NISOURCE INC (NI) Stock Fundamental Analysis

NYSE:NI • US65473P1057

46.36 USD
+1.18 (+2.61%)
At close: Feb 13, 2026
46.77 USD
+0.41 (+0.88%)
After Hours: 2/13/2026, 8:04:00 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. NI does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

7

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 4 of the past 5 years.
  • Of the past 5 years NI 4 years 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 Return On Assets of 2.60%. This is in the lower half of the industry: NI underperforms 61.54% of its industry peers.
  • Looking at the Return On Equity, with a value of 9.80%, NI is in line with its industry, outperforming 53.85% of the companies in the same industry.
  • NI's Return On Invested Capital of 4.53% is amongst the best of the industry. NI outperforms 92.31% of its industry peers.
  • NI had an Average Return On Invested Capital over the past 3 years of 4.05%. This 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

  • The Profit Margin of NI (14.12%) is better than 73.08% of its industry peers.
  • In the last couple of years the Profit Margin of NI has grown nicely.
  • With an excellent Operating Margin value of 27.54%, NI belongs to the best of the industry, outperforming 92.31% of the companies in the same industry.
  • In the last couple of years the Operating Margin of NI has remained more or less at the same level.
  • Looking at the Gross Margin, with a value of 76.62%, NI belongs to the top of the industry, outperforming 84.62% of the companies in the same industry.
  • NI's Gross Margin has improved in the last couple of years.
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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ROAROEROICOperating and Profit MarginShow most profitable peers

1

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), NI is destroying value.
  • NI has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
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

  • Based on the Altman-Z score of 0.79, we must say that NI is in the distress zone and has some risk of bankruptcy.
  • NI's Altman-Z score of 0.79 is in line compared to the rest of the industry. NI outperforms 46.15% of its industry peers.
  • NI has a Debt/Equity ratio of 1.73. This is a high value indicating a heavy dependency on external financing.
  • NI has a Debt to Equity ratio of 1.73. This is comparable 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 0.79
ROIC/WACC0.71
WACC6.39%
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

  • A Current Ratio of 0.52 indicates that NI may have some problems paying its short term obligations.
  • The Current ratio of NI (0.52) is worse than 88.46% of its industry peers.
  • A Quick Ratio of 0.39 indicates that NI may have some problems paying its short term obligations.
  • NI's Quick ratio of 0.39 is on the low side compared to the rest of the industry. NI is outperformed by 88.46% of its industry peers.
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

3

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an nice 8.57% over the past year.
  • The Earnings Per Share has been growing slightly by 7.56% on average over the past years.
EPS 1Y (TTM)8.57%
EPS 3Y8.93%
EPS 5Y7.56%
EPS Q2Q%4.08%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
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.
  • The Revenue is expected to grow by 5.51% on average over the next years.
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

  • The EPS 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 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 24.40, NI is valued on the expensive side.
  • Compared to the rest of the industry, the Price/Earnings ratio of NI indicates a rather expensive valuation: NI more expensive than 84.62% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of NI to the average of the S&P500 Index (26.68), we can say NI is valued inline with the index average.
  • The Price/Forward Earnings ratio is 21.98, which indicates a rather expensive current valuation of NI.
  • NI's Price/Forward Earnings ratio is rather expensive when compared to the industry. NI is more expensive than 84.62% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of NI to the average of the S&P500 Index (28.06), we can say NI is valued slightly cheaper.
Industry RankSector Rank
PE 24.4
Fwd PE 21.98
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 is on the same level as the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 12.72
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 NI does not grow enough to justify the current Price/Earnings ratio.
  • The decent profitability rating of NI may justify a higher PE ratio.
PEG (NY)2.21
PEG (5Y)3.23
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

  • NI has a Yearly Dividend Yield of 2.59%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 3.96, 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!
  • Compared to an average S&P500 Dividend Yield of 1.84, NI pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.59%

5.2 History

  • The dividend of NI has a limited annual growth rate of 2.55%.
  • NI has paid a dividend for at least 10 years, which is 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

  • 58.24% 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.
DP58.24%
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 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 (2/13/2026, 8:04:00 PM)

After market: 46.77 +0.41 (+0.88%)

46.36

+1.18 (+2.61%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryMulti-Utilities
Earnings (Last)02-11
Earnings (Next)05-05
Inst Owners100.34%
Inst Owner Change0.13%
Ins Owners0.23%
Ins Owner Change1.04%
Market Cap22.12B
Revenue(TTM)N/A
Net Income(TTM)893.50M
Analysts84.35
Price Target48.15 (3.86%)
Short Float %2.27%
Short Ratio3.1
Dividend
Industry RankSector Rank
Dividend Yield 2.59%
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)2.04%
EPS NY rev (1m)-0.02%
EPS NY rev (3m)0.06%
Revenue NQ rev (1m)-4.11%
Revenue NQ rev (3m)-4.11%
Revenue NY rev (1m)0.19%
Revenue NY rev (3m)-0.34%
Valuation
Industry RankSector Rank
PE 24.4
Fwd PE 21.98
P/S 3.5
P/FCF N/A
P/OCF 10.1
P/B 2.43
P/tB 2.9
EV/EBITDA 12.72
EPS(TTM)1.9
EY4.1%
EPS(NY)2.11
Fwd EY4.55%
FCF(TTM)-1.42
FCFYN/A
OCF(TTM)4.59
OCFY9.9%
SpS13.26
BVpS19.11
TBVpS15.99
PEG (NY)2.21
PEG (5Y)3.23
Graham Number28.58
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 0.79
F-Score6
WACC6.39%
ROIC/WACC0.71
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)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)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%19.85%
Revenue Next Year5.28%
Revenue Next 2Y4.99%
Revenue Next 3Y5.6%
Revenue Next 5Y5.51%
EBIT growth 1Y23.7%
EBIT growth 3Y13.01%
EBIT growth 5Y2.33%
EBIT Next Year86.12%
EBIT Next 3Y31.91%
EBIT Next 5Y24.94%
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 24.4 and the Price/Book (PB) ratio is 2.43.


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.