Question 1

What is NiSource's P/E ratio?

Accepted Answer

NiSource (NI) P/E ratio is 23.3× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for NiSource?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For NiSource specifically, the relevant sector benchmark is the current sector median of 21.4×.

Question 5

Is NiSource's P/E ratio high or low?

Accepted Answer

NiSource's P/E ratio of 23.3× is above its own 5-year average of 19.2× and above the sector median of 21.4×. That places the current reading at the 77th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is NiSource's historical P/E ratio range?

Accepted Answer

In the available daily series, NiSource (NI) P/E ratio has ranged from a low of 4.0× in 2002 to a high of 74.6× in 2003. The 5-year average is 19.2× and the 5-year median is 18.3×.

Question 7

What was NiSource's P/E ratio in 2025?

Accepted Answer

NiSource (NI) P/E ratio at the end of 2025 was 21.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

Why does NiSource's P/E ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$19.7B	$930M	21.2×	-1.5×	Dec 31, 2025
2024	$17.3B	$760M	22.7×	+7.0×	Dec 31, 2024
2023	$11.2B	$714M	15.7×	+1.7×	Dec 31, 2023
2022	$11.2B	$804M	14.0×	-4.6×	Dec 31, 2022
2021	$10.9B	$585M	18.6×	—	Dec 31, 2021
2020	$8.8B	-$17.6M	—	—	Dec 31, 2020
2019	$10.5B	$383M	27.4×	—	Dec 31, 2019
2018	$9.37B	-$50.6M	—	—	Dec 31, 2018
2017	$8.66B	$129M	67.4×	+45.4×	Dec 31, 2017
2016	$7.15B	$324M	22.1×	+0.3×	Dec 31, 2016
2015	$6.22B	$287M	21.7×	+11.8×	Dec 31, 2015
2014	$5.26B	$530M	9.9×	+2.3×	Dec 31, 2014
2013	$4.05B	$532M	7.6×	+0.3×	Dec 31, 2013
2012	$3.03B	$416M	7.3×	-1.5×	Dec 31, 2012
2011	$2.63B	$299M	8.8×	+2.2×	Dec 31, 2011
2010	$1.93B	$292M	6.6×	-1.1×	Dec 31, 2010
2009	$1.67B	$218M	7.7×	—	Dec 31, 2009
2008	$1.18B	-$573M	—	—	Dec 31, 2008
2007	$2.03B	$321M	6.3×	-2.8×	Dec 31, 2007
2006	$2.59B	$283M	9.1×	+1.9×	Dec 31, 2006
2005	$2.23B	$307M	7.3×	+1.8×	Dec 31, 2005
2004	$2.39B	$436M	5.5×	-20.3×	Dec 31, 2004
2003	$2.21B	$85.7M	25.8×	+20.4×	Dec 31, 2003
2002	$1.99B	$373M	5.4×	—	Dec 31, 2002


American States Water (AWR)	22.1×
Middlesex Water (MSEX)	21.8×
Evergy (EVRG)	21.4×
H2O America (HTO)	21.2×
CMS Energy (CMS)	21.1×
Essential Utilities (WTRG)	20.5×
Ameren (AEE)	19.9×
Duke Energy (DUK)	19.8×
MGE Energy (MGEE)	19.8×
American Electric Power Company (AEP)	19.4×
Consolidated Edison (ED)	19.1×
Pinnacle West Capital (PNW)	18.7×
Dominion Energy (D)	18.3×
Black Hills (BKH)	18.2×
Exelon (EXC)	18.1×
Public Service Enterprise Group (PEG)	17.8×
Northwest Natural Holding (NWN)	17.7×
New Jersey Resources (NJR)	16.2×
Avista (AVA)	16.0×
Eversource Energy (ES)	14.9×
Artesian Resources (ARTNA)	14.1×
PG&E (PCG)	13.1×
UGI (UGI)	12.2×
Edison International (EIX)	7.6×
AES (AES)	7.5×

P/E Ratio for NiSource (NI) 2002-2026

P/E Ratio daily chart for NiSource (NI)

Historical P/E Ratio for NiSource (NI) from 2002 to 2025

About P/E Ratio at NiSource (NI)

NiSource P/E Ratio by Year

NiSource P/E Ratio 2025: 21.2×

NiSource P/E Ratio 2024: 22.7×

NiSource P/E Ratio 2023: 15.7×

NiSource P/E Ratio 2022: 14.0×

NiSource P/E Ratio 2021: 18.6×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

NiSource (NI) Key Financials