Nisource Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Nisource Inc (NI) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Nisource Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 13,812M vs 194,600M combined for its competitors (6.6% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-23.3% annualized vs trailing 12 months), vs holding steady (+1.3%) for its tracked peer group.
- Growth: Nisource Inc generated 4.0% revenue growth year over year in Q3 2026, vs 4.0% for its competitors combined.
- Profitability: Its 4.9% net margin compares with 16.1% for the peer group.
- Scale: Nisource Inc ranks #24 of 74 companies by market capitalization in the Electric Utilities industry, holding 1.5% of industry market cap.
- Peer revenue share: Nisource Inc accounted for 5.1% of combined revenue among its tracked peer group, up from 5.1% a year earlier.
- Peer differentiation: Revenue per employee of $1.78M compares with $1.01M for the peer group (1.8x).
- Structure: Nisource Inc operates in the following segments: NIPSCO Operations, Columbia Operations, Unaffiliated, Corporate, Nipsco.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NI Sales vs. its Competitors, Q3 2026
Nisource Inc reported revenue growth of 4.02 % year on year in Q3 2026, below its competitors' combined revenue growth of 4.04 %.
With a net margin of 4.89 %, Nisource Inc reported lower profitability than its competitors (16.07 %).
Nisource Inc generated 5.10 % of the combined sales of its peer group, up from 5.10 % a year earlier.
API endpoints for this dataset
Nisource Inc vs. its Competitors, Q3 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Nisource Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Nisource Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Nisource Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (1) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Nisource Inc's competitor groups requires a Commercial License.
For context: the Electric Utilities industry grew revenue 1,586.2% year over year, combined, vs 4.0% for Nisource Inc. Nisource Inc's share of combined industry revenue moved from 0.84% to 0.05%, a loss of 0.79 percentage points.
Nisource Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Nisource Inc | Yes | Yes | Yes | No |
| Competitors combined (37) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 87.50 % (7 of 8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NI Stock Performance relative to its Competitors
NI Stock Performance relative to Similar-Size Competitors
NI Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Oneok Inc | 282.9% | Outperformed |
| 2 | Union Pacific Corp | 282.9% | Outperformed |
| 3 | Sunoco Lp | 282.9% | Outperformed |
| 4 | Consolidated Edison Inc | 282.9% | Outperformed |
| 5 | Kinder Morgan Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Nisource Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Nisource Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Nisource Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Nisource Inc |
21,380.08 | 13,812.40 |
 Union Pacific Corp |
177,131.28 | 26,516.00 |
 The Southern Company |
105,287.52 | 30,174.00 |
 Duke Energy Corporation |
101,332.32 | 33,166.00 |
 Constellation Energy Corporation |
84,836.10 | 29,867.00 |
 Williams companies inc |
78,706.25 | 12,204.00 |
| SUBTOTAL | 1,661,882.32 | 693,109.32 |
Sign in to see all competitors of Nisource Inc .
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Nisource Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Nisource Inc's Competitors Named by the Company
Competitive relationships identified from Nisource Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Columbia of Maryland | Company report | 85% |
| Columbia of Pennsylvania | Company report | 85% |
| Consolidated Edison Inc | Company report | 85% |
| The Southern Company | Company report | 85% |
| Wec Energy Group Inc | Company report | 85% |
| Edison International | Company report | 85% |
| Dominion Energy Inc | Company report | 85% |
| Firstenergy Corp | Company report | 85% |
| Ppl Corporation | Company report | 85% |
| The Aes Corporation | Company report | 85% |
| Cms energy Corporation | Company report | 85% |
| Nrg Energy Inc | Company report | 85% |
| Sempra | Company report | 85% |
| Xcel Energy Inc | Company report | 85% |
| Dte Energy Co | Company report | 85% |
| Mdu Resources Group Inc | Company report | 85% |
| Pg and e Corp | Company report | 85% |
| Centerpoint Energy Inc | Company report | 85% |
| Exelon Corporation | Company report | 85% |
| Ameren Corporation | Company report | 85% |
| Public Service Enterprise Group Incorporated | Company report | 85% |
| American Electric Power Co Inc | Company report | 85% |
| Berkshire Hathaway Inc | Company report | 85% |
| Constellation Energy Corporation | Company report | 85% |
| Eversource Energy | Company report | 85% |
| Kinder Morgan Inc | Company report | 85% |
| Eqt Corporation | Company report | 85% |
| Entergy Corporation | Company report | 85% |
| Williams companies inc | Company report | 85% |
| Duke Energy Corporation | Company report | 85% |
Company report basis, confidence, active dates and source counts for Nisource Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Nisource Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Nisource Inc | NIPSCO Operations 30.04 % |
| Union Pacific Corp | Reportable 99.00 % |
| Williams companies inc | Transmission, Power & Gulf 47.62 % |
| American Electric Power Co Inc | Vertically Integrated Utilities 57.14 % |
| Kinder Morgan Inc | Natural Gas Pipelines 63.98 % |
| Cummins Inc | Distribution 35.17 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Nisource Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Nisource Inc | 21,380 | 1,782,705 | 129,195 |
| Union Pacific Corp | 177,131 | 905,385 | 260,115 |
| The Southern Company | 105,288 | 1,012,550 | 142,248 |
| Duke Energy Corporation | 101,332 | 1,254,340 | 198,328 |
| Constellation Energy Corporation | 84,836 | 1,947,128 | 247,539 |
| Williams companies inc | 78,706 | 2,038,417 | 541,841 |
| PEERS TOTAL | 1,640,502 | 1,014,792 | 132,677 |
Nisource Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Cummins Inc | United States 56.10 % |
| Sea Limited | Southeast Asia excluding Singapore 62.69 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Nisource Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 65 companies in Nisource Inc's industry classification, broader than the peer set above. Market cap in millions of $.Nisource Inc ranks #24 of 65 companies by market capitalization in its industry, holding 1.47 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 461, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Nextera Energy Inc | 184,654 | 12.69 % |
| 2 | The Southern Company | 105,288 | 7.24 % |
| 3 | Duke Energy Corporation | 101,332 | 6.97 % |
| 4 | Constellation Energy Corporation | 84,836 | 5.83 % |
| 5 | American Electric Power Co Inc | 1,234 | 5.2% |
| 6 | Dominion Energy Inc | 1,234 | 5.2% |
| 7 | Sempra | 1,234 | 5.2% |
| 8 | Entergy Corporation | 1,234 | 5.2% |
| 9 | Xcel Energy Inc | 1,234 | 5.2% |
| 10 | Exelon Corporation | 1,234 | 5.2% |
| 24 | Nisource Inc | 21,385 | 1.47 % |
Market cap and industry share for the rest of Nisource Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-05.
Nisource Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 19 | Ppl Corporation | 27,258 | -0.37 % |
| 20 | Eversource Energy | 27,084 | -2.71 % |
| 21 | Centerpoint Energy Inc | 26,356 | 6.21 % |
| 22 | Edison International | 23,561 | 11.49 % |
| 23 | Cms energy Corporation | 1,234 | 12.3% |
| 24 | Nisource Inc | 21,385 | 6.58 % |
| 25 | Evergy Inc | 1,234 | 12.3% |
| 26 | Algonquin Power and Utilities Corp | 1,234 | 12.3% |
| 27 | Alliant Energy Corp | 1,234 | 12.3% |
| 28 | Nrg Energy Inc | 1,234 | 12.3% |
| 29 | Emera Incorporated | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Nisource Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-05. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Nisource Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Electric Utilities industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (104 companies). See the full Electric Utilities industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 82.23 % | 42.57 % (avg) | +39.7 pp |
| Operating Margin | 13.78 % | industry median | -3.0 pp |
| EBITDA Margin | 16.45 % | 27.18 % (avg) | -10.7 pp |
| Capital Intensity (Capex / Revenue) | 28.59 % | 32.49 % (avg) | -3.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Nisource Inc's Valuation vs Competitive Position
Valuation multiples vs the Electric Utilities industry average (104 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Electric Utilities industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 21.9x | 23.8x | -1.9x |
| EV / EBITDA | 16.5x | 16.0x | +0.5x |
| P/B | 1.7x | 2.2x | -0.4x |
| Return on Equity | 8.44 % | industry aggregate | -4.89 % |
| Return on Invested Capital | 4.00 % | 1.88 % (avg) | 2.12 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Nisource Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 21.20 % | -12.97 % | 38.85 % | 4.65 % | 19.41 % | -18.40 % | 14.26 % | 21.76 % |
| Operating Margin | -3.75 % | 13.21 % | 5.88 % | 10.28 % | 10.82 % | 12.34 % | 13.34 % | 13.82 % |
| Return on Invested Capital | -1.29 % | 3.66 % | 2.12 % | 3.47 % | 4.27 % | 3.79 % | 3.88 % | 4.35 % |
| P/E | - | 31.2x | - | 20.2x | 16.1x | 17.5x | 21.9x | 21.8x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Nisource Inc's Strategic Group Map
Nisource Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Nisource Inc's trailing-12-month revenue growth of 9.2% and operating margin of 13.8% compares with an average of 8.0% growth and 15.6% margin across its 8 closest peers by combined growth, margin and ROIC -- Nisource Inc sits above that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Nisource Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Nisource Inc falls in the Dog quadrant: relative market share of 0.12x vs its largest competitor, in an industry growing revenue 9.0% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Nisource Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 461 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Moderate, in line with the industry | Capital intensity (capex / revenue) of 28.59 % vs industry average 32.49 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Nisource Inc's dedicated Suppliers and Customers pages, not here.
Nisource Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Nisource Inc falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Nisource Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-23.3% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.12x).
Opportunities
- Trades at a lower P/E than the industry average (21.9x vs 23.8x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Nisource Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Nisource Inc | 0.02 | 0.68 | 1.42 |
| Union Pacific Corp | 0.28 | 1.00 | 1.53 |
| The Southern Company | 0.11 | 0.70 | 1.86 |
| Duke Energy Corporation | 0.04 | 0.62 | 1.66 |
| Constellation Energy Corporation | 0.32 | 1.46 | 0.63 |
| Williams companies inc | - | 0.54 | 1.94 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Nisource Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Nisource Inc | Q3 2026 | +4.0 % | +21.0 % |
| Union Pacific Corp | Q3 2026 | +16.4 % | +16.1 % |
| The Southern Company | Q1 2026 | +8.0 % | +0.3 % |
| Duke Energy Corporation | Q1 2026 | +11.3 % | +12.3 % |
| Constellation Energy Corporation | Q1 2026 | +63.8 % | +1,142.6 % |
| Williams companies inc | Q2 2026 | +9.8 % | +50.3 % |
| PEERS TOTAL | +19.3 % | +33.7 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Nisource Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Nisource Inc | Q3 2026 | +228.4 % | +87.3 % |
| Union Pacific Corp | Q3 2026 | +68.8 % | +7.8 % |
| The Southern Company | Q1 2026 | +2.1 % | +20.8 % |
| Duke Energy Corporation | Q1 2026 | +16.9 % | +29.9 % |
| Constellation Energy Corporation | Q1 2026 | +15.2 % | +58.2 % |
| Williams companies inc | Q2 2026 | - | +88.7 % |
Nisource Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Nisource Inc | 2.69% | 2.81% | 8.44% |
| Union Pacific Corp | 10.76% | 11.49% | 37.82% |
| The Southern Company | 2.76% | 2.74% | 10.98% |
| Duke Energy Corporation | 2.70% | 3.54% | 9.79% |
| Constellation Energy Corporation | 5.77% | 5.64% | 19.68% |
| Williams companies inc | 5.53% | 6.55% | 21.49% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Nisource Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Nisource Inc | 22.67 | 1.55 |
| Union Pacific Corp | 23.24 | 6.68 |
| The Southern Company | 23.34 | 3.49 |
| Duke Energy Corporation | 19.93 | 3.06 |
| Constellation Energy Corporation | 20.80 | 2.84 |
| Williams companies inc | 25.60 | 6.45 |
| PEERS AVERAGE | 18.50 | 2.40 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.