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

$44.57+0.12(<0.01%)Market closed

Market Cap

$21.52B

P/E

22.9x

P/S

3.2x

P/B

2.2x

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: 46/100

Strongest: Profitability (18/25); weakest: Cash & Earnings Quality (1/25).

Profitability18/25

Growth17/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality1/25

Strengths

Strong marginsConsistent growthImproving margins

Valuation vs. 5-year range

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

P/E · 22.9x5y range 14.0x – 25.5x

Currently above its 20-quarter median.

P/S · 3.2x5y range 1.8x – 3.4x

Currently near its 20-quarter median.

P/B · 2.2x5y range 1.4x – 2.4x

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

Price & Volume

Market Cap $21.52B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $6.80B
Q. Revenue: $1.30B
TTM EBITDA: $3.12B
TTM Op. Income: $1.90B
Q. Op. Income: $340.30M
TTM Net Income: $939.90M
Q. Net Income: $129.50M
EPS: $0.27
Shares Out.: $479.80M

$6.80B in TTM revenue grew 10.1% YoY, reaching $1.30B last quarter. TTM EBITDA of $3.12B and TTM operating income of $1.90B show growth is flowing through to the bottom line. TTM net income of $939.90M 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: 22.3%
EBITDA Margin: 35.9%
Op. Margin: 26.2%
Net Margin: 10.0%

Op. margin of 26.2% is up 2.2% YoY — cost efficiency is improving. Net margin at 10.0% and gross margin of 22.3% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 9% — an improving trend.

Price Ratios

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

P/E Ratio: 22.9x
P/S Ratio: 3.2x
P/B Ratio: 2.2x

At 22.9x P/E, the stock trades within typical market levels. P/S of 3.2x and P/B of 2.2x 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: $38.87B
Cash: $57.50M
Long-Term Debt: $16.38B
Book Value: $9.57B
D/E Ratio: 1.7
Debt/EBITDA: 35.1

With $38.87B in assets and $16.38B in long-term debt, D/E is 1.7and book value is $9.57B — moderate leverage. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

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

Op. Cash Flow: $546.80M
TTM Free Cash Flow: $-1.57B
FCF Margin: -23.0%
FCF / Net Income: -1.7

TTM FCF of $-1.57B on $546.80M in operating cash flow. The FCF / Net Income ratio of -1.7x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 3 consecutive quarters — a weakening trend.