NiSource Valuation Multiples

NiSource Overview

About NiSource

NiSource is one of the nation's largest natural gas distribution companies with 3.2 million customers in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia. NiSource’s electric utility transmits and distributes electricity in northern Indiana to about 500,000 customers. The regulated electric utility also owns more than 3,000 megawatts of generation capacity, including coal, natural gas, and renewable energy.

Founded

1987

HQ

Employees

7.7K

Website

nisource.com

Sectors

UtilitiesEnergy Services

Financials (LTM)

Revenue: $7B

EBITDA: $3B

EV

$39B

Valuation Multiples

Multiples.vc

Start free trial

NiSource Financials

NiSource reported last 12-month revenue of $7B and EBITDA of $3B.

In the same LTM period, NiSource generated $5B in gross profit, $3B in EBITDA, and $931M in net income.

NiSource P&L

In the most recent fiscal year, NiSource reported revenue of $7B and EBITDA of $3B.

NiSource expects next 12-month revenue of XXX and NTM EBITDA of XXX

NiSource Stock Performance

NiSource has current market cap of $23B, and enterprise value of $39B.

NiSource's stock price is $47.22.

NiSource Valuation Multiples

NiSource trades at 5.9x EV/Revenue multiple, and 12.7x EV/EBITDA.

NiSource Financial Valuation Multiples

As of April 15, 2026, NiSource has market cap of $23B and EV of $39B.

Equity research analysts estimate NiSource's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

NiSource has a P/E ratio of 24.3x.

NiSource Margins & Growth Rates

NiSource's revenue in the last 12 month grew by 4%.

NiSource's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.2M for the same period.

NiSource's rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

NiSource's rule of X is 52% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

NiSource Public Comps

See public comps and valuation multiples for other Utilities and Energy Services comps.

NiSource M&A Activity

NiSource acquired XXX companies to date.

Last acquisition by NiSource was on XXXXXXXX, XXXXX. NiSource acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

NiSource Investment Activity

NiSource invested in XXX companies to date.

NiSource made its latest investment on XXXXXXXX, XXXXX. NiSource invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).