Stock Analysis
NiSource Inc.NI
P/E 22.61×· 5Y range 14.38–33.67×· top 20% of history
Sector: Utilities · Industry: Electric & Other Services Combined
AnalystsStrong Buy24 analystsP/E 22.6× sits at the 80th percentile of its 5.086926762491444-year history.
Cash covers 1% of debt · FY 2025.
PMP Verdict
Mixed fundamentals, expensive valuation
Strengths
- Growth64
- Profitability62
Risks
- Valuation32
- Financial Health18
Mixed fundamentals at a demanding price.
Market context
+3.5% today· Z 3.4σ· RVOL 1.6×· Reaves W H & Co highlighted NiSource's data center opportunities in its Q3 2026 investor letter.
Why is NI moving?
SectorReaves W H & Co highlighted NiSource's data center opportunities in its Q3 2026 investor letter.
Profile
financial health, moat and valuation lag behind.
How is each axis scored?
- Valuation32/100 · Weak
- P/E vs own history (80th pct)0/25
- FCF yield (-5.3%)0/25
- P/S (3.0x)20/25
- EV/EBIT (19.7x)12/25
- Growth64/100 · Moderate
- Revenue CAGR (8.4%)12/25
- Net income CAGR (12.3%)20/25
- EPS CAGR 5Y (8.7%)12/25
- Fwd implied growth (24.5%)20/25
- Profitability62/100 · Moderate
- ROIC (5.8%)5/25
- ROE (9.6%)12/25
- Net margin (13.4%)20/25
- Operating margin (27.6%)25/25
- Financial Health18/100 · Weak
- Altman Z (0.75)3/25
- Current ratio (0.69)0/25
- Interest coverage (3.3x)10/25
- Net cash / debt (D/A 45%)5/25
- Quality60/100 · Moderate
- Piotroski F (6/9)15/25
- Beneish M (-2.57)25/25
- FCF conversion (-120%)0/25
- Margin stability (σ 7.6%)20/25
- Moat30/100 · Weak
- ROIC >12% years (0/10 yrs)0/25
- Median gross margin (102.5%)25/25
- FCF-positive years (0/10 yrs)0/25
- Worst-year net margin (worst -1.3%)5/25
Risk Flags
- ⚠Altman Z 0.7 — distress-zone balance sheet
- ⚠Negative FCF margin (-0.2%) — burning cash
- ⚠2 loss-making years in recent history
- ⚠P/E 22.6× at top 20% of 5-year history
About NiSource Inc.
NiSource is one of the nation's largest natural gas distribution companies with 2. Show more
4 million customers in Kentucky, Maryland, Ohio, Pennsylvania, and Virginia. NiSource also serves 1.4 million gas and electric customers in Indiana. The regulated electric utility owns 4 gigawatts of generation capacity, including coal, natural gas, and renewable energy.
Headquarters: MERRILLVILLE, IN · Employees: 7,738 · Website ↗
Price History
Weekly Candlestick Chart — up to 5Y
Key Metrics
Financial snapshot · Tap any metric for its definition and grade
TTM Snapshot
trailing twelve months · YoYValuation
32DP/E (TTM)22.6xB
Grade B: FairPrice / TTM EPS (own statements) — vs own 5Y history: 14.4x–33.7x · 80th pct
P/FCF403.7xD
Grade D: ExpensivePrice / Free Cash Flow per share (Finnhub). Inverse of FCF yield — negative when FCF is negative · CapEx exceeds operating cash flow (147% of OCF) — reported FCF understates normalized earning power in this investment phase
FCF Yield-5.3%D
Grade D: NegativeTTM (OCF − CapEx) / Market Cap — vs own 5Y history: -8.2%–-2.2% · 57th pct · CapEx exceeds operating cash flow (147% of OCF) — reported FCF understates normalized earning power in this investment phase
P/S (TTM)3.04xB
Grade B: FairPrice / TTM Revenue (own statements) — vs own 5Y history: 1.8x–3.7x · 64th pct
EV/EBIT19.7xC
Grade C: ExpensiveEnterprise value / TTM EBIT (D&A not in our data) — capital-structure neutral — vs own 5Y history: 17.8x–24.3x · 34th pct
EV/Sales5.5xC
Grade C: ExpensiveEnterprise Value / TTM Revenue (Finnhub) — capital-structure neutral sales multiple
Forward P/E18.2xB
Grade B: FairPrice / next-year EPS estimate — shows whether the TTM multiple is rich or just front-loading growth
P/B Ratio2.17xA
Grade A: FairPrice to Book Value. Neg. equity = heavy buybacks
PEG Ratio2.23C
Grade C: ExpensiveFinnhub PEG — their P/E basis ÷ expected EPS growth. Suppressed when their P/E diverges >2× from our TTM P/E (different basis)
Dividend Yield2.82%A
Grade A: PaysTTM dividend yield (Finnhub) — annual dividends / price. None = no dividend; very high yield can signal distress
Payout Ratio61.8%C
Grade C: HighDividends / Net Income (Finnhub) — share of earnings paid out; >90% or negative = unsustainable
CapEx exceeds OCF: CapEx exceeds operating cash flow (147% of OCF) — reported FCF understates normalized earning power in this investment phase
Profitability
62BROIC5.8%D
Grade D: LowNOPAT (EBIT less ~21% tax) / invested capital (equity + debt − cash). Flagship quality metric — durable >15% signals a moat
ROE9.6%D
Grade D: WeakReturn on Equity. Neg. equity = heavy buybacks
ROA2.5%D
Grade D: WeakReturn on Assets (Finnhub) — Net Income / Total Assets; how efficiently assets produce profit
Net Margin13.4%A
Grade A: HighNet Income / Revenue
Operating Margin27.6%A
Grade A: HighTTM EBIT / TTM Revenue
Gross Margin40.6%C
Grade C: AverageGross Profit / Revenue
FCF Margin-16.1%D
Grade D: LowFCF / Revenue · CapEx exceeds operating cash flow (147% of OCF) — reported FCF understates normalized earning power in this investment phase
True FCF Margin-16.9%D
Grade D: LowTTM (OCF − CapEx − SBC) / TTM Revenue — SBC treated as a real cost · CapEx exceeds operating cash flow (147% of OCF) — reported FCF understates normalized earning power in this investment phase
Growth
64BRevenue CAGR8.4%C
Grade C: OkCompound annual revenue growth (up to 5Y depending on data availability)
Net Income CAGR12.3%C
Grade C: OkCompound annual net income growth (up to 5Y depending on data availability)
EPS CAGR (5Y)8.7%C
Grade C: OkCompound annual EPS growth over up to 5Y of per-share earnings (own statements). Null when either endpoint EPS ≤ 0
Implied EPS Growth24.5%C
Grade C: MedAnalyst forward EPS (normalized basis) vs our GAAP TTM EPS — different bases, so extreme values usually mark cyclically depressed TTM earnings, not real growth
Dilution (5Y)+17.4%D
Grade D: DilutiveShare count change over 5Y
SBC / Net Income5.6%A
Grade A: LowStock-based comp/Net income. >30% = dilution risk
SBC / Revenue0.8%A
Grade A: LowTTM stock-based comp / TTM Revenue
Financial Health
18EAltman Z-Score0.75D
Grade D: DistressBankruptcy risk. >3 Safe, <1.8 Distress
Current Ratio0.69xD
Grade D: LowCurrent Assets/Liabilities
Quick Ratio0.35xD
Grade D: Low(Current Assets − Inventory) / Current Liabilities (Finnhub) — stricter liquidity test, excludes inventory
Interest Coverage3.3xC
Grade C: OkEBIT/Interest. >10 Strong
Debt Repayment—
Years to repay net debt via FCF · CapEx exceeds operating cash flow (147% of OCF) — reported FCF understates normalized earning power in this investment phase
Net Debt/EBIT8.6xD
Grade D: HighLeverage. <2x Low, >4x High
Debt/Equity1.71xC
Grade C: MedDebt / Equity: <1 Conservative, >2 Risky. Not meaningful with non-positive equity; shown as unavailable rather than low debt.
Cash / Debt0.01xD
Grade D: ThinCash covers how much of total debt. >1 = could repay all debt from cash
Quality
60BPiotroski F-Score6/9C
Grade C: AverageFinancial strength 0–9. >7 Strong
Beneish M-Score-2.57A
Grade A: SafeEarnings manipulation risk. < -2.22 Safe
FCF Conversion-120.0%D
Grade D: PoorFCF / Net Income · CapEx exceeds operating cash flow (147% of OCF) — reported FCF understates normalized earning power in this investment phase
Margin Stability7.6%A
Grade A: StableEBIT margin std deviation. Lower = stable
Capex / Revenue50.3%D
Grade D: HeavyTTM CapEx / TTM Revenue — high % = capital-hungry business
Asset Turnover0.19xD
Grade D: LowRevenue / Total Assets (Finnhub) — how efficiently the asset base generates sales
Insider Transactions
SEC Form 4 · 8 recordsP/S codes are the directional signal; grants, option exercises and tax withholding carry none. Form 4 doesn't flag 10b5-1 plans — scheduled sales may appear within open-market sells.
| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
BIRMINGHAM MELODY Filed | BIRMINGHAM MELODY | SellOpen market sale | -37509 | |
Jesanis Michael E Filed | Jesanis Michael E | BuyJ | +30.2K | |
Berman Melanie B. Filed | Berman Melanie B. | SellOpen market sale | -15000 | |
Yates Lloyd M Filed | Yates Lloyd M | SellOpen market sale | -19905 | |
BIRMINGHAM MELODY Filed | BIRMINGHAM MELODY | SellOpen market sale | -2500 |
Show 3 more filingsShow fewer filings
| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
BIRMINGHAM MELODY Filed | BIRMINGHAM MELODY | SellOpen market sale | -10000 | |
Lee Cassandra S. Filed | Lee Cassandra S. | Grant / award | +3.8K | |
McAvoy John Filed | McAvoy John | Grant / award | +3.8K |
More metrics — Moat, Per Share, Balance Sheet, MarketHide additional metrics
Moat
30DROIC >12% Years0/10 yrsD
Grade D: WeakShare of completed fiscal years with ROIC > 12% — measures multi-year capital-return durability
Gross Margin (Med.)102.5%A
Grade A: DurableMedian annual gross margin across available fiscal years — pricing-power durability
FCF-Positive Years0/10 yrsD
Grade D: WeakShare of completed fiscal years with positive free cash flow
Net Margin Floor-1.3%D
Grade D: WeakWeakest annual net margin across completed fiscal years — recession/downcycle resilience
Per Share
EPS (TTM)$1.89
Own TTM net income / shares — same earnings basis as P/E
Cash / Share$0.15
Cash & short-term investments per share (Finnhub)
Book Value / Share$19.97
Shareholders' equity per share (Finnhub). Negative = accumulated losses / heavy buybacks
Balance Sheet
Total Debt$16.19B
Total debt obligations (short + long term)
Cash & Equiv.$110.10M
Cash and short-term investments
Net Debt$16.08B
Total Debt minus Cash. Negative = Net Cash position
Total Equity$9.45B
Shareholders' equity (book value)
Asset / Liability1.36xC
Grade C: AdequateTotal Assets / Total Liabilities
Market
Market Cap$20.49B
Current Market Capitalization
Beta0.57B
Grade B: DefensivePrice sensitivity vs the market (Finnhub) — 1.0 moves with market, >1.2 amplifies swings
How grades work: each metric is graded A–D against fixed thresholds (tap a row for the meaning). Card grades map the pillar score to A+–E — a card grade is that pillar's own score, not an average of the rows shown.
Financials as of Jun 2026 · Ratio snapshot Oct 16, 2026
Key Insights: NiSource Inc. (NI)
NI is up 3.47% at the last close — Reaves W H & Co highlighted NiSource's data center opportunities in its Q3 2026 investor letter.. Piotroski F-Score of 6/9 indicates mixed fundamentals for NiSource Inc.. Altman Z-Score of 0.75 is below the 1.81 distress threshold — an elevated financial-risk flag. Beneish M-Score of -2.57 suggests a low likelihood of earnings manipulation.
- Free-cash-flow margin is negative (-16%) — the business currently burns cash.
- Company has negative FCF, making debt repayment from operations difficult.
- NiSource Inc. posted a net loss in 2 of 10 available completed fiscal years (2016–2025).
- The stock currently yields 2.8% in dividends.
See how NI ranks on the Capex Tracker — top 50 capital spenders compared.
Recent Market Moves
See all NI moves →| Date | Session | Price | Move | Z-Score |
|---|---|---|---|---|
| Oct 16 | Regular | 42.65 | +3.39% | 3.21 |
| Oct 16 | After-hours | 42.72 | +3.56% | 3.37 |
| Oct 6 | Regular | 40.48 | +2.34% | 3.41 |
| Oct 6 | After-hours | 40.67 | +2.83% | 4.04 |
| Sep 23 | Regular | 39.19 | -1.74% | -2.01 |
Frequently Asked Questions about NI
What is the current NiSource Inc. (NI) stock price?
NI is trading at $42.68 at the last market close, up 3.47% on the session. PreMarketPrice tracks NI pre-market, intraday and after-hours prices.
Is NI stock a buy right now?
PreMarketPrice's quantitative model rates NiSource Inc.'s financial health at 18/100. This is a data-driven snapshot of fundamentals, not investment advice.
Is NI stock overvalued?
NiSource Inc. trades at a trailing P/E of 22.6 and our valuation score rates it 32/100 (higher = cheaper vs. its own history). See the Valuation History and Key Metrics sections for forward P/E, EV/EBITDA and PEG context.
When does NiSource Inc. report earnings?
No confirmed earnings date is currently scheduled for NI. The Earnings section lists recent reports and updates as dates are announced.
What sector does NiSource Inc. operate in?
NiSource Inc. operates in the Utilities sector, within the Electric & Other Services Combined industry. The Related Stocks section lists sector peers for comparison.
What does NiSource Inc. do?
NiSource is one of the nation's largest natural gas distribution companies with 2.
About NiSource Inc. (NI) Stock
NiSource Inc. (NI) is a US-listed stock operating in the Utilities sector, specifically the Electric & Other Services Combined industry. As of the latest update, NiSource Inc. is trading at $42.68, up 3.47% on the day with a market capitalization of $20.5 billion. The financial health score for NI is 18/100, which indicates poor financial strength based on profitability, leverage, liquidity, and growth metrics. This page provides real-time pre-market pricing, earnings calendar, financial health analysis, and valuation metrics for NI stock.
NI Stock Analysis & Key Metrics
On PreMarketPrice, you can track NiSource Inc. (NI) across multiple dimensions:
- Pre-market price & movement: Real-time NI stock price with percentage change, updated continuously during pre-market and regular trading hours.
- Valuation & P/E history: Historical P/E, P/S, and P/B ratios for NI with trend analysis and normalized valuation multiples.
- Financial statements: Revenue, net income, assets, liabilities, and equity for NiSource Inc. across multiple reporting periods.
- Financial health score: A composite score of 18/100 based on Altman Z-Score, Piotroski F-Score, profitability, and leverage metrics for NI.
- Sector peers: Compare NI against 6 other utilities stocks on key financial metrics.
Is NI a Good Stock to Buy?
This page provides data-driven analysis to help you evaluate NiSource Inc. (NI) as an investment. The financial health score of 18/100 suggests poor financial fundamentals. Valuation metrics show whether the stock is trading above or below its historical average.However, this is not financial advice — always do your own research before investing.
Data on this page is sourced from real-time market feeds, Polygon.io, and Finnhub.NiSource Inc. (NI) trades on NYSE/NASDAQ. Pre-market trading occurs 4:00 AM – 9:30 AM ET. Regular market hours are 9:30 AM – 4:00 PM ET.