumptions.

NI: Equity Offering And GenCo Approval Will Shape Balanced Future Outlook

Analysts have modestly raised their price target on NiSource, increasing estimated fair value by about $0.56 per share to approximately $46.36. They cited expectations for slightly stronger profit margins that more than offset tempered revenue growth assumptions and a marginally higher forward earnings multiple.

NI: Equity Offering And Regulatory Approval Will Shape Upcoming Performance

NiSource's analyst price target has been revised upwards from $45.30 to $45.80. Analysts cite improved profit margins and favorable discount rate adjustments as key drivers for the change.

NI: Equity Offering And Regulatory Approval Will Shape Measured Outlook For Shares

Analysts have raised their price target for NiSource from $44.60 to $45.30 per share. They cite improved revenue growth expectations, despite slightly lower projected profit margins and a modest increase in the company's anticipated future price-to-earnings ratio.

We Think NiSource (NYSE:NI) Is Taking Some Risk With Its Debt

Oct 22
We Think NiSource (NYSE:NI) Is Taking Some Risk With Its Debt

Analysts Lift NiSource Price Target After Regulatory Win and Updated Valuation Projections

Analysts have raised their price target for NiSource from $43.91 to $44.60. They cited revised fair value estimates based on updated financial projections.

Return Trends At NiSource (NYSE:NI) Aren't Appealing

Aug 29
Return Trends At NiSource (NYSE:NI) Aren't Appealing

Is Now The Time To Put NiSource (NYSE:NI) On Your Watchlist?

Jul 31
Is Now The Time To Put NiSource (NYSE:NI) On Your Watchlist?

A Look At The Fair Value Of NiSource Inc. (NYSE:NI)

Jul 15
A Look At The Fair Value Of NiSource Inc. (NYSE:NI)

NiSource (NYSE:NI) Takes On Some Risk With Its Use Of Debt

Jun 25
NiSource (NYSE:NI) Takes On Some Risk With Its Use Of Debt

NiSource (NYSE:NI) Could Be Struggling To Allocate Capital

May 26
NiSource (NYSE:NI) Could Be Struggling To Allocate Capital

NiSource: Positioned To Capitalize On The Next Wave Of Energy Demand

Apr 25

NiSource: Solid Guidance And Data Center Upside Make Shares Attractive

Feb 12

NiSource: Well-Positioned With Data Center Upside (Rating Upgrade)

Nov 23
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Renewable Energy Transition And Innovation Drive Growth Amid Challenges

NiSource's efficient capital deployment and focus on renewable energy align with growth in demand, promising enhanced revenue and shareholder returns.

NiSource's Equity Issuance Reduces Upside (Rating Downgrade)

Jun 21

NiSource Inc.: While Slightly Undervalued, Higher For Longer May Bring A Deeper Discount

Apr 08

Earnings and Revenue Growth Forecasts

NYSE:NI - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20287,9471,233-2,0632,7465
12/31/20277,5211,110-2,1162,5405
12/31/20267,106998-2,3472,3395
12/31/20256,642927-7942,362N/A
9/30/20256,327894-5352,190N/A
6/30/20256,130885-6582,062N/A
3/31/20255,932868-6792,012N/A
12/31/20245,455738-8611,782N/A
9/30/20245,289740-9731,641N/A
6/30/20245,240732-1,0571,646N/A
3/31/20245,246686-9701,708N/A
12/31/20235,505661-7111,935N/A
9/30/20235,788667-6571,909N/A
6/30/20235,850642-7551,693N/A
3/31/20235,943655-7971,513N/A
12/31/20225,851749-7941,409N/A
9/30/20225,555670-7531,315N/A
6/30/20225,425668-5351,422N/A
3/31/20225,227661-5721,349N/A
12/31/20214,900530-6201,218N/A
9/30/20214,702448-5741,185N/A
6/30/20214,645212-6381,099N/A
3/31/20214,622147-4911,182N/A
12/31/20204,682-73-6541,104N/A
9/30/20204,868-296-5741,210N/A
6/30/20204,897-117-4131,365N/A
3/31/20204,945185-3471,554N/A
12/31/20195,209328-2191,583N/A
9/30/20195,273461N/A845N/A
6/30/20195,237123N/A657N/A
3/31/20195,234-137N/A551N/A
12/31/20185,115-66N/A540N/A
9/30/20185,021-98N/A1,140N/A
6/30/20185,043261N/A900N/A
3/31/20185,027193N/A719N/A
12/31/20174,875129N/A742N/A
9/30/20174,803270N/A801N/A
6/30/20174,748279N/A968N/A
3/31/20174,655353N/A912N/A
12/31/20164,493332N/A803N/A
9/30/20164,293304N/A795N/A
6/30/20164,249295N/A828N/A
3/31/20164,236184N/A1,155N/A
12/31/20154,652183N/A1,457N/A
9/30/20154,947198N/A1,627N/A
6/30/20154,968166N/A1,784N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NI's forecast earnings growth (10.1% per year) is above the savings rate (3.4%).

Earnings vs Market: NI's earnings (10.1% per year) are forecast to grow slower than the US market (15.8% per year).

High Growth Earnings: NI's earnings are forecast to grow, but not significantly.

Revenue vs Market: NI's revenue (5.9% per year) is forecast to grow slower than the US market (11.1% per year).

High Growth Revenue: NI's revenue (5.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NI's Return on Equity is forecast to be low in 3 years time (8.7%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/03 23:54
End of Day Share Price 2026/05/01 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NiSource Inc. is covered by 18 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gary HovisArgus Research Company
Daniel FordBarclays
Nicholas CampanellaBarclays