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NEW YORK STOCK EXCHANGE, INC. · Utilities · CIK 0001111711
$43.69
+1.63% · live
Updated
$20.90B market value
From NISOURCE INC.'s FY2025 10-K, filed Feb 11, 2026 · read the filing
NISOURCE supplies electricity, gas or water. It took in $6.52B last year, which makes it a mid-sized company. Of every dollar it sells, about 14 cents is left as profit.
The financial picture is led by growth, with profitability worth watching, while debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score 0.49
Recent open-market selling by BIRMINGHAM MELODY, not under a pre-arranged plan.
$1.6M sold in the last 120 days · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From NISOURCE INC.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Free cash flow
-$832.5M → -$420.0M
Revenue
$5.28B → $6.52B
Gross profit
$4.15B → $4.94B
Operating income
$1.46B → $1.84B
Measured against FY2024, from the 10-K filed Feb 11, 2026
Improved: $412.5M narrower
-$832.5M to -$420.0MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
How the latest move compares (quote live), and what was published around it
NI rose 1.63% on the latest quote. The average Utilities company tracked here moved +1.73%, and the S&P 500 −1.04%. That is in line with its sector and 2.7 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 25 analysts covering this company, as of . Their views, not this site's.
Of 25 analysts publishing on this company, 8 say strong buy, 12 say buy and 5 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 14 cents of every dollar of sales as profit, earning $929.5M last year. Note that after $2.78B of spending on property and equipment, it consumed $420.0M more cash than it generated.
Yes, quickly. Sales grew 23.5% last year.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 57 cents of every dollar of profit and keeps the rest, which leaves the payment comfortably covered. It paid out 22% of the cash its operations generated. It has paid in each of the last 12 years.
GoodNext payment expected around , projected from how regularly it has paid before rather than from a date the company has announced.
Figures from the FY2025 annual filing
Last year it earned $929.5M and generated $2.36B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 11, 2026Filing for FY2025 | FY202410-K · Feb 12, 2025Filing for FY2024 | FY202310-K · Feb 12, 2025Filing for FY2023 | FY202210-K · Feb 22, 2023Filing for FY2022 | FY202110-K · Feb 23, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $6.52B | $5.28B | $5.35B | $5.74B | $4.73B | +23.5% |
| Cost of revenue | $1.58B | $1.13B | $1.53B | $2.11B | $1.39B | +39.9% |
| Gross profit | $4.94B† | $4.15B† | $3.81B† | $3.63B† | $3.34B† | +19.0% |
| Gross marginGross profit ÷ revenueWhat is this? | 75.7% | 78.6% | 71.3% | 63.2% | 70.6% | −2.9 pts |
| Operating income | $1.84B | $1.46B | $1.30B | $1.27B | $1.01B | +26.1% |
| Operating marginOperating income ÷ revenueWhat is this? | 28.1% | 27.6% | 24.2% | 22.1% | 21.3% | +0.6 pts |
| Interest expense | $639.0M | $517.2M | $489.6M | $361.6M | $341.1M | +23.5% |
| Net income | $929.5M | $760.4M | $714.3M | $804.1M | $584.9M | +22.2% |
| Net marginNet income ÷ revenueWhat is this? | 14.3% | 14.4% | 13.4% | 14.0% | 12.4% | −0.1 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $1.94 | $1.62 | $1.60 | $1.95 | $1.44 | +20.0% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| NINISOURCE INC. · this page | 6.0/10 | 7/9 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Sold on the open market — 37,509 shares at $42.40 ($1.6M)
Holds 78,527 shares after this filing.
Reported another kind of transaction — 30,190 shares
Holds 52,701 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Took on a direct financial obligation
Read the filingReported another event
Read the filingWrite down why you are following NISOURCE INC., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
Coverage from the last 30 days
WEC Energy Group (WEC) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
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HSBC Initiates Coverage On NiSource with Buy Rating, Announces Price Target of $49.5
Benzinga ·
Electric Utility NiSource’s Data-Center Power Business Can Continue to Grow — And NI Stock Is Cheap
Yahoo ·
NiSource (NI) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
Yahoo ·
JP Morgan Maintains Overweight on NiSource, Lowers Price Target to $51
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from NI's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 11, 2026), reported under the US GAAP taxonomy. View the source filing. Total liabilities were not tagged directly and were calculated as assets minus equity.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 6.0 | 7/9 | 10-K, filed Feb 11, 2026 |
| FY2024 | 3.3 | 5/9 | 10-K, filed Feb 12, 2025 |
| FY2023 | 3.3 | 6/9 | 10-K, filed Feb 21, 2024 |
| FY2022 | 6.0 | 7/9 | 10-K, filed Feb 22, 2023 |
| FY2021 | 4.7 | 5/9 | 10-K, filed Feb 23, 2022 |
| FY2020 | 2.0 | 3/9 | 10-K, filed Feb 17, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
7 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
0.49
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +23.5%
$5.28B to $6.52BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +19.0%
$4.15B to $4.94BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +26.1%
$1.46B to $1.84BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +22.2%
$760.4M to $929.5MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +20.0%
$1.62 to $1.94Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +28.0%
$12.07B to $15.46BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: -29.7%
$156.6M to $110.1MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: −2.9 pts
78.6% to 75.7%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: +1.8%
469.8M to 478.4MNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Changed: +10.3%
$481.0M to $530.4MNotable
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Changed: +6.4%
$2.61B to $2.78BNotable
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 5, 2026 — read it.
Deteriorated: -55.5%
$102.2M to $45.5MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -55.5%
$0.21 to $0.09Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -79.1%
$335.4M to $70.0MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +6.0 pts
79.0% to 85.0%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −3.4 pts
21.1% to 17.7%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −4.7 pts
8.2% to 3.5%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +11.3%
$984.7M to $1.10BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: -13.2%
$262.9M to $228.1MNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: +7.9%
$14.47B to $15.61BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 5, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: -44.5%
$2.32B to $1.29BCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -72.2%
$819.2M to $228.1MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -91.0%
$507.1M to $45.5MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +13.8 pts
71.2% to 85.0%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −17.6 pts
35.3% to 17.7%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −18.3 pts
21.8% to 3.5%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -91.0%
$1.06 to $0.09Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -33.7%
$1.65B to $1.10BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
2 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 3.5% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Yes. Clearing its debt would take roughly 6.5 years of cash flow. For every $1 it owes, it owns $1.36 in assets. A bankruptcy-risk model also places it in its distress range.
The trailing P/E is 27.9x — investors pay $27.9 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
| 23.5% |
| 14.3% |
| 22.49x |
| 2.79x |
| PEGPUBLIC SERVICE ENTERPRISE GROUP INC | 7.3/10 | 7/9 | 18.3% | 17.3% | 17.16x | 2.39x |
|---|
| AEEAMEREN CORP | 6.0/10 | 6/8 | 15.4% | 16.6% | 20.61x | 2.62x |
|---|
| DTEDTE ENERGY CO | 6.0/10 | 7/8 | 26.9% | 9.2% | 18.91x | 3.39x |
|---|
| CNPCENTERPOINT ENERGY INC | 4.7/10 | 7/9 | 9.2% | 11.3% | 25.57x | 3.17x |
|---|
| CMSCMS ENERGY CORP | 6.0/10 | 6/8 | 13.5% | 12.9% | 20.11x | 3.37x |
|---|
| Median of peers | 6.0/10 | — | 15.4% | 12.9% | 20.11x | 3.17x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Filed notice to sell 37,510 shares ($1.6M) on or after .
Shares originally obtained via Restricted Stock Vesting.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Quarterly report for Q2 FY2026
Operating margin −3.4 pts · Profit -55.5% · Earnings per share -55.5% — against Q2 FY2025
Published results
Read the filingReported another event
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +8.0% · Free cash flow turned negative · Cash -72.3% — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2025
Revenue +23.5% · Free cash flow $412.5M narrower · Gross profit +19.0% — against FY2024
Read the filingPublished results
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingReported another event
Read the filingSigned a material agreement · Reported another event
Read the filingQuarterly report for Q3 FY2025
Revenue +18.6% · Operating margin +3.1 pts · Gross profit +18.9% — against Q3 FY2024
Read the filingPublished results
Read the filingMade a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2025
Revenue +18.3% · Operating margin −1.4 pts · Cash +231.4% — against Q2 FY2024
Read the filingPublished results
Read the filingReported another event
Read the filingBenzinga ·
Primary sources and further research