NiSource (NI)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from NI's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from NiSource's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.7B | $5.7B | $5.3B | $5.3B | $6.5B |
| Net income | $585M | $804M | $714M | $760M | $930M |
| Free cash flow | -$620M | -$794M | -$711M | -$832M | -$420M |
| EPS (diluted) | $1.27 | $1.70 | $1.48 | $1.62 | $1.95 |
| Operating margin | 21.3% | 22.1% | 24.2% | 27.6% | 28.1% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own NI
From each investor's latest 13F filing (what a 13F shows). 3 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $120M | 0.04% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
New position | $10M | 0.02% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Held | $299,850 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by NiSource's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
Are NiSource insiders buying the stock?
No open-market insider purchases of NI in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own NiSource?
3 of the superinvestors Investingly tracks hold NI in their latest 13F, including Cliff Asness, Joel Greenblatt, Mario Gabelli.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.