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NI

Company financials

NiSource

Utilities Multi-Utilities Merrillville, Indiana Last filing Feb 11, 2026 · FY2025
Revenue FY2022
$5.7B
+21.3%
Net income FY2025
$929.5M
+22.2%
Total assets FY2025
$35.9B
ROA +2.6% P45
+12.8%
Operating cash flow FY2025
$2.4B
+32.6%
18 yrs · FY2008–FY2025 8 filed · 1 derived · 0 blank
1Y 3Y 5Y 10Y
Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

22 accounts · 10 years
Total assets $35.9B
Total liabilities ~$26.4B
Shareholders equity $9.5B
Account 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Trend
Assets
Cash and Cash Equivalents 0.3% 0.5% 7.2% 0.2% 0.3% 0.5% 0.6% 0.5% 0.1% 0.1%
Accounts Receivable 3.5% 3.2% 3.0% 4.4% 3.8% 3.7% 4.0% 5.3% 4.7% 4.6%
Other Current Assets 2.8% 2.9% 4.3% 5.1% 3.8% 3.3% 3.6% 3.6% 4.0% 4.7%
Total Current Assets 6.6% 6.5% 14.5% 9.7% 8.0% 7.5% 8.2% 9.4% 8.8% 9.4%
Property,Plant and Equipment 80.0% 80.1% 71.7% 74.2% 74.0% 75.4% 74.6% 71.3% 71.9% 69.9%
Regulatory Assets 6.2% 6.8% 7.2% 8.8% 9.5% 8.1% 8.9% 9.2% 8.1% 8.8%
Other Noncurrent Assets 7.2% 6.6% 6.6% 7.3% 8.6% 8.9% 8.3% 10.1% 11.1% 11.9%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities
Current Portion of Long Term Debt 2.1% 5.9% 9.9% 6.7% 2.6% 2.4% 7.9% 9.3% 7.5% 9.9%
Other Current Liabilities 7.5% 7.0% 7.1% 10.7% 8.8% 8.0% 8.6% 9.2% 8.5% 8.6%
Total Current Liabilities 9.6% 12.9% 16.9% 17.4% 11.4% 10.3% 16.5% 18.5% 15.9% 18.5%
Long Term Debt 43.1% 38.0% 35.6% 35.6% 38.0% 41.8% 34.7% 32.6% 37.6% 32.4%
Regulatory Liabilities 4.2% 4.5% 4.9% 6.6% 7.6% 8.6% 10.4% 11.6% 13.7% 6.8%
Other Noncurrent Liabilities 10.5% 11.0% 10.0% 10.8% 12.9% 12.7% 12.0% 11.0% 11.1% 20.6%
Equity
Total Stockholders Equity 26.4% 27.3% 26.6% 28.3% 28.8% 26.1% 26.4% 26.4% 21.6% 21.8%
Common Stock 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Additional Paid In Capital 27.5% 30.0% 28.6% 27.6% 29.8% 31.3% 29.4% 29.4% 27.7% 27.6%
Retained Earnings -0.9% -2.2% -3.1% -4.5% -6.5% -8.0% -6.0% -6.4% -5.4% -5.2%
Treasury Stock 0.3% 0.3% 0.3% 0.4% 0.4% 0.5% 0.4% 0.5% 0.5% 0.5%
Accumulated Other Comprehensive Income -0.0% -0.1% -0.1% -0.1% -0.5% -0.7% -0.4% -0.2% -0.2% -0.1%
Noncontrolling Interest 6.2% 6.2% 6.0% 1.2% 1.3% 0.4% 0.0% — — —
Total Liabilitiesand Equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years
Ratio 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Profitability
Gross margin — — — +63.2% +70.6% +75.2% +69.6% +64.7% +67.9% +68.4%
Operating margin — — — +22.1% +21.3% +12.3% +17.6% +2.5% +19.5% +19.7%
Net margin — — — +14.0% +12.4% -0.4% +7.6% -1.0% +2.7% +7.5%
FCF margin — — — -19.5% -18.2% -16.5% -4.3% -25.6% -20.2% -15.3%
Growth
Revenue CAGR (3y) — — — +4.3% -1.8% -1.8% +4.8% — -3.6% -1.7%
Returns
ROE +9.8% +8.8% +8.6% +10.6% +8.4% -0.3% +6.4% -0.9% +3.0% +8.1%
ROA +2.6% +2.4% +2.3% +3.0% +2.4% -0.1% +1.7% -0.2% +0.6% +1.8%
ROIC — — — +5.6% +5.0% +3.6% +4.3% +0.8% +2.0% +4.7%
Liquidity
Current ratio 0.69x 0.51x 0.85x 0.55x 0.70x 0.73x 0.49x 0.51x 0.55x 0.51x
Quick ratio 0.40x 0.28x 0.60x 0.26x 0.37x 0.41x 0.28x 0.31x 0.31x 0.25x
Leverage
D/E 2.79x 2.66x 2.76x 2.53x 2.48x 2.83x 2.79x 2.79x 3.62x 3.59x
Interest coverage — — — 3.50x 2.95x 1.49x 2.35x 0.35x 2.61x 2.48x
Efficiency
Asset turnover — — — 0.21x 0.20x 0.20x 0.22x 0.23x 0.24x 0.23x
Cash conversion cycle — — — — — — — — — —

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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