NiSource (NI) vs Northwest Natural (NWN)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 10, 2026.
Summary
Northwest Natural (NWN) has outperformed NiSource (NI) over the past year, gaining 7.0% versus a loss of 4.9%. Over five years, NI leads with a +63.8% price change compared with +0.7% for NWN. NiSource is the larger company by market cap ($19.55 billion vs $2.01 billion), about 9.7 times the size.
On valuation, Northwest Natural trades at a lower forward P/E (14.8x vs 18.1x for NiSource). Northwest Natural offers the higher dividend yield (4.12% vs 1.42%). NiSource converts more of its revenue into profit, with a net margin of 14.3% versus 8.8%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | NI | NWN |
|---|---|---|
| Share price | $40.76 | $47.73 |
| Market cap | $19.55B | $2.01B |
| 1-day change | +0.57% | -0.15% |
| YTD return | -2.39% | +2.12% |
| 1-year return | -4.90% | +6.99% |
| 5-year return | +63.83% | +0.70% |
| P/E ratio (TTM) | 21.57 | 15.86 |
| Forward P/E | 18.11 | 14.77 |
| EPS (TTM) | $1.89 | $3.01 |
| Dividend yield | 1.42% | 4.12% |
| Annual dividend | $0.58 | $1.97 |
| Revenue (latest FY) | $6.52B | $1.29B |
| Revenue growth (YoY) | +23.47% | +11.83% |
| Net income (latest FY) | $929.50M | $113.32M |
| Gross margin | 75.71% | — |
| Operating margin | 28.14% | 21.79% |
| Net margin | 14.25% | 8.79% |
| 52-week high | $49.21 | $55.99 |
| 52-week low | $38.42 | $43.78 |
| Distance from 52-week high | -17.17% | -14.75% |
| Analyst consensus | buy | none |
| Avg. price target upside | +20.53% | +20.26% |
| Average volume | 5.54M | 238.80K |
| Shares outstanding | 479.56M | 42.09M |
| Employees | 7,668 | 1,619 |
| Sector | Utilities | Utilities |
| Industry | Power Generation | Oil/Gas Transmission |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- NiSource is about 9.7 times larger than Northwest Natural by market value ($19.55B vs $2.01B).
- NWN has outperformed NI by 11.9 percentage points over the past year.
- NiSource trades at a higher earnings multiple (21.6x vs 15.9x trailing P/E).
- Northwest Natural offers a meaningfully higher dividend yield (4.12% vs 1.42%).
- NiSource is more profitable, keeping 14.3 cents of every revenue dollar as net income versus 8.8 cents for Northwest Natural.
- NiSource grew revenue faster in its latest fiscal year (+23.47% vs +11.83%).
About NiSource
NI stock →NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Columbia Operations and NIPSCO Operations.
Utilities · Power Generation · 7,668 employees
About Northwest Natural
NWN stock →Northwest Natural Holding Company, through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, and industrial customers in the United States. It operates through three segments: NWN Gas Utility, SiEnergy, and NWN Water.
Utilities · Oil/Gas Transmission · 1,619 employees
NI vs NWN FAQ
Which is bigger, NiSource or Northwest Natural?
NiSource (NI) is larger, with a market capitalization of $19.55B compared with $2.01B for Northwest Natural (NWN).
Which stock has performed better over the past year, NI or NWN?
NWN returned +6.99% over the past 12 months, compared with -4.90% for NI (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, NI or NWN?
NWN has the lower trailing P/E at 15.9, versus 21.6 for NI. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, NiSource or Northwest Natural?
Northwest Natural has the higher yield at 4.12%, compared with 1.42% for NiSource.
Are NiSource and Northwest Natural in the same industry?
Both are in the Utilities sector, but in different industries: Power Generation for NiSource and Oil/Gas Transmission for Northwest Natural.