WallStSmart
NI

NiSource Inc

NYSE: NI · UTILITIES · UTILITIES - REGULATED GAS

$48.18
-0.66% today

Updated 2026-04-29

Market cap
$23.06B
P/E ratio
24.71
P/S ratio
3.47x
EPS (TTM)
$1.95
Dividend yield
2.35%
52W range
$36 – $49
Volume
4.0M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

NiSource Inc (NI) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$48.18
Consensus
$47.91
-0.56%
2030 Target
$208.96
+333.71%
DCF
$23.93
-86.63% MoS
11 analysts:
7 Buy2 Hold1 Sell

Management guidance

NiSource reaffirmed FY2026 guidance in February 2026 earnings call. Company announced $28 billion capital investment plan through 2028, indicating sustained infrastructure spending to support regulated utility growth. Management has not provided specific revenue targets for 2026-2030, but capital deployment and service expansion in gas distribution and electric utilities suggest continued mid-to-high single-digit annual revenue growth.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$346.68
$8.3B Rev × 20x P/S
Base case (2030)
$208.96
$8.3B Rev × 12x P/S
Bear case (2030)
$137.72
$8.3B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$5.5B$5.5B$6.6B$6.9B$7.2B$7.5B$7.9B$8.3B
Revenue growth—-0.9%21.8%3.3%5.0%4.7%4.8%4.7%
EPS$1.60$1.75$1.90$2.11$2.28$2.48$2.69$2.92
P/S ratio———12.0x12.0x12.0x12.0x12.0x
Implied price———$170.96$180.46$189.96$199.46$208.96

Catalysts & risks

Growth catalysts
+ Data center power demand growth requiring grid modernization and infrastructure investment
+ $28 billion capital spending plan through 2028 driving rate base growth
+ Supportive regulatory environment for infrastructure modernization and renewable energy transition
+ AI and technology sector power demand creating incremental utility growth opportunities
+ $1.5 billion at-the-market equity issuance program through 2028 funding capital projects
Key risks
- Elevated debt levels (1.72x Debt/Equity) limiting financial flexibility
- Tight interest coverage and refinancing risk in rising rate environment
- Regulatory risk on rate recovery and capital project approval timelines
- Customer demand volatility and economic recession impact on consumption
- Execution risk on $28 billion capital plan and integration challenges

Methodology

NiSource Inc's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 11 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.