NiSource (NI)

Utilities · $21.5B market cap · SEC CIK 0001111711

Next reports on Feb 9, 2027, after the close, with analysts expecting $0.60 in earnings per share.

52-week range $38.42 to $49.21. 8% below its 52-week high and 18% above its low.

The case for NI

• Revenue growing 10.1% year over year.
• Pays a 3.8% dividend while you wait.
• Moves less than the market (beta 0.51).

The case against

• Burned $420M of free cash in FY2025.
• Long-term debt of $15.5B would take 7 years of operating cash flow to repay.
• Operating profit covers its interest bill only 2.9 times.
• 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. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.

The financials

The financials, five years deep

Pulled from NiSource's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

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

• We may not be able to execute our business plan or growth strategy, including utility infrastructure investments, or business opportunities
• Our distribution, transmission and generation activities involve a variety of inherent hazards and operating risks, including potential public safety risks
• Increased dependency on technology may hinder our business operations and adversely affect our financial condition and results of operation if such technology fails
• Aging infrastructure may lead to disruptions in operations and increased capital expenditures and maintenance costs
• We may be unable to obtain insurance on acceptable terms or at all, and the insurance coverage we do obtain may not provide protection against all significant losses
• Our capital projects and programs subject us to construction and supply risks, and are subject to regulatory oversight, including requirements for permits, approvals and certificates from various governmental agencies
• Fluctuations in the price of energy commodities or their related transportation costs, or an inability to obtain an adequate, reliable and cost- effective fuel supply may impact our ability to meet customer demand
• Failure to attract, retain or re-skill an appropriately qualified workforce, and maintain good labor relations, could adversely impact safety, service reliability, and customer satisfaction
• If we cannot effectively manage new initiatives and organizational changes, we will be unable to address the opportunities and challenges presented by our strategy and the business and regulatory environment
• Actions of activist stockholders could negatively affect our business and stock price and cause us to incur significant expenses
• We outsource certain business functions to third-party suppliers and service providers, and may be impacted by substandard performance or quality by third parties
• The impacts of natural disasters, acts of terrorism, acts of war, civil unrest, accidents, public health emergencies or other catastrophic events may disrupt operations and reduce the ability to service customers
• We are exposed to significant reputational risks, which make us vulnerable to a loss of cost recovery, increased litigation and negative public perception
• The physical impacts of climate change and the transition to a lower carbon future are impacting our business and could materially adversely affect our results of operations
• We are subject to operational and financial risks and liabilities associated with the implementation and efforts to achieve our carbon emission reduction goal
• We have substantial indebtedness which could adversely affect our financial condition
• A drop in our credit ratings could adversely impact our cash flows, results of operation, financial condition and liquidity
• Most of our revenues are subject to regulation and are exposed to the impact of regulatory rate reviews and proceedings
• The actions of regulators and legislators could result in outcomes that may adversely affect our earnings and liquidity
• Our business operations are subject to economic conditions in certain industries
• We are exposed to risk that customers will not remit payment for delivered energy or services, and that suppliers or counterparties will not perform under various financial or operating agreements
• We are a holding company and are dependent on cash generated by our subsidiaries to meet our debt obligations and pay dividends on our stock
• Capital market performance and other factors may decrease the value of benefit plan assets, which then could require significant additional funding and impact earnings
• We have significant goodwill. Any future impairments of goodwill could result in a significant charge to earnings in a future period and negatively impact our compliance with certain covenants under financing agreements
• The outcome of legal and regulatory proceedings, investigations, inquiries, claims and litigation related to our business operations may have a material adverse effect on our results of operations, financial position or liquidity
• Changes in tax laws or the interpretation thereof and challenges to tax positions could adversely affect our financial results
• Pursuit of our partnership with ADS creates significant opportunity costs and reduces our strategic and financial flexibility in the near term
• The return structure and risk profile of ADS Contract and any future data center contract will differ from those of NIPSCO’s traditionally regulated utility operations
• Our partnership with ADS exposes us to significant customer concentration risk

Filings

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