olivLaw · US equity research
NiSource Inc. NI
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
NiSource is a fully regulated energy holding company serving about 3.8 million customers across six states through natural gas and electric utilities. The company is in focus because its data center contracts, led by the ADS agreement, could reshape its growth profile over the coming years.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, NiSource Inc. (NI) stock was 45.29 USD (+1.50% on the day), with market capitalisation 21.7 bn USD, P/E 23.1 on diluted EPS of 1.96 USD over the last 12 months, dividend yield 2.65%, beta 0.33, 52-week range 39.00–49.08 USD. Latest reported quarter (Q3 2026): revenue of 1.3 bn USD (+4.7% YoY), net income of 129.5 m USD (+36.7% YoY), diluted EPS 0.27 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 73.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 40.03 – 45.86
- in the upper half of the band · %B 0.90 · band width 13.6%
- SMA 50 / 200
- 41.46 / 44.91
- mixed trend
- MACD (12, 26, 9)
- 1.07 / 0.85
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.5% | −1.1% | +15.6 pp | — |
| 3 months | +5.5% | −0.5% | +6.0 pp | — |
| 6 months | −4.7% | +4.4% | −9.1 pp | — |
| Year to date | +8.5% | +12.3% | −3.9 pp | — |
| 1 year | +5.6% | +13.5% | −7.9 pp | +4.6% |
| 3 years | +76.1% | +76.4% | −0.3 pp | +33.5% |
| 5 years | +78.9% | +63.7% | +15.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.3 bn | 2.1 bn | 1.2 bn | 1.2 bn | 6.5 bn | 2.3 bn | 1.3 bn | 1.3 bn |
| Cost of revenue | 376.6 m | 647.5 m | 261.8 m | 193.6 m | 481.5 m | 669.2 m | 193.6 m | 207.3 m |
| Operating income | 416.8 m | 759.4 m | 262.9 m | 297.5 m | 515.5 m | 819.2 m | 228.1 m | 340.3 m |
| Depreciation & amortisation | 278.1 m | 258.6 m | 286.7 m | 306.9 m | 315.4 m | 288.3 m | 362.2 m | 337.8 m |
| Interest expense | 137.0 m | 132.8 m | 139.1 m | 179.8 m | 187.3 m | 191.6 m | 199.2 m | 210.5 m |
| Income tax | 48.6 m | 105.7 m | 23.8 m | 20.6 m | 53.7 m | 85.8 m | 10.2 m | 13.1 m |
| Net income | 223.9 m | 474.8 m | 102.2 m | 94.7 m | 257.8 m | 507.1 m | 45.5 m | 129.5 m |
| Diluted EPS | 0.48 ≈ | 1.00 | 0.22 | 0.20 | 0.54 ≈ | 1.06 | 0.09 | 0.27 |
| Operating cash flow | 539.8 m | 686.4 m | 495.4 m ≈ | 467.9 m ≈ | 712.6 m | 442.3 m | 680.4 m ≈ | 546.8 m ≈ |
| Capex | 760.0 m | 637.3 m | 658.2 m ≈ | 640.5 m ≈ | 846.3 m | 805.2 m | 1.1 bn ≈ | 1.2 bn ≈ |
| Dividends paid | 124.0 m | 132.0 m | 132.2 m ≈ | 132.2 m ≈ | 134.0 m | 149.0 m | 144.3 m ≈ | 144.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 61 percentile of its own 38-quarter history (min 15.9, median 21.8, max 96.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.0 bn | 5.1 bn | 4.5 bn | 4.7 bn | 5.7 bn | 5.3 bn | 5.3 bn | 6.5 bn |
| Revenue YoY | +2.4% | +1.2% | −11.5% | +5.8% | +21.3% | −6.8% | −1.2% | +23.5% |
| Net income | -50.6 m | 383.1 m | -17.6 m | 584.9 m | 804.1 m | 714.3 m | 760.4 m | 929.5 m |
| Net income YoY | −139.4% | unavailable | −104.6% | unavailable | +37.5% | −11.2% | +6.5% | +22.2% |
| Diluted EPS | -0.18 | 0.87 | -0.19 | 1.27 | 1.70 | 1.48 | 1.62 | 1.95 |
| Diluted EPS YoY | −146.2% | unavailable | −121.8% | unavailable | +33.9% | −12.9% | +9.5% | +20.4% |
| net % | -1.0% | 7.6% | -0.4% | 12.4% | 14.0% | 13.4% | 14.4% | 14.3% |
| Free cash flow | -1.3 bn | -219.1 m | -654.1 m | -620.1 m | -793.7 m | -710.7 m | -832.5 m | -420.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 110.1 m USD
- Financial debt
- 736.0 m USD
- Net debt
- 625.9 m USD
- Equity
- 11.7 bn USD
- Total assets
- 35.9 bn USD
- Debt / equity
- 0.06x
- Current ratio
- 0.69x
- ROE
- 8.3%
- ROA
- 2.7%
- FCF margin
- -6.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.5 bn | 4.7 bn | 5.7 bn | 5.3 bn | 5.3 bn | 6.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Cost of revenue | 1.1 bn | 1.4 bn | 2.1 bn | 1.5 bn | 1.1 bn | 1.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Gross profit | 3.4 bn ≈ | 3.3 bn ≈ | 3.6 bn ≈ | 3.8 bn ≈ | 4.2 bn ≈ | 4.9 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Operating income | 550.8 m | 1.0 bn | 1.3 bn | 1.3 bn | 1.5 bn | 1.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 725.9 m | 748.4 m | 820.8 m | 908.2 m | 1.0 bn | 1.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | 1.3 bn ≈ | 1.8 bn ≈ | 2.1 bn ≈ | 2.2 bn ≈ | 2.5 bn ≈ | 3.0 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Interest expense | 370.7 m | 341.1 m | 361.6 m | 489.6 m | 517.2 m | 639.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | -17.1 m | 117.8 m | 164.6 m | 139.5 m | 158.1 m | 203.8 m | SEC (XBRL)· 11 Feb 2026verified |
| Net income | -17.6 m | 584.9 m | 804.1 m | 714.3 m | 760.4 m | 929.5 m | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | -0.19 | 1.27 | 1.70 | 1.48 | 1.62 | 1.95 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 384.3 m | 417.3 m | 442.7 m | 447.9 m | 456.0 m | 474.5 m | SEC (XBRL)· 11 Feb 2026verified |
| Dividend per share | 0.84 | 0.88 | 0.94 | 1.00 | 1.06 | 1.12 | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 116.5 m | 84.2 m | 40.8 m | 2.2 bn | 156.6 m | 110.1 m | SEC (XBRL)· 11 Feb 2026verified |
| Receivables | 791.3 m | 825.6 m | 1.0 bn | 862.0 m | 964.2 m | 1.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 1.7 bn | 1.9 bn | 2.6 bn | 4.5 bn | 2.1 bn | 2.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 16.6 bn | 17.9 bn | 19.8 bn | 22.3 bn | 25.5 bn | 28.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 1.5 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 0 | 0 | — | — | — | — | SEC (XBRL)· 23 Feb 2022verified |
| Total assets | 22.0 bn | 24.2 bn | 26.7 bn | 31.1 bn | 31.8 bn | 35.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 589.0 m | 697.8 m | 899.5 m | 749.4 m | 863.1 m | 1.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 503.0 m | 560.0 m | 1.8 bn | 3.0 bn | 604.6 m | 736.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 2.3 bn | 2.7 bn | 4.7 bn | 5.3 bn | 4.1 bn | 3.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 5.8 bn | 7.3 bn | 7.9 bn | 10.1 bn | 10.7 bn | 11.7 bn | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.2 bn | 1.4 bn | 1.9 bn | 1.8 bn | 2.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 1.8 bn | 1.8 bn | 2.2 bn | 2.6 bn | 2.6 bn | 2.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | -654.1 m ≈ | -620.1 m ≈ | -793.7 m ≈ | -710.7 m ≈ | -832.5 m ≈ | -420.0 m ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -879.1 m | -2.2 bn | -2.6 bn | -3.6 bn | -3.2 bn | -4.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | -247.7 m | 956.3 m | 1.1 bn | 3.8 bn | -651.0 m | 2.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 321.6 m | 345.2 m | 381.5 m | 413.5 m | 481.0 m | 530.4 m | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 0 | — | — | — | — | — | SEC (XBRL)· 17 Feb 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 21.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet56
- Growth54
- Quality50
- Returns37
- Valuation45
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.72 – 96.27 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Dividend discount (DDM)14.72 – 19.79 (Mid 16.88)
- Peers: EV/EBITDA77.53 – 96.27 (Mid 88.88)8 companies used · median multiple 13.5x · quartiles 11.8x – 14.6xAEE, CMS, DUK, EVRG, EXC, LNT, WEC, XEL
- Peers: P/E37.21 – 41.86 (Mid 39.29)10 companies used · median multiple 20.1x · quartiles 19.0x – 21.4xAEE, CMS, DUK, ED, EVRG, EXC, LNT, PEG, WEC, XEL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.7% | 100 (vs peers) | 6% |
| Net margin · Quality | 8.2% | 0 (vs peers) | 6% |
| Revenue CAGR 3Y · Growth | 4.4% | 64 (on a fixed band) | 6% |
| EPS CAGR 3Y · Growth | 4.7% | 47 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.2x | 100 (vs peers) | 13% |
| Interest coverage · Balance sheet | 2.4x | 26 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 23.1x | 0 (vs peers) | 13% |
| EV/EBITDA · Valuation | 7.0x | 100 (vs peers) | 11% |
| Dividend yield · Returns | 2.6% | 18 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 61.3% | 81 (on a fixed band) | 6% |
Score groups
- Balance sheet56/100 · 3/3 factors with a value
- Growth54/100 · 2/2 factors with a value
- Quality50/100 · 2/2 factors with a value
- Returns37/100 · 2/2 factors with a value
- Valuation45/100 · 2/2 factors with a value
Memo
NiSource Inc. (NI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 6.5 bn USD in 2025; YoY growth 23.5%; net margin 8.2%; ROE 10.1%; net debt/EBITDA 0.2x.
The estimated value range is 37.21–41.86 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 39.29 USD, the price of 45.29 USD leaves a potential of -13.2% (value / price − 1) and a margin of safety of -15.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.7%
- Net debt / EBITDA: 0.2x
- EV/EBITDA: 7.0x
- Payout ratio (EPS): 61.3%
What contradicts it
- Net margin: 8.2%
- Interest coverage: 2.4x
- Current ratio: 0.5x
- P/E (TTM): 23.1x
- Dividend yield: 2.6%
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 11 companies
Only companies with a capitalisation between 2.6 bn and 167.6 bn (within 8× of the company's); 6 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −2% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −2% / +20% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +5% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −12% / +17% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +6% / +46% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −6% / +25% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +6% / +76% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +6% / +46% |
1- and 3-year price returns: for NI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 26.76 Total return -39% · Per year -39% | 47.31 Total return 7% · Per year 7% | 71.27 Total return 61% · Per year 61% |
| 3 years | 25.90 Total return -37% · Per year -14% | 51.53 Total return 22% · Per year 7% | 85.24 Total return 99% · Per year 26% |
| 5 years | 25.07 Total return -35% · Per year -8% | 56.12 Total return 39% · Per year 7% | 101.94 Total return 145% · Per year 20% |
- Exit P/E± 12.88
- Net margin± 9.02
- Annual revenue growth± 7.41
- Annual dilution± 0.76
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
NiSource is a fully regulated energy holding company serving about 3.8 million customers across six states through natural gas and electric utilities. The company is in focus because its data center contracts, led by the ADS agreement, could reshape its growth profile over the coming years.
SWOT
Strengths
- Revenues from rate-regulated operations, a growing asset base and a multi-year investment plan give the company visibility 13.
- A customer base anchored in gas and electric utilities provides essential services and fairly stable demand 1.
- Experience in executing large contracts and securing regulatory approvals for agreements with major technology customers 3.
Weaknesses
Opportunities
Risks
- Data center project executionhigh
Delays or cost overruns could reduce returns under the ADS contract and require additional financing 1.
- Customer concentrationhigh
The partnership with one major customer exposes the company to concentration and counterparty risk 1.
- Regulatory approvalsmedium
Failure to obtain approvals from regulators could delay projects and cost recovery 13.
- Environmental compliance costsmedium
Compliance with environmental rules could be significant and may not always be recoverable 1.
- Indebtedness and credit ratingmedium
Significant debt and a possible downgrade could raise the cost of financing 1.
Investment thesis
What would need to be true (bull case)
- The EPS and rate base growth plan, reaffirmed in the second quarter of 2026, gives a clear multi-year outlook 3.
- If data center projects are delivered on time, they could add stable revenues from long-term contracts 1.
- A regulated customer base provides predictable revenue, and approved rate cases support stability 1.
What would break the thesis
- Concentration on data center contracts could expose the company to delays, cost overruns and financing risks 1.
- Gas demand could decline over the long term due to efficiency gains and electric alternatives 1.
- Debt and reliance on external funding could limit flexibility if capital markets become more expensive 1.
What to watch
- Final IURC approval of the data center contracts and generation assets2026
- Evolution of emergency orders for the R.M. Schahfer plantQ3 2026
- Construction progress of the combined-cycle plant and battery storage2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
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 1. Substantially all of its revenues and earnings come from these rate-regulated businesses 1. Its strategy centers on safety, reliability and infrastructure investment, and in 2025 it entered the ADS Contract under which NIPSCO supplies power to a data center 1.
The company was renamed from NIPSCO Industries to NiSource in 1999 and has two reportable segments, Columbia Operations and NIPSCO Operations 1. Centralized corporate activities, including holding company interest and unallocated costs, are reported separately 1. Management also reports results on a non-GAAP basis, with base plan and consolidated adjusted EPS 3.
The 2026-2030 consolidated capital investment plan of 28.6 billion USD combines base investments with strategic data center infrastructure and sets the company's growth direction 3. If execution and regulatory approvals stay on track, the targets for the asset base could support the announced growth 3.
Segments
Columbia Operations
The Columbia segment supplies natural gas to residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky and Maryland, with about 2.4 million customers 1. Customers can buy gas directly from producers, and demand is seasonal, peaking during the heating season 1.
Market context
NiSource operates in regulated markets where rates are approved by state and federal authorities, and electric retail customers in Indiana cannot choose their supplier 1. Gas demand is shaped by weather and efficiency, while data center demand has added a new dimension 1.
Demand from large customers, especially data centers, creates opportunities but also execution and financing risks for northern Indiana utilities 12. Regulators remain decisive for cost recovery 1.
Trends
- Data center demandmixed
Data centers in northern Indiana bring growth through contracts like ADS, but they require large investments and carry execution risk 12.
- Energy transitionmixed
Retiring coal plants and replacing them with gas and renewables are shaped by emergency orders and resource plans, adding uncertainty to timelines 12.
- Rate case outcomestailwind
Recent rate cases approved in several states support stable revenues but depend on regulatory decisions 1.
- Electrificationheadwind
Heat pumps and other alternatives to gas heating could reduce long-term natural gas demand 1.
Competitive position
In gas markets NiSource competes with other gas suppliers, electric utilities and alternative fuels such as propane and fuel oil 1. In northern Indiana, competition also comes from self-generation by large industrial customers 1.
For data center contracts, the company competes with utilities and energy providers across the United States and abroad, with siting factors such as land cost, permitting and the ability to deliver power quickly at scale 1.
- Other electric utilities in its service areas
Investor-owned, municipal and cooperative electric utilities that compete within NiSource's service territories 1.
- Interstate and intrastate gas pipelines
Regulated and unregulated pipeline operators that can supply natural gas directly to customers 1.
- Propane and fuel oil suppliers
Alternative fuel providers that compete with natural gas for heating demand 1.
- Utilities and power providers competing for data center projects
Utilities and energy providers across the United States and abroad that bid for data center load 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report16 Oct 2026Creation of a direct financial obligation · Financial statements and exhibits
- Current report18 Aug 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report18 May 2026Other events · Financial statements and exhibits
- Current report12 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NiSource Inc. · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / NiSource Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / NiSource Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.