Start with its own history
At 22.54×, NI is 16.1% below its 8-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · NIRegulated GasUpdated Oct 25, 2026
NiSource Inc P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
22.54×
16.1% belowthe 8-observation annual average
Share price43.28
÷Earnings per share1.92
Price and EPS in quote currency. Calculation details
Investors are paying 22.54 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 26.86×
3-year average20.19×3 positive annual observations
5-year average19.18×5 positive annual observations
10-year average26.86×8 positive annual observations
Peer median · TTM20.27×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 21.31× | -5.5% |
| Dec 31, 2024 | 22.55× | +35.1% |
| Dec 31, 2023 | 16.70× | +12.1% |
| Dec 31, 2022 | 14.90× | -27.1% |
| Dec 31, 2021 | 20.45× | N/M |
| Dec 31, 2020 | N/M | N/M |
| Dec 31, 2019 | 31.64× | N/M |
| Dec 31, 2018 | N/M | N/M |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 65.82× | +206.2% |
| Dec 31, 2016 | 21.50× | -0.8% |
| Dec 31, 2015 | 21.68× | +118.5% |
| Dec 31, 2014 | 9.92× | +30.6% |
| Dec 31, 2013 | 7.60× | +11.1% |
| Dec 31, 2012 | 6.84× | -22.5% |
| Dec 31, 2011 | 8.83× | +34.0% |
| Dec 31, 2010 | 6.59× | -13.8% |
| Dec 31, 2009 | 7.65× | -48.6% |
| Dec 31, 2008 | 14.86× | +134.3% |
| Dec 31, 2007 | 6.34× | -30.4% |
| Dec 31, 2006 | 9.11× | +25.5% |
| Dec 31, 2005 | 7.26× | +33.8% |
| Dec 31, 2004 | 5.42× | -79.2% |
| Dec 31, 2003 | 26.12× | +488.2% |
| Dec 31, 2002 | 4.44× | -48.5% |
| Dec 31, 2001 | 8.63× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How NI compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 NI This stockNiSource Inc | 22.54× |
 CMSCMS Energy Corporation | 20.59× |
 CNPCenterPoint Energy, Inc. | 24.16× |
 BKHBlack Hills Corporation | 19.95× |
 DTEDTE Energy Company | 20.70× |
 UTLUnitil Corporation | 17.38× |
 CPKChesapeake Utilities Corporation | 21.31× |
 NWNNorthwest Natural Holding Company | 16.27× |
 OGSONE Gas, Inc. | 16.72× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does NI’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 20.27×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take NI into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("NI", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 43.28 ÷ EPS 1.92 = 22.54×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Oct 25, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
NI P/E ratio: common questions
The essentials behind the numbers.
NiSource Inc's current P/E is 22.54× based on the quote data last updated Oct 25, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.