NISOURCE INC (NI) Stock Fundamental Analysis

NYSE:NI • US65473P1057

46.74 USD
-0.31 (-0.66%)
At close: Mar 3, 2026
46.74 USD
0 (0%)
After Hours: 3/3/2026, 6:35:20 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

4

Overall NI gets a fundamental rating of 4 out of 10. We evaluated NI against 26 industry peers in the Multi-Utilities industry. While NI has a great profitability rating, there are quite some concerns on its financial health. NI is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • In the past year NI was profitable.
  • NI had a positive operating cash flow in the past year.
  • NI had positive earnings in each of the past 5 years.
  • In the past 5 years NI always reported a positive cash flow from operatings.
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 2025 0 1B -1B 2B

1.2 Ratios

  • The Return On Assets of NI (2.58%) is worse than 61.54% of its industry peers.
  • NI's Return On Equity of 9.81% is in line compared to the rest of the industry. NI outperforms 50.00% of its industry peers.
  • NI has a Return On Invested Capital of 4.64%. This is amongst the best in the industry. NI outperforms 96.15% of its industry peers.
  • NI had an Average Return On Invested Capital over the past 3 years of 4.25%. This is in line with the industry average of 3.76%.
  • The last Return On Invested Capital (4.64%) for NI is above the 3 year average (4.25%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 2.58%
ROE 9.81%
ROIC 4.64%
ROA(3y)2.34%
ROA(5y)2.41%
ROE(3y)8.77%
ROE(5y)8.76%
ROIC(3y)4.25%
ROIC(5y)4.14%
NI Yearly ROA, ROE, ROICNI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2 4 6 8

1.3 Margins

  • NI's Profit Margin of 13.95% is amongst the best of the industry. NI outperforms 80.77% of its industry peers.
  • In the last couple of years the Profit Margin of NI has grown nicely.
  • NI has a Operating Margin of 27.64%. This is amongst the best in the industry. NI outperforms 92.31% of its industry peers.
  • NI's Operating Margin has improved in the last couple of years.
  • NI's Gross Margin of 76.15% is amongst the best of the industry. NI outperforms 84.62% of its industry peers.
  • In the last couple of years the Gross Margin of NI has remained more or less at the same level.
Industry RankSector Rank
OM 27.64%
PM (TTM) 13.95%
GM 76.15%
OM growth 3Y11.66%
OM growth 5Y6.12%
PM growth 3Y2.92%
PM growth 5YN/A
GM growth 3Y6%
GM growth 5Y-0.04%
NI Yearly Profit, Operating, Gross MarginsNI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60

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ROAROEROICOperating and Profit MarginShow most profitable peers

0

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.
  • NI has more shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, NI has more shares outstanding
  • The debt/assets ratio for NI is higher compared to a year ago.
NI Yearly Shares OutstandingNI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 10B 20B 30B

2.2 Solvency

  • NI has an Altman-Z score of 0.82. This is a bad value and indicates that NI is not financially healthy and even has some risk of bankruptcy.
  • With a Altman-Z score value of 0.82, NI perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
  • NI has a Debt/Equity ratio of 1.71. This is a high value indicating a heavy dependency on external financing.
  • The Debt to Equity ratio of NI (1.71) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 1.71
Debt/FCF N/A
Altman-Z 0.82
ROIC/WACC0.72
WACC6.43%
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 2025 0 5B 10B 15B

2.3 Liquidity

  • A Current Ratio of 0.69 indicates that NI may have some problems paying its short term obligations.
  • The Current ratio of NI (0.69) is worse than 80.77% of its industry peers.
  • NI has a Quick Ratio of 0.69. 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 Quick ratio of 0.56 is on the low side compared to the rest of the industry. NI is outperformed by 61.54% of its industry peers.
Industry RankSector Rank
Current Ratio 0.69
Quick Ratio 0.56
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 2025 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

  • NI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 8.57%, which is quite good.
  • The Earnings Per Share has been growing slightly by 7.56% on average over the past years.
  • NI shows a strong growth in Revenue. In the last year, the Revenue has grown by 21.76%.
  • The Revenue has been growing slightly by 7.25% on average over the past years.
EPS 1Y (TTM)8.57%
EPS 3Y8.93%
EPS 5Y7.56%
EPS Q2Q%4.08%
Revenue 1Y (TTM)21.76%
Revenue growth 3Y4.32%
Revenue growth 5Y7.25%
Sales Q2Q%19.85%

3.2 Future

  • Based on estimates for the next years, NI will show a quite strong growth in Earnings Per Share. The EPS will grow by 9.45% on average per year.
  • NI is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.51% yearly.
EPS Next Y11.02%
EPS Next 2Y9.62%
EPS Next 3Y10%
EPS Next 5Y9.45%
Revenue Next Year5.28%
Revenue Next 2Y4.99%
Revenue Next 3Y5.6%
Revenue Next 5Y5.51%

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.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
NI Yearly Revenue VS EstimatesNI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2B 4B 6B 8B
NI Yearly EPS VS EstimatesNI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 1 2 3

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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 24.60, 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.
  • Compared to an average S&P500 Price/Earnings ratio of 26.83, NI is valued at the same level.
  • Based on the Price/Forward Earnings ratio of 22.16, the valuation of NI can be described as rather expensive.
  • Based on the Price/Forward Earnings ratio, NI is valued expensively inside the industry as 84.62% of the companies are valued cheaper.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.95, NI is valued at the same level.
Industry RankSector Rank
PE 24.6
Fwd PE 22.16
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 12.59
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 excellent profitability rating of NI may justify a higher PE ratio.
PEG (NY)2.23
PEG (5Y)3.26
EPS Next 2Y9.62%
EPS Next 3Y10%

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

6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 2.57%, NI has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 3.64, NI's dividend is way lower than its industry peers. On top of this 92.31% of the companies listed in the same industry pay a better dividend than NI!
  • NI's Dividend Yield is a higher than the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 2.57%

5.2 History

  • The dividend of NI has a limited annual growth rate of 2.82%.
  • NI has paid a dividend for at least 10 years, which is a reliable track record.
  • NI has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)2.82%
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

  • 57.22% of the earnings are spent on dividend by NI. 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.
DP57.22%
EPS Next 2Y9.62%
EPS Next 3Y10%
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 2025 0 500M -500M -1B
NI Dividend Payout.NI Dividend Payout, showing the Payout Ratio.NI Dividend Payout.PayoutRetained Earnings

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Find the best dividend stocksShow peers with best dividend

NISOURCE INC

NYSE:NI (3/3/2026, 6:35:20 PM)

After market: 46.74 0 (0%)

46.74

-0.31 (-0.66%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryMulti-Utilities
Earnings (Last)02-11
Earnings (Next)05-05
Inst Owners100.34%
Inst Owner Change-2.01%
Ins Owners0.23%
Ins Owner Change0.97%
Market Cap22.30B
Revenue(TTM)6.64B
Net Income(TTM)926.90M
Analysts84.35
Price Target49.33 (5.54%)
Short Float %1.81%
Short Ratio2.1
Dividend
Industry RankSector Rank
Dividend Yield 2.57%
Yearly Dividend1.12
Dividend Growth(5Y)2.82%
DP57.22%
Div Incr Years13
Div Non Decr Years20
Ex-Date02-03
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-4.04%
Min EPS beat(2)-6.79%
Max EPS beat(2)-1.29%
EPS beat(4)2
Avg EPS beat(4)0.23%
Min EPS beat(4)-6.79%
Max EPS beat(4)5.94%
EPS beat(8)5
Avg EPS beat(8)5.72%
EPS beat(12)7
Avg EPS beat(12)4.82%
EPS beat(16)8
Avg EPS beat(16)2.1%
Revenue beat(2)2
Avg Revenue beat(2)14.38%
Min Revenue beat(2)7.16%
Max Revenue beat(2)21.59%
Revenue beat(4)4
Avg Revenue beat(4)9.8%
Min Revenue beat(4)1.66%
Max Revenue beat(4)21.59%
Revenue beat(8)4
Avg Revenue beat(8)-1.55%
Revenue beat(12)5
Avg Revenue beat(12)-3.5%
Revenue beat(16)9
Avg Revenue beat(16)-0.2%
PT rev (1m)2.28%
PT rev (3m)4.41%
EPS NQ rev (1m)-0.55%
EPS NQ rev (3m)-0.81%
EPS NY rev (1m)0.04%
EPS NY rev (3m)0.91%
Revenue NQ rev (1m)3.62%
Revenue NQ rev (3m)3.62%
Revenue NY rev (1m)1.08%
Revenue NY rev (3m)0.85%
Valuation
Industry RankSector Rank
PE 24.6
Fwd PE 22.16
P/S 3.36
P/FCF N/A
P/OCF 9.44
P/B 2.36
P/tB 2.8
EV/EBITDA 12.59
EPS(TTM)1.9
EY4.07%
EPS(NY)2.11
Fwd EY4.51%
FCF(TTM)-1.27
FCFYN/A
OCF(TTM)4.95
OCFY10.59%
SpS13.92
BVpS19.8
TBVpS16.69
PEG (NY)2.23
PEG (5Y)3.26
Graham Number29.1
Profitability
Industry RankSector Rank
ROA 2.58%
ROE 9.81%
ROCE 5.67%
ROIC 4.64%
ROICexc 4.65%
ROICexgc 4.87%
OM 27.64%
PM (TTM) 13.95%
GM 76.15%
FCFM N/A
ROA(3y)2.34%
ROA(5y)2.41%
ROE(3y)8.77%
ROE(5y)8.76%
ROIC(3y)4.25%
ROIC(5y)4.14%
ROICexc(3y)4.37%
ROICexc(5y)4.21%
ROICexgc(3y)4.6%
ROICexgc(5y)4.47%
ROCE(3y)5.33%
ROCE(5y)5.2%
ROICexgc growth 3Y3.79%
ROICexgc growth 5Y2.47%
ROICexc growth 3Y4.43%
ROICexc growth 5Y3.1%
OM growth 3Y11.66%
OM growth 5Y6.12%
PM growth 3Y2.92%
PM growth 5YN/A
GM growth 3Y6%
GM growth 5Y-0.04%
F-Score6
Asset Turnover0.19
Health
Industry RankSector Rank
Debt/Equity 1.71
Debt/FCF N/A
Debt/EBITDA 5.39
Cap/Depr 254.42%
Cap/Sales 44.72%
Interest Coverage 3.3
Cash Conversion 78.65%
Profit Quality N/A
Current Ratio 0.69
Quick Ratio 0.56
Altman-Z 0.82
F-Score6
WACC6.43%
ROIC/WACC0.72
Cap/Depr(3y)276.67%
Cap/Depr(5y)275.74%
Cap/Sales(3y)48.89%
Cap/Sales(5y)45.38%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)8.57%
EPS 3Y8.93%
EPS 5Y7.56%
EPS Q2Q%4.08%
EPS Next Y11.02%
EPS Next 2Y9.62%
EPS Next 3Y10%
EPS Next 5Y9.45%
Revenue 1Y (TTM)21.76%
Revenue growth 3Y4.32%
Revenue growth 5Y7.25%
Sales Q2Q%19.85%
Revenue Next Year5.28%
Revenue Next 2Y4.99%
Revenue Next 3Y5.6%
Revenue Next 5Y5.51%
EBIT growth 1Y25.36%
EBIT growth 3Y16.48%
EBIT growth 5Y13.81%
EBIT Next Year85.08%
EBIT Next 3Y31.68%
EBIT Next 5Y24.77%
FCF growth 1Y39.13%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y32.6%
OCF growth 3Y18.79%
OCF growth 5Y16.43%

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 8 / 10.


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

The Price/Earnings (PE) ratio for NISOURCE INC (NI) is 24.6 and the Price/Book (PB) ratio is 2.36.


Can you provide the expected EPS growth for NI stock?

The Earnings per Share (EPS) of NISOURCE INC (NI) is expected to grow by 11.02% in the next year.