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NiSource

NI
46
Regulated Gas · Utilities
Also trades as: 0K87.L GBP 0.44 (+0.94%)
Price
$43.69
+0.70 (+1.63%)
Market Cap
$20.95B
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
14/30
Growth
Good
10/20
Cash Flow
Good
6/10
Stability
Mixed
4/10
Valuation
Strong
7/10
Ownership
Weak
2/15
Dividends
Good
3/5

46 of 100 counted points = Winston Score 46.

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Share count rising — dilution

+13.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 417.3M (2021) → 474.5M (2025)

§Winston Score History

The full picture

NiSource is a regulated utility company that delivers natural gas and electricity to homes and businesses. It serves roughly 3.3 million customers across six states: Ohio, Pennsylvania, Virginia, Kentucky, Maryland, and Indiana. The company owns the Columbia Gas brand for its gas distribution networks and operates electric service through NIPSCO in northern Indiana.

NiSource makes money by charging customers for delivering energy through its pipelines and power lines. Because regulators set the rates it can charge, revenue is steady and predictable. The company operates entirely in the United States and its main competitive advantage is that it holds government-granted monopolies in the areas it serves — customers cannot simply switch to a different pipeline. The key growth driver is a large multi-year infrastructure investment program to replace aging gas pipes and modernize its electric grid, though rising interest rates are a meaningful risk since NiSource carries significant debt to fund that construction.

Politician Trades

3 trades / 12mo

1 Congressional buy and 2 sells on NI in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.6% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

-54.5% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.22

30 Jun 2026: $0.10

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

$363M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

NiSource has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
50.2%
Healthy — 50.2% gross margin
Profit after running costs
Operating Margin
17.0%
Healthy — 17.0% operating margin
Return on the money invested
ROCE
6.9%
Weak — 6.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+12.3%
Fast-growing sales (+12.3% YoY)
Profit growth
EPS YoY
+0.3%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
254%
Turns 254% of profit into real cash
Spare cash per sale
FCF Margin
-15.8%
Burning cash (-15.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.83
Elevated debt (1.83)
Covers its interest
Interest Cover
2.38x
Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
23.0x
Growth-priced — P/E 23.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+6.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (23.0 → 16.5)

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Dividends

Dividend
Dividend Yield
2.91%
Moderate income — 2.91% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+7.1%
Dividend growing modestly (7.1% YoY)
Payout Ratio
62%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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