— Know what they know.
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Not Investment Advice

NI

NYSE · USD
NiSource Inc
Utilities · Regulated Gas
CEO Lloyd Yates Employees 7,668 R&D / revenue 0.0%
Last price
$42.68+3.47%last session
Market cap
$20.5B
P/E (TTM)
22.5x
From 52w high
−13.3%
From 52w low
+11.1%
1-year return
−0.6%
RSI 14 · vs SMA200
69.2 · −4.6%
IS score
36.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

NI   SPY   XLU (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116NI 99XLU 92

Score DNA

Each bar is a 0-100 score within the scored universe
38
Profitability
50
Growth
52
Value
79
Momentum
15
Risk (safety)
59
Quality
23
Balance sheet
79
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Altman distress zone▲ Negative free cash flow▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 5 / 9Altman Z 0.8Beta 0.543 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
5 open-market sales, $3.8M
Form 144 notices (12m): 8, $4.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-06-16
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+33
106 new holders, 69 closed
914 filers hold 96.9% · 397 added, 247 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+252
902 funds adding shares
650 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
45.1%
20-day avg 55.6%, 50-day avg 48.1%
Latest 10.5 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$6.6B
Revenue growth YoY+21.8%
Gross margin58.6%
Operating income$1.8B
Operating margin27.6%
Net income$929.5M
Net margin14.0%
EPS (diluted)$1.95
Cash flow
Operating cash flow$2.4B
Capital expenditure$2.8B
Free cash flow−$420.0M
FCF conversion (FCF / OCF)-17.8%
Stock-based compensation$0
FCF less SBC−$420.0M
Buybacks$0
Dividends$530.4M
Balance sheet & returns
Cash & short-term investments$135.7M
Total debt$16.0B
Net debt$15.9B
Shareholders' equity$11.7B
Goodwill & intangibles$1.5B
Debt / equity1.83
ROE (TTM)9.6%
ROIC (TTM)4.6%
Operating margin by fiscal year
20.6%FY202121.6%FY202223.5%FY202326.7%FY202427.6%FY2025
Revenue $4.9B (FY2021) to $6.6B (FY2025), a 7.9% CAGR.

Valuation

P/E (TTM)22.5x
EV / EBITDA11.9x
Price / sales2.97x
Price / FCFn/m
FCF yield-5.31%
Buyback yield0.00%
SBC / revenue0.0%
Price / book2.14x
Forward P/E FY202620.8x
Forward P/E FY202719.0x
Forward P/E FY202817.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $48.40 across 5 analysts last quarter is theirs, not ours.

NI vs industry median

50 companies in Regulated Gas
Gross margin 50.8% 37.0% Operating margin 27.0% 13.6% Net margin 13.2% 7.9% ROIC 4.6% 6.1%
NI (TTM)Industry median Asset turnover 0.18 vs industry 0.32 · financial leverage 3.92

Earnings delivery

Next report 2026-10-28 · consensus EPS $0.22
83%
beat rate, 10 of 12 quarters
+4.8%
median EPS surprise
6
longest beat streak
+19-2+2+24+25+2+9+7-5+3+1+7
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-01 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
NI NiSource Inc $20.5B22.5x9.6%13.2%+21.8% −0.6%
ATO Atmos Energy Corporation $28.3B19.7x9.8%27.6%+6.5% −4.6%
UGI UGI Corporation $8.2B12.3x13.3%-10.0%−0.5% +20.7%
SWX Southwest Gas Holdings, Inc. $6.3B12.2x13.3%11.8%−57.0% +13.7%
BKH Black Hills Corporation $5.8B19.3x7.9%8.4%+2.5% +27.6%
NJR New Jersey Resources Corpora $5.3B14.4x14.5%2.8%+7.0% —
SR Spire Inc. $4.8B9.1x15.5%50.2%+4.1% —
OGS ONE Gas, Inc. $4.8B16.2x8.6%11.4%−0.8% —
12-month window: SPY +15.9%, sector ETF XLU −8.1%. Past returns describe history only.

Recent 8-K filings

2026-10-16Financial Obligation; Exhibits
2026-08-18Other Events; Exhibits
2026-08-05Earnings Release; Exhibits
2026-05-18Other Events; Exhibits
2026-05-12Shareholder Vote; Exhibits
2026-05-06Earnings Release; Exhibits

Context

Shares outstanding479,439,245
Free float99.6%
Institutional ownership96.9%
Beta0.54
Dividend yield2.76%
Last dividend$0.30 on 2026-10-30
50 / 200-day average$40.94 / $44.81
Large-cap Utilities median P/E20.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where NI sits among 13 scored companies in Regulated Gas (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureNIIndustry medianIndustry percentileSector median
P/E (TTM) 22.6x 18.0x
91st		 20.7x
PEG (P/E ÷ 3-yr EPS CAGR) 3.66 3.17
57th		 2.20
Price / sales 3.0x 2.2x
75th		 2.4x
Price / book 2.1x 1.6x
91st		 1.9x
Price / tangible book 2.8x 2.2x
82nd		 2.1x
Price / free cash flow —
Price / operating cash flow 8.9x 9.2x
42nd		 9.2x
Enterprise value $38.0B $9.6B
92nd		 $25.7B
EV / sales 5.5x 4.5x
92nd		 4.5x
EV / EBITDA 11.9x 11.9x
50th		 11.9x
EV / EBIT 19.9x 18.0x
75th		 19.6x
EV / free cash flow —
Earnings yield 4.4% 5.1%
17th		 4.8%
FCF yield -5.3% -5.2%
42nd		 -4.2%
Operating cash flow yield 11.3% 10.9%
58th		 10.3%
Graham number (per share) $29.02 $58.76
18th		 $48.77

Profitability (TTM)

MeasureNIIndustry medianIndustry percentileSector median
Gross margin 50.8% 45.2%
67th		 43.4%
EBITDA margin 46.2% 36.2%
82nd		 38.7%
Operating margin 27.0% 24.6%
58th		 20.9%
EBIT margin 27.7% 24.2%
67th		 23.2%
Net margin 13.2% 13.0%
58th		 12.4%
NOPAT margin 23.0% 19.8%
75th		 18.1%
FCF margin -15.8% -13.3%
42nd		 -7.6%
Operating cash flow margin 33.5% 27.3%
75th		 28.3%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 7.0% 0.0%
83rd		 4.2%
Stock comp / revenue 0.0% 0.1%
0th		 0.0%
Effective tax rate 14.8% 17.4%
33rd		 18.4%

Returns on capital

MeasureNIIndustry medianIndustry percentileSector median
ROE (on average equity) 9.8% 9.6%
64th		 9.5%
ROA 2.5% 3.4%
25th		 2.6%
ROIC 5.9% 5.9%
50th		 5.5%
ROCE 5.8% 5.8%
42nd		 5.1%
Return on tangible assets 5.3% 5.3%
50th		 4.7%
Cash ROIC (OCF / invested capital) 8.5% 8.1%
58th		 8.0%
Gross profitability (GP / assets) 9.8% 9.4%
67th		 8.6%
ROIC, 3-yr average 4.3% 4.2%
58th		 4.2%
ROIC, 5-yr average 4.5% 4.1%
60th		 4.2%
ROE, 5-yr average 9.8% 8.5%
80th		 9.1%
Incremental ROIC 33.2% 30.4%
58th		 20.6%

Growth

MeasureNIIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 12.3% 4.1%
83rd		 7.2%
Revenue growth (QoQ) -43.2% -43.2%
50th		 -16.9%
Revenue CAGR, 3 yr 5.6% -1.8%
82nd		 3.0%
Revenue CAGR, 5 yr 8.2% 5.6%
64th		 6.3%
Gross profit CAGR, 3 yr 16.1% 15.1%
64th		 7.9%
Operating income CAGR, 3 yr 15.0% 14.9%
60th		 9.4%
Net income growth (TTM YoY) 2.1% 16.5%
20th		 8.6%
Net income CAGR, 3 yr 8.8% 8.8%
50th		 8.8%
EPS growth (TTM YoY) 0.2% 12.7%
30th		 4.2%
EPS CAGR, 3 yr 6.2% 6.2%
50th		 6.6%
EPS CAGR, 5 yr 24.4% 6.5%
100th		 4.0%
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 10.8% 12.2%
45th		 12.7%
Book value CAGR, 3 yr 7.1% 5.7%
60th		 4.7%
Dividend CAGR, 3 yr 0.8% -0.3%
73rd		 0.3%
Sustainable growth rate 3.7% 3.9%
45th		 3.7%

Margin history & stability

MeasureNIIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 51.4% 40.2%
83rd		 42.6%
Operating margin, 3-yr average 27.0% 22.5%
75th		 20.0%
Net margin, 3-yr average 14.1% 12.7%
67th		 12.5%
FCF margin, 3-yr average -15.6% -5.6%
17th		 -7.9%
Revenue stability (0-1) 0.80 0.80
50th		 0.75
Earnings stability (0-1) 0.75 0.56
58th		 0.51
Margin stability (0-1) 0.88 0.87
67th		 0.84

Liquidity (latest quarter)

MeasureNIIndustry medianIndustry percentileSector median
Cash & short-term investments $70.0M $46.3M
58th		 $215.5M
Net cash (− = net debt) −$17.5B −$3.8B
0th		 −$12.1B
Working capital −$2.2B −$343.5M
8th		 −$284.5M
Current ratio 0.50 0.66
25th		 0.82
Quick ratio 0.41 0.53
25th		 0.69
Cash ratio (cash + ST investments / current liabilities) 0.02 0.05
25th		 0.08
Defensive interval (days) 195 days 302 days
8th		 314 days

Leverage & solvency (latest quarter)

MeasureNIIndustry medianIndustry percentileSector median
Total debt $17.6B $3.9B
100th		 $12.5B
Debt / equity 1.83 1.10
91st		 1.61
Net debt / equity 1.83 1.07
91st		 1.60
Debt / assets 46.8% 40.7%
75th		 43.4%
Debt / capital 64.7% 52.5%
91st		 61.8%
Debt / EBITDA 5.52 4.36
92nd		 5.59
Net debt / EBITDA 5.50 4.36
92nd		 5.53
Interest coverage (EBIT / interest) 2.5x 2.8x
33rd		 2.4x
Cash interest coverage 3.0x 3.0x
50th		 3.0x
Debt payback (years of OCF) 7.6 yrs 7.2 yrs
58th		 7.5 yrs
Liabilities / assets 68.3% 63.6%
75th		 70.8%
IS credit model rating B- — —
Implied credit spread (bps) 900 650
67th		 750

Efficiency

MeasureNIIndustry medianIndustry percentileSector median
Asset turnover 0.19 0.22
25th		 0.20
Fixed asset turnover 0.23 0.27
25th		 0.27
Inventory turnover 8.3 8.3
50th		 8.7
Receivables turnover 8.5 10.0
17th		 8.4
Days sales outstanding 43 days 36 days
83rd		 43 days
Days inventory outstanding 44 days 44 days
50th		 42 days
Days payables outstanding 103 days 63 days
92nd		 75 days
Cash conversion cycle (days) −16 days 19 days
17th		 14 days
Capex / revenue 49.3% 42.1%
58th		 35.1%
Capex / depreciation 2.66 2.66
50th		 2.40
Operating expense ratio 33.2% 46.4%
33rd		 30.7%

Cash flow & earnings quality

MeasureNIIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.54 1.92
73rd		 2.20
FCF / net income −1.20 −1.11
45th		 −0.74
FCF / operating cash flow -47.2% -47.2%
50th		 -33.3%
Capex / operating cash flow 147.2% 147.2%
50th		 133.3%
Accruals ratio -3.9% -2.7%
33rd		 -3.2%
Sloan accruals ratio -5.8% -4.5%
25th		 -3.7%
Earnings quality score (0-1) 1.00 1.00
18th		 1.00

Dividends & buybacks

MeasureNIIndustry medianIndustry percentileSector median
Dividend yield 2.8% 3.6%
25th		 3.3%
Dividend per share (TTM) $1.18 $1.97
17th		 $1.87
Payout ratio (dividends / net income) 61.8% 52.7%
64th		 63.9%
Dividends / FCF —
Dividend growth (YoY) 8.2% 6.4%
64th		 3.9%
Buyback yield 0.0% 0.0%
0th		 0.0%
Shareholder yield (dividends + buybacks) 2.7% 3.5%
25th		 3.3%
Share count change (YoY) 1.9% 3.3%
33rd		 2.5%
Buybacks, last 5 years $0 $0
0th		 $0

Scores & forensic checks

MeasureNIIndustry medianIndustry percentileSector median
IS score 36 40
33rd		 40
IS profitability 38 40
42nd		 44
IS growth 50 56
42nd		 50
IS value 52 60
17th		 56
IS momentum 79 79
42nd		 78
IS risk (safety) 15 15
0th		 15
IS quality 59 63
17th		 64
IS balance sheet 23 36
17th		 28
IS earnings quality 79 82
17th		 79
IS cash flow 35 29
67th		 35
Piotroski F-score (0-9) 5 6
0th		 6
Altman Z-score 0.8 1.1
25th		 0.9
Beneish M-score −2.57 −2.76
82nd		 −2.64
Ohlson O-score −7.10 −7.02
33rd		 −7.04
IS credit score 21 31
17th		 29

Per share

MeasureNIIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.88 $3.60
25th		 $3.13
Book value per share $19.90 $36.97
25th		 $32.52
Tangible book per share $21.71 $28.16
33rd		 $32.45
Revenue per share $14.30 $30.21
8th		 $24.86
FCF per share −$2.26 −$2.74
58th		 −$1.64
Operating cash flow per share $4.79 $8.19
17th		 $7.00
Cash per share $0.15 $0.40
17th		 $0.83

Size (TTM)

MeasureNIIndustry medianIndustry percentileSector median
Market cap $20.5B $4.8B
92nd		 $8.5B
Revenue $6.9B $2.3B
92nd		 $5.4B
EBITDA $3.2B $849.1M
92nd		 $2.7B
Net income $905.1M $299.0M
92nd		 $559.7M
Free cash flow −$1.1B −$266.0M
8th		 −$190.6M
Total assets $37.5B $10.5B
100th		 $34.0B
Shareholders' equity $9.6B $3.5B
92nd		 $5.1B
Employees 7,703 2,795
83rd		 5,870

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-14Birmingham Melody
EVP & Grp President, Utilities
 Open-market sale 37,509$42.40$1.6M78,527
2026-07-13Jesanis Michael E
Director
 Other 30,190——52,701
2026-05-22Berman Melanie B.
EVP Administration & CHRO
 Open-market sale 15,000$47.68$715,20035,990
2026-05-21Yates Lloyd M
Director, Director and President & CEO
 Open-market sale 19,905$47.73$950,066519,557
2026-05-20Birmingham Melody
EVP & Grp President, Utilities
 Open-market sale 2,500$47.43$118,575116,036
2026-05-14Birmingham Melody
EVP & Grp President, Utilities
 Open-market sale 10,000$47.19$471,850117,899
2026-05-11Lee Cassandra S.
Director
 Award / grant 3,807$47.03$179,04328,974
2026-05-11Mcavoy John
Director
 Award / grant 3,807$47.03$179,04315,777
2026-05-11Kabat Kevin T
Director
 Award / grant 3,807$47.03$179,04366,456
2026-05-11Johnson William D
Director
 Award / grant 3,807$47.03$179,04328,431
2026-05-11Jesanis Michael E
Director
 Award / grant 3,807$47.03$179,04322,482
2026-05-11Hersman Deborah
Director
 Award / grant 3,807$47.03$179,04347,200

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MayJulAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1141,877$2.0M
Open-market saleDisposed584,914$3.8M
OtherAcquired130,190—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 8 notices · 107,590 shares · $4.9M
FiledFilerShares proposedEst. proceeds
2026-08-14Birmingham Melody37,510$1.6M
2026-05-22Berman Melanie B.15,000$715,265
2026-05-21Yates Lloyd M19,905$950,092
2026-05-20Birmingham Melody2,500$118,575
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 0 trades (0 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-06-16John FettermanSenatePurchase$1,001 - $15,0002026-07-09
2026-06-16John Karl FettermanSenatePurchase$1,001 - $15,0002026-07-09
2025-05-11Jefferson ShreveHouseSale (Full)$50,001 - $100,0002025-06-23
2025-04-11Dan NewhouseHouseSale$1,001 - $15,0002025-05-19
2025-04-10Daniel Milton NewhouseHouseSale (Partial)$1,001 - $15,0002025-05-16
2024-09-03Ro KhannaHousePurchase$1,001 - $15,0002024-10-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.54,957,602$2.6B11.46%
VANGUARD CAPITAL MANAGEMENT LLC31,351,094$1.5B6.54%
T. Rowe Price Investment Management, Inc.29,835,011$1.4B6.22%
STATE STREET CORP27,622,784$1.3B5.76%
VANGUARD PORTFOLIO MANAGEMENT LLC27,067,956$1.3B5.65%
GEODE CAPITAL MANAGEMENT, LLC12,920,034$611.9M2.69%
DEUTSCHE BANK AG\12,077,706$574.3M2.52%
FMR LLC10,170,078$483.6M2.12%
JENNISON ASSOCIATES LLC9,235,389$439.1M1.93%
Invesco Ltd.7,790,163$370.4M1.62%
NORGES BANK7,789,733$370.4M1.62%
JPMORGAN CHASE & CO6,575,321$316.6M1.37%
FRANKLIN RESOURCES INC5,927,229$281.8M1.24%
Newport Trust Company, LLC5,416,323$257.5M1.13%
Pictet Asset Management Holding SA5,001,382$237.8M1.04%

Institutional ownership by quarter

2023-092026-0696.9%
% of shares held by 13F filers
2023-092026-06914
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3091496.9%10639724769
2026-03-3188194.5%12834025661
2025-12-3183296.1%12231025558
2025-09-3078392.5%10127126877
2025-06-3077294.3%7332525185
2025-03-3179691.8%13129524058
2024-12-3173593.3%12127023059
2024-09-3068492.4%10623423252
2024-06-3063591.0%6725520252
2024-03-3163288.3%8325319049
2023-12-3160885.1%9922420259
2023-09-3058181.6%7120919244

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-14SCHEDULE 13G/AT. Rowe Price Investment Management, Inc.6.2%29,893,604
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%36,215,860
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.6%27,038,810
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$594.2M
VTI0.03%$594.2M
VTSAX0.03%$594.2M
VSMPX0.03%$594.2M
VOO0.03%$491.2M
VFFSX0.03%$491.2M

Share structure

Shares outstanding479,439,245
Float477,732,976
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$4.9B$5.9B$5.5B$5.5B$6.6B
Cost of revenue$2.8B$3.6B$3.0B$2.6B$2.8B
Gross profit$2.1B$2.3B$2.5B$2.8B$3.9B
R&D$0$0$0$0$0
SG&A−$35.5M−$27.6M$24.0M$13.5M$1.7B
Operating income$1.0B$1.3B$1.3B$1.5B$1.8B
EBITDA$1.8B$2.1B$2.2B$2.6B$3.0B
Pretax income$706.6M$956.4M$813.9M$1.0B$1.2B
Income tax$117.8M$164.6M$139.5M$158.1M$203.8M
Net income$584.9M$804.1M$714.3M$760.4M$929.5M
EPS, diluted$1.27$1.70$1.48$1.62$1.95
Diluted shares417.3M442.7M447.9M456.0M474.5M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$84.2M$40.8M$2.2B$156.6M$135.7M
Receivables$925.2M$1.2B$928.0M$1.0B$1.3B
Inventory$498.7M$751.9M$503.2M$389.1M$449.5M
Total current assets$1.9B$2.6B$4.5B$2.1B$2.4B
PP&E, net$17.9B$19.8B$22.3B$25.5B$28.7B
Goodwill & intangibles$1.5B$1.5B$1.5B$1.5B$1.5B
Total assets$24.2B$26.7B$31.1B$31.8B$36.6B
Accounts payable$697.8M$899.5M$749.4M$863.1M$1.2B
Total current liabilities$2.7B$4.7B$5.3B$4.1B$3.5B
Long-term debt$9.2B$9.5B$11.1B$11.9B$15.2B
Total liabilities$16.9B$18.8B$20.9B$21.1B$24.9B
Shareholders' equity$7.3B$7.9B$10.1B$10.7B$11.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$588.8M$791.8M$674.4M$760.4M$926.9M
Depreciation & amortization$748.4M$820.8M$908.2M$1.0B$1.2B
Stock-based compensation$24.3M$24.9M$23.9M$32.1M$0
Change in working capital−$260.4M−$285.4M$199.9M−$195.6M−$56.4M
Operating cash flow$1.2B$1.4B$1.9B$1.8B$2.4B
Capital expenditure−$1.8B−$2.2B−$2.6B−$2.6B−$2.8B
Free cash flow−$620.1M−$793.7M−$710.7M−$861.5M−$420.0M
Investing cash flow−$2.2B−$2.6B−$3.6B−$3.2B−$4.3B
Net debt issued / repaid$31.3M$1.5B$2.7B−$240.1M$2.2B
Buybacks$0$0$0$0$0
Dividends paid−$400.3M−$436.6M−$457.3M−$489.2M−$530.4M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin41.9%38.5%45.0%51.5%53.0%
Operating margin20.6%21.6%23.5%26.7%27.6%
Net margin11.9%13.7%13.0%13.9%14.0%
FCF margin-12.7%-13.6%-12.9%-15.8%-6.3%
ROE9.2%11.1%9.0%9.0%10.3%
ROIC5.0%5.5%5.3%5.5%6.0%
ROA2.5%3.2%2.5%2.4%2.7%
Debt / equity1.441.521.711.611.72
Interest coverage3.1x3.6x2.7x3.0x2.9x
Current ratio0.700.550.850.510.69
Revenue growth+4.7%+19.4%−5.9%−0.9%+21.8%
EPS growth+3,064.2%+33.0%−12.0%+1.8%+21.1%
P/E at year end17.8x13.7x15.7x22.1x21.3x
EV / EBITDA at year end11.3x10.5x10.4x11.9x11.9x
FCF yield at year end-5.97%-7.19%-6.35%-5.13%-2.12%
Dividend payout68.4%54.3%64.9%64.3%57.1%

Revenue by segment

FY2021FY2022FY2023
Gas Distribution Operations$3.2B$4.0B$3.7B
Electric Operations$1.7B$1.8B$1.8B

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $0.22 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$7.1B$7.1B – $7.2B$2.05$2.03 – $2.07920.8x
2027$7.5B$7.3B – $7.6B$2.25$2.20 – $2.331019.0x
2028$8.0B$7.8B – $8.1B$2.48$2.42 – $2.53717.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$0.15$0.16+6.7%$1.1B$1.3B+17.0%
2026-05-06$1.05$1.06+1.0%$2.5B$2.4B−6.3%
2026-02-11$0.50$0.51+2.9%$1.4B$1.9B+33.0%
2025-10-29$0.20$0.19−5.0%$1.2B$1.3B+6.1%
2025-08-06$0.20$0.22+7.3%$1.2B$1.3B+5.7%
2025-05-07$0.90$0.98+9.4%$2.2B$2.2B+1.2%
2025-02-12$0.48$0.49+2.3%$1.8B$1.6B−10.6%
2024-10-30$0.16$0.20+25.0%$986.0M$1.1B+9.2%
2024-08-07$0.17$0.21+23.5%$905.3M$1.1B+19.8%
2024-05-08$0.83$0.85+2.4%$2.4B$1.7B−27.9%
2024-02-21$0.54$0.53−1.9%$1.7B$1.4B−16.1%
2023-11-01$0.16$0.19+18.8%$1.1B$1.0B−5.2%
2023-08-02$0.11$0.110.0%$1.0B$1.1B+7.4%
2023-05-03$0.75$0.77+2.7%$1.9B$2.0B+5.3%
2023-02-22$0.48$0.50+4.2%$1.4B$5.9B+322.3%
2022-11-07$0.11$0.10−9.1%$1.0B$1.1B+6.7%
2022-08-03$0.12$0.120.0%$1.1B$1.2B+11.7%
2022-05-04$0.78$0.75−3.8%$1.7B$1.9B+11.1%
2022-02-23$0.36$0.39+8.3%$1.5B$1.4B−6.5%
2021-11-03$0.09$0.11+22.2%$863.5M$959.4M+11.1%
2021-08-04$0.13$0.130.0%$986.0M$986.0M0.0%
2021-05-05$0.77$0.770.0%$1.8B$1.5B−13.7%
2021-02-17$0.32$0.34+6.3%$1.2B$1.2B+3.1%
2020-11-02$0.03$0.09+235.8%$902.5M$902.5M0.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.306-220.206-290.207-060.307-130.207-200.207-270.508-030.308-100.308-170.208-240.308-31
Week ofNotionalSharesTrades
2026-08-31$251.6M6,118,19685,098
2026-08-24$242.3M5,930,73081,553
2026-08-17$307.5M7,345,375101,794
2026-08-10$313.0M7,450,97099,835
2026-08-03$471.0M10,892,415129,710
2026-07-27$245.4M5,420,72986,411

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1545.1%
DateShort shareShort volumeTotal volume
2026-10-1545.1%1,033,3662,290,111
2026-10-1438.1%691,8321,818,144
2026-10-1357.5%535,865931,504
2026-10-1261.1%537,588880,403
2026-10-0953.3%573,7791,077,096
2026-10-0861.1%749,9321,228,331
2026-10-0763.2%793,6371,256,494
2026-10-0645.9%756,4731,649,765
2026-10-0550.5%665,3201,316,508
2026-10-0244.3%707,0971,597,164
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.7Jan+0.4Feb+3.3Mar+2.3Apr+0.2May+0.3Jun+2.7Jul-1.0Aug-0.3Sep+1.7Oct+1.2Nov+1.0Dec
MonthAvg returnUp yearsYears
Jan+1.7%65%20
Feb+0.4%55%20
Mar+3.3%76%21
Apr+2.3%70%20
May+0.2%55%20
Jun+0.3%50%20
Jul+2.7%65%20
Aug−1.0%35%20
Sep−0.3%60%20
Oct+1.7%65%20
Nov+1.2%55%20
Dec+1.0%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1469.2
MFI62.9
ADX27.6
Stochastic %K / %D88.7 / 89.6
Williams %R-4.3
CCI183
TSI / signal8.1 / -11.4
Chaikin money flow-0.04
ATR$0.74
Bollinger width9.9%
Volume vs 20-day avg1.28x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$40.22 (+6.1%)
SMA 50$40.93 (+4.3%)
SMA 200$44.76 (−4.6%)
EMA 21$40.79 (+4.6%)
EMA 50$41.44 (+3.0%)
EMA 200$43.36 (−1.6%)
Bollinger upper$42.21 (+1.1%)
Bollinger lower$38.24 (+11.6%)
Parabolic SAR$40.08 (+6.5%)
Open the live chart, 110+ indicators

About NiSource Inc

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.

https://www.nisource.com

Key executives

NameTitlePayBorn
Lloyd YatesPresident, Chief Executive Officer & Director$3.6M1961
Michael LuhrsExecutive Vice President of Technology, Customer & Chief Commercial Officer$1.7M1973
Melody BirminghamExecutive Vice President & Group President of NiSource Utilities$1.5M1972
Shawn AndersonExecutive Vice President & Chief Financial Officer$1.5M1982
William JeffersonExecutive Vice President & Chief Operating and Safety Officer$1.4M1962
Durgesh ChopraVice President of Investor Relations——
Kimberly S. CucciaExecutive VP, General Counsel & Corporate Secretary—1984
Melanie BermanExecutive VP of Administration & Chief Human Resources Officer—1971

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Christopher A. Helms Executive Vice President and Group Chief Executive Officer2011$458,333$607,555$0$5.5M
Robert C. Skaggs, Jr. President and Chief Executive Officer2011$900,000$2.2M$999,000$5.0M
Jimmy D. Staton Executive Vice President and Group Chief Executive Officer2011$550,000$607,555$414,700$1.9M
Stephen P. Smith Executive Vice President and Chief Financial Officer2011$550,000$607,555$400,400$1.8M
Carrie J. Hightman Executive Vice President and Chief Legal Officer2011$464,583$447,666$313,500$1.3M
Glen L. Kettering Senior Vice President, Corporate Affairs2011$340,000$431,685$224,400$1.1M

Employees

8k20188k20197k20207k20217k20227k20238k20248k2025

Dividends

Ex-dateAmountPaid
2026-10-30$0.32026-11-20
2026-07-31$0.32026-08-20
2026-04-30$0.32026-05-20
2026-02-03$0.32026-02-20
2025-10-31$0.282025-11-20
2025-07-31$0.282025-08-20
2025-04-30$0.282025-05-20
2025-02-03$0.282025-02-20

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage29
Intangibles53
Switching costs57
Network effect45
Efficient scale70
Our component scores (0-100) and overall 50.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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