# NiSource Inc. (NI) — Stock CV

NiSource Inc. is a $19.6B utility company. Revenue grew 12.7% over the last year, it keeps 13¢ of every dollar of sales as profit, and it carries $16.1B of net debt. It trades at 21.6× earnings — in the most expensive third of its own history.

> NiSource is one of the nation's largest natural gas distribution companies with 2.4 million customers in Kentucky, Maryland, Ohio, Pennsylvania, and Virginia. NiSource also serves 1.4 million gas and electric customers in Indiana.

## Identity

- **Ticker**: NI
- **Sector**: Utilities
- **Industry**: Electric & Other Services Combined
- **Headquarters**: MERRILLVILLE, IN
- **Employees**: 7 738
- **Website**: https://www.nisource.com
- **Market cap**: $19.6B
- **Last price**: $40.76
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $6.74B
- **Net income**: $905M
- **Free cash flow**: -$1.09B
- **Net debt**: $16.1B
- **P/E**: 21.6
- **Revenue growth (YoY)**: 12.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 45 |
| Growth | 52 |
| Profitability | 62 |
| Health | 18 |
| Quality | 60 |
| Moat | 30 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +12.7% YoY
- [x] Profitable — $905M TTM
- [x] Profit growing — +2.5% YoY
- [ ] Generates cash — -$1.09B TTM
- [ ] Debt under control — current ratio 0.50
- [x] Established company — $19.6B market cap
- [ ] Not printing shares — +23.5% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — Altman Z 0.6 — distress
- [x] Pays a dividend — yield 2.86%
- [x] Valuation not extreme — P/E 21.6

## Experience (career milestones)

- **FY2025** — Best year on record: $930M net income
- **FY2016** — First recorded profitable year: $332M net income
- **FY2016** — Revenue already above $1B: $4.49B in first reported year

## Strengths

- High gross margin (40.6%)
- Revenue growing 12.7% year over year

## Watch-outs

- Negative free cash flow (-$1.1B)
- Altman Z-Score 0.57 — elevated financial-distress risk
- Loss-making in 2 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.73B | $585M | -$620M |
| FY2022 | $5.74B | $804M | -$794M |
| FY2023 | $5.35B | $714M | -$711M |
| FY2024 | $5.28B | $760M | -$833M |
| FY2025 | $6.52B | $930M | -$420M |

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Source: https://stockcv.com/NI — derived from company filings; may be delayed or incomplete. Information, not investment advice.