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What this page is: Delvantic's full research page for NiSource Inc. (NI) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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NiSource Inc.
NI NYSE
Utilities · Utilities - Regulated Gas
Merrillville, IN 46410, United States
nisource.com
Price
$40.96
Market Cap
$19.6B
Employees
7,687
Beta
0.55
Avg Volume
5,632,443
Last Dividend
$1.18
CEO
Mr. Lloyd M. Yates
NiSource Inc. is a regulated utility company that provides natural gas and electric service to homes, businesses, and industrial customers in the United States. NiSource operates through its Columbia Gas and NIPSCO brands, serving customers across six states with natural gas distribution, pipeline transportation, electric distribution, and power generation services. Its business is organized around two core segments: Columbia Operations, which focuses on natural gas delivery in multiple Midwestern and Mid-Atlantic states, and NIPSCO Operations, which serves northern Indiana with regulated gas and electric utility services. The company also supports wholesale electric and transmission activities and operates a mix of generation assets, including renewable energy facilities. Headquartered in Merrillville, Indiana, NiSource plays a key role in delivering essential energy infrastructure and utility services across its service territory.
Runs with full report
Price Overview
Price at report time
$40.96
as of Sep 1, 4:16pm (36d ago)
Change · Sep 1
+0.04 (+0.10%)
Day Range
$40.76 – $41.28
52-Week Range
$38.45 – $49.21
50-Day MA
$44.56
200-Day MA
$45.07
Volume
6,875,192.00
Right now · live
Log in to get the live feed
Members see the real-time price and the move since this report (over 36d).
Share Structure
Outstanding
479,498,053.00
Float
477,732,976.00
Free Float
99.6%
High free float
— 99.6% of shares trade freely, ~0.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E · trailing (TTM) (Price per dollar of earnings over the past year — not a run-rate or forward P/E)
HEXStock Price / EPS (Diluted)
21.01
Stock Price: $40.96
EPS (Diluted): 1.95
EPS (Diluted): 1.95
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
1.67
Stock Price: $40.96
Total Equity: $11.66B
Shares: 474,500,000
Total Equity: $11.66B
Shares: 474,500,000
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
12.06
Market Cap: $19.62B
Total Debt: $16.95B
Cash: $110.10M
EBITDA: $3.00B
Total Debt: $16.95B
Cash: $110.10M
EBITDA: $3.00B
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$36.2B
Market Cap: $19.62B
Total Debt: $16.95B
Cash: $110.10M
Total Debt: $16.95B
Cash: $110.10M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
75.7%
Gross Profit: $4.94B
Revenue: $6.52B
Revenue: $6.52B
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
28.1%
Operating Income: $1.84B
Revenue: $6.52B
Revenue: $6.52B
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
14.3%
Net Income: $929.50M
Revenue: $6.52B
Revenue: $6.52B
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
8.0%
Net Income: $929.50M
Total Equity: $11.66B
Total Equity: $11.66B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
5.4%
Operating Income: $1.84B
Tax Rate: 16.8%
Equity: $11.66B
Total Debt: $16.95B
Cash: $110.10M
Tax Rate: 16.8%
Equity: $11.66B
Total Debt: $16.95B
Cash: $110.10M
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
0.69
Current Assets: $2.38B
Current Liabilities: $3.46B
Current Liabilities: $3.46B
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
1.45
Short-Term Debt: $1.49B
Long-Term Debt: $15.46B
Total Debt: $16.95B
Total Equity: $11.66B
Long-Term Debt: $15.46B
Total Debt: $16.95B
Total Equity: $11.66B
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$13.75
Revenue: $6.52B
Shares: 474,500,000
Shares: 474,500,000
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$24.57
Total Equity: $11.66B
Shares: 474,500,000
Shares: 474,500,000
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$-0.89
Operating CF: $2.36B
CapEx: -$2.78B
Shares: 474,500,000
CapEx: -$2.78B
Shares: 474,500,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
2.9%
Last Dividend: $1.18
Stock Price: $40.96
Stock Price: $40.96
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
57.1%
Dividends Paid: -$530.40M
Net Income: $929.50M
Net Income: $929.50M
Industry Benchmarks
Compares NI against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Income Statement (Annual)
Last updated: Sep 1, 2026 4:19pm (36d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.7B | $5.7B | $5.3B | $5.3B | $6.5B |
| Cost of Revenue | $1.4B | $2.1B | $1.5B | $1.1B | $1.6B |
| Gross Profit | $3.3B | $3.6B | $3.8B | $4.2B | $4.9B |
| Operating Expenses | $2.3B | $2.4B | $2.5B | $2.7B | $3.1B |
| Operating Income | $1.0B | $1.3B | $1.3B | $1.5B | $1.8B |
| Net Income | $584.9M | $804.1M | $714.3M | $760.4M | $929.5M |
| EBITDA | $1.8B | $2.1B | $2.2B | $2.5B | $3.0B |
| EPS | $1.35 | $1.84 | $1.59 | $1.63 | $1.96 |
| EPS (Diluted) | $1.27 | $1.70 | $1.48 | $1.62 | $1.95 |
Balance Sheet (Annual)
Last updated: Sep 1, 2026 4:16pm (36d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $84.2M | $40.8M | $2.2B | $156.6M | $110.1M |
| Total Current Assets | $1.9B | $2.6B | $4.5B | $2.1B | $2.4B |
| Total Assets | $24.2B | $26.7B | $31.1B | $31.8B | $35.9B |
| Current Liabilities | $2.7B | $4.7B | $5.3B | $4.1B | $3.5B |
| Long-Term Debt | $9.2B | $9.5B | $11.1B | $12.1B | $15.5B |
| Total Liabilities | $16.9B | $18.8B | $20.9B | $21.1B | $24.2B |
| Total Equity | $7.3B | $7.9B | $10.1B | $10.7B | $11.7B |
| Retained Earnings | -$1.6B | -$1.2B | -$967.0M | -$711.7M | -$315.2M |
Cash Flow (Annual)
Last updated: Sep 1, 2026 4:24pm (36d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.2B | $1.4B | $1.9B | $1.8B | $2.4B |
| Capital Expenditure | -$1.8B | -$2.2B | -$2.6B | -$2.6B | -$2.8B |
| Free Cash Flow | -$620.1M | -$793.7M | -$710.7M | -$832.5M | -$420.0M |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | $0 | $345.6M | $1.5B | $2.2B | $2.1B |
| Dividends Paid | -$345.2M | -$381.5M | -$413.5M | -$481.0M | -$530.4M |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | — | — | — | — | — |
Growth Trends (YoY %)
Last updated: Sep 1, 2026 4:19pm (36d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +21.3% | -6.8% | -1.2% | +23.5% |
| Gross Profit Growth | +8.7% | +5.1% | +8.8% | +19.0% |
| Operating Income Growth | +25.7% | +2.3% | +12.4% | +26.1% |
| Net Income Growth | +37.5% | -11.2% | +6.5% | +22.2% |
| EBITDA Growth | +18.9% | +5.6% | +13.4% | +20.2% |
Dividend History (Last 20)
Last updated: Sep 1, 2026 4:16pm (36d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-07-31 | $0.30 | — | — | — |
| 2026-04-30 | $0.30 | — | — | — |
| 2026-02-03 | $0.30 | — | — | — |
| 2025-10-31 | $0.28 | — | — | — |
| 2025-07-31 | $0.28 | — | — | — |
| 2025-04-30 | $0.28 | — | — | — |
| 2025-02-03 | $0.28 | — | — | — |
| 2024-10-31 | $0.27 | — | — | — |
| 2024-07-31 | $0.27 | — | — | — |
| 2024-04-29 | $0.27 | — | — | — |
| 2024-02-02 | $0.27 | — | — | — |
| 2023-10-30 | $0.25 | — | — | — |
| 2023-07-28 | $0.25 | — | — | — |
| 2023-04-27 | $0.25 | — | — | — |
| 2023-02-06 | $0.25 | — | — | — |
| 2022-10-28 | $0.24 | — | — | — |
| 2022-07-28 | $0.24 | — | — | — |
| 2022-04-28 | $0.24 | — | — | — |
| 2022-02-07 | $0.24 | — | — | — |
| 2021-10-28 | $0.22 | — | — | — |
Deep Analysis
0Company Classification
1Industry Landscape
2Company Momentum
3Forward Projection
4aDCF Valuation
4bEarnings Power Value
4cAnchored PE
4dReverse DCF
4eRevenue-Based DCF
4fAnchored P/S
4gScenario Analysis
4hDividend Discount Model
4iBook Value Analysis
4jInsider Activity
4fCash Flow Quality
4gDebt Maturity Risk
4hMacro Environment
4iSector Intelligence
4jRevenue Confidence
4kSensitivity Analysis
4lSector Demand Cycle
5AI Investigation
5bThesis Evaluation
6Valuation Synthesis
computed
not applicable
not yet run 0 computed · 9 not applicable · 15 not yet run
Risk : Reward — upside vs downside from this company's own quarters
Not computed yet
Why there is no ratio: Risk:reward has not been computed for this name yet — its report predates the mechanical valuation chain. It is added, at $0, the next time a report or the nightly touches this ticker.
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for NI — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for NI — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
Skipped in the Qwen lane lane by design —
the GPT seat runs only in the full report.
Grok Reading
Skipped in the Qwen lane lane by design —
the Grok seat runs only in the full report.
Advanced Analysis Forensic deep-dive · separate lenses
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My Notes
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v1.1.760 · f4b58a28 · 2026-10-07 20:07:48