(NI) NiSource - Overview

Sector: Utilities | Industry: Utilities - Regulated Gas | Exchange: NYSE (USA) | Market Cap: 22.735m USD | Total Return: 22.9% in 12m

Natural Gas, Electricity, Energy Transmission
Total Rating 39
Safety 41
Buy Signal -0.79
Utilities - Regulated Gas
Industry Rotation: -6.3
Market Cap: 22.7B
Avg Turnover: 232M
Risk 3d forecast
Volatility19.6%
VaR 5th Pctl3.67%
VaR vs Median13.4%
Reward TTM
Sharpe Ratio1.02
Rel. Str. IBD51.6
Rel. Str. Peer Group76.3
Character TTM
Beta0.156
Beta Downside0.173
Hurst Exponent0.464
Drawdowns 3y
Max DD17.73%
CAGR/Max DD1.31
CAGR/Mean DD7.43
EPS (Earnings per Share) EPS (Earnings per Share) of NI over the last years for every Quarter: "2021-03": 0.77, "2021-06": 0.13, "2021-09": 0.11, "2021-12": 0.39, "2022-03": 0.75, "2022-06": 0.12, "2022-09": 0.1, "2022-12": 0.5, "2023-03": 0.77, "2023-06": 0.11, "2023-09": 0.19, "2023-12": 0.53, "2024-03": 0.85, "2024-06": 0.21, "2024-09": 0.2, "2024-12": 0.49, "2025-03": 0.98, "2025-06": 0.22, "2025-09": 0.19, "2025-12": 0.51, "2026-03": 1.06,
EPS CAGR: 78.77%
EPS Trend: 41.3%
Last SUE: 0.49
Qual. Beats: 0
Revenue Revenue of NI over the last years for every Quarter: 2021-03: 1545.6, 2021-06: 986, 2021-09: 959.4, 2021-12: 1408.6, 2022-03: 1873.3, 2022-06: 1183.2, 2022-09: 1089.5, 2022-12: 1704.6, 2023-03: 1966, 2023-06: 1090, 2023-09: 1027.4, 2023-12: 1422, 2024-03: 1706.3, 2024-06: 1084.7, 2024-09: 1076.3, 2024-12: 1587.8, 2025-03: 2183.2, 2025-06: 1283, 2025-09: 1273.1, 2025-12: 1902.9, 2026-03: 2363.1,
Rev. CAGR: 20.26%
Rev. Trend: 40.9%
Last SUE: -2.94
Qual. Beats: -1

Warnings

High Debt while negative Cash Flow

Altman Z'' 0.12 < 1.0 - financial distress zone

Tailwinds

No distinct edge detected

Description: NI NiSource

NiSource Inc. (NI) is a regulated utility holding company providing natural gas and electric services across the Midwest and Mid-Atlantic regions. The company manages two primary segments: Columbia Operations, focusing on gas distribution across five states, and NIPSCO Operations, which provides both electric and gas services to northern Indiana.

The company maintains a diverse generation portfolio including coal, natural gas, hydro, wind, and solar assets. As a regulated utility, NiSource operates under a cost-of-service model where state commissions approve rates, providing a predictable framework for recovering infrastructure investments. The multi-utility structure allows the firm to balance the seasonal demand cycles of natural gas heating with the year-round consumption of electric power.

For a deeper look into the companys valuation metrics and historical performance, consider reviewing the data on ValueRay.

Headlines to Watch Out For
  • Rate case outcomes in Indiana and Ohio drive utility revenue growth
  • Transition from coal to renewable generation reshapes long-term capital expenditure
  • Regulatory approval of infrastructure modernization projects impacts rate base expansion
  • Fluctuations in natural gas prices influence residential and industrial demand cycles
  • Interest rate volatility affects financing costs for intensive utility infrastructure investments
Piotroski VR‑10 (Strict) 3.0
Net Income: 961.8m TTM > 0 and > 6% of Revenue
FCF/TA: -0.02 > 0.02 and ΔFCF/TA -0.22 > 1.0
NWC/Revenue: -19.32% < 20% (prev -34.68%; Δ 15.36% < -1%)
CFO/TA 0.06 > 3% & CFO 2.12b > Net Income 961.8m
Net Debt (16.69b) to EBITDA (3.10b): 5.38 < 3
Current Ratio: 0.65 > 1.5 & < 3
Outstanding Shares: last quarter (480.9m) vs 12m ago 1.78% < -2%
Gross Margin: 55.92% > 18% (prev 0.51%; Δ 5.54k% > 0.5%)
Asset Turnover: 19.57% > 50% (prev 17.92%; Δ 1.66% > 0%)
Interest Coverage Ratio: 2.73 > 6 (EBITDA TTM 3.10b / Interest Expense TTM 697.8m)
Altman Z'' 0.12
A: -0.04 (Total Current Assets 2.41b - Total Current Liabilities 3.73b) / Total Assets 36.60b
B: -0.00 (Retained Earnings -96.6m / Total Assets 36.60b)
C: 0.05 (EBIT TTM 1.91b / Avg Total Assets 34.85b)
D: -0.00 (Book Value of Equity -101.0m / Total Liabilities 24.67b)
Altman-Z'' Score: 0.12 = B
Beneish M -3.07
DSRI: 0.97 (Receivables 1.32b/1.18b, Revenue 6.82b/5.93b)
GMI: 0.91 (GM 55.92% / 50.79%)
AQI: 0.97 (AQ_t 0.13 / AQ_t-1 0.13)
SGI: 1.15 (Revenue 6.82b / 5.93b)
TATA: -0.03 (NI 961.8m - CFO 2.12b) / TA 36.60b)
Beneish M-Score: -3.07 (Cap -4..+1) = AA
What is the price of NI shares? As of May 17, 2026, the stock is trading at USD 46.30 with a total of 3,908,562 shares traded.
Over the past week, the price has changed by -0.90%, over one month by -1.65%, over three months by -0.26% and over the past year by +22.87%.
Is NI a buy, sell or hold? NiSource has received a consensus analysts rating of 4.47. Therefore, it is recommended to buy NI.
  • StrongBuy: 11
  • Buy: 4
  • Hold: 1
  • Sell: 1
  • StrongSell: 0
What are the forecasts/targets for the NI price?
Analysts Target Price 51.4 10.9%
NiSource (NI) - Fundamental Data Overview as of 16 May 2026
P/E Trailing = 23.592
P/E Forward = 22.8833
P/S = 3.3326
P/B = 2.3192
P/EG = 2.663
Revenue TTM = 6.82b USD
EBIT TTM = 1.91b USD
EBITDA TTM = 3.10b USD
Long Term Debt = 15.46b USD (from longTermDebt, last quarter)
Short Term Debt = 1.31b USD (from shortTermDebt, last quarter)
Debt = 16.77b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 16.69b USD (from netDebt column, last quarter)
Enterprise Value = 39.43b USD (22.74b + Debt 16.77b - CCE 71.9m)
Interest Coverage Ratio = 2.73 (Ebit TTM 1.91b / Interest Expense TTM 697.8m)
EV/FCF = -47.39x (Enterprise Value 39.43b / FCF TTM -832.0m)
FCF Yield = -2.11% (FCF TTM -832.0m / Enterprise Value 39.43b)
FCF Margin = -12.20% (FCF TTM -832.0m / Revenue TTM 6.82b)
Net Margin = 14.10% (Net Income TTM 961.8m / Revenue TTM 6.82b)
Gross Margin = 55.92% ((Revenue TTM 6.82b - Cost of Revenue TTM 3.01b) / Revenue TTM)
Gross Margin QoQ = 59.48% (prev 58.12%)
Tobins Q-Ratio = 1.08 (Enterprise Value 39.43b / Total Assets 36.60b)
Interest Expense / Debt = 1.14% (Interest Expense 191.6m / Debt 16.77b)
Taxrate = 13.36% (85.8m / 642.0m)
NOPAT = 1.65b (EBIT 1.91b * (1 - 13.36%))
Current Ratio = 0.65 (Total Current Assets 2.41b / Total Current Liabilities 3.73b)
Debt / Equity = 1.74 (Debt 16.77b / totalStockholderEquity, last quarter 9.66b)
Debt / EBITDA = 5.38 (Net Debt 16.69b / EBITDA 3.10b)
 Debt / FCF = -20.07 (negative FCF - burning cash) (Net Debt 16.69b / FCF TTM -832.0m)
 Total Stockholder Equity = 9.28b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.76% (Net Income 961.8m / Total Assets 36.60b)
RoE = 10.37% (Net Income TTM 961.8m / Total Stockholder Equity 9.28b)
RoCE = 7.70% (EBIT 1.91b / Capital Employed (Equity 9.28b + L.T.Debt 15.46b))
RoIC = 6.50% (NOPAT 1.65b / Invested Capital 25.40b)
WACC = 4.18% (E(22.74b)/V(39.50b) * Re(6.53%) + D(16.77b)/V(39.50b) * Rd(1.14%) * (1-Tc(0.13)))
Discount Rate = 6.53% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares (quarterly) Correlation: 95.56 | Cagr: 3.07%
 [DCF] Fair Price = unknown (Cash Flow -832.0m)
 EPS Correlation: 41.31 | EPS CAGR: 78.77% | SUE: 0.49 | # QB: 0
Revenue Correlation: 40.90 | Revenue CAGR: 20.26% | SUE: -2.94 | # QB: -1
EPS current Quarter (2026-06-30): EPS=0.23 | Chg30d=-1.54% | Revisions=-11% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.22 | Chg30d=+8.50% | Revisions=-25% | Analysts=7
EPS current Year (2026-12-31): EPS=2.06 | Chg30d=+0.20% | Revisions=+33% | GrowthEPS=+8.2% | GrowthRev=+7.6%
EPS next Year (2027-12-31): EPS=2.24 | Chg30d=+0.90% | Revisions=+71% | GrowthEPS=+9.0% | GrowthRev=+5.8%
[Analyst] Revisions Ratio: +71%