NiSource (NI) Financials

$39.49 +0.50 (+1.28%)

Closing price 05/30/2025 03:59 PM Eastern

Extended Trading

$39.52 +0.03 (+0.08%)

As of 05/30/2025 05:38 PM Eastern

Annual Income Statements for NiSource

This table shows NiSource's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	740	662	749	530	-73	328	-66	129	332	287
Consolidated Net Income / (Loss)	845	674	792	589	-14	383	-51	129	332	302
Net Income / (Loss) Continuing Operations	845	674	792	589	-14	383	-51	129	332	199
Total Pre-Tax Income	1,003	814	956	707	-31	507	-231	443	514	340
Total Operating Income	1,456	1,296	1,266	1,007	551	891	125	921	866	800
Total Gross Profit	2,808	2,477	2,251	2,051	1,987	2,319	1,000	1,754	1,657	1,582
Total Revenue	5,455	5,505	5,851	4,900	4,682	5,209	5,115	4,875	4,493	4,652
Operating Revenue	5,455	5,505	5,851	4,900	4,682	5,209	5,115	4,875	4,493	4,625
Total Cost of Revenue	2,647	3,028	3,600	2,848	2,695	2,890	4,114	3,120	2,836	3,070
Operating Cost of Revenue	2,647	3,028	3,600	2,848	2,695	2,890	4,114	3,120	2,836	3,070
Total Operating Expenses	1,352	1,182	985	1,044	1,436	1,429	876	833	790	782
Depreciation Expense	1,043	908	821	748	726	717	600	570	547	524
Other Operating Expenses / (Income)	300	271	268	288	299	297	275	257	244	256
Impairment Charge	9.00	2.90	-104	7.70	411	415	1.20	5.50	-1.00	1.60
Total Other Income / (Expense), net	-453	-482	-309	-300	-582	-384	-355	-478	-353	-460
Interest Expense	517	490	362	341	614	379	399	465	350	477
Other Income / (Expense), net	65	8.00	52	41	32	-5.20	44	-14	-3.00	17
Income Tax Expense	158	140	165	118	-17	124	-180	315	182	141
Preferred Stock Dividends Declared	21	53	55	55	55	55	15	0.00	0.00	-
Net Income / (Loss) Attributable to Noncontrolling Interest	84	-40	-12	3.90	3.40	0.00	0.00	-	-	-
Basic Earnings per Share	$1.63	$1.59	$1.84	$1.35	($0.19)	$0.88	($0.18)	$0.39	$1.03	$0.90
Weighted Average Basic Shares Outstanding	454.20M	416.10M	407.10M	393.60M	384.30M	374.60M	356.49M	329.40M	321.81M	317.75M
Diluted Earnings per Share	$1.62	$1.48	$1.70	$1.27	($0.19)	$0.87	($0.18)	$0.39	$1.02	$0.90
Weighted Average Diluted Shares Outstanding	456M	447.90M	442.70M	417.30M	384.30M	376M	356.49M	330.80M	323.52M	319.84M
Weighted Average Basic & Diluted Shares Outstanding	469.94M	447.52M	-	405.39M	391.86M	382.26M	364.40M	329.50M	321.80M	318.30M
Cash Dividends to Common per Share	$1.06	$1.00	$0.94	$0.88	$0.84	$0.80	$0.78	$0.70	$0.64	$0.83

This table shows NiSource's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	475	224	86	86	344	226	77	40	319	231	52
Consolidated Net Income / (Loss)	527	244	97	103	400	192	98	46	338	241	64
Net Income / (Loss) Continuing Operations	527	244	97	103	400	192	98	46	338	241	64
Total Pre-Tax Income	632	293	113	121	476	228	102	60	424	286	75
Total Operating Income	759	417	218	237	583	363	233	169	531	366	157
Total Gross Profit	1,108	790	553	562	903	694	505	469	810	650	411
Total Revenue	2,183	1,588	1,076	1,085	1,706	1,422	1,027	1,090	1,966	1,705	1,090
Operating Revenue	2,183	1,588	1,076	1,085	1,706	1,422	1,027	1,090	1,966	1,705	1,090
Total Cost of Revenue	1,075	798	523	522	803	728	523	621	1,156	1,055	679
Operating Cost of Revenue	1,075	798	523	522	803	728	523	621	1,156	1,055	679
Total Operating Expenses	349	374	335	324	320	331	272	300	279	285	254
Depreciation Expense	259	278	270	254	242	257	211	233	207	216	203
Other Operating Expenses / (Income)	90	90	66	67	77	71	61	67	72	67	51
Impairment Charge	0.30	-	-	2.90	0.00	2.90	0.00	0.00	0.00	1.10	-0.30
Total Other Income / (Expense), net	-127	-124	-105	-116	-107	-135	-131	-109	-107	-80	-82
Interest Expense	133	137	135	129	116	141	129	111	109	102	92
Other Income / (Expense), net	5.80	13	29	13	9.20	6.10	-1.60	2.00	1.50	22	10
Income Tax Expense	106	49	16	18	76	36	3.80	14	86	45	12
Preferred Stock Dividends Declared	0.00	-	0.00	0.00	21	12	8.10	19	14	14	14
Net Income / (Loss) Attributable to Noncontrolling Interest	52	20	11	17	35	-46	13	-13	4.80	-3.30	-2.30
Basic Earnings per Share	$1.01	$0.48	$0.19	$0.19	$0.77	$0.53	$0.19	$0.10	$0.77	$0.56	$0.13
Weighted Average Basic Shares Outstanding	470.40M	454.20M	451.90M	448.50M	447.90M	416.10M	413.50M	413.30M	412.80M	407.10M	406.50M
Diluted Earnings per Share	$1.00	$0.47	$0.19	$0.19	$0.77	$0.51	$0.17	$0.09	$0.71	$0.52	$0.12
Weighted Average Diluted Shares Outstanding	472.50M	456M	454.50M	450.20M	449.40M	447.90M	448.30M	446.80M	447.10M	442.70M	443.40M
Weighted Average Basic & Diluted Shares Outstanding	470.70M	469.94M	466.78M	448.51M	448.31M	447.52M	413.42M	413.25M	413.06M	0.00	406.13M
Cash Dividends to Common per Share	$0.56	-	$0.27	$0.27	$0.53	-	$0.25	$0.25	$0.50	-	$0.24

This table details how cash moves in and out of NiSource's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-2,083	2,206	-20	-31	-23	27	83	2.40	-9.20	-33
Net Cash From Operating Activities	1,782	1,935	1,409	1,218	1,104	1,583	540	742	803	1,457
Net Cash From Continuing Operating Activities	1,782	1,935	1,409	1,218	1,104	1,583	540	742	803	1,163
Net Income / (Loss) Continuing Operations	845	674	792	589	-14	383	-51	129	332	302
Consolidated Net Income / (Loss)	845	674	792	589	-14	383	-51	129	332	302
Depreciation Expense	1,043	908	821	748	726	717	600	570	547	524
Non-Cash Adjustments To Reconcile Net Income	-26	-5.20	-103	30	671	440	36	139	35	46
Changes in Operating Assets and Liabilities, net	-80	358	-101	-149	-278	43	-52	-103	-118	295
Net Cash From Investing Activities	-3,213	-3,572	-2,570	-2,205	-879	-1,922	-1,926	-1,809	-1,603	1,950
Net Cash From Continuing Investing Activities	-3,213	-3,572	-2,570	-2,206	-879	-1,922	-1,926	-1,809	-1,603	2,380
Purchase of Property, Plant & Equipment	-2,614	-2,646	-2,203	-1,838	-1,758	-1,802	-1,818	-1,696	-1,475	-1,361
Purchase of Investments	-18	-43	-74	-103	-145	-140	-90	-168	-38	-55
Sale and/or Maturity of Investments	93	40	76	98	131	132	82	163	33	58
Other Investing Activities, net	-674	-923	-369	-363	-224	-112	-102	-107	-123	3,737
Net Cash From Financing Activities	-651	3,842	1,141	956	-248	366	1,469	1,069	791	-3,412
Net Cash From Continuing Financing Activities	-651	3,842	1,141	956	-248	366	1,469	1,069	791	-3,520
Repayment of Debt	-1,676	190	-126	-9.20	-4,242	-856	-1,271	-2,282	482	-3,122
Repurchase of Preferred Equity	-500	-400	0.00	0.00	-	-	-	-	-	-
Repurchase of Common Equity	-67	-30	-13	-18	-247	-18	-4.00	-7.20	-9.40	-20
Payment of Dividends	-540	-471	-437	-401	-377	-355	-285	-229	-206	-263
Issuance of Debt	1,436	2,139	1,548	0.00	4,324	1,350	1,300	3,250	500	0.00
Issuance of Common Equity	712	2,175	154	1,385	294	244	848	337	23	23
Other Financing Activities, net	-16	241	15	-	-	-	-	-	-	-137

This table details how cash moves in and out of NiSource's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	105	40	-471	478	-2,129	2,175	-85	43	73	-3.20	-21
Net Cash From Operating Activities	686	540	340	446	456	399	345	508	683	373	129
Net Cash From Continuing Operating Activities	686	542	341	430	468	399	344	503	689	373	129
Net Income / (Loss) Continuing Operations	527	244	97	103	400	192	98	46	338	241	64
Consolidated Net Income / (Loss)	527	244	97	103	400	192	98	46	338	241	64
Depreciation Expense	259	278	270	254	242	257	211	233	207	216	203
Non-Cash Adjustments To Reconcile Net Income	-10	30	-20	-37	0.00	20	-11	-15	0.00	2.60	-0.30
Changes in Operating Assets and Liabilities, net	-89	-11	-6.00	110	-174	-70	46	238	144	-87	-137
Net Cash From Investing Activities	-1,353	-799	-821	-871	-723	-1,068	-1,128	-648	-728	-888	-732
Net Cash From Continuing Investing Activities	-1,353	-799	-821	-871	-723	-1,068	-1,128	-648	-728	-888	-732
Purchase of Property, Plant & Equipment	-637	-760	-635	-630	-590	-760	-724	-605	-557	-680	-606
Other Investing Activities, net	-715	-114	-186	-241	-134	-305	-404	-43	-171	-210	-126
Net Cash From Financing Activities	771	299	503	421	-1,874	2,844	698	183	117	511	582
Net Cash From Continuing Financing Activities	771	299	9.10	915	-1,874	2,844	698	183	117	511	582
Repayment of Debt	-5.50	-5.20	748	-585	-1,834	611	148	-64	-505	-24	-34
Repurchase of Preferred Equity	0.00	-14	-486	486	-486	-6.20	-	-394	0.00	-	-
Repurchase of Common Equity	-15	-4.40	-2.90	-2.40	-58	-11	-2.60	-4.90	-12	-2.90	-1.00
Payment of Dividends	-154	-128	-145	-137	-130	-114	-114	-128	-117	-110	-105
Issuance of Debt	908	348	-647	1,090	644	192	458	745	744	488	719
Issuance of Common Equity	38	105	542	63	2.70	1,924	209	35	6.60	145	3.20
Other Financing Activities, net	0.00	-2.10	-	-	-14	247	-	-6.20	0.00	15	-

This table presents NiSource's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	31,788	31,077	26,737	24,157	22,041	22,660	21,804	19,962	18,692	17,493
Total Current Assets	2,080	4,499	2,584	1,921	1,659	1,854	2,055	1,763	1,762	1,577
Cash & Equivalents	157	2,245	41	84	117	139	113	29	26	16
Restricted Cash	42	36	35	11	9.10	9.10	8.30	9.40	9.60	30
Accounts Receivable	1,010	928	1,170	925	825	905	1,147	945	852	681
Inventories, net	389	503	752	499	401	425	423	471	494	537
Prepaid Expenses	139	106	-	-	-	-	-	-	-	-
Other Current Assets	344	682	587	402	307	375	365	309	379	314
Plant, Property, & Equipment, net	25,454	22,275	19,843	17,882	16,620	16,912	15,543	14,360	13,068	12,112
Plant, Property & Equipment, gross	34,153	30,482	27,551	25,171	24,180	24,542	22,781	21,313	19,682	18,965
Accumulated Depreciation	8,699	8,207	7,709	7,290	7,560	7,630	7,258	6,954	6,614	6,853
Total Noncurrent Assets	4,254	4,303	4,310	4,354	3,762	3,894	4,206	3,839	3,862	3,804
Long-Term Investments	179	247	224	259	252	230	206	210	200	195
Goodwill	1,486	1,486	1,486	1,486	1,486	1,486	1,691	1,691	1,691	1,691
Other Noncurrent Operating Assets	2,589	2,570	2,600	2,609	2,024	2,178	2,089	1,707	1,729	1,665
Total Liabilities & Shareholders' Equity	31,788	31,077	26,737	24,157	22,041	22,660	21,804	19,962	18,692	17,493
Total Liabilities	21,120	20,941	18,835	16,884	16,203	16,673	16,053	15,642	14,621	13,649
Total Current Liabilities	4,113	5,265	4,661	2,746	2,279	3,746	4,037	3,178	3,452	2,658
Short-Term Debt	1,886	3,072	1,792	618	526	1,787	2,027	1,490	1,851	1,001
Accounts Payable	863	749	900	698	589	666	884	626	539	433
Customer Deposits	269	294	325	238	243	256	239	263	264	316
Current Deferred & Payable Income Tax Liabilities	173	166	246	277	244	232	223	208	195	184
Current Employee Benefit Liabilities	268	228	168	183	142	156	150	195	161	141
Other Current Liabilities	497	619	1,092	627	430	384	290	240	283	415
Other Current Nonoperating Liabilities	157	136	138	106	105	99	91	112	120	129
Total Noncurrent Liabilities	17,006	15,676	14,174	14,138	13,923	12,927	12,016	12,463	11,169	10,992
Long-Term Debt	12,075	11,056	9,524	9,183	9,220	7,856	7,105	7,512	6,058	5,949
Asset Retirement Reserve & Litigation Obligation	2,130	1,991	2,254	2,312	2,381	2,769	2,871	3,006	1,528	1,604
Noncurrent Deferred & Payable Income Tax Liabilities	2,282	2,080	1,855	1,659	1,471	1,485	1,342	1,305	2,541	2,380
Noncurrent Employee Benefit Liabilities	208	250	246	293	336	373	389	337	713	760
Other Noncurrent Operating Liabilities	313	299	297	690	516	444	309	303	328	299
Total Equity & Noncontrolling Interests	10,668	10,136	7,902	7,273	5,838	5,987	5,751	4,320	4,071	3,844
Total Preferred & Common Equity	8,684	8,270	7,575	6,947	5,752	5,987	5,751	4,320	4,071	3,844
Preferred Stock	0.00	486	1,547	1,547	880	880	880	0.00	-	-
Total Common Equity	8,684	7,784	6,029	5,401	4,872	5,107	4,871	4,320	4,071	3,844
Common Stock	9,526	8,884	7,380	7,208	6,894	6,670	6,407	5,533	5,157	5,081
Retained Earnings	-712	-967	-1,214	-1,581	-1,765	-1,371	-1,399	-1,073	-972	-1,123
Treasury Stock	-100	-100	-100	-100	-100	-100	-100	-96	-89	-79
Accumulated Other Comprehensive Income / (Loss)	-30	-34	-37	-127	-157	-93	-37	-43	-25	-35
Noncontrolling Interest	1,984	1,867	326	326	86	0.00	-	-	-	-

This table presents NiSource's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	33,105	31,788	30,828	29,898	29,338	31,077	27,828	27,344	26,854	26,737	25,576
Total Current Assets	2,185	2,080	1,616	1,944	2,060	4,499	1,815	1,857	2,337	2,584	2,229
Cash & Equivalents	259	157	126	101	102	2,245	56	151	106	41	36
Restricted Cash	44	42	33	35	38	36	51	40	42	35	43
Accounts Receivable	1,176	1,010	595	637	889	928	607	647	1,015	1,170	771
Inventories, net	261	389	391	373	324	503	542	463	376	752	800
Prepaid Expenses	138	139	-	-	-	106	-	-	-	-	-
Other Current Assets	306	344	471	798	707	682	380	419	516	587	579
Plant, Property, & Equipment, net	26,490	25,454	24,881	23,613	22,946	22,275	21,712	21,175	20,228	19,843	18,991
Plant, Property & Equipment, gross	35,313	34,153	33,454	32,031	31,301	30,482	29,816	29,135	28,066	27,551	26,641
Accumulated Depreciation	8,823	8,699	8,572	8,419	8,355	8,207	8,104	7,960	7,838	7,709	7,650
Total Noncurrent Assets	4,431	4,254	4,331	4,341	4,332	4,303	4,139	4,157	4,290	4,310	4,355
Long-Term Investments	173	179	233	236	242	247	82	82	227	224	227
Goodwill	1,486	1,486	1,486	1,486	1,486	1,486	1,486	1,486	1,486	1,486	1,486
Other Noncurrent Operating Assets	2,772	2,589	2,611	2,620	2,604	2,570	2,571	2,589	2,577	2,600	2,643
Total Liabilities & Shareholders' Equity	33,105	31,788	30,828	29,898	29,338	31,077	27,828	27,344	26,854	26,737	25,576
Total Liabilities	22,159	21,120	20,499	20,078	19,543	20,941	20,059	19,772	18,850	18,835	18,071
Total Current Liabilities	4,242	4,113	3,486	2,508	3,125	5,265	4,395	4,091	3,907	4,661	3,911
Short-Term Debt	2,052	1,886	1,528	667	1,246	3,072	2,247	1,619	1,312	1,792	1,303
Accounts Payable	726	863	615	584	613	749	648	718	642	900	667
Customer Deposits	143	269	262	188	190	294	287	208	226	325	315
Dividends Payable	134	-	125	120	119	-	112	112	123	-	115
Current Deferred & Payable Income Tax Liabilities	216	173	135	164	170	166	176	209	269	246	190
Current Employee Benefit Liabilities	142	268	239	174	136	228	183	152	125	168	151
Other Current Liabilities	686	497	434	465	504	619	592	949	1,072	1,092	1,048
Other Current Nonoperating Liabilities	142	157	147	146	149	136	150	125	139	138	124
Total Noncurrent Liabilities	17,917	17,006	17,014	17,570	16,418	15,676	15,664	15,681	14,943	14,174	14,160
Long-Term Debt	12,833	12,075	12,086	12,810	11,725	11,056	11,011	11,003	10,265	9,524	9,521
Asset Retirement Reserve & Litigation Obligation	2,190	2,130	2,171	2,012	1,992	1,991	2,113	2,161	2,190	2,254	2,269
Noncurrent Deferred & Payable Income Tax Liabilities	2,354	2,282	2,207	2,198	2,160	2,080	2,011	1,986	1,950	1,855	1,804
Noncurrent Employee Benefit Liabilities	204	208	238	242	245	250	236	237	240	246	277
Other Noncurrent Operating Liabilities	337	313	312	308	298	299	292	295	299	297	289
Total Equity & Noncontrolling Interests	10,946	10,668	10,329	9,820	9,795	10,136	7,769	7,571	8,004	7,902	7,506
Total Preferred & Common Equity	8,897	8,684	8,345	7,869	7,896	8,270	7,212	7,230	7,674	7,575	7,194
Preferred Stock	0.00	0.00	0.00	0.00	0.00	486	1,154	1,153	1,547	1,547	1,547
Total Common Equity	8,897	8,684	8,345	7,869	7,896	7,784	6,060	6,078	6,128	6,029	5,647
Common Stock	9,527	9,526	9,409	8,899	8,891	8,884	7,397	7,387	7,377	7,380	7,229
Retained Earnings	-501	-712	-935	-896	-862	-967	-1,201	-1,174	-1,115	-1,214	-1,458
Treasury Stock	-100	-100	-100	-100	-100	-100	-100	-100	-100	-100	-100
Accumulated Other Comprehensive Income / (Loss)	-29	-30	-30	-34	-34	-34	-37	-36	-35	-37	-24
Noncontrolling Interest	2,049	1,984	1,984	1,951	1,899	1,867	557	341	330	326	312

This table displays calculated financial ratios and metrics derived from NiSource's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.91%	-5.90%	19.41%	4.65%	-10.12%	1.85%	4.92%	8.51%	-3.42%	-11.77%
EBITDA Growth	15.89%	3.41%	19.08%	37.23%	-18.35%	106.75%	-47.81%	4.77%	4.99%	3.92%
EBIT Growth	16.61%	-1.10%	25.80%	79.74%	-34.17%	426.46%	-81.47%	5.17%	5.60%	1.84%
NOPAT Growth	14.21%	2.43%	24.90%	117.61%	-42.76%	671.64%	-67.33%	-52.20%	19.61%	-2.21%
Net Income Growth	25.25%	-14.83%	34.48%	4,246.48%	-103.71%	857.11%	-139.38%	-61.24%	9.73%	-43.00%
EPS Growth	9.46%	-12.94%	33.86%	768.42%	-121.84%	583.33%	-146.15%	-61.76%	13.33%	-46.11%
Operating Cash Flow Growth	-7.94%	37.30%	15.72%	10.32%	-30.27%	193.15%	-27.23%	-7.61%	-44.86%	10.40%
Free Cash Flow Firm Growth	24.81%	-47.32%	-75.17%	-258.94%	1,528.74%	97.83%	-30.22%	-69.10%	-806.01%	-101.62%
Invested Capital Growth	11.60%	14.78%	13.26%	9.89%	-0.26%	4.80%	11.07%	11.14%	11.07%	5.28%
Revenue Q/Q Growth	3.13%	-4.88%	5.33%	4.20%	-3.83%	-1.22%	1.86%	1.48%	4.64%	7.37%
EBITDA Q/Q Growth	3.30%	1.01%	6.35%	3.60%	26.61%	3.50%	-28.38%	2.33%	1.55%	23.05%
EBIT Q/Q Growth	4.20%	-1.44%	8.18%	5.83%	88.58%	3.97%	-66.55%	2.91%	0.75%	42.56%
NOPAT Q/Q Growth	3.54%	-0.37%	6.43%	15.32%	86.90%	-25.86%	120.14%	-53.29%	8.11%	35.25%
Net Income Q/Q Growth	6.61%	-6.81%	9.39%	16.96%	94.12%	-24.99%	44.58%	-52.35%	9.73%	-23.89%
EPS Q/Q Growth	-2.41%	-0.67%	13.33%	11.40%	75.95%	-25.64%	21.74%	-51.85%	14.61%	-28.00%
Operating Cash Flow Q/Q Growth	8.57%	1.36%	7.20%	2.80%	-8.77%	87.44%	-52.61%	-7.33%	1.06%	-10.46%
Free Cash Flow Firm Q/Q Growth	30.30%	-22.67%	-0.32%	-22.43%	-34.47%	95.09%	-9.02%	-29.05%	6.45%	-101.42%
Invested Capital Q/Q Growth	2.45%	5.36%	4.35%	4.52%	3.32%	0.58%	6.54%	2.05%	2.89%	3.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.47%	45.00%	38.47%	41.87%	42.43%	44.53%	19.56%	35.99%	36.87%	34.01%
EBITDA Margin	46.99%	40.17%	36.56%	36.66%	27.96%	30.77%	15.16%	30.47%	31.56%	29.03%
Operating Margin	26.68%	23.53%	21.64%	20.55%	11.77%	17.10%	2.44%	18.90%	19.28%	17.20%
EBIT Margin	27.86%	23.68%	22.53%	21.38%	12.45%	17.00%	3.29%	18.62%	19.21%	17.57%
Profit (Net Income) Margin	15.48%	12.25%	13.53%	12.02%	-0.30%	7.35%	-0.99%	2.64%	7.38%	6.49%
Tax Burden Percent	84.23%	82.86%	82.79%	83.33%	45.37%	75.62%	21.94%	29.01%	64.54%	88.88%
Interest Burden Percent	65.97%	62.44%	72.56%	67.44%	-5.37%	57.21%	-137.10%	48.80%	59.51%	41.59%
Effective Tax Rate	15.77%	17.14%	17.21%	16.67%	0.00%	24.38%	0.00%	70.99%	35.46%	41.57%
Return on Invested Capital (ROIC)	5.30%	5.25%	5.84%	5.22%	2.52%	4.49%	0.63%	2.13%	4.96%	4.49%
ROIC Less NNEP Spread (ROIC-NNEP)	2.30%	1.76%	3.37%	2.59%	-1.73%	1.31%	-0.93%	0.47%	1.85%	1.43%
Return on Net Nonoperating Assets (RNNOA)	2.82%	2.23%	4.59%	3.76%	-2.76%	2.04%	-1.63%	0.93%	3.42%	1.54%
Return on Equity (ROE)	8.12%	7.48%	10.44%	8.98%	-0.24%	6.53%	-1.00%	3.06%	8.38%	6.03%
Cash Return on Invested Capital (CROIC)	-5.66%	-8.52%	-6.59%	-4.20%	2.77%	-0.20%	-9.87%	-8.42%	-5.53%	-0.66%
Operating Return on Assets (OROA)	4.84%	4.51%	5.18%	4.54%	2.61%	3.98%	0.81%	4.70%	4.77%	3.88%
Return on Assets (ROA)	2.69%	2.33%	3.11%	2.55%	-0.06%	1.72%	-0.24%	0.66%	1.83%	1.44%
Return on Common Equity (ROCE)	6.43%	5.73%	7.86%	7.04%	-0.20%	5.55%	-0.92%	3.06%	8.38%	6.03%
Return on Equity Simple (ROE_SIMPLE)	9.73%	8.16%	10.45%	8.48%	-0.25%	6.40%	-0.88%	2.97%	8.14%	7.86%
Net Operating Profit after Tax (NOPAT)	1,226	1,073	1,048	839	386	674	87	267	559	467
NOPAT Margin	22.47%	19.50%	17.91%	17.12%	8.24%	12.93%	1.71%	5.48%	12.44%	10.05%
Net Nonoperating Expense Percent (NNEP)	2.99%	3.49%	2.47%	2.63%	4.24%	3.18%	1.55%	1.67%	3.11%	3.06%
Return On Investment Capital (ROIC_SIMPLE)	4.98%	4.42%	5.45%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	48.53%	55.00%	61.53%	58.13%	57.57%	55.47%	80.44%	64.01%	63.13%	65.99%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.79%	21.46%	16.83%	21.32%	30.67%	27.43%	17.12%	17.09%	17.59%	16.81%
Earnings before Interest and Taxes (EBIT)	1,520	1,304	1,318	1,048	583	886	168	908	863	817
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,563	2,212	2,139	1,796	1,309	1,603	775	1,485	1,418	1,350
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.96	1.35	1.70	1.82	1.58	1.72	1.55	1.59	1.36	1.22
Price to Tangible Book Value (P/TBV)	2.37	1.67	2.26	2.51	2.27	2.43	2.56	2.87	2.59	2.47
Price to Revenue (P/Rev)	3.12	1.91	1.76	2.01	1.64	1.69	1.48	1.41	1.23	1.01
Price to Earnings (P/E)	23.02	15.89	13.72	18.55	0.00	26.83	0.00	53.60	16.69	16.34
Dividend Yield	2.91%	3.93%	3.71%	3.52%	4.19%	3.40%	3.74%	3.42%	3.73%	3.47%
Earnings Yield	4.34%	6.29%	7.29%	5.39%	0.00%	3.73%	0.00%	1.87%	5.99%	6.12%
Enterprise Value to Invested Capital (EV/IC)	1.34	1.12	1.22	1.26	1.18	1.23	1.18	1.19	1.11	1.07
Enterprise Value to Revenue (EV/Rev)	5.98	4.44	3.96	4.32	3.85	3.64	3.37	3.21	2.94	2.45
Enterprise Value to EBITDA (EV/EBITDA)	12.72	11.06	10.83	11.77	13.77	11.82	22.26	10.53	9.32	8.44
Enterprise Value to EBIT (EV/EBIT)	21.45	18.77	17.58	20.18	30.92	21.40	102.61	17.23	15.30	13.94
Enterprise Value to NOPAT (EV/NOPAT)	26.59	22.79	22.11	25.20	46.74	28.13	197.71	58.54	23.63	24.37
Enterprise Value to Operating Cash Flow (EV/OCF)	18.30	12.64	16.44	17.36	16.32	11.97	31.95	21.08	16.44	7.82
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	42.42	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.31	1.39	1.43	1.35	1.67	1.61	1.59	2.08	1.94	1.81
Long-Term Debt to Equity	1.13	1.09	1.21	1.26	1.58	1.31	1.24	1.74	1.49	1.55
Financial Leverage	1.22	1.27	1.36	1.45	1.59	1.56	1.76	1.99	1.85	1.08
Leverage Ratio	3.02	3.21	3.35	3.52	3.78	3.79	4.15	4.61	4.57	4.20
Compound Leverage Factor	1.99	2.00	2.43	2.38	-0.20	2.17	-5.69	2.25	2.72	1.75
Debt to Total Capital	56.68%	58.23%	58.88%	57.40%	62.54%	61.70%	61.36%	67.57%	66.02%	64.39%
Short-Term Debt to Total Capital	7.66%	12.66%	9.32%	3.62%	3.38%	11.43%	13.62%	11.18%	15.45%	9.28%
Long-Term Debt to Total Capital	49.03%	45.56%	49.56%	53.78%	59.16%	50.27%	47.74%	56.39%	50.57%	55.11%
Preferred Equity to Total Capital	0.00%	2.00%	8.05%	9.06%	5.65%	5.63%	5.91%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.06%	7.69%	1.70%	1.91%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	35.26%	32.08%	31.37%	31.63%	31.26%	32.67%	32.73%	32.43%	33.98%	35.61%
Debt to EBITDA	5.45	6.39	5.29	5.46	7.45	6.02	11.78	6.06	5.58	5.15
Net Debt to EBITDA	5.30	5.24	5.15	5.26	7.16	5.78	11.36	5.89	5.41	4.97
Long-Term Debt to EBITDA	4.71	5.00	4.45	5.11	7.04	4.90	9.16	5.06	4.27	4.41
Debt to NOPAT	11.39	13.16	10.80	11.68	25.28	14.32	104.62	33.69	14.15	14.87
Net Debt to NOPAT	11.08	10.81	10.51	11.26	24.30	13.75	100.88	32.76	13.73	14.36
Long-Term Debt to NOPAT	9.85	10.30	9.09	10.95	23.91	11.66	81.40	28.11	10.84	12.73
Altman Z-Score	0.71	0.54	0.55	0.56	0.44	0.49	0.34	0.50	0.44	0.46
Noncontrolling Interest Sharing Ratio	20.85%	23.43%	24.68%	21.64%	15.61%	14.99%	8.74%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.51	0.85	0.55	0.70	0.73	0.49	0.51	0.55	0.51	0.59
Quick Ratio	0.28	0.60	0.26	0.37	0.41	0.28	0.31	0.31	0.25	0.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,310	-1,743	-1,183	-675	425	-30	-1,373	-1,054	-624	-69
Operating Cash Flow to CapEx	68.15%	73.14%	63.97%	66.26%	171.91%	87.86%	29.73%	43.77%	54.45%	107.06%
Free Cash Flow to Firm to Interest Expense	-2.53	-3.56	-3.27	-1.98	0.69	-0.08	-3.44	-2.27	-1.78	-0.14
Operating Cash Flow to Interest Expense	3.44	3.95	3.90	3.57	1.80	4.18	1.35	1.60	2.30	3.05
Operating Cash Flow Less CapEx to Interest Expense	-1.61	-1.45	-2.20	-1.82	0.75	-0.58	-3.20	-2.05	-1.92	0.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.19	0.23	0.21	0.21	0.23	0.24	0.25	0.25	0.22
Accounts Receivable Turnover	5.63	5.25	5.58	5.60	5.41	5.08	4.89	5.43	5.86	5.71
Inventory Turnover	5.93	4.83	5.76	6.33	6.53	6.82	9.21	6.46	5.50	5.47
Fixed Asset Turnover	0.23	0.26	0.31	0.28	0.28	0.32	0.34	0.36	0.36	0.40
Accounts Payable Turnover	3.28	3.67	4.51	4.43	4.30	3.73	5.45	5.36	5.83	5.88
Days Sales Outstanding (DSO)	64.83	69.55	65.36	65.21	67.47	71.90	74.63	67.28	62.29	63.95
Days Inventory Outstanding (DIO)	61.51	75.64	63.40	57.65	55.92	53.51	39.64	56.47	66.35	66.75
Days Payable Outstanding (DPO)	111.16	99.37	80.98	82.45	84.98	97.88	66.95	68.14	62.60	62.04
Cash Conversion Cycle (CCC)	15.18	45.81	47.78	40.41	38.41	27.53	47.32	55.61	66.04	68.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	24,408	21,872	19,056	16,825	15,311	15,350	14,647	13,187	11,865	10,682
Invested Capital Turnover	0.24	0.27	0.33	0.30	0.31	0.35	0.37	0.39	0.40	0.45
Increase / (Decrease) in Invested Capital	2,536	2,816	2,231	1,514	-39	703	1,460	1,322	1,183	536
Enterprise Value (EV)	32,597	24,464	23,166	21,147	18,021	18,946	17,258	15,642	13,207	11,392
Market Capitalization	17,030	10,512	10,277	9,827	7,686	8,802	7,573	6,888	5,534	4,682
Book Value per Share	$18.60	$18.83	$14.84	$13.75	$12.71	$13.67	$13.41	$12.83	$12.61	$12.06
Tangible Book Value per Share	$15.42	$15.23	$11.19	$9.97	$8.84	$9.69	$8.15	$7.12	$6.62	$5.96
Total Capital	24,629	24,264	19,217	17,074	15,584	15,630	14,884	13,322	11,981	10,793
Total Debt	13,960	14,128	11,316	9,802	9,746	9,643	9,133	9,002	7,909	6,950
Total Long-Term Debt	12,075	11,056	9,524	9,183	9,220	7,856	7,105	7,512	6,058	5,949
Net Debt	13,583	11,600	11,016	9,448	9,369	9,264	8,805	8,754	7,673	6,710
Capital Expenditures (CapEx)	2,614	2,646	2,203	1,838	642	1,802	1,816	1,696	1,475	1,361
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-346	26	-360	-302	-219	-254	-75	37	125	-124
Debt-free Net Working Capital (DFNWC)	-147	2,307	-284	-207	-94	-105	46	75	161	-79
Net Working Capital (NWC)	-2,033	-766	-2,076	-825	-620	-1,892	-1,981	-1,415	-1,690	-1,080
Net Nonoperating Expense (NNE)	381	399	256	250	400	290	138	139	228	165
Net Nonoperating Obligations (NNO)	13,740	11,736	11,154	9,552	9,473	9,364	8,896	8,867	7,794	6,839
Total Depreciation and Amortization (D&A)	1,043	908	821	748	726	717	607	578	555	533
Debt-free, Cash-free Net Working Capital to Revenue	-6.34%	0.47%	-6.15%	-6.17%	-4.68%	-4.87%	-1.47%	0.75%	2.78%	-2.67%
Debt-free Net Working Capital to Revenue	-2.70%	41.90%	-4.86%	-4.23%	-2.00%	-2.02%	0.90%	1.54%	3.58%	-1.70%
Net Working Capital to Revenue	-37.27%	-13.91%	-35.49%	-16.85%	-13.24%	-36.32%	-38.74%	-29.03%	-37.62%	-23.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.63	$1.59	$0.00	$1.35	($0.19)	$0.88	($0.18)	$0.39	$0.00	$0.90
Adjusted Weighted Average Basic Shares Outstanding	454.20M	416.10M	0.00	393.60M	384.35M	374.60M	356.49M	329.39M	0.00	317.75M
Adjusted Diluted Earnings per Share	$1.62	$1.48	$0.00	$1.27	($0.19)	$0.87	($0.18)	$0.39	$0.00	$0.90
Adjusted Weighted Average Diluted Shares Outstanding	456M	447.90M	0.00	417.30M	384.35M	376M	356.49M	330.76M	0.00	319.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	469.94M	447.52M	0.00	405.39M	391.86M	382.26M	372.49M	337.41M	0.00	319.74M
Normalized Net Operating Profit after Tax (NOPAT)	1,234	1,076	962	845	673	987	88	649	558	468
Normalized NOPAT Margin	22.61%	19.54%	16.44%	17.26%	14.37%	18.95%	1.72%	13.31%	12.43%	10.07%
Pre Tax Income Margin	18.38%	14.78%	16.35%	14.42%	-0.67%	9.73%	-4.51%	9.09%	11.43%	7.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.94	2.66	3.64	3.07	0.95	2.34	0.42	1.95	2.47	1.71
NOPAT to Interest Expense	2.37	2.19	2.90	2.46	0.63	1.78	0.22	0.58	1.60	0.98
EBIT Less CapEx to Interest Expense	-2.12	-2.74	-2.45	-2.32	-0.10	-2.42	-4.13	-1.70	-1.75	-1.14
NOPAT Less CapEx to Interest Expense	-2.68	-3.21	-3.19	-2.93	-0.42	-2.98	-4.34	-3.07	-2.62	-1.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	63.87%	69.90%	55.14%	68.09%	-2,652.82%	92.56%	-563.04%	178.29%	61.99%	87.19%
Augmented Payout Ratio	71.84%	74.38%	56.78%	71.18%	-4,388.73%	97.21%	-570.95%	183.89%	64.83%	93.94%

This table displays calculated financial ratios and metrics derived from NiSource's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.95%	11.66%	4.76%	-0.49%	-13.21%	-16.58%	-5.70%	-7.88%	4.95%	21.01%	13.56%
EBITDA Growth	22.65%	13.10%	16.89%	24.63%	12.89%	3.66%	19.54%	11.91%	-8.02%	26.82%	5.62%
EBIT Growth	29.13%	16.60%	6.96%	46.28%	11.29%	-4.90%	38.73%	12.21%	-12.88%	34.62%	3.35%
NOPAT Growth	28.99%	13.76%	-16.40%	56.36%	15.79%	-0.90%	69.54%	9.78%	-13.73%	25.45%	11.36%
Net Income Growth	31.58%	27.31%	-1.42%	122.68%	18.50%	-20.44%	54.96%	-17.03%	-21.68%	39.26%	2.09%
EPS Growth	29.87%	-7.84%	11.76%	111.11%	8.45%	-1.92%	41.67%	-25.00%	-24.47%	62.50%	0.00%
Operating Cash Flow Growth	50.46%	35.22%	-1.42%	-12.23%	-33.25%	6.97%	167.36%	55.04%	17.87%	33.96%	-45.41%
Free Cash Flow Firm Growth	21.05%	12.82%	-26.50%	-43.48%	-81.96%	-30.58%	-11.93%	-26.51%	-65.05%	-51.55%	-75.08%
Invested Capital Growth	13.16%	11.60%	14.76%	16.75%	18.06%	14.78%	13.68%	13.14%	12.02%	13.26%	13.44%
Revenue Q/Q Growth	37.50%	47.52%	-0.77%	-36.43%	19.99%	38.41%	-5.74%	-44.56%	15.34%	56.46%	-7.92%
EBITDA Q/Q Growth	44.60%	36.94%	2.68%	-39.68%	33.34%	41.53%	9.48%	-45.36%	22.44%	63.22%	2.49%
EBIT Q/Q Growth	77.99%	73.70%	-1.00%	-57.81%	60.73%	59.33%	35.40%	-67.91%	37.35%	132.43%	9.52%
NOPAT Q/Q Growth	81.93%	85.35%	-7.35%	-58.71%	60.45%	36.22%	73.27%	-69.42%	37.32%	133.04%	12.20%
Net Income Q/Q Growth	115.60%	151.86%	-5.92%	-74.24%	108.60%	95.02%	112.53%	-86.29%	40.05%	279.84%	13.80%
EPS Q/Q Growth	112.77%	147.37%	0.00%	-75.32%	50.98%	200.00%	88.89%	-87.32%	36.54%	333.33%	0.00%
Operating Cash Flow Q/Q Growth	27.16%	58.76%	-23.68%	-2.35%	14.28%	15.74%	-32.05%	-25.72%	83.12%	189.30%	-60.60%
Free Cash Flow Firm Q/Q Growth	-7.30%	23.91%	7.94%	-5.05%	-18.48%	-10.41%	-4.41%	-33.22%	14.97%	5.36%	-18.02%
Invested Capital Q/Q Growth	5.01%	2.45%	2.73%	2.39%	3.56%	5.36%	4.51%	3.54%	0.68%	4.35%	4.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.75%	49.72%	51.38%	51.84%	52.92%	48.80%	49.14%	42.99%	41.19%	38.13%	37.71%
EBITDA Margin	46.89%	44.59%	48.03%	46.42%	48.92%	44.02%	43.05%	37.06%	37.61%	35.43%	33.96%
Operating Margin	34.78%	26.25%	20.28%	21.85%	34.19%	25.50%	22.68%	15.50%	27.01%	21.44%	14.38%
EBIT Margin	35.05%	27.08%	23.00%	23.05%	34.73%	25.93%	22.52%	15.68%	27.09%	22.74%	15.31%
Profit (Net Income) Margin	24.13%	15.39%	9.01%	9.50%	23.46%	13.50%	9.58%	4.25%	17.18%	14.15%	5.83%
Tax Burden Percent	83.29%	83.41%	85.92%	85.42%	84.04%	84.28%	96.28%	76.66%	79.75%	84.37%	84.44%
Interest Burden Percent	82.65%	68.13%	45.62%	48.28%	80.37%	61.76%	44.17%	35.34%	79.55%	73.74%	45.08%
Effective Tax Rate	16.71%	16.59%	14.08%	14.58%	15.96%	15.72%	3.72%	23.34%	20.26%	15.63%	15.56%
Return on Invested Capital (ROIC)	7.12%	5.16%	4.13%	4.54%	7.21%	5.78%	6.48%	3.71%	7.05%	5.90%	3.93%
ROIC Less NNEP Spread (ROIC-NNEP)	6.35%	4.35%	3.45%	3.77%	6.46%	4.79%	5.42%	2.97%	6.23%	5.25%	3.25%
Return on Net Nonoperating Assets (RNNOA)	8.43%	5.33%	5.05%	5.56%	8.72%	6.08%	8.42%	4.38%	8.33%	7.16%	4.67%
Return on Equity (ROE)	15.55%	10.49%	9.19%	10.11%	15.93%	11.86%	14.90%	8.10%	15.38%	13.06%	8.60%
Cash Return on Invested Capital (CROIC)	-6.68%	-5.66%	-8.43%	-9.82%	-11.08%	-8.52%	-7.28%	-7.01%	-5.94%	-6.59%	-6.86%
Operating Return on Assets (OROA)	6.66%	4.70%	4.15%	4.22%	6.48%	4.94%	4.88%	3.52%	6.29%	5.23%	3.52%
Return on Assets (ROA)	4.58%	2.67%	1.63%	1.74%	4.38%	2.57%	2.08%	0.95%	3.99%	3.25%	1.34%
Return on Common Equity (ROCE)	12.59%	8.30%	7.31%	8.10%	12.55%	9.08%	11.42%	6.30%	11.66%	9.84%	6.36%
Return on Equity Simple (ROE_SIMPLE)	10.92%	0.00%	9.49%	10.09%	9.33%	0.00%	10.03%	9.53%	9.10%	0.00%	10.06%
Net Operating Profit after Tax (NOPAT)	632	348	188	202	490	306	224	129	423	308	132
NOPAT Margin	28.97%	21.89%	17.43%	18.66%	28.74%	21.49%	21.84%	11.88%	21.54%	18.09%	12.15%
Net Nonoperating Expense Percent (NNEP)	0.77%	0.81%	0.68%	0.77%	0.75%	0.99%	1.06%	0.75%	0.82%	0.65%	0.68%
Return On Investment Capital (ROIC_SIMPLE)	2.45%	1.41%	-	-	-	1.26%	-	-	-	1.60%	-
Cost of Revenue to Revenue	49.25%	50.28%	48.62%	48.16%	47.08%	51.20%	50.86%	57.01%	58.81%	61.87%	62.29%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.96%	23.57%	31.10%	29.84%	18.72%	23.28%	26.46%	27.52%	14.18%	16.69%	23.32%
Earnings before Interest and Taxes (EBIT)	765	430	248	250	593	369	231	171	533	388	167
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,024	708	517	504	835	626	442	404	739	604	370
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.10	1.96	1.86	1.63	1.42	1.35	1.62	1.77	1.75	1.70	1.68
Price to Tangible Book Value (P/TBV)	2.52	2.37	2.27	2.01	1.75	1.67	2.15	2.35	2.31	2.26	2.28
Price to Revenue (P/Rev)	3.15	3.12	2.94	2.44	2.14	1.91	1.70	1.84	1.81	1.76	1.71
Price to Earnings (P/E)	21.50	23.02	20.96	17.48	16.35	15.89	14.72	16.79	16.39	13.72	14.16
Dividend Yield	2.70%	2.91%	3.02%	3.61%	3.74%	3.93%	4.15%	3.72%	3.61%	3.71%	3.96%
Earnings Yield	4.65%	4.34%	4.77%	5.72%	6.12%	6.29%	6.79%	5.96%	6.10%	7.29%	7.06%
Enterprise Value to Invested Capital (EV/IC)	1.37	1.34	1.29	1.20	1.14	1.12	1.18	1.23	1.24	1.22	1.20
Enterprise Value to Revenue (EV/Rev)	5.93	5.98	5.81	5.32	4.90	4.44	4.22	4.18	4.01	3.96	3.94
Enterprise Value to EBITDA (EV/EBITDA)	12.78	12.72	12.39	11.58	11.15	11.06	11.16	11.55	11.48	10.83	10.87
Enterprise Value to EBIT (EV/EBIT)	20.78	21.45	21.08	19.31	18.86	18.77	18.48	19.45	19.22	17.58	17.95
Enterprise Value to NOPAT (EV/NOPAT)	25.72	26.59	25.97	22.98	22.44	22.79	22.68	24.56	24.30	22.11	22.21
Enterprise Value to Operating Cash Flow (EV/OCF)	17.48	18.30	18.74	16.93	15.06	12.64	12.80	14.45	15.74	16.44	16.63
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.36	1.31	1.32	1.37	1.32	1.39	1.71	1.67	1.45	1.43	1.44
Long-Term Debt to Equity	1.17	1.13	1.17	1.30	1.20	1.09	1.42	1.45	1.28	1.21	1.27
Financial Leverage	1.33	1.22	1.46	1.48	1.35	1.27	1.55	1.48	1.34	1.36	1.44
Leverage Ratio	3.01	3.02	3.24	3.29	3.16	3.21	3.50	3.45	3.30	3.35	3.43
Compound Leverage Factor	2.49	2.06	1.48	1.59	2.54	1.98	1.54	1.22	2.62	2.47	1.55
Debt to Total Capital	57.62%	56.68%	56.86%	57.85%	56.98%	58.23%	63.05%	62.51%	59.12%	58.88%	59.05%
Short-Term Debt to Total Capital	7.94%	7.66%	6.38%	2.86%	5.47%	12.66%	10.68%	8.02%	6.70%	9.32%	7.11%
Long-Term Debt to Total Capital	49.68%	49.03%	50.48%	54.98%	51.50%	45.56%	52.37%	54.49%	52.42%	49.56%	51.94%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	2.00%	5.49%	5.71%	7.90%	8.05%	8.44%
Noncontrolling Interests to Total Capital	7.93%	8.06%	8.29%	8.37%	8.34%	7.69%	2.65%	1.69%	1.68%	1.70%	1.70%
Common Equity to Total Capital	34.44%	35.26%	34.85%	33.78%	34.68%	32.08%	28.82%	30.10%	31.30%	31.37%	30.81%
Debt to EBITDA	5.41	5.45	5.49	5.60	5.62	6.39	6.06	5.96	5.58	5.29	5.38
Net Debt to EBITDA	5.24	5.30	5.33	5.45	5.46	5.24	5.90	5.76	5.40	5.15	5.23
Long-Term Debt to EBITDA	4.66	4.71	4.87	5.32	5.08	5.00	5.03	5.20	4.95	4.45	4.73
Debt to NOPAT	10.89	11.39	11.50	11.11	11.32	13.16	12.30	12.67	11.81	10.80	10.99
Net Debt to NOPAT	10.54	11.08	11.17	10.81	10.98	10.81	11.98	12.24	11.43	10.51	10.68
Long-Term Debt to NOPAT	9.39	9.85	10.21	10.56	10.23	10.30	10.22	11.05	10.47	9.09	9.67
Altman Z-Score	0.67	0.59	0.54	0.52	0.51	0.44	0.36	0.40	0.50	0.44	0.40
Noncontrolling Interest Sharing Ratio	19.04%	20.85%	20.41%	19.80%	21.21%	23.43%	23.36%	22.21%	24.15%	24.68%	26.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.52	0.51	0.46	0.78	0.66	0.85	0.41	0.45	0.60	0.55	0.57
Quick Ratio	0.34	0.28	0.21	0.29	0.32	0.60	0.19	0.23	0.29	0.26	0.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,348	-2,189	-2,876	-3,124	-2,974	-2,510	-2,274	-2,178	-1,635	-1,922	-2,031
Operating Cash Flow to CapEx	107.70%	71.03%	53.57%	70.74%	77.39%	52.51%	47.66%	83.93%	122.67%	54.87%	21.29%
Free Cash Flow to Firm to Interest Expense	-17.68	-15.97	-21.37	-24.16	-25.58	-17.80	-17.60	-19.71	-15.01	-18.88	-22.18
Operating Cash Flow to Interest Expense	5.17	3.94	2.53	3.45	3.92	2.83	2.67	4.59	6.28	3.67	1.41
Operating Cash Flow Less CapEx to Interest Expense	0.37	-1.61	-2.19	-1.43	-1.15	-2.56	-2.93	-0.88	1.16	-3.01	-5.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.17	0.18	0.18	0.19	0.19	0.22	0.22	0.23	0.23	0.23
Accounts Receivable Turnover	5.75	5.63	8.80	8.16	5.51	5.25	8.40	7.82	5.73	5.58	8.18
Inventory Turnover	9.98	5.93	5.53	6.16	7.64	4.83	5.00	7.36	11.43	5.76	5.36
Fixed Asset Turnover	0.24	0.23	0.23	0.23	0.24	0.26	0.28	0.29	0.31	0.31	0.30
Accounts Payable Turnover	4.36	3.28	4.08	3.96	4.26	3.67	5.10	5.13	5.75	4.51	5.90
Days Sales Outstanding (DSO)	63.52	64.83	41.47	44.71	66.23	69.55	43.47	46.67	63.70	65.36	44.60
Days Inventory Outstanding (DIO)	36.57	61.51	66.06	59.21	47.74	75.64	72.98	49.60	31.93	63.40	68.15
Days Payable Outstanding (DPO)	83.70	111.16	89.43	92.26	85.59	99.37	71.52	71.14	63.44	80.98	61.84
Cash Conversion Cycle (CCC)	16.39	15.18	18.10	11.66	28.38	45.81	44.94	25.13	32.19	47.78	50.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	25,632	24,408	23,824	23,191	22,651	21,872	20,760	19,864	19,186	19,056	18,262
Invested Capital Turnover	0.25	0.24	0.24	0.24	0.25	0.27	0.30	0.31	0.33	0.33	0.32
Increase / (Decrease) in Invested Capital	2,981	2,536	3,064	3,327	3,465	2,816	2,498	2,307	2,058	2,231	2,164
Enterprise Value (EV)	35,165	32,597	30,747	27,863	25,718	24,464	24,436	24,465	23,815	23,166	21,869
Market Capitalization	18,707	17,030	15,541	12,807	11,231	10,512	9,818	10,778	10,738	10,277	9,492
Book Value per Share	$18.93	$18.60	$18.61	$17.55	$17.63	$18.83	$14.66	$14.71	$14.84	$14.84	$13.91
Tangible Book Value per Share	$15.77	$15.42	$15.29	$14.24	$14.31	$15.23	$11.07	$11.12	$11.24	$11.19	$10.25
Total Capital	25,831	24,629	23,943	23,297	22,766	24,264	21,027	20,194	19,580	19,217	18,330
Total Debt	14,885	13,960	13,615	13,477	12,971	14,128	13,258	12,622	11,577	11,316	10,824
Total Long-Term Debt	12,833	12,075	12,086	12,810	11,725	11,056	11,011	11,003	10,265	9,524	9,521
Net Debt	14,409	13,583	13,222	13,105	12,588	11,600	12,908	12,194	11,201	11,016	10,519
Capital Expenditures (CapEx)	637	760	635	630	590	760	724	605	557	680	606
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-309	-346	-500	-33	41	26	-602	-961	-407	-360	-458
Debt-free Net Working Capital (DFNWC)	-5.30	-147	-341	103	182	2,307	-333	-615	-259	-284	-380
Net Working Capital (NWC)	-2,057	-2,033	-1,870	-564	-1,065	-766	-2,580	-2,234	-1,570	-2,076	-1,683
Net Nonoperating Expense (NNE)	106	103	91	99	90	114	126	83	86	67	69
Net Nonoperating Obligations (NNO)	14,686	13,740	13,495	13,372	12,856	11,736	12,991	12,293	11,182	11,154	10,756
Total Depreciation and Amortization (D&A)	259	278	270	254	242	257	211	233	207	216	203
Debt-free, Cash-free Net Working Capital to Revenue	-5.21%	-6.34%	-9.45%	-0.62%	0.78%	0.47%	-10.40%	-16.43%	-6.84%	-6.15%	-8.25%
Debt-free Net Working Capital to Revenue	-0.09%	-2.70%	-6.45%	1.97%	3.46%	41.90%	-5.76%	-10.51%	-4.35%	-4.86%	-6.84%
Net Working Capital to Revenue	-34.68%	-37.27%	-35.34%	-10.77%	-20.30%	-13.91%	-44.58%	-38.19%	-26.42%	-35.49%	-30.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.01	$0.48	$0.19	$0.19	$0.77	$0.53	$0.19	$0.10	$0.77	$0.56	$0.13
Adjusted Weighted Average Basic Shares Outstanding	470.40M	454.20M	451.90M	448.50M	447.90M	416.10M	413.50M	413.30M	412.80M	407.10M	406.50M
Adjusted Diluted Earnings per Share	$1.00	$0.47	$0.19	$0.19	$0.77	$0.51	$0.17	$0.09	$0.71	$0.52	$0.12
Adjusted Weighted Average Diluted Shares Outstanding	472.50M	456M	454.50M	450.20M	449.40M	447.90M	448.30M	446.80M	447.10M	442.70M	443.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	470.70M	469.94M	466.78M	448.51M	448.31M	447.52M	413.42M	413.25M	413.06M	0.00	406.13M
Normalized Net Operating Profit after Tax (NOPAT)	633	348	187	205	490	308	224	129	423	309	132
Normalized NOPAT Margin	28.98%	21.89%	17.39%	18.89%	28.74%	21.66%	21.82%	11.88%	21.54%	18.14%	12.12%
Pre Tax Income Margin	28.97%	18.45%	10.49%	11.13%	27.91%	16.01%	9.95%	5.54%	21.55%	16.77%	6.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.76	3.14	1.84	1.93	5.10	2.61	1.79	1.55	4.89	3.81	1.82
NOPAT to Interest Expense	4.76	2.54	1.39	1.57	4.22	2.17	1.74	1.17	3.89	3.03	1.44
EBIT Less CapEx to Interest Expense	0.96	-2.41	-2.88	-2.94	0.03	-2.78	-3.81	-3.93	-0.23	-2.87	-4.79
NOPAT Less CapEx to Interest Expense	-0.04	-3.01	-3.32	-3.31	-0.85	-3.22	-3.87	-4.30	-1.23	-3.65	-5.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	58.33%	63.87%	66.28%	62.18%	65.75%	69.90%	65.48%	67.60%	65.19%	55.14%	59.81%
Augmented Payout Ratio	60.91%	71.84%	75.59%	71.44%	76.06%	74.38%	68.55%	70.59%	67.46%	56.78%	62.38%

Frequently Asked Questions About NiSource's Financials

When does NiSource's fiscal year end?

According to the most recent income statement we have on file, NiSource's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has NiSource's net income changed over the last 9 years?

NiSource's net income appears to be on an upward trend, with a most recent value of $844.70 million in 2024, rising from $302.10 million in 2015. The previous period was $674.40 million in 2023. See NiSource's forecast for analyst expectations on what’s next for the company.

What is NiSource's operating income?

NiSource's total operating income in 2024 was $1.46 billion, based on the following breakdown:

Total Gross Profit: $2.81 billion
Total Operating Expenses: $1.35 billion

How has NiSource revenue changed over the last 9 years?

Over the last 9 years, NiSource's total revenue changed from $4.65 billion in 2015 to $5.46 billion in 2024, a change of 17.3%.

How much debt does NiSource have?

NiSource's total liabilities were at $21.12 billion at the end of 2024, a 0.9% increase from 2023, and a 54.7% increase since 2015.

How much cash does NiSource have?

In the past 9 years, NiSource's cash and equivalents has ranged from $15.50 million in 2015 to $2.25 billion in 2023, and is currently $156.60 million as of their latest financial filing in 2024.

How has NiSource's book value per share changed over the last 9 years?

Over the last 9 years, NiSource's book value per share changed from 12.06 in 2015 to 18.60 in 2024, a change of 54.3%.

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This page (NYSE:NI) was last updated on 6/1/2025 by MarketBeat.com Staff

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NiSource (NI) Financials

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