NiSource (NI) Financials

$39.10 +0.61 (+1.58%)

As of 11:16 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	287	332	129	-66	328	-73	530	749	662	740
Consolidated Net Income / (Loss)	302	332	129	-51	383	-14	589	792	674	845
Net Income / (Loss) Continuing Operations	199	332	129	-51	383	-14	589	792	674	845
Total Pre-Tax Income	340	514	443	-231	507	-31	707	956	814	1,003
Total Operating Income	800	866	921	125	891	551	1,007	1,266	1,296	1,456
Total Gross Profit	1,582	1,657	1,754	1,000	2,319	1,987	2,051	2,251	2,477	2,808
Total Revenue	4,652	4,493	4,875	5,115	5,209	4,682	4,900	5,851	5,505	5,455
Operating Revenue	4,625	4,493	4,875	5,115	5,209	4,682	4,900	5,851	5,505	5,455
Total Cost of Revenue	3,070	2,836	3,120	4,114	2,890	2,695	2,848	3,600	3,028	2,647
Operating Cost of Revenue	3,070	2,836	3,120	4,114	2,890	2,695	2,848	3,600	3,028	2,647
Total Operating Expenses	782	790	833	876	1,429	1,436	1,044	985	1,182	1,352
Depreciation Expense	524	547	570	600	717	726	748	821	908	1,043
Other Operating Expenses / (Income)	256	244	257	275	297	299	288	268	271	300
Impairment Charge	1.60	-1.00	5.50	1.20	415	411	7.70	-104	2.90	9.00
Total Other Income / (Expense), net	-460	-353	-478	-355	-384	-582	-300	-309	-482	-453
Interest Expense	477	350	465	399	379	614	341	362	490	517
Other Income / (Expense), net	17	-3.00	-14	44	-5.20	32	41	52	8.00	65
Income Tax Expense	141	182	315	-180	124	-17	118	165	140	158
Preferred Stock Dividends Declared	-	0.00	0.00	15	55	55	55	55	53	21
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	3.40	3.90	-12	-40	84
Basic Earnings per Share	$0.90	$1.03	$0.39	($0.18)	$0.88	($0.19)	$1.35	$1.84	$1.59	$1.63
Weighted Average Basic Shares Outstanding	317.75M	321.81M	329.40M	356.49M	374.60M	384.30M	393.60M	407.10M	416.10M	454.20M
Diluted Earnings per Share	$0.90	$1.02	$0.39	($0.18)	$0.87	($0.19)	$1.27	$1.70	$1.48	$1.62
Weighted Average Diluted Shares Outstanding	319.84M	323.52M	330.80M	356.49M	376M	384.30M	417.30M	442.70M	447.90M	456M
Weighted Average Basic & Diluted Shares Outstanding	318.30M	321.80M	329.50M	364.40M	382.26M	391.86M	405.39M	-	447.52M	469.94M
Cash Dividends to Common per Share	$0.83	$0.64	$0.70	$0.78	$0.80	$0.84	$0.88	$0.94	$1.00	$1.06

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

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

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

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

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

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

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

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

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

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

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.

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 4/14/2025 by MarketBeat.com Staff

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NiSource (NI) Financials

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NiSource (NI) Financials

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