NiSource Inc.

Electric & Other Services Combined

NIStrained7 of 11 basics passed

$40.76

+0.57%

Market cap $19.6B

$40.76

+0.57%

Market cap $19.6B

NiSource is one of the nation's largest natural gas distribution companies with 2.4 million customers in Kentucky, Maryland, Ohio, Pennsylvania, and Virginia. NiSource also serves 1.4 million gas and electric customers in Indiana.

It is a $19.6B utility company. Revenue grew 12.7% over the last year, it keeps 13¢ of every dollar of sales as profit, and it carries $16.1B of net debt. It trades at 21.6× earnings — in the most expensive third of its own history.

Website: nisource.com
Location: Merrillville, IN
Employees: 7 738
Sector: Utilities

Share price · 3 years

$25.46 → $40.76+60.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $6.74B
Profit: keeps 13¢ of every $1 sold; $905M
Free cash flow: cash left after running the business; -$1.09B
Net debt: debt minus cash on hand; $16.1B
P/E: years of profit in the price; 21.6
EPS: earnings per share, TTM; $1.91
Dividend: pays out 62% of profit; 2.86%
Shares: up 47% since 2016 — dilution; 474.5M
Volatility: beta vs the market — under 1 swings less; 0.57

Revenue, last 9 years

52-week range

Low $39.00$40.76High $49.08

Today's price is 17% of the way from the year's low to its high.

P/E vs its history5y

21.5×median 19.4×

Higher than 67% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

21.5×

32%

P/S

2.9×

41%

EV/EBITDA

20.1×

46%

P/B

1.6×

69%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$1.59Mnet selling

Purchases$0

Sales$1.59M

Insiders trading, last 14d0 buy · 0 sell

Standing in Utilities

Size$19.6Btop 77%
Revenue growth+4%top 35%
Net margin13%top 63%
Return on equity10%top 74%
P/E21.6×top 69%
Dividend yield2.86%top 70%

Ranked against 44 Utilities companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Health and Moat lag behind.

Valuation45

P/E vs own history67th pct · 5/25
FCF yield-5.6% · 0/25
P/S2.9x · 20/25
EV/EBITDA11.8x · 20/25

Growth52

Revenue CAGR8.4% · 12/25
Net income CAGR12.3% · 20/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth18.8% · 20/25

Profitability62

ROIC3.6% · 5/25
ROE9.6% · 12/25
Net margin13.4% · 20/25
Operating margin27.6% · 25/25

Health18

Altman Z0.57 · 3/25
Current ratio0.50 · 0/25
Interest coverage2.9x · 10/25
Net cash / debtD/A 45% · 5/25

Quality60

Piotroski F6/9 · 15/25
Beneish M-2.57 · 25/25
FCF conversion-120% · 0/25
Margin stabilityσ 7.6% · 20/25

Moat30

ROIC >12% years0/10 yrs · 0/25
Median gross margin102.5% · 25/25
FCF-positive years0/10 yrs · 0/25
Worst-year net marginworst -1.3% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$930M net income
FY2016Financial
First recorded profitable year
$332M net income
FY2016Financial
Revenue already above $1B
$4.49B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$16 767 today — price return only

$6.5B revenue in FY2025

Revenue up 12.7% year over year

Profitable 5 years in a row

7 738 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (40.6%)
Revenue growing 12.7% year over year

Watch-outs

Negative free cash flow (-$1.1B)
Altman Z-Score 0.57 — elevated financial-distress risk
Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 11 checks passed

Revenue growing — the company sells more than a year ago+12.7% YoY
Profitable — makes more than it spends$905M TTM
Profit growing — earnings are higher than last year+2.5% YoY
Generates cash — cash left after running and investing-$1.09B TTM
Debt under control — could handle its obligationscurrent ratio 0.50
Established company — not a micro-cap — lower blow-up risk$19.6B market cap
Not printing shares — share count not ballooning — you keep your slice+23.5% shares over ~5y
Proven track record — years of profitability behind it8/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.6 — distress
Pays a dividend — returns cash to shareholdersyield 2.86%
Valuation not extreme — price not wildly above earningsP/E 21.6

Peer comparisonNiSource Inc. vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
NI this company	$19.6B	21.6	+12.7%	13.4%	Strained
NEE NextEra Energy, Inc.	$161.3B	17.4	+10.8%	32.4%	Strained
CEG Constellation Energy Corporation	$105.8B	30.5	+26.0%	11.1%	Strained
SO The Southern Company	$99.1B	21.3	+6.4%	15.4%	Strained
DUK Duke Energy Corporation	$90.9B	17.3	+6.3%	15.8%	Strained
WMB Williams Companies Inc.	$89.2B	29.0	+8.7%	25.2%	Strained
KMI Kinder Morgan, Inc.	$72.4B	20.9	+12.5%	19.3%	Strained

Head-to-head: NI vs NEE · NI vs CEG · NI vs SO

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 8Buy 12Hold 4

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $6.74B · net income $905M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$6.74B

YoY 12.7%

Net income (TTM)

$905M

Margin 13.4%

Gross margin

40.6%

Operating margin

27.6%

P/E ratio

21.6

Dividend yield

2.86%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	4.5	4.7	5.7	5.3	5.3	6.5
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	0.6	1.0	1.3	1.3	1.5	1.8
Net income	-0.0	0.6	0.8	0.7	0.8	0.9
EPS (diluted)	-0.05	1.40	1.82	1.59	1.67	1.96

Cash flowFree cash flow -$1.09B · operating cash flow $2.30B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$1.09B

Margin -16.1%

Operating cash flow (TTM)

$2.30B

FCF margin

-16.1%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.1	1.2	1.4	1.9	1.8	2.4
Capital expenditure	-1.8	-1.8	-2.2	-2.6	-2.6	-2.8
Free cash flow	-0.7	-0.6	-0.8	-0.7	-0.8	-0.4
FCF margin	-14.6%	-13.1%	-13.8%	-13.3%	-15.8%	-6.4%

Balance sheetAssets $35.9B · net debt $16.1B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $35.9B of assets is financed

74%

26%

Liabilities $26.4B — borrowed moneyEquity $9.45B — owners' stake

Cash vs debt

Total debt $16.2B − cash $110M = net debt $16.1B

Cash on hand covers 1% of debt.

Altman Z-Score

0.57

Distress zone

Interest coverage

2.9x

EBIT ÷ interest expense

ROE

9.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.0	2.2	0.2	0.1
Total assets	22.0	24.2	26.7	31.1	31.8	35.9
Total liabilities	16.3	17.2	19.2	22.8	23.1	26.4
Total debt	9.7	9.7	11.3	14.1	12.7	16.2
Equity	5.8	6.9	7.6	8.3	8.7	9.5
Net debt	9.6	9.7	11.2	11.9	12.5	16.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of NI on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $40.76 · market cap $19.6B.