Question 1

What is NiSource's P/S ratio?

Accepted Answer

NiSource (NI) P/S ratio is 3.3× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue Per Share. 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for NiSource?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For NiSource specifically, the relevant sector benchmark is the current sector median of 3.1×.

Question 5

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

Accepted Answer

NiSource's P/S ratio of 3.3× is above its own 5-year average of 2.5× and above the sector median of 3.1×. That places the current reading at the 86th 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/S ratio range?

Accepted Answer

In the available daily series, NiSource (NI) P/S ratio has ranged from a low of 0.1× in 2009 to a high of 3.6× in 2025. The 5-year average is 2.5× and the 5-year median is 2.3×.

Question 7

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

Accepted Answer

NiSource (NI) P/S ratio at the end of 2025 was 3.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$19.75B	$6.64B	3.0×	-0.2×	Dec 31, 2025
2024	$17.27B	$5.46B	3.2×	+1.1×	Dec 31, 2024
2023	$11.20B	$5.51B	2.0×	+0.1×	Dec 31, 2023
2022	$11.24B	$5.85B	1.9×	-0.3×	Dec 31, 2022
2021	$10.86B	$4.90B	2.2×	+0.3×	Dec 31, 2021
2020	$8.80B	$4.68B	1.9×	-0.1×	Dec 31, 2020
2019	$10.50B	$5.21B	2.0×	+0.2×	Dec 31, 2019
2018	$9.37B	$5.11B	1.8×	+0.1×	Dec 31, 2018
2017	$8.66B	$4.87B	1.8×	+0.2×	Dec 31, 2017
2016	$7.15B	$4.49B	1.6×	+0.4×	Dec 31, 2016
2015	$6.22B	$5.23B	1.2×	+0.4×	Dec 31, 2015
2014	$5.26B	$6.47B	0.8×	+0.1×	Dec 31, 2014
2013	$4.05B	$5.68B	0.7×	+0.1×	Dec 31, 2013
2012	$3.03B	$5.06B	0.6×	+0.2×	Dec 31, 2012
2011	$2.63B	$6.02B	0.4×	+0.1×	Dec 31, 2011
2010	$1.93B	$6.42B	0.3×	+0.1×	Dec 31, 2010
2009	$1.67B	$6.93B	0.2×	+0.1×	Dec 31, 2009
2008	$1.18B	$8.88B	0.1×	-0.1×	Dec 31, 2008
2007	$2.03B	$7.94B	0.3×	-0.1×	Dec 31, 2007
2006	$2.59B	$7.49B	0.3×	+0.1×	Dec 31, 2006
2005	$2.23B	$7.90B	0.3×	-0.1×	Dec 31, 2005
2004	$2.39B	$6.67B	0.4×	+0.0×	Dec 31, 2004
2003	$2.21B	$6.30B	0.4×	+0.0×	Dec 31, 2003
2002	$1.99B	$6.49B	0.3×	+0.1×	Dec 31, 2002
2001	$1.86B	$9.46B	0.2×	—	Dec 31, 2001


Vistra (VST)	3.2×
Dominion Energy (D)	3.1×
PPL (PPL)	3.1×
Duke Energy (DUK)	3.1×
CenterPoint Energy (CNP)	3.0×
Artesian Resources (ARTNA)	2.9×
H2O America (HTO)	2.7×
California Water Service Group (CWT)	2.7×
CMS Energy (CMS)	2.6×
New Jersey Resources (NJR)	2.5×
Consolidated Edison (ED)	2.4×
Black Hills (BKH)	2.3×
Pinnacle West Capital (PNW)	2.2×
Exelon (EXC)	2.0×
FirstEnergy (FE)	1.9×
Eversource Energy (ES)	1.9×
Algonquin Power & Utilities (AQN)	1.9×
DTE Energy (DTE)	1.9×
Avista (AVA)	1.7×
Northwest Natural Holding (NWN)	1.7×
PG&E (PCG)	1.5×
Edison International (EIX)	1.4×
UGI (UGI)	1.1×
NRG Energy (NRG)	0.9×
AES (AES)	0.8×

P/S Ratio for NiSource (NI)

P/S Ratio daily chart for NiSource (NI)

Historical P/S Ratio for NiSource (NI) from 2001 to 2025

About P/S Ratio at NiSource (NI)

NiSource P/S Ratio by Year

NiSource P/S Ratio 2025: 3.0×

NiSource P/S Ratio 2024: 3.2×

NiSource P/S Ratio 2023: 2.0×

NiSource P/S Ratio 2022: 1.9×

NiSource P/S Ratio 2021: 2.2×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

NiSource (NI) Key Financials

P/S Ratio daily chart for NiSource (NI)

Historical P/S Ratio for NiSource (NI) from 2001 to 2025

About P/S Ratio at NiSource (NI)

NiSource P/S Ratio by Year

NiSource P/S Ratio 2025: 3.0×

NiSource P/S Ratio 2024: 3.2×

NiSource P/S Ratio 2023: 2.0×

NiSource P/S Ratio 2022: 1.9×

NiSource P/S Ratio 2021: 2.2×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

+What is NiSource's P/S ratio?

+How is the P/S ratio calculated?

+What is the P/S ratio?

+What is a good P/S ratio for NiSource?

+Is NiSource's P/S ratio high or low?

+What is NiSource's historical P/S ratio range?

+What was NiSource's P/S ratio in 2025?

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

NiSource (NI) Key Financials