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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 revenue.

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 — — — 0.7% 1.8% 2.6% 2.8% 2.3% 0.6% 0.6%
Accounts Receivable — — — 20.4% 19.6% 18.5% 17.9% 23.0% 20.0% 19.4%
Other Current Assets — — — 23.9% 19.3% 16.0% 16.0% 15.9% 16.7% 20.1%
Total Current Assets — — — 45.0% 40.6% 37.1% 36.7% 41.2% 37.3% 40.1%
Property,Plant and Equipment — — — 345.8% 377.9% 371.5% 334.7% 311.4% 303.6% 297.5%
Regulatory Assets — — — 40.9% 48.3% 40.1% 39.9% 40.1% 34.4% 37.3%
Other Noncurrent Assets — — — 34.2% 43.7% 44.0% 37.2% 44.2% 46.8% 50.7%
Total Assets — — — 465.9% 510.6% 492.7% 448.4% 436.9% 422.0% 425.5%
Liabilities
Current Portion of Long Term Debt — — — 31.2% 13.1% 11.8% 35.4% 40.6% 31.5% 42.1%
Other Current Liabilities — — — 50.0% 45.0% 39.2% 38.8% 40.3% 35.7% 36.5%
Total Current Liabilities — — — 81.2% 58.0% 51.0% 74.1% 80.9% 67.2% 78.6%
Long Term Debt — — — 166.0% 194.1% 206.1% 155.5% 142.4% 158.8% 137.9%
Regulatory Liabilities — — — 30.9% 38.9% 42.6% 46.5% 50.5% 57.9% 28.8%
Other Noncurrent Liabilities — — — 50.1% 65.8% 62.6% 53.8% 47.9% 46.8% 87.5%
Equity
Total Stockholders Equity — — — 132.0% 146.8% 128.6% 118.5% 115.2% 91.3% 92.7%
Common Stock — — — 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Additional Paid In Capital — — — 128.5% 152.3% 154.0% 131.9% 128.3% 116.9% 117.3%
Retained Earnings — — — -21.1% -33.4% -39.5% -27.1% -28.0% -22.7% -22.1%
Treasury Stock — — — 1.7% 2.1% 2.2% 2.0% 2.0% 2.0% 2.0%
Accumulated Other Comprehensive Income — — — -0.6% -2.7% -3.5% -1.8% -0.7% -0.9% -0.6%
Noncontrolling Interest — — — 5.7% 6.9% 1.9% 0.0% — — —
Total Liabilitiesand Equity — — — 465.9% 510.6% 492.7% 448.4% 436.9% 422.0% 425.5%

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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