NISOURCE INC (NI) Stock Fundamental Analysis

USA • New York Stock Exchange • NYSE:NI • US65473P1057

44.73 USD
+0.28 (+0.63%)
At close: Feb 10, 2026
44.98 USD
+0.25 (+0.56%)
After Hours: 2/10/2026, 8:26:18 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to NI. NI was compared to 26 industry peers in the Multi-Utilities industry. NI scores excellent on profitability, but there are concerns on its financial health. While showing a medium growth rate, NI is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • In the past year NI was profitable.
  • In the past year NI had a positive cash flow from operations.
  • NI had positive earnings in 4 of the past 5 years.
  • Each year in the past 5 years NI had a positive operating cash flow.
NI Yearly Net Income VS EBIT VS OCF VS FCFNI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B

1.2 Ratios

  • NI has a worse Return On Assets (2.60%) than 61.54% of its industry peers.
  • NI has a Return On Equity of 9.80%. This is comparable to the rest of the industry: NI outperforms 53.85% of its industry peers.
  • NI has a Return On Invested Capital of 4.53%. This is amongst the best in the industry. NI outperforms 92.31% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for NI is in line with the industry average of 3.95%.
  • The last Return On Invested Capital (4.53%) for NI is above the 3 year average (4.05%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 2.6%
ROE 9.8%
ROIC 4.53%
ROA(3y)2.42%
ROA(5y)1.82%
ROE(3y)8.79%
ROE(5y)6.55%
ROIC(3y)4.05%
ROIC(5y)4%
NI Yearly ROA, ROE, ROICNI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2 4 6 8

1.3 Margins

  • NI has a Profit Margin of 14.12%. This is in the better half of the industry: NI outperforms 69.23% of its industry peers.
  • In the last couple of years the Profit Margin of NI has grown nicely.
  • NI has a Operating Margin of 27.54%. This is amongst the best in the industry. NI outperforms 92.31% of its industry peers.
  • In the last couple of years the Operating Margin of NI has remained more or less at the same level.
  • NI has a better Gross Margin (76.62%) than 84.62% of its industry peers.
  • In the last couple of years the Gross Margin of NI has grown nicely.
Industry RankSector Rank
OM 27.54%
PM (TTM) 14.12%
GM 76.62%
OM growth 3Y9.04%
OM growth 5Y1.39%
PM growth 3Y7.76%
PM growth 5Y16.53%
GM growth 3Y3.45%
GM growth 5Y2.36%
NI Yearly Profit, Operating, Gross MarginsNI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40 60

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1

2. Health

2.1 Basic Checks

  • NI has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • Compared to 1 year ago, NI has more shares outstanding
  • NI has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for NI has been reduced compared to a year ago.
NI Yearly Shares OutstandingNI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M
NI Yearly Total Debt VS Total AssetsNI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

  • NI has an Altman-Z score of 0.77. This is a bad value and indicates that NI is not financially healthy and even has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 0.77, NI is in line with its industry, outperforming 46.15% of the companies in the same industry.
  • A Debt/Equity ratio of 1.73 is on the high side and indicates that NI has dependencies on debt financing.
  • NI's Debt to Equity ratio of 1.73 is in line compared to the rest of the industry. NI outperforms 46.15% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.73
Debt/FCF N/A
Altman-Z 0.77
ROIC/WACC0.7
WACC6.45%
NI Yearly LT Debt VS Equity VS FCFNI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B 10B

2.3 Liquidity

  • NI has a Current Ratio of 0.52. This is a bad value and indicates that NI is not financially healthy enough and could expect problems in meeting its short term obligations.
  • NI's Current ratio of 0.52 is on the low side compared to the rest of the industry. NI is outperformed by 88.46% of its industry peers.
  • A Quick Ratio of 0.39 indicates that NI may have some problems paying its short term obligations.
  • With a Quick ratio value of 0.39, NI is not doing good in the industry: 88.46% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.52
Quick Ratio 0.39
NI Yearly Current Assets VS Current LiabilitesNI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. Growth

3.1 Past

  • The Earnings Per Share has been growing slightly by 5.03% over the past year.
  • The Earnings Per Share has been growing slightly by 5.80% on average over the past years.
  • The Revenue has grown by 19.62% in the past year. This is quite good.
  • NI shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 0.93% yearly.
EPS 1Y (TTM)5.03%
EPS 3Y7.72%
EPS 5Y5.8%
EPS Q2Q%-5%
Revenue 1Y (TTM)19.62%
Revenue growth 3Y3.64%
Revenue growth 5Y0.93%
Sales Q2Q%18.28%

3.2 Future

  • The Earnings Per Share is expected to grow by 9.54% on average over the next years. This is quite good.
  • The Revenue is expected to grow by 5.85% on average over the next years.
EPS Next Y10.88%
EPS Next 2Y9.79%
EPS Next 3Y9.27%
EPS Next 5Y9.54%
Revenue Next Year4.28%
Revenue Next 2Y4.32%
Revenue Next 3Y4.51%
Revenue Next 5Y5.85%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
NI Yearly Revenue VS EstimatesNI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2B 4B 6B 8B
NI Yearly EPS VS EstimatesNI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.5 1 1.5 2 2.5

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Find the best growth stocksShow best growing peers

2

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 23.79, NI is valued on the expensive side.
  • Based on the Price/Earnings ratio, NI is valued more expensive than 88.46% of the companies in the same industry.
  • When comparing the Price/Earnings ratio of NI to the average of the S&P500 Index (28.03), we can say NI is valued inline with the index average.
  • With a Price/Forward Earnings ratio of 21.21, NI is valued on the expensive side.
  • 88.46% of the companies in the same industry are cheaper than NI, based on the Price/Forward Earnings ratio.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 27.97, NI is valued a bit cheaper.
Industry RankSector Rank
PE 23.79
Fwd PE 21.21
NI Price Earnings VS Forward Price EarningsNI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • NI's Enterprise Value to EBITDA ratio is in line with the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 12.4
NI Per share dataNI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The decent profitability rating of NI may justify a higher PE ratio.
PEG (NY)2.19
PEG (5Y)4.1
EPS Next 2Y9.79%
EPS Next 3Y9.27%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • NI has a Yearly Dividend Yield of 2.73%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 3.47, NI's dividend is way lower than its industry peers. On top of this 88.46% of the companies listed in the same industry pay a better dividend than NI!
  • Compared to an average S&P500 Dividend Yield of 1.80, NI pays a better dividend.
Industry RankSector Rank
Dividend Yield 2.73%

5.2 History

  • The dividend of NI has a limited annual growth rate of 2.55%.
  • NI has been paying a dividend for at least 10 years, so it has a reliable track record.
  • NI has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)2.55%
Div Incr Years13
Div Non Decr Years20
NI Yearly Dividends per shareNI Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

5.3 Sustainability

  • NI pays out 58.24% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • The dividend of NI is growing, but earnings are growing more, so the dividend growth is sustainable.
DP58.24%
EPS Next 2Y9.79%
EPS Next 3Y9.27%
NI Yearly Income VS Free CF VS DividendNI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M -1B
NI Dividend Payout.NI Dividend Payout, showing the Payout Ratio.NI Dividend Payout.PayoutRetained Earnings

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NISOURCE INC

NYSE:NI (2/10/2026, 8:26:18 PM)

After market: 44.98 +0.25 (+0.56%)

44.73

+0.28 (+0.63%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryMulti-Utilities
Earnings (Last)10-29
Earnings (Next)02-11
Inst Owners100.34%
Inst Owner Change-0.72%
Ins Owners0.23%
Ins Owner Change1.04%
Market Cap21.35B
Revenue(TTM)6.33B
Net Income(TTM)893.50M
Analysts84.35
Price Target48.15 (7.65%)
Short Float %2.27%
Short Ratio3.1
Dividend
Industry RankSector Rank
Dividend Yield 2.73%
Yearly Dividend1.07
Dividend Growth(5Y)2.55%
DP58.24%
Div Incr Years13
Div Non Decr Years20
Ex-Date02-03
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-1.86%
Min EPS beat(2)-6.79%
Max EPS beat(2)3.06%
EPS beat(4)2
Avg EPS beat(4)0.29%
Min EPS beat(4)-6.79%
Max EPS beat(4)5.94%
EPS beat(8)5
Avg EPS beat(8)5.22%
EPS beat(12)8
Avg EPS beat(12)5.01%
EPS beat(16)9
Avg EPS beat(16)2.55%
Revenue beat(2)2
Avg Revenue beat(2)4.41%
Min Revenue beat(2)1.66%
Max Revenue beat(2)7.16%
Revenue beat(4)3
Avg Revenue beat(4)2.47%
Min Revenue beat(4)-7.74%
Max Revenue beat(4)8.78%
Revenue beat(8)3
Avg Revenue beat(8)-6.56%
Revenue beat(12)5
Avg Revenue beat(12)-3.68%
Revenue beat(16)8
Avg Revenue beat(16)-2.13%
PT rev (1m)0.09%
PT rev (3m)3.29%
EPS NQ rev (1m)1.2%
EPS NQ rev (3m)3.51%
EPS NY rev (1m)-0.04%
EPS NY rev (3m)0.38%
Revenue NQ rev (1m)-4.11%
Revenue NQ rev (3m)-5.78%
Revenue NY rev (1m)-0.2%
Revenue NY rev (3m)0.33%
Valuation
Industry RankSector Rank
PE 23.79
Fwd PE 21.21
P/S 3.37
P/FCF N/A
P/OCF 9.75
P/B 2.34
P/tB 2.8
EV/EBITDA 12.4
EPS(TTM)1.88
EY4.2%
EPS(NY)2.11
Fwd EY4.72%
FCF(TTM)-1.42
FCFYN/A
OCF(TTM)4.59
OCFY10.26%
SpS13.26
BVpS19.11
TBVpS15.99
PEG (NY)2.19
PEG (5Y)4.1
Graham Number28.43
Profitability
Industry RankSector Rank
ROA 2.6%
ROE 9.8%
ROCE 5.64%
ROIC 4.53%
ROICexc 4.54%
ROICexgc 4.77%
OM 27.54%
PM (TTM) 14.12%
GM 76.62%
FCFM N/A
ROA(3y)2.42%
ROA(5y)1.82%
ROE(3y)8.79%
ROE(5y)6.55%
ROIC(3y)4.05%
ROIC(5y)4%
ROICexc(3y)4.17%
ROICexc(5y)4.07%
ROICexgc(3y)4.42%
ROICexgc(5y)4.34%
ROCE(3y)5.19%
ROCE(5y)5.04%
ROICexgc growth 3Y3.4%
ROICexgc growth 5Y-4.29%
ROICexc growth 3Y3.95%
ROICexc growth 5Y-3.9%
OM growth 3Y9.04%
OM growth 5Y1.39%
PM growth 3Y7.76%
PM growth 5Y16.53%
GM growth 3Y3.45%
GM growth 5Y2.36%
F-Score6
Asset Turnover0.18
Health
Industry RankSector Rank
Debt/Equity 1.73
Debt/FCF N/A
Debt/EBITDA 5.48
Cap/Depr 253.71%
Cap/Sales 45.32%
Interest Coverage 250
Cash Conversion 76.21%
Profit Quality N/A
Current Ratio 0.52
Quick Ratio 0.39
Altman-Z 0.77
F-Score6
WACC6.45%
ROIC/WACC0.7
Cap/Depr(3y)287.5%
Cap/Depr(5y)277.1%
Cap/Sales(3y)47.4%
Cap/Sales(5y)44.54%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)5.03%
EPS 3Y7.72%
EPS 5Y5.8%
EPS Q2Q%-5%
EPS Next Y10.88%
EPS Next 2Y9.79%
EPS Next 3Y9.27%
EPS Next 5Y9.54%
Revenue 1Y (TTM)19.62%
Revenue growth 3Y3.64%
Revenue growth 5Y0.93%
Sales Q2Q%18.28%
Revenue Next Year4.28%
Revenue Next 2Y4.32%
Revenue Next 3Y4.51%
Revenue Next 5Y5.85%
EBIT growth 1Y23.7%
EBIT growth 3Y13.01%
EBIT growth 5Y2.33%
EBIT Next Year86.12%
EBIT Next 3Y31.91%
EBIT Next 5Y24.07%
FCF growth 1Y17.13%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y14.69%
OCF growth 3Y13.52%
OCF growth 5Y2.39%

NISOURCE INC / NI FAQ

What is the ChartMill fundamental rating of NISOURCE INC (NI) stock?

ChartMill assigns a fundamental rating of 4 / 10 to NI.


What is the valuation status for NI stock?

ChartMill assigns a valuation rating of 2 / 10 to NISOURCE INC (NI). This can be considered as Overvalued.


What is the profitability of NI stock?

NISOURCE INC (NI) has a profitability rating of 7 / 10.


Can you provide the PE and PB ratios for NI stock?

The Price/Earnings (PE) ratio for NISOURCE INC (NI) is 23.79 and the Price/Book (PB) ratio is 2.34.


Can you provide the expected EPS growth for NI stock?

The Earnings per Share (EPS) of NISOURCE INC (NI) is expected to grow by 10.88% in the next year.