NiSource management check
NI · Utilities · Multi-Utilities · CEO Lloyd Yates
Filings as of
3 good · 2 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $216, against $159 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.84 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- Watch
Do they own the stock?
CEO stake ≈ 1.9 years of payThe CEO holds 519,556.732 shares, directly or through trusts (unvested awards not counted): about 1.9 years of pay. 3 insiders sold $3.8m in the last six months and none bought.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +2.9% a year over the last three fiscal years. Stock-based pay was 0.8% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Joseph Hamrock, Lloyd Yates. 5 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Utilities.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 95 | 53 | |
| Pay for performance | 92 | 81 | |
| CEO cost | — | — | 50 |
| Skin in the game | 29 | 45 | |
| Dilution | 13 | 37 | |
| Stable leadership | 60 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Multi-Utilities, by management score. NiSource is 11th of 30 in its sector.
- 146NEENextEra Energy72
- 210CMSCMS Energy68
- 226AEEAmeren66
- 227SRESempra66
- 242NINiSource65
- 244CNPCenterPoint Energy65
- 245XELXcel Energy64
- 330DDominion Energy59
- 337PNWPinnacle West Capital59
- 361EDConsolidated Edison57
Pay versus performance
From the proxy statement filed March 30, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Lloyd Yates | $13.2m | $26.2m | $3.7m | $216 | $159 | — |
| 2024 | Lloyd Yates | $12.8m | $34.0m | $3.7m | $185 | $137 | — |
| 2023 | Lloyd Yates | $9.2m | $9.9m | $2.9m | $129 | $111 | — |
| 2022 | Lloyd Yates, Joseph Hamrock | $7.1m | $6.7m | $2.2m | $128 | $119 | — |
| 2021 | Joseph Hamrock | $9.5m | $13.8m | $2.5m | $125 | $117 | — |
The board says pay is tied most to Adjusted EPS. Its other key measures: RTSR, Safety.
Insiders and the CEO's stake
Lloyd M Yates (Director and President & CEO) held 519,556.732 shares directly after their latest Form 4 on May 21, 2026, roughly $24.8m at that filing's price.
3 insiders sold $3.8m in the last six months and none bought.
- SoldMelody BirminghamEVP & Grp President, Utilities$2.2mAug 14, 2026
- SoldLloyd M YatesDirector and President & CEO$950kMay 21, 2026
- SoldMelanie B. BermanEVP Administration & CHRO$715kMay 22, 2026
Leadership and governance on file
- Jan 24, 2025Leadership change8-K 5.02
- Mar 19, 2024Leadership change8-K 5.02
- Mar 15, 2024Leadership change8-K 5.02
- Feb 20, 2024Leadership change8-K 5.02
- Jan 26, 2024Leadership change8-K 5.02
- Mar 15, 2023Leadership change8-K 5.02
- Aug 16, 2022Leadership change8-K 5.02
- May 25, 2022Leadership change8-K 5.02
- Apr 27, 2022Leadership change8-K 5.02
- Mar 16, 2022Leadership change8-K/A 5.02
- Mar 16, 2022Leadership change8-K 5.02
- Jan 27, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 12, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $2.2bn returned to owners in buybacks and dividends, 57% of net income, and $177.2m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.7bn | $5.7bn | $5.3bn | $5.3bn | $6.5bn |
| Net income | $584.9m | $804.1m | $714.3m | $760.4m | $929.5m |
| Stock-based pay | $24.3m | $24.9m | $33.5m | $43.6m | $50.9m |
| Buybacks | — | — | — | — | — |
| Dividends | $345.2m | $381.5m | $413.5m | $481.0m | $530.4m |
| Diluted shares | 417m | 443m | 448m | 456m | 475m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.