NiSource Inc.

NI
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$2.4B
Q1 2026 · -4.8% YoY · Missed consensus by 9.2%
TTM ROIC
5.3%
FY2025 · NOPLAT / Book Invested Capital (Equity + Debt - Cash); ~$1.16B NOPLAT / ~$21.7B Book IC · WACC ~5.6% · Moat spread +-0.3pp

Financial Snapshot

ticker: NI step: 04 generated: 2026-05-13 source: quick-research

NiSource Inc. (NI) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$5.5B ~$5.5B $5.46B -0.9%
Operating Margin ~17% ~17% ~18% +1pp
Net Income $749M $662M $740M +12%
EPS (adj. non-GAAP) $1.47 $1.60 $1.75 +9%

FY2025: Revenue $6.642B (+21.8% — Amazon/data center agreements recognized); adj. EPS $1.90 (+9%)

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.5B
Free Cash Flow Negative (heavy capex cycle)
Capital Expenditures ~$2.5B
Cash & Equivalents ~$300M
Total Debt ~$12B

Note: Negative FCF is standard for utilities in high-growth capex cycles; dividend is funded from operating cash flow.

Key Ratios (approximate)

  • P/E: ~25x (adj.) | EV/EBITDA: ~13x | Dividend Yield: ~2.5%
  • Adj. EPS CAGR (2026–2033): 8–9% target | Rate Base CAGR: 9–11%

Growth Profile

NiSource has delivered consistent 8–10% adj. EPS growth driven by infrastructure investment and rate base expansion. FY2025's 21.8% revenue jump reflects the recognition of Amazon and Alphabet data center capacity agreements. The $28B capital plan for 2026–2030 is one of the largest in the company's history, supporting an 8–9% EPS CAGR through 2033. Q1 2026 EPS beat consensus on data center momentum.

Forward Estimates

  • FY2026 adj. EPS: ~$2.06–2.12 (+8–9% target)
  • Long-term EPS CAGR: 8–9% through 2033
  • Rate base CAGR: 9–11% through 2033
  • Amazon capacity commitment: 2,800 MW by 2032
  • Additional upside capex: ~$2.2B identified
  • Analyst avg. price target: ~$47.30 (essentially at current price)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $NI.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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