What Does Dominion Energy Offer That NiSource Does Not? Trefis Team Fri, November 13, 2026 at 4:51 PM EST 4 min read NI +0.52% D +0.13% GOOGN -0.79% MSFT -0.18% AMZN -0.91% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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NiSource (NI) and Dominion Energy (D) are utilities that investors buy for the same thing: power demand from data centers. NiSource builds power plants for three signed customers, Amazon, Alphabet and Microsoft, while Dominion sells power to data center customers across Virginia. Investors pay 23.4 times earnings for NiSource, against 22.1 for Dominion. Both multiples use reported earnings over the trailing twelve months. So what does Dominion offer at the lower price that NiSource does not?
NiSource Raised Earnings Forecasts While Dominion Narrowed Its Own
NiSource's earnings forecasts are moving up. During its October 28, 2026 call, management raised the midpoint of its 2026 forecast for adjusted earnings per share to $2.06 from $2.05. The company also set its first 2027 forecast at $2.22 to $2.30 a share. This range includes $0.05 to $0.09 from the business that builds power plants for data center customers.
Management raised its earnings expectations for that business after adding Microsoft as a customer. It expects its data center customers to be fully ramped in 2031 and 2032. These deals have lifted NiSource's forecasts so far, and most of what they earn comes after 2027.
Dominion's latest news narrows its 2026 forecast. On its October 30, 2026 call, management said it now expects results in the top half of its original range for operating earnings per share, $3.45 to $3.69. Management said it has over 12 gigawatts of data center capacity contracted under electric service agreements.
NiSource Carries Less Debt Than Dominion
NiSource's total debt equals 83.1% of its market value today, compared with 92.0% for Dominion.
Both companies spend more than their operations bring in. Over the last twelve months, NiSource's free cash flow was negative by an amount equal to 8.1% of its market value, compared with 10.6% for Dominion.
NiSource partly funds its plan by selling new shares. The company's plan through 2033 totals $40 billion, including about $8 billion for data center customers. Management expects to issue $400 million to $600 million of new shares a year in the near term, spreading each year's earnings across a larger share count. Dominion's management sees 2027 and 2028 as relatively light years for new shares.
Dominion's Edge Comes With A Pending NextEra Deal
Dominion offers faster sales growth and a wider margin at a slightly lower multiple. Its revenue grew 21.5% over the twelve months ended September 30, 2026, compared with 10.0% for NiSource. Dominion's growth averaged 9.8% across the three latest twelve-month periods, compared with 7.0% for NiSource. Over the latest twelve months, Dominion's operating margin was 28.6%, compared with 27.4% for NiSource.
Dominion also has a pending combination with NextEra to get through. State leaders and residents in Virginia have opposed NextEra's acquisition of Dominion Energy, fearing that it will speed up rate increases. Hearings in Virginia begin on November 17, and management expects the deal to close in the second half of 2027. If it closes, Dominion becomes part of a combined company with NextEra, so the figures here describe Dominion on its own. A Dominion holder's return would then depend on the deal's terms, which this comparison does not cover.
If NiSource's data center earnings arrive later than planned, or new borrowing narrows its debt edge, you lose what sets it apart and still hold the company with slower sales growth at the higher multiple.
Side by side, Dominion leads on the multiple, sales growth and operating margin. NiSource leads on debt. Both companies moved their 2026 forecasts into the upper half of their ranges, and NiSource also raised what it expects from its data center business. NiSource's lighter debt holds today, but most of its data center earnings are still ahead, making them the less certain part. NiSource will show that data center business as a separate segment starting with its year-end results, expected in February 2027. Those earnings are the figure to watch.
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