NiSource
NI · Multi-Utilities
$43.28
0.9%Pinnacle West Capital
PNW · Multi-Utilities
$105.88
0.7%The short version
- NiSource is the larger business, with $6.5B of revenue in fiscal 2025 against $5.3B for Pinnacle West Capital.
- NiSource grew revenue faster (23.5%, against 4.2%).
- NiSource kept more of each dollar of sales as operating profit (28.1% operating margin, against 20.0% operating margin).
- NiSource turned more of its sales into free cash flow (−6.4% FCF margin, against −15.4% FCF margin).
- Investors pay more for each dollar of NiSource’s earnings: a P/E of 23.0x against 20.3x for Pinnacle West Capital.
| Latest fiscal year | NI · FY25 | PNW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $20.8B | $13.2B |
| Revenue | $6.5B | $5.3B |
| Free cash flow | −$420M | −$820M |
| Net income | $930M | $632M |
| Growth | ||
| Revenue growth | 23.5% | 4.2% |
| 5-year growth | 7.8% | 8.3% |
| Share count change | 4.1% | 4.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 28.1% | 20.0% |
| Net margin | 14.3% | 11.8% |
| FCF margin | −6.4% | −15.4% |
| Return on capital | 5.8% | 5.4% |
| Return on equity | 10.3% | 9.2% |
| Balance sheet | ||
| Net debt | $16.1B | $10.6B |
| Net debt / EBITDA | 5.4x | 5.2x |
| Dividends and buybacks | $530M | $423M |
| Valuation & quality | ||
| P/E | 23.0x | 20.3x |
| Piotroski F-score | 6 | 3 |
FY16
NI $4.5B
PNW $3.5B
FY17
NI $4.9B
PNW $3.6B
FY18
NI $5.0B
PNW $3.7B
FY19
NI $5.1B
PNW $3.5B
FY20
NI $4.5B
PNW $3.6B
FY21
NI $4.7B
PNW $3.8B
FY22
NI $5.7B
PNW $4.3B
FY23
NI $5.3B
PNW $4.7B
FY24
NI $5.3B
PNW $5.1B
FY25
NI $6.5B
PNW $5.3B
NI
PNW
FY16
NI 19.3%
PNW 23.9%
FY17
NI 18.9%
PNW 25.5%
FY18
NI 2.5%
PNW 21.0%
FY19
NI 17.6%
PNW 19.4%
FY20
NI 12.3%
PNW 22.0%
FY21
NI 21.3%
PNW 21.2%
FY22
NI 22.1%
PNW 16.9%
FY23
NI 24.2%
PNW 17.6%
FY24
NI 27.6%
PNW 19.8%
FY25
NI 28.1%
PNW 20.0%
NI
PNW
FY16
NI −$672M
PNW −$252M
FY17
NI −$954M
PNW −$291M
FY18
NI −$1.3B
PNW $99.0M
FY19
NI −$219M
PNW −$235M
FY20
NI −$654M
PNW −$360M
FY21
NI −$620M
PNW −$613M
FY22
NI −$794M
PNW −$466M
FY23
NI −$711M
PNW −$639M
FY24
NI −$833M
PNW −$639M
FY25
NI −$420M
PNW −$820M
NI
PNW
FY16
NI 4.9%
PNW 6.4%
FY17
NI 3.7%
PNW 6.3%
FY18
NI 0.7%
PNW 6.2%
FY19
NI 4.5%
PNW 6.5%
FY20
NI 2.8%
PNW 6.1%
FY21
NI 5.2%
PNW 5.4%
FY22
NI 5.8%
PNW 4.6%
FY23
NI 5.3%
PNW 4.9%
FY24
NI 5.2%
PNW 5.5%
FY25
NI 5.8%
PNW 5.4%
NI
PNW
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.