NiSource Inc. (NI) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Regulated Gas
EV/EBITDA
↓
12.91
+10% vs avg
5yr avg: 11.70
30Y Low4.4·High24.9
P/FCF
N/A
—
5yr avg: N/A
30Y Low1.9·High64.9
P/B Ratio
↑
1.92
↑+27% vs avg
5yr avg: 1.51
30Y Low0.3·High2.0
ROE
↓
8.3%
-3% vs avg
5yr avg: 8.6%
30Y Low-1%·High14%
Debt/EBITDA
↓
5.41
↓-6% vs avg
5yr avg: 5.72
30Y Low2.9·High12.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
NiSource Inc. trades at 24.2x earnings, 21% above its 5-year average of 20.0x, sitting at the 89th percentile of its historical range. Compared to the Utilities sector median P/E of 19.0x, the stock trades at a premium of 28%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.7B | $19.8B | $16.8B | $11.9B | $12.1B | $11.5B | $8.8B | $10.5B | $9.0B | $8.5B | $7.2B |
| Enterprise Value | $38.8B | $35.9B | $30.6B | $23.8B | $23.6B | $21.4B | $18.6B | $20.0B | $18.1B | $17.5B | $15.0B |
| P/E Ratio → | 24.24 | 21.42 | 22.69 | 17.94 | 16.13 | 21.74 | — | 32.00 | — | 65.82 | 21.71 |
| P/S Ratio | 3.41 | 2.98 | 3.07 | 2.16 | 2.07 | 2.35 | 1.88 | 2.01 | 1.77 | 1.74 | 1.59 |
| P/B Ratio | 1.92 | 1.70 | 1.57 | 1.17 | 1.54 | 1.58 | 1.51 | 1.75 | 1.57 | 1.97 | 1.76 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 9.59 | 8.39 | 9.41 | 6.15 | 8.61 | 9.46 | 7.99 | 6.61 | 16.73 | 11.44 | 8.92 |
P/E links to full P/E history page with 30-year chart
NI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
NiSource Inc.'s enterprise value stands at 12.9x EBITDA, 10% above its 5-year average of 11.7x. The Utilities sector median is 11.9x, placing the stock at a 8% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.41 | 5.60 | 4.32 | 4.04 | 4.37 | 3.98 | 3.84 | 3.53 | 3.58 | 3.35 |
| EV / EBITDA | 12.91 | 11.96 | 12.23 | 10.79 | 11.32 | 12.21 | 14.61 | 12.45 | 24.93 | 11.71 | 10.65 |
| EV / EBIT | 21.12 | 19.57 | 20.03 | 18.08 | 17.78 | 20.41 | 54.90 | 22.60 | 127.16 | 21.46 | 17.15 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
NI Profitability
Margins and return-on-capital ratios measuring operating efficiency
NiSource Inc. earns an operating margin of 27.6%, above the Utilities sector average of 18.5%. Operating margins have expanded from 23.5% to 27.6% over the past 3 years, signaling improving operational efficiency. ROE of 8.3% is modest, trailing the sector median of 9.3%. ROIC of 5.3% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.6% | 58.6% | 51.5% | 45.0% | 38.5% | 41.9% | 42.4% | 44.5% | 19.6% | 36.0% | 36.9% |
| Operating Margin | 27.6% | 27.6% | 26.7% | 23.5% | 21.6% | 20.6% | 11.8% | 17.1% | 2.4% | 18.9% | 19.3% |
| Net Profit Margin | 14.0% | 14.0% | 13.9% | 13.0% | 13.7% | 11.9% | -0.4% | 7.4% | -1.0% | 2.6% | 7.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.3% | 8.3% | 7.3% | 7.9% | 10.6% | 8.9% | -0.3% | 6.5% | -1.0% | 3.1% | 8.4% |
| ROA | 2.7% | 2.7% | 2.4% | 2.5% | 3.2% | 2.5% | -0.1% | 1.7% | -0.2% | 0.7% | 1.8% |
| ROIC | 5.3% | 5.3% | 4.7% | 4.7% | 5.2% | 4.6% | 2.6% | 4.4% | 0.7% | 5.5% | 5.7% |
| ROCE | 6.0% | 6.0% | 5.4% | 5.4% | 5.8% | 4.9% | 2.8% | 4.9% | 0.7% | 5.8% | 5.8% |
NI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
NiSource Inc. carries a Debt/EBITDA ratio of 5.4x, which is highly leveraged (roughly in line with the sector average of 5.2x). Net debt stands at $16.1B ($16.2B total debt minus $136M cash). Interest coverage of just 2.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.39 | 1.39 | 1.31 | 1.39 | 1.46 | 1.37 | 1.70 | 1.62 | 1.59 | 2.08 | 1.94 |
| Debt / EBITDA | 5.41 | 5.41 | 5.59 | 6.41 | 5.52 | 5.69 | 7.79 | 6.03 | 12.61 | 6.04 | 5.60 |
| Net Debt / Equity | — | 1.38 | 1.29 | 1.17 | 1.45 | 1.36 | 1.68 | 1.60 | 1.57 | 2.08 | 1.94 |
| Net Debt / EBITDA | 5.36 | 5.36 | 5.52 | 5.39 | 5.50 | 5.65 | 7.70 | 5.94 | 12.45 | 6.02 | 5.58 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.87 | 2.87 | 2.95 | 2.69 | 3.69 | 3.08 | 0.92 | 2.34 | 0.40 | 2.30 | 2.51 |
NI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.69x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.85x to 0.69x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.69 | 0.69 | 0.51 | 0.85 | 0.55 | 0.70 | 0.73 | 0.49 | 0.51 | 0.55 | 0.51 |
| Quick Ratio | 0.56 | 0.56 | 0.41 | 0.76 | 0.39 | 0.52 | 0.55 | 0.38 | 0.40 | 0.41 | 0.37 |
| Cash Ratio | 0.04 | 0.04 | 0.04 | 0.43 | 0.01 | 0.03 | 0.05 | 0.04 | 0.03 | 0.01 | 0.01 |
| Asset Turnover | — | 0.18 | 0.17 | 0.18 | 0.22 | 0.20 | 0.21 | 0.23 | 0.23 | 0.24 | 0.24 |
| Inventory Turnover | 6.12 | 6.12 | 6.80 | 6.02 | 4.79 | 5.71 | 6.72 | 6.80 | 9.74 | 6.62 | 5.74 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
NiSource Inc. returns 2.4% to shareholders annually primarily through dividends. A payout ratio of 57.1% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.4% | 2.7% | 2.9% | 3.5% | 3.1% | 3.0% | 3.6% | 2.9% | 3.0% | 2.7% | 2.9% |
| Payout Ratio | 57.1% | 57.1% | 63.3% | 57.9% | 47.4% | 59.0% | — | 77.9% | — | 178.3% | 62.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 4.7% | 4.4% | 5.6% | 6.2% | 4.6% | — | 3.1% | — | 1.5% | 4.6% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Total Shareholder Yield | 2.4% | 2.7% | 2.9% | 3.5% | 3.1% | 3.0% | 3.6% | 2.9% | 3.1% | 2.8% | 3.0% |
| Shares Outstanding | — | $475M | $456M | $448M | $443M | $417M | $384M | $376M | $357M | $331M | $324M |
Peer Comparison
Compare NI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NIYou | $23B | 24.2 | 12.9 | — | 58.6% | 27.6% | 8.3% | 5.3% | 5.4 |
 ATO | $28B | 22.8 | 16.3 | — | 52.4% | 33.2% | 9.3% | 5.5% | 4.1 |
 SR | $5B | 17.6 | 11.9 | — | 78.1% | 21.2% | 8.2% | 4.7% | 6.4 |
 NWN | $2B | 17.7 | 7.8 | — | 39.6% | 31.4% | 7.9% | 8.1% | 4.5 |
 SWX | $6B | 14.6 | 11.6 | — | 29.3% | 24.4% | 11.5% | 4.7% | 4.4 |
 OGS | $5B | 17.6 | 10.6 | — | 58.8% | 18.8% | 8.1% | 5.2% | 4.4 |
 CNP | $28B | 26.8 | 14.2 | — | 28.7% | 22.6% | 9.6% | 4.8% | 6.5 |
 ED | $39B | 18.9 | 12.6 | 1088.8 | 62.0% | 17.3% | 8.8% | 4.4% | 5.5 |
 WEC | $37B | 23.2 | 15.3 | — | 50.5% | 24.2% | 11.6% | 5.1% | 5.8 |
 EVRG | $19B | 22.5 | 12.7 | — | 32.3% | 25.2% | 8.4% | 4.5% | 5.7 |
 AEE | $30B | 20.3 | 13.5 | — | 29.6% | 23.0% | 11.3% | 4.7% | 5.4 |
| Utilities Median | — | 19.0 | 11.9 | 18.6 | 38.4% | 18.5% | 9.3% | 4.9% | 5.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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NI — Frequently Asked Questions
Quick answers to the most common questions about buying NI stock.
What is NiSource Inc.'s P/E ratio?
NiSource Inc.'s current P/E ratio is 24.2x. The historical average is 14.6x. This places it at the 89th percentile of its historical range.
What is NiSource Inc.'s EV/EBITDA?
NiSource Inc.'s current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
What is NiSource Inc.'s ROE?
NiSource Inc.'s return on equity (ROE) is 8.3%. The historical average is 7.2%.
Is NI stock overvalued?
Based on historical data, NiSource Inc. is trading at a P/E of 24.2x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is NiSource Inc.'s dividend yield?
NiSource Inc.'s current dividend yield is 2.37% with a payout ratio of 57.1%.
What are NiSource Inc.'s profit margins?
NiSource Inc. has 58.6% gross margin and 27.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does NiSource Inc. have?
NiSource Inc.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.