How Does NISOURCE INC. Sit in Its SEC Industry Classification?
NISOURCE INC. files under SEC standard industrial classification 4931, Electric & Other Services Combined. Among the 15 companies Swoopr covers under SIC 4931, its latest reported revenue of $6.5 billion ranks 10th. The comparison uses each company's own latest fiscal year, which can differ by up to a year across the group.
| Measure | NISOURCE INC. (FY2025) | Peer reference |
|---|---|---|
| Revenue | $6.5 billion | 10th of 15 |
| Operating margin | 28.1% | 22.1% (median of 10 peers with a quarter to four times its revenue) |
| Revenue growth | +23.5% | +10.2% (median of 10 peers with a quarter to four times its revenue) |
Companies of similar size in the same classification: Evergy, Inc. ($6.0 billion), CMS ENERGY CORP ($8.5 billion), AMEREN CORP ($8.8 billion), ALLIANT ENERGY CORP ($4.4 billion), WEC ENERGY GROUP, INC. ($9.8 billion).
A classification code groups companies by how they describe their main business to the SEC, so two companies with the same code can still differ in customers, geography and cost structure. Treat the comparison as a starting point for the questions below.
Where value can be captured
Utility economics span generation or sourcing, transmission, distribution, metering, customer service, and regulated capital recovery. Equipment suppliers, fuel providers, grid operators, regulators, and customers all affect investment needs and returns.
For NiSource, name suppliers, channels, customers and infrastructure dependencies only when a reliable source establishes the relationship. The goal is to show where the company sits, what it depends on, and where bargaining power resides.
Industry drivers
- Rate-Base Growth: connect this driver to a disclosed KPI and to the financial statement line it influences.
- Approved Rates: connect this driver to a disclosed KPI and to the financial statement line it influences.
- Capital Expenditures: connect this driver to a disclosed KPI and to the financial statement line it influences.
- Customer Growth: connect this driver to a disclosed KPI and to the financial statement line it influences.
- Weather: connect this driver to a disclosed KPI and to the financial statement line it influences.
- Power Prices Where Merchant Exposure Exists: connect this driver to a disclosed KPI and to the financial statement line it influences.
- Financing Costs: connect this driver to a disclosed KPI and to the financial statement line it influences.
- Regulatory Outcomes: connect this driver to a disclosed KPI and to the financial statement line it influences.
Macro connections
- Interest Rates: document the transmission mechanism rather than assuming correlation.
- Regional Population Growth: document the transmission mechanism rather than assuming correlation.
- Electricity Demand: document the transmission mechanism rather than assuming correlation.
- Natural-Gas Prices: document the transmission mechanism rather than assuming correlation.
- Inflation: document the transmission mechanism rather than assuming correlation.
- Environmental And Grid Policy: document the transmission mechanism rather than assuming correlation.
Peer map
A starting peer group from the current S&P 500 classification is Ameren, CMS Energy, CenterPoint Energy, Consolidated Edison, DTE Energy, Dominion Energy. Some may be adjacent rather than direct competitors. The latest NiSource filing and credible industry sources should refine the map.
Questions for the supply-chain map
- Which inputs are scarce, concentrated, regulated, or difficult to substitute?
- Which layer has the highest switching costs?
- Where can capacity expand quickly, and where does it take years?
- Which participants bear inventory, credit, commodity, or utilization risk?
- Is NiSource's advantage located in intellectual property, physical assets, licenses, distribution, brand, data, or customer integration?
- Which dependency could become a bottleneck under stress?
References
The evergreen analysis above is anchored to verified index metadata and a filing-first research workflow. Time-sensitive financial figures are refreshed from the latest primary filings.
- S&P Dow Jones Indices: S&P 500
- SEC EDGAR company filings for NiSource
- SEC submissions JSON for CIK 1111711
Source-review rule: Check any statement about current revenue, margins, management, products, segment mix, guidance, market share or capital allocation against the latest 10-K, 10-Q, 8-K, proxy statement, earnings release or official investor-relations material before relying on it.