Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed NI price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$47.21
Today
Analyst consensus
$47.91
+1.48% · 12M
2030 Base
—
— future
NPV today
—
@ — WACC
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.
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
—
NPV today: —
Base case (2030)
—
NPV today: —
Bull case (2030)
—
NPV today: —
WallStSmart.com
NI financial forecast · Research-backed projections
Metric
2025
2026 (E)
2027 (E)
2028 (E)
2029 (E)
2030 (E) ★
Revenue
$6.6B
$6.9B
$7.2B
$7.5B
$7.9B
$8.3B
Revenue growth
21.8%
3.3%
5.0%
4.7%
4.8%
4.7%
Net margin
—
—
—
—
—
—
EPS
$1.91
$2.11
$2.28
$2.48
$2.69
$2.92
Diluted shares
—
—
—
—
—
—
Net debt
—
—
—
—
—
—
P/S multiple
—
2.0x
2.0x
2.0x
2.0x
2.0x
Implied price (base)
—
$170.96
$180.46
$189.96
$199.46
$208.96
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
2030E driver
Bear
Base
Bull
Revenue
$8.3B
$8.3B
$8.3B
P/S multiple
1.0x
2.0x
3.0x
Diluted shares
0M
0M
0M
Net debt
—
—
—
Implied P/E †
—
—
—
2030 Price
$—
$—
$—
NPV @ —
$—
$—
$—
† Implied P/E: Multiples remain elevated across all three scenarios because NI is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $— base case
NI catalysts and 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
- 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 2030 stock forecast model
NiSource Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 11 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
1. Share dilution
Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (-100% cumulative for NI by 2030)
2. Net debt
EV minus net debt yields equity value; debt projected from capex cycle trajectory (— by 2030)
3. Time value
NPV calculated using — WACC (sector fallback)
4. Multiple framework
P/S compresses with scale: bear 1.0x / base 2.0x / bull 3.0x
5. Scenario design
Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.
NI price target FAQ
How is the NiSource Inc 2030 stock forecast calculated?
The NI 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
What is the analyst consensus on NI stock?
11 analysts cover NI with an average 12-month price target of $47.91. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.
