NI vs OGS: NiSource and One Gas compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- NiSource is the larger company, worth $19.7B, about 4.4 times One Gas.
- On earnings, One Gas is the cheaper stock (16.2x vs 20.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NI | OGS |
|---|---|---|
| Market cap | $19.7B | $4.5B |
| Share price | $40.76 | $72.50 |
| Revenue (last fiscal year) | $6.5B | — |
| Free cash flow (last fiscal year) | -$420M | -$128M |
| Revenue growth, last year | +3.5% | — |
| Revenue growth per year, last 5 fiscal years | +8.4% | — |
| Operating margin | 16.4% | — |
| Net margin | 8.0% | — |
| Return on equity | 9.4% | 8.2% |
| P/E (trailing) | 20.4x | 16.2x |
| Price / free cash flow | — | — |
| EV / EBITDA | 11.3x | 11.1x |
| FCF growth the price implies | — | — |
| Dividend yield | 2.1% | 3.7% |
| Debt / equity | 2.68x | 1.49x |
| Fundamental grade | D | C |
| Superinvestors holding it | 3 | 4 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
NiSource
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.7B | -$620M | 21.3% |
| 2022 | $5.7B | -$794M | 22.1% |
| 2023 | $5.3B | -$711M | 24.2% |
| 2024 | $5.3B | -$832M | 27.6% |
| 2025 | $6.5B | -$420M | 28.1% |
One Gas
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.8B | -$2.0B | 17.2% |
| 2022 | $2.6B | $961M | 13.6% |
| 2023 | — | $273M | — |
| 2024 | — | -$335M | — |
| 2025 | — | -$128M | — |
Where the revenue comes from
NiSource · by segments, 2025
Columbia Operations$3.3B51%
NIPSCO Operations$3.2B49%
One Gas
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NI in InvestinglyQuestions
Which is bigger, NiSource or One Gas?
NiSource (NI), at $19.7B against $4.5B.
Is NI or OGS cheaper?
By trailing P/E, One Gas (16.2x) is cheaper than NiSource (20.4x). A lower multiple can also mean the market expects less growth.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.