NiSource vs Pinnacle West Capital
NiSource reported revenue of $6.5 billion in fiscal 2025, 1.2 times Pinnacle West Capital's $5.3 billion in fiscal 2025. NiSource's revenue grew 23.5% in its latest year, and Pinnacle West Capital's grew 4.2%. NiSource had an operating margin of 28.1%, against 20.0% at Pinnacle West Capital. Free cash flow was −$420 million at NiSource and −$820 million at Pinnacle West Capital.
Side by side
| NiSource | Pinnacle West Capital | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $6.5B | $5.3B |
| Revenue growth | 23.5% | 4.2% |
| Revenue growth a year, last 5 years | 7.8% | 8.3% |
| Gross margin | — | — |
| Operating margin | 28.1% | 20.0% |
| Net margin | 14.2% | 11.8% |
| Free cash flow | −$420M | −$820M |
| Free cash flow margin | −6.4% | −15.3% |
| Return on capital | 5.8% | 5.4% |
| Net debt to EBITDA | 5.4x | 5.2x |
| Dividends and buybacks | $530M | $423M |
| Change in diluted share count | 4.1% | 4.9% |
| Last close | $43.44 | $105.34 |
| P/E at the last close | 23.1× | 20.2× |
| Insider trades, last 12 months | sold $4.9 million | sold $930,938 |
| Piotroski F-score | 6 of 8 | 3 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
NiSourcePinnacle West Capital
Operating margin
Percent of revenue
NiSourcePinnacle West Capital
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
NiSourcePinnacle West Capital
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the NiSource and Pinnacle West Capital pages.