NiSource (NI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

NiSource

NYSE•Utilities•Utilities - Regulated Gas

$40.91+0.25(0.01%)After hours

Market Cap

$19.62B

P/E

21.7x

P/S

2.9x

P/B

2.0x

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.

How this company scores

AverageMetricSide Score: 42/100

Strongest: Growth (16/25); weakest: Cash & Earnings Quality (1/25).

Profitability13/25

Growth16/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality1/25

Strengths

Strong marginsConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 21.7x5y range 14.0x – 23.2x

Currently near its 20-quarter median.

P/S · 2.9x5y range 1.8x – 3.3x

Currently near its 20-quarter median.

P/B · 2.0x5y range 1.4x – 2.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Price & Volume

Market Cap $19.62B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $6.74B
Q. Revenue: $1.29B
TTM EBITDA: $3.06B
TTM Op. Income: $1.86B
Q. Op. Income: $228.10M
TTM Net Income: $905.10M
Q. Net Income: $45.50M
EPS: $0.1
Shares Out.: $479.70M

$6.74B in TTM revenue grew 12.7% YoY, reaching $1.29B last quarter. TTM EBITDA of $3.06B and TTM operating income of $1.86B show growth is flowing through to the bottom line. TTM net income of $905.10M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 13.6%
EBITDA Margin: 27.9%
Op. Margin: 17.7%
Net Margin: 3.5%

Op. margin of 17.7% is down 3.4% YoY — costs are rising relative to revenue. Net margin at 3.5% and gross margin of 13.6% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 16% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 21.7x
P/S Ratio: 2.9x
P/B Ratio: 2.0x

At 21.7x P/E, the stock trades within typical market levels. P/S of 2.9x and P/B of 2.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 1% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $37.54B
Cash: $70.00M
Long-Term Debt: $15.61B
Book Value: $9.57B
D/E Ratio: 1.6
Debt/EBITDA: 43.4

With $37.54B in assets and $15.61B in long-term debt, D/E is 1.6and book value is $9.57B — moderate leverage. Over the past year, debt/equity is up 0% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $680.40M
TTM Free Cash Flow: $-1.09B
FCF Margin: -16.1%
FCF / Net Income: -1.2

TTM FCF of $-1.09B on $680.40M in operating cash flow. The FCF / Net Income ratio of -1.2x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.