NiSource (NI)
Utilities · $19.4B market cap · SEC CIK 0001111711
fundamentals score out of 100
Next reports on Oct 27, 2026, before the open, with analysts expecting $0.22 in earnings per share.
The case for NI
- Revenue growing 12.7% year over year.
- Pays a 3.8% dividend while you wait.
- Moves less than the market (beta 0.56).
The case against
- Burned $420M of free cash in FY2025.
- Near the bottom of its 52-week range, 19% below the high. Falling prices usually have a reason; find it first.
- Current liabilities exceed current assets (ratio 0.50).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Utilities companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 44 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 56 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 36 |
| Momentumhow the price has behaved lately | 23 |
| Stabilityhow violently it moves, what it owes and what it pays you | 74 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
Key numbers
| Price / earnings | 21.5× |
|---|---|
| Price / book | 2.38× |
| Price / sales | 2.9× |
| Revenue growth (YoY) | +12.7% |
| EPS growth (YoY) | 0.0% |
| Gross margin | 41% |
| Operating margin | 28% |
| Net margin | 13% |
| Return on equity | 10% |
| Debt / equity | 1.82× |
| Current ratio | 0.50 |
| Dividend yield | 3.83% |
| Beta | 0.56 |
| 52-week range | $40.09 – $49.21 |
| Position in that range | 0% of the way up |
| 3-month return | -14.3% |
| 1-year return | +0.5% |
Five years of financials, as filed
Pulled from NiSource's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $6.5B | $5.3B | $5.3B | $5.7B | $4.7B |
| Operating income | $1.8B | $1.5B | $1.3B | $1.3B | $1.0B |
| Net income | $930M | $760M | $714M | $804M | $585M |
| Operating cash flow | $2.4B | $1.8B | $1.9B | $1.4B | $1.2B |
| Capital expenditure | $2.8B | $2.6B | $2.6B | $2.2B | $1.8B |
| Total assets | $35.9B | $31.8B | $31.1B | $26.7B | $24.2B |
| Shareholder equity | $9.5B | $8.7B | $8.3B | $7.6B | $6.9B |
| Cash | $110M | $157M | $2.2B | $40.8M | $84.2M |
| Free cash flow | -$420M | -$833M | -$711M | -$794M | -$620M |
| Operating margin | 28.1% | 27.6% | 24.2% | 22.1% | 21.3% |
| Net margin | 14.3% | 14.4% | 13.4% | 14.0% | 12.4% |
| Diluted shares | 475M | 456M | 448M | 443M | 417M |
Share count is up 13.7% over 4 years. Your slice has been diluted.
What NiSource says it does
Business NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc. on April 14, 1999. NiSource’s principal subsidiaries include NiSource Gas Distribution Group, Inc. (a holding company that owns Columbia of Kentucky, Columbia of Maryland, Columbia of Ohio, Columbia of Pennsylvania, and Columbia of Virginia), and NIPSCO Holdings I (a holding company that owns a controlling interest in NIPSCO, a gas and electric utility). NiSource derives substantially all of its revenues and earnings from the operating results of these rate-regulated businesses. In addition, NiSource will develop the generation…
Risk factors NI lists in its 10-K
- NIPSCO Minority Interest Transaction
- GenCo Minority Equity Interest Transaction
- Summary of Consolidated Financial Results
- (in millions, except per share amounts)
- Net Income attributable to NiSource
- Net Income Available to Common Shareholders
- Operating revenues offset in operating expense
- Operating expenses offset in operating revenue
- Sales and Transportation Volumes (MMDth)
- Common Stock, Preferred Stock and Equity Unit Sale
- Basis of Accounting for Rate-Regulated Subsidiaries
- Discontinuation of Rate-Regulated Accounting
- Pension and Postretirement Benefits
- Goodwill and Other Intangible Assets