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.
NiSource Inc (NI) reported trailing twelve months revenue of $6.70B as of March 2026, a 15.7% increase year-over-year. Quarterly revenue reached $2.32B, reflecting continued top-line momentum.
NiSource Inc generated $961.80M in TTM net income, with quarterly EBITDA of $940.10M. The operating margin contracted from 35.3% to 35.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (35.3%) and net margin (21.8%) indicates moderate non-operating costs. Net margin has narrowed from 22.1% a year ago, reflecting increased costs or interest expense.
NI trades at a P/E of 23.5x (in line with broad market averages) and a P/S of 3.4x. The price-to-book ratio of 2.3x reflects a moderate premium to book value.
The company reported negative free cash flow of $-362.90M, indicating cash consumption over the period. The balance sheet shows $36.60B in total assets with $15.46B in long-term debt against $9.66B in stockholders equity for a debt-to-equity ratio of 1.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation