NiSource Inc. (NI) 10-Year Financial Performance & Capital Metrics

NI • • Utilities

UtilitiesGas UtilitiesIntegrated Gas InfrastructureDiversified Energy Utilities

AboutNiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates through two segments, Gas Distribution Operations and Electric Operations. The company distributes natural gas to approximately 853,000 customers in northern Indiana, as well as approximately 2.4 million residential, commercial, and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. It operates approximately 54,600 miles of distribution main pipelines, as well as associated individual customer service lines; and 1,000 miles of transmission main pipelines. The company generates, transmits, and distributes electricity to approximately 483,000 customers in 20 counties in the northern part of Indiana, as well as engages in wholesale electric and transmission transactions. It owns and operates coal-fired electric generating stations with a capacity of 722 megawatts (MW) in Wheatfield and 455 MW in Michigan City; combined cycle gas turbine with a capacity of 563 MW in West Terre Haute; natural gas generating units with a capacity of 155 MW in Wheatfield; hydro generating plants with a capacity of 9 MW in Carroll County and 7 MW in White County; and wind generating units with a capacity of 102 MW and 302 MW in White County, Indiana. 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.Show more

Revenue $5.46B -0.9%
EBITDA $2.5B +13.4%
Net Income $760M +6.5%
Free Cash Flow -$862M -21.2%
EBITDA Margin 45.8% +14.4%
Net Margin 13.94% +7.4%
ROE 7.31% -7.7%
Interest Coverage 2.81 +6.4%
Debt/Equity 1.31 -6.1%
Net Debt/EBITDA 5.52 +2.5%
CapEx / Revenue 48.45% +0.8%
CapEx Coverage 0.67 -7.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 2.4%
✓Trading near 52-week high

✗Weaknesses

✗High leverage: 5.6x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.69%

5Y0.93%

3Y3.64%

TTM19.62%

Profit (Net Income) CAGR

10Y3.68%

5Y14.7%

3Y9.14%

TTM15.73%

EPS CAGR

10Y-0.3%

5Y13.24%

3Y8.45%

TTM23.48%

ROCE

10Y Avg4.6%

5Y Avg4.88%

3Y Avg5.56%

Latest5.44%

Peer Comparison

Diversified Energy Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NINiSource Inc.	20.6B	43.53	26.87	-0.91%	14.16%	7.97%		1.31
CPKChesapeake Utilities Corporation	2.98B	125.90	23.94	17.39%	14.77%	8.62%		1.07
NJRNew Jersey Resources Corporation	4.79B	47.55	14.28	13.94%	19.7%	16.99%	9.73%	1.58
UGIUGI Corporation	8.05B	37.48	12.13	1.1%	5.7%	8.56%	4.84%	1.58
SPHSuburban Propane Partners, L.P.	1.27B	19.15	11.82	7.94%	6.79%	15.03%	4.58%	0.20

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	4.65B	4.49B	4.87B	5.11B	5.21B	4.68B	4.9B	5.85B	5.51B	5.46B
Revenue Growth %	-0.28%	-0.03%	0.09%	0.05%	0.02%	-0.1%	0.05%	0.19%	-0.06%	-0.01%
Cost of Revenue	3.07B	2.84B	3.12B	4.11B	2.89B	2.7B	2.85B	3.6B	3.03B	2.65B
Gross Profit+	1.58B	1.66B	1.75B	1B	2.32B	1.99B	2.05B	2.25B	2.48B	2.81B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.03%	0.05%	0.06%	-0.43%	1.32%	-0.14%	0.03%	0.1%	0.1%	0.13%
Operating Expenses+	780.5M	799.3M	838.1M	856.4M	1.03B	1.44B	1.04B	984.9M	1.18B	1.35B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	1.32B	1.41B	1.49B	724.3M	1.61B	1.28B	1.76B	2.09B	2.2B	2.5B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	-0.05%	0.07%	0.06%	-0.51%	1.22%	-0.21%	0.37%	0.19%	0.06%	0.13%
Depreciation & Amortization+	524.4M	547.1M	570.3M	599.6M	717.4M	725.9M	748.4M	820.8M	908.2M	1.04B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	799.9M	866.1M	921.2M	124.7M	890.7M	550.8M	1.01B	1.27B	1.3B	1.46B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.01%	0.08%	0.06%	-0.86%	6.14%	-0.38%	0.83%	0.26%	0.02%	0.12%
Interest Expense+	380.2M	349.5M	353.2M	353.3M	378.9M	371M	341.1M	360.5M	489.6M	517.2M
Interest Coverage	2.10x	2.48x	2.61x	0.35x	2.35x	1.48x	2.95x	3.51x	2.65x	2.81x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	339.9M	510.2M	443.1M	-230.6M	506.6M	-31.3M	706.6M	956.4M	813.9M	1B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	141.3M	182.1M	314.5M	-180M	123.5M	-17.1M	117.8M	164.6M	139.5M	158.1M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	286.5M	331.5M	128.5M	-50.6M	383.1M	-17.6M	584.9M	804.1M	714.3M	760.4M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.46%	0.16%	-0.61%	-1.39%	8.57%	-1.05%	34.23%	0.37%	-0.11%	0.06%
EPS (Diluted)+	0.90	1.02	0.39	-0.18	0.87	-0.19	1.27	1.70	1.48	1.62
EPS Growth %	-0.46%	0.13%	-0.62%	-1.46%	5.83%	-1.22%	7.68%	0.34%	-0.13%	0.09%
EPS (Basic)	0.90	1.03	0.39	-0.18	0.88	-0.19	1.35	1.84	1.59	1.63
Diluted Shares Outstanding	319.8M	323.5M	330.8M	356.5M	375.99M	384.35M	417.3M	442.7M	447.9M	456M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	17.49B	18.69B	19.96B	21.8B	22.66B	22.04B	24.16B	26.74B	31.08B	31.79B
Asset Growth %	-0.3%	0.07%	0.07%	0.09%	0.04%	-0.03%	0.1%	0.11%	0.16%	0.02%
PP&E (Net)+	12.11B	13.07B	14.36B	15.54B	16.91B	16.62B	17.88B	19.84B	22.27B	25.45B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	1.58B	1.76B	1.76B	2.06B	1.85B	1.66B	1.92B	2.58B	4.5B	2.08B
Cash & Equivalents	15.5M	26.4M	29M	112.8M	139.3M	116.5M	84.2M	40.8M	2.25B	156.6M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	571.4M	494.4M	471.1M	422.5M	424.7M	401.1M	498.7M	751.9M	503.2M	389.1M
Other Current Assets	257.7M	258.3M	176.3M	243.7M	314.3M	230.4M	217.7M	477.8M	368.6M	386.1M
Long-Term Investments	194.6M	199.9M	209.6M	206.1M	230.2M	252M	259.7M	224.2M	247.1M	178.7M
Goodwill	1.69B	1.69B	1.69B	1.69B	1.49B	1.49B	1.49B	1.49B	1.49B	1.49B
Intangible Assets	253.7M	242.7M	231.7M	220.7M	0	0	0	0	0	0
Other Assets	1.66B	1.73B	1.71B	2.09B	2.18B	2.02B	2.61B	2.6B	2.57B	2.59B
Total Liabilities	13.65B	14.62B	15.64B	16.05B	16.67B	16.2B	16.88B	18.83B	20.94B	21.12B
Total Debt+	7B	7.91B	9B	9.13B	9.69B	9.95B	9.99B	11.53B	14.13B	13.96B
Net Debt	6.98B	7.88B	8.97B	9.02B	9.56B	9.83B	9.91B	11.49B	11.88B	13.8B
Long-Term Debt	5.95B	6.06B	7.51B	7.11B	7.67B	9.22B	9.18B	9.52B	11.06B	11.85B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	45.5M	0	153.1M	194.3M	239.7M	201.6M	220.2M	211.4M	207.4M	40.4M
Total Current Liabilities+	2.66B	3.45B	3.18B	4.04B	3.75B	2.28B	2.75B	4.66B	5.27B	4.11B
Accounts Payable	433.4M	539.4M	625.6M	883.8M	666M	589M	697.8M	899.5M	749.4M	863.1M
Accrued Expenses	250.6M	186.2M	203.1M	269.2M	416.4M	325.1M	480.8M	463.6M	353.5M	327.2M
Deferred Revenue	316.3M	264.1M	262.6M	238.9M	256.4M	243.3M	237.9M	324.7M	294.4M	268.8M
Other Current Liabilities	410.3M	332.3M	329.4M	309.5M	329.1M	303.1M	320.1M	752.2M	578.7M	503.3M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	2.62B	2.57B	3.65B	3.57B	3.53B	3.03B	3.11B	2.62B	2.54B	2.63B
Total Equity+	3.84B	4.07B	4.32B	5.75B	5.99B	5.84B	7.27B	7.9B	10.14B	10.67B
Equity Growth %	-0.38%	0.06%	0.06%	0.33%	0.04%	-0.02%	0.25%	0.09%	0.28%	0.05%
Shareholders Equity	3.84B	4.07B	4.32B	5.75B	5.99B	5.75B	6.95B	7.58B	8.27B	8.68B
Minority Interest	0	0	0	0	0	85.6M	325.6M	326.4M	1.87B	1.98B
Common Stock	3.2M	3.3M	3.4M	3.8M	3.8M	3.9M	4.1M	4.2M	4.5M	4.7M
Additional Paid-in Capital	5.08B	5.15B	5.53B	6.4B	6.67B	6.89B	7.2B	7.38B	8.88B	9.52B
Retained Earnings	-1.12B	-972.2M	-1.07B	-1.4B	-1.37B	-1.77B	-1.58B	-1.21B	-967M	-711.7M
Accumulated OCI	-35.1M	-25.1M	-43.4M	-37.2M	-92.6M	-156.7M	-126.8M	-37.1M	-33.6M	-30.4M
Return on Assets (ROA)	0.01%	0.02%	0.01%	-0%	0.02%	-0%	0.03%	0.03%	0.02%	0.02%
Return on Equity (ROE)	0.06%	0.08%	0.03%	-0.01%	0.07%	-0%	0.09%	0.11%	0.08%	0.07%
Debt / Equity	1.82x	1.94x	2.08x	1.59x	1.62x	1.70x	1.37x	1.46x	1.39x	1.31x
Debt / Assets	0.4%	0.42%	0.45%	0.42%	0.43%	0.45%	0.41%	0.43%	0.45%	0.44%
Net Debt / EBITDA	5.27x	5.58x	6.02x	12.45x	5.94x	7.70x	5.65x	5.50x	5.39x	5.52x
Book Value per Share	12.02	12.58	13.06	16.13	15.92	15.19	17.43	17.85	22.63	23.4

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.46B	803.3M	742.2M	540.1M	1.58B	1.1B	1.22B	1.41B	1.94B	1.78B
Operating CF Growth %	0.1%	-0.45%	-0.08%	-0.27%	1.93%	-0.3%	0.1%	0.16%	0.37%	-0.08%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	198.6M	328.1M	128.6M	-50.6M	383.1M	-14.2M	588.8M	791.8M	674.4M	760.4M
Depreciation & Amortization	524.4M	547.1M	570.3M	599.6M	717.4M	725.9M	748.4M	820.8M	908.2M	1.04B
Deferred Taxes	135.3M	182.3M	306.7M	-188.2M	118.2M	-29M	111.9M	156.9M	134.1M	168M
Other Non-Cash Items	400.9M	-8.6M	112.9M	40.5M	413.8M	653M	4.9M	-99.6M	-5.4M	-26.6M
Working Capital Changes	146.9M	-292.1M	-416.4M	110.2M	-75.1M	-249.1M	-260.4M	-285.4M	199.9M	-195.6M
Capital Expenditures+	-1.36B	-1.48B	-1.7B	-1.82B	-1.8B	-1.76B	-1.84B	-2.2B	-2.65B	-2.64B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	1.94B	-1.58B	-1.81B	-1.93B	-1.92B	-879.1M	-2.2B	-2.57B	-3.57B	-3.21B
Acquisitions	3.8B	0	1.7B	1.82B	1.8B	1.76B	1.84B	21.2M	0	0
Purchase of Investments	0	0	-168.4M	-90M	-140.4M	-144.7M	-102.9M	-73.5M	-42.8M	-17.8M
Sale of Investments	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-492.6M	-107.7M	-1.8B	-1.92B	-1.91B	-865.8M	-2.2B	-390.5M	-922.9M	-645.4M
Cash from Financing+	-3.41B	790.5M	1.07B	1.47B	366.4M	-247.7M	956.3M	1.14B	3.84B	-651M
Dividends Paid	-263.4M	-205.5M	-229.1M	-284.9M	-354.6M	-376.7M	-400.3M	-436.6M	-457.3M	-489.2M
Dividend Payout Ratio %	0.92%	0.62%	1.78%	-	0.78%	-	0.59%	0.47%	0.58%	0.63%
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K
Stock Issued	22.5M	23.1M	336.7M	848.2M	244.4M	211.4M	1.14B	154.3M	12.9M	612.6M
Share Repurchases	-20.4M	-9.4M	-7.2M	-4M	0	0	0	0	0	0
Other Financing	-99.2M	-3.7M	-144.3M	-46M	-17.8M	-164.3M	185.8M	-63.9M	1.94B	-34.2M
Net Change in Cash+	-9.4M	10.9M	2.4M	82.7M	27.3M	-22.8M	-30.7M	-19.5M	2.21B	-2.08B
Exchange Rate Effect	500K	0	0	0	0	0	0	0	0	0
Cash at Beginning	24.9M	15.5M	36M	38.4M	121.1M	148.4M	125.6M	94.9M	75.4M	2.28B
Cash at End	15.5M	26.4M	38.4M	121.1M	148.4M	125.6M	94.9M	75.4M	2.28B	198.6M
Free Cash Flow+	96.1M	-671.9M	-953.6M	-1.28B	-219.1M	-654.1M	-620.1M	-793.7M	-710.7M	-861.5M
FCF Growth %	1.14%	-7.99%	-0.42%	-0.34%	0.83%	-1.99%	0.05%	-0.28%	0.1%	-0.21%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.72%	8.38%	3.06%	-1%	6.53%	-0.3%	8.92%	10.6%	7.92%	7.31%
EBITDA Margin	28.47%	31.46%	30.6%	14.16%	30.87%	27.27%	35.83%	35.66%	40.03%	45.8%
Net Debt / EBITDA	5.27x	5.58x	6.02x	12.45x	5.94x	7.70x	5.65x	5.50x	5.39x	5.52x
Interest Coverage	2.10x	2.48x	2.61x	0.35x	2.35x	1.48x	2.95x	3.51x	2.65x	2.81x
CapEx / Revenue	29.25%	32.84%	34.79%	35.55%	34.6%	37.55%	37.51%	37.66%	48.06%	48.45%
Dividend Payout Ratio	91.94%	61.99%	178.29%	-	77.92%	-	59.02%	47.44%	57.89%	63.26%
Debt / Equity	1.82x	1.94x	2.08x	1.59x	1.62x	1.70x	1.37x	1.46x	1.39x	1.31x
EPS Growth	-46.11%	13.33%	-61.76%	-146.15%	583.33%	-121.84%	768.42%	33.86%	-12.94%	9.46%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Gas Distribution Operations	3.59B	3.07B	2.83B	3.1B	3.42B	3.52B	3.14B	3.18B	4.02B	3.73B
Gas Distribution Operations Growth	-	-14.60%	-7.77%	9.59%	10.23%	3.02%	-10.86%	1.38%	26.27%	-7.14%
Electric Operations	1.67B	1.57B	1.66B	1.79B	1.71B	1.7B	1.54B	1.7B	1.83B	1.78B
Electric Operations Growth	-	-5.92%	5.54%	7.52%	-4.38%	-0.53%	-9.57%	10.45%	7.93%	-2.55%

Frequently Asked Questions

Valuation & Price

NiSource Inc. (NI) has a price-to-earnings (P/E) ratio of 26.9x. This suggests investors expect higher future growth.

Growth & Financials

NiSource Inc. (NI) reported $6.33B in revenue for fiscal year 2024. This represents a 5% increase from $6.02B in 2011.

NiSource Inc. (NI) saw revenue decline by 0.9% over the past year.

Yes, NiSource Inc. (NI) is profitable, generating $895.6M in net income for fiscal year 2024 (13.9% net margin).

Dividend & Returns

Yes, NiSource Inc. (NI) pays a dividend with a yield of 2.42%. This makes it attractive for income-focused investors.

NiSource Inc. (NI) has a return on equity (ROE) of 7.3%. This is below average, suggesting room for improvement.

NiSource Inc. (NI) had negative free cash flow of $1.81B in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

NiSource Inc. (NI) has a dividend payout ratio of 63%. This suggests the dividend is well-covered and sustainable.

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