NiSource Inc.NI
NYSE•Utilities•Utilities - Regulated Gas
NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Columbia Operations and NIPSCO Operations. The company provides natural gas to residential, commercial, and industrial customers through approximately 37,300 miles of distribution main pipeline and the associated individual customer service lines; and 310 miles of transmission main pipeline in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. It also generates, transmits, and distributes electricity to approximately 0.5 million customers in various counties in the northern part of Indiana, as well as engages in wholesale electric and transmission transactions. It owns and operates steam coal generating stations in Wheatfield and Michigan City; combined cycle gas turbine in West Terre Haute; natural gas generating units in Wheatfield; hydro generating plants in Carroll County and White County; wind generating units in White County; and solar generating units in Sullivan County, Gibson County, Jasper County, and White County. The company was formerly known as NIPSCO Industries, Inc. and changed its name to NiSource Inc. in April 1999. NiSource Inc. was founded in 1847 and is headquartered in Merrillville, Indiana.
as of March 2026
Are revenues and earnings expanding?
$6.70B in TTM revenue grew 15.7% YoY, reaching $2.32B last quarter. TTM EBITDA of $3.08B on operating income of $819.20M shows growth is flowing through. Net income of $961.80M TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of 35.3% is down 0.1% YoY — costs are rising relative to revenue. Net margin at 21.8% and gross margin of 33.5%. ROE of 10.0% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 23.3x P/E, the stock trades in line with market averages — fairly valued. P/S of 3.3x and P/B of 2.3x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
With $36.60B in assets and $15.46B in long-term debt, the D/E of 1.6 reflects moderate leverage — debt is manageable but worth monitoring.
Is the business self-funding?
FCF of $-362.90M on $442.30M in operating cash flow. The FCF / Net Income ratio of -0.4x shows cash consumption — the business is not yet self-funding. Cash reserves of $71.90M provide financial flexibility.
Competitive analysis based on 64 quarters of fundamental data
Operating margins are stable at ~26.7%, suggesting durable pricing power and cost discipline.
ROE is positive at ~9.7% on average, adequate but below the threshold typically associated with wide moats.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~31.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 64 quarters
Margins are stable or improving at ~26.9% — no sign of cost or pricing stress.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 6.8% — significant dilution, likely from stock compensation or capital raises.