NINYSEElectric & Other Services CombinedFiscal year ends December 31
NISOURCE INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$41.95−0.73 (-1.71%)
Close on Oct 19, 2026
- Market cap
- $20.19B
- P/E (TTM)
- 22.2
- Dividend yield
- 2.67%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
75.7%+0.5 pts over 5 years
Operating margin
28.1%+15.8 pts over 5 years
Net margin
14.3%+14.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +23.5% | +4.4% | +7.8% | +3.4% | |
| Gross profit | +19.0% | +10.8% | +8.0% | +0.6% | |
| Operating income | +26.1% | +13.2% | +27.2% | +8.7% | |
| Net income | +22.2% | +4.9% | – | +12.5% | |
| EPS, diluted | +20.4% | +4.7% | – | +8.0% | |
| Dividend per share | +5.7% | +6.0% | +5.9% | +3.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 8.4% | -0.3% | 10.3% | |
| Return on assets | 1.8% | -0.1% | 2.7% | |
| Current ratio | 0.51 | 0.73 | 0.69 | |
| Debt to equity | 1.94 | 1.69 | 1.72 | |
| Net debt to EBITDA | 5.57× | 7.54× | 5.36× | |
| Interest coverage | 2.5× | 1.5× | 2.9× | |
| Capex to revenue | 33.6% | 39.3% | 42.7% | |
| Diluted shares | 324M | 384M | 475M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Nisource generated $8.71B from operations and spent $14.23B on capital expenditure, dividends and share buybacks. 85% of that went back into the business.
Generated
$8.71B
Used
$14.23B
Capital expenditure$12.08B85%Dividends$2.15B15%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin14.3%
×Asset turnover0.19×
×Equity multiplier3.73×
=Return on equity, FY202510.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 14.3% | 0.19× | 3.73× | 10.3% |
| FY2024 | 14.4% | 0.17× | 3.71× | 9.0% |
| FY2023 | 13.4% | 0.19× | 3.65× | 9.0% |
| FY2022 | 14.0% | 0.23× | 3.50× | 11.1% |
| FY2021 | 12.4% | 0.20× | 3.64× | 9.2% |
| FY2020 | -0.4% | 0.20× | 3.81× | -0.3% |
| FY2019 | 7.6% | 0.23× | 3.79× | 6.5% |
| FY2018 | -1.0% | 0.24× | 4.15× | -1.0% |
| FY2017 | 2.7% | 0.24× | 4.61× | 3.1% |
| FY2016 | 7.5% | 0.24× | 4.57× | 8.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$929.50M
- Cash generatingOperating cash flow above zero$2.36B
- Return on assets improvedROA up on the prior year2.4% → 2.9%
- Earnings backed by cashOperating cash flow above net income$2.36B vs $929.50M
- Less leverageLong-term debt to assets fell38.0% → 43.1%
- Better liquidityCurrent ratio rose0.51 → 0.69
- No dilutionShare count did not rise456M → 475M
- Gross margin improvedGross margin up on the prior year78.57% → 75.71%
- More efficientAsset turnover rose0.17 → 0.21