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NiSource

NI
57
Regulated Gas · Utilities
Price
$45.97
-0.30 (-0.65%)
Market Cap
$22.04B
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.

Share count rising — dilution

+13.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 417.3M (2021) → 474.5M (2025)

NiSource is a regulated utility company that delivers natural gas and electricity to homes and businesses. It serves roughly 3.3 million customers across six states: Ohio, Pennsylvania, Virginia, Kentucky, Maryland, and Indiana. The company owns the Columbia Gas brand for its gas distribution networks and operates electric service through NIPSCO in northern Indiana.

NiSource makes money by charging customers for delivering energy through its pipelines and power lines. Because regulators set the rates it can charge, revenue is steady and predictable. The company operates entirely in the United States and its main competitive advantage is that it holds government-granted monopolies in the areas it serves — customers cannot simply switch to a different pipeline. The key growth driver is a large multi-year infrastructure investment program to replace aging gas pipes and modernize its electric grid, though rising interest rates are a meaningful risk since NiSource carries significant debt to fund that construction.

Winston Score History

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on NI in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+5.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~1 months

$72M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

NiSource has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin
59.5%
Premium pricing power — 59.5% gross margin
Operating Margin
34.7%
Excellent — 34.7% operating margin
ROCE
3.1%
Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+15.0%
Fast-growing sales (15.0% YoY)
EPS YoY
+8.3%
Earnings growing (8.3% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion
220%
Turns 220% of profit into real cash
FCF Margin
-12.2%
Burning cash (-12.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
1.74
Elevated debt (1.74)
Interest Cover
2.72x
Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
22.8x
Growth-priced — P/E 22.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
+3.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (22.8 → 19.1)

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Dividends

Dividend Yield
2.47%
Moderate income — 2.47% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+6.8%
Dividend growing modestly (6.8% YoY)

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