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NiSource Valuation Multiples

Discover revenue and EBITDA valuation multiples for NiSource and similar public comparables like Energy One, Chrysos Corp., and APA Group.

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

United States of America
Employees

7.7K+

Website

nisource.com

Financials

LTM Revenue $5.8B

LTM EBITDA $2.6B

EV

$32.4B

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NiSource Financials

NiSource has a last 12-month revenue of $5.8B and a last 12-month EBITDA of $2.6B.

In the most recent fiscal year, NiSource achieved revenue of $5.5B and an EBITDA of $2.6B.

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

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NiSource P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $5.5B $5.5B XXX XXX XXX
Gross Profit $2.3B $2.5B XXX XXX XXX
Gross Margin 41% 45% XXX XXX XXX
EBITDA $2.2B $2.6B XXX XXX XXX
EBITDA Margin 40% 47% XXX XXX XXX
Net Profit $804M $714M XXX XXX XXX
Net Margin 15% 13% XXX XXX XXX
Net Debt $11.2B $11.9B XXX XXX XXX

Financial data powered by Morningstar, Inc.

NiSource Stock Performance

As of March 14, 2025, NiSource's stock price is $39.

NiSource has current market cap of $18.6B, and EV of $32.4B.

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NiSource Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$32.4B $18.6B XXX XXX XXX XXX $1.77

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NiSource Valuation Multiples

As of March 14, 2025, NiSource has market cap of $18.6B and EV of $32.4B.

NiSource's trades at 5.6x LTM EV/Revenue multiple, and 12.3x LTM EBITDA.

Analysts estimate NiSource's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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NiSource Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $32.4B XXX XXX XXX
EV/Revenue 5.9x XXX XXX XXX
EV/EBITDA 12.6x XXX XXX XXX
P/E 24.4x XXX XXX XXX
P/E/Growth 1.9x XXX XXX XXX
EV/FCF -37.6x XXX XXX XXX

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NiSource Valuation Multiples

NiSource's NTM/LTM revenue growth is 9%

NiSource's revenue per employee for the last fiscal year averaged $0.7M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, NiSource's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate NiSource's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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NiSource Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -1% XXX XXX XXX XXX
EBITDA Margin 47% XXX XXX XXX XXX
EBITDA Growth 16% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 56% XXX XXX XXX XXX
Revenue per Employee $0.7M XXX XXX XXX XXX
Opex per Employee $0.2M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 0% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 25% XXX XXX XXX XXX

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NiSource Public Comps

See public comps and valuation multiples for Utilities and Energy Services comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
TAQA XXX XXX XXX XXX XXX XXX
AGL Energy XXX XXX XXX XXX XXX XXX
APA Group XXX XXX XXX XXX XXX XXX
Chrysos Corp. XXX XXX XXX XXX XXX XXX
Energy One XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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NiSource M&A and Investment Activity

NiSource acquired  XXX companies to date.

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

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Latest Acquisitions by NiSource

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About NiSource

When was NiSource founded? NiSource was founded in 1987.
Where is NiSource headquartered? NiSource is headquartered in United States of America.
How many employees does NiSource have? As of today, NiSource has 7.7K+ employees.
Who is the CEO of NiSource? NiSource's CEO is Mr. Lloyd M. Yates.
Is NiSource publicy listed? Yes, NiSource is a public company listed on NYS.
What is the stock symbol of NiSource? NiSource trades under NI ticker.
When did NiSource go public? NiSource went public in 1988.
Who are competitors of NiSource? Similar companies to NiSource include e.g. TAQA, AGL Energy, APA Group, Chrysos Corp..
What is the current market cap of NiSource? NiSource's current market cap is $18.6B
What is the current revenue of NiSource? NiSource's last 12-month revenue is $5.8B.
What is the current EBITDA of NiSource? NiSource's last 12-month EBITDA is $2.6B.
What is the current EV/Revenue multiple of NiSource? Current revenue multiple of NiSource is 5.6x.
What is the current EV/EBITDA multiple of NiSource? Current EBITDA multiple of NiSource is 12.3x.
What is the current revenue growth of NiSource? NiSource revenue growth between 2023 and 2024 was -1%.
Is NiSource profitable? Yes, NiSource is EBITDA-positive (as of the last 12 months).

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