NI Utilities

NiSource Inc.

$44.62-0.54%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Utilities
Industry: Utilities - Regulated Gas
Country: United States
Market cap: 21.4B USD
Enterprise value: 37.8B USD
Full-time employees: 7,668

Overall health

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.50 vs a peer median of 1.03) and more debt relative to equity (1.82× vs a peer median of 1.19×)higher risk: less liquidity (current ratio 0.50 vs peers 1.03) and more debt vs equity (1.82× vs peers 1.19×)
About average: profitability and valuation

Ranks #201 of 348 utilities companies (bottom 43%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
NiSource reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Paying shareholders without free cash flow. Paid out $1.4B over the 3 fiscal years to 2025 with -$2.0B of free cash flow.
NiSource returned $1.4B in buybacks and dividends over three fiscal years while its free cash flow totalled -$2.0B. The money came from its cash pile or from borrowing.
Shareholders being diluted. Shares outstanding up 16% from December 2022 to July 2026.
NiSource had 16% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.NiSource had 16% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Profits growing faster than sales. Since 2022: revenue +14%, operating profit +45%.
Since 2022, NiSource's revenue grew 14% while operating profit grew 45%: each extra dollar of sales is adding more profit.

StockQuotient Score

46/ 100▼ 1 since Oct 27 close

Oct 5 48 → Nov 4 46 (-2)

Valuation

Is the price right?

41/100

Moderate▼ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 44 → 41

Share price +2.3%-2
Company's reported figures updated+1
Peer companies moved-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.2%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.19Sector median: 0.0485 · MAD: 0.0319

EBITDA yield8.1%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.20Sector median: 0.0859 · MAD: 0.0250

Free cash flow yield-5.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield44.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.6310 · MAD: 0.2684

Growth

Is it growing?

71/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth0.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.08Sector median: 0.0172 · MAD: 0.1791

3-year revenue growth5.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.68Sector median: 0.0196 · MAD: 0.0523

Revenue growth12.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.48Sector median: 0.0254 · MAD: 0.0681

Profitability

Does it earn well?

59/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Helped by:

▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin27.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.04Sector median: 0.1864 · MAD: 0.0865

Return on assets2.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.20Sector median: 0.0266 · MAD: 0.0124

Return on invested capital5.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.10Sector median: 0.0524 · MAD: 0.0237

Other data (not scored)

Gross margin51.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3581 · MAD: 0.1545

Return on equity9.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0807 · MAD: 0.0381

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.55

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.51Sector median: 0.4590 · MAD: 0.1730

Current ratio0.50×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.48Sector median: 1.0330 · MAD: 0.3620

Debt / equity1.82×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.19Sector median: 1.1925 · MAD: 0.5265

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about NiSource

Is NiSource getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 46/100, down 1 since Oct 28, 2026.
How is NiSource valued vs its peers?: Priced about in line with its peers. Valuation scores 41/100 against 360 utilities peers.
Is NiSource growing?: Yes, faster than most of its peers. Growth scores 71/100 against 360 utilities peers. Revenue growth 12.7% vs a peer median of 2.5% (stronger than 84% of peers).Revenue growth 12.7% vs peers 2.5% (stronger than 84% of peers).
How profitable is NiSource?: About as profitable as its peers. Profitability scores 59/100 against 360 utilities peers. Operating margin 27.6% vs a peer median of 18.6% (stronger than 78% of peers).Operating margin 27.6% vs peers 18.6% (stronger than 78% of peers).
How risky is NiSource?: Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Current ratio 0.50× vs a peer median of 1.03× (weaker than 92% of peers).Current ratio 0.50× vs peers 1.03× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	6.7B USD	6.7B USD	+0.6%
Net income (12 months)	961.8M USD	905.1M USD	−5.9%
Operating margin	28.3%	27.6%	−0.7 pts
Free cash flow (12 months)	−832.0M USD	−1.1B USD	+30.6%
Debt	16.8B USD	17.4B USD	+3.8%
Cash	71.9M USD	70.0M USD	−2.6%
Shares outstanding	479.4M	479.6M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Utilities · 59 companies

Valuations in Utilities are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
20% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +18% and earnings +20% (medians): prices and earnings moved broadly together.
Median price-to-sales is +2% vs the whole market, against a usual +0%.

2016Shaded: most expensive fifth of its range2026

Shown for Utilities: too few Utilities - Regulated Gas companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	21.3%	22.1%	24.2%	27.6%	28.1%	▲ 0.6 pts
Net margin	12.4%	14.0%	13.4%	14.4%	14.3%	▼ 0.1 pts
Return on assets (ROA)	2.4%	3.0%	2.3%	2.4%	2.6%	▲ 0.2 pts
Return on equity (ROE)	8.4%	10.6%	8.6%	8.8%	9.8%	▲ 1.1 pts
Free cash flow margin	-13.1%	-13.8%	-13.3%	-15.8%	-6.4%	▲ 9.3 pts
Current ratio	0.70×	0.55×	0.85×	0.51×	0.69×	▲ 36%
Debt to equity	1.41×	1.49×	1.71×	1.61×	1.72×	▲ 6.7%
Interest coverage	2.95×	3.50×	2.65×	2.81×	2.87×	▲ 2.1%

NI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.50 vs a peer median of 1.03) and more debt relative to equity (1.82× vs a peer median of 1.19×)higher risk: less liquidity (current ratio 0.50 vs peers 1.03) and more debt vs equity (1.82× vs peers 1.19×)

About average: profitability and valuation

Ranks #201 of 348 utilities companies (bottom 43%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

NiSource reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Paying shareholders without free cash flow. Paid out $1.4B over the 3 fiscal years to 2025 with -$2.0B of free cash flow.

NiSource returned $1.4B in buybacks and dividends over three fiscal years while its free cash flow totalled -$2.0B. The money came from its cash pile or from borrowing.

Shareholders being diluted. Shares outstanding up 16% from December 2022 to July 2026.

NiSource had 16% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.NiSource had 16% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Profits growing faster than sales. Since 2022: revenue +14%, operating profit +45%.

Since 2022, NiSource's revenue grew 14% while operating profit grew 45%: each extra dollar of sales is adding more profit.

Questions investors ask about NiSource

Is NiSource getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 46/100, down 1 since Oct 28, 2026.

How is NiSource valued vs its peers?

Priced about in line with its peers. Valuation scores 41/100 against 360 utilities peers.

Is NiSource growing?

Yes, faster than most of its peers. Growth scores 71/100 against 360 utilities peers. Revenue growth 12.7% vs a peer median of 2.5% (stronger than 84% of peers).Revenue growth 12.7% vs peers 2.5% (stronger than 84% of peers).

How profitable is NiSource?

About as profitable as its peers. Profitability scores 59/100 against 360 utilities peers. Operating margin 27.6% vs a peer median of 18.6% (stronger than 78% of peers).Operating margin 27.6% vs peers 18.6% (stronger than 78% of peers).

How risky is NiSource?

Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Current ratio 0.50× vs a peer median of 1.03× (weaker than 92% of peers).Current ratio 0.50× vs peers 1.03× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

6.7B USD

6.7B USD

+0.6%

Net income (12 months)

961.8M USD

905.1M USD

−5.9%

Operating margin

28.3%

27.6%

−0.7 pts

Free cash flow (12 months)

−832.0M USD

−1.1B USD

+30.6%

Debt

16.8B USD

17.4B USD

+3.8%

Cash

71.9M USD

70.0M USD

−2.6%

Shares outstanding

479.4M

479.6M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

21.3%

22.1%

24.2%

27.6%

28.1%

▲ 0.6 pts

Net margin

12.4%

14.0%

13.4%

14.4%

14.3%

▼ 0.1 pts

Return on assets (ROA)

2.4%

3.0%

2.3%

2.4%

2.6%

▲ 0.2 pts

Return on equity (ROE)

8.4%

10.6%

8.6%

8.8%

9.8%

▲ 1.1 pts

Free cash flow margin

-13.1%

-13.8%

-13.3%

-15.8%

-6.4%

▲ 9.3 pts

Current ratio

0.70×

0.55×

0.85×

0.51×

0.69×

▲ 36%

Debt to equity

1.41×

1.49×

1.71×

1.61×

1.72×

▲ 6.7%

Interest coverage

2.95×

3.50×

2.65×

2.81×

2.87×

▲ 2.1%