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The Market Fieldbook

Company Observatory

NI

NiSource Inc

Utilities · Regulated Gas

Overall research band Weak
Quality Mixed
Valuation Weak
Balance sheet Very weak
Market confirmation Very weak

One-minute company read

What this report can tell you now

What the company does

NiSource Inc. is an energy holding company headquartered in Merrillville, Indiana, operating as a regulated natural gas and electric utility in the United States. The company serves residential, commercial, and industrial customers, providing natural gas through approximately 37,300 miles of distribution main pipeline and 310 miles of transmission main pipeline across Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. NiSource also generates, transmits, and distributes electricity to about 0.5 million customers in northern Indiana, utilizing assets such as steam coal generating stations, combined cycle gas turbines, natural gas generating units, hydro, wind, and solar generating plants. Its revenue model is based on regulated utility services, supplying energy to end users and engaging in wholesale electric and transmission transactions.

The current research profile is Mixed Setup, with elevated leverage. This is a starting point for investigation, not a forecast or recommendation.

Strongest visible signal

No single strength should be treated as decisive without reviewing the underlying evidence and data status.

What to investigate next

Read the latest filing or company update, check the period behind the metrics, and investigate the dimension with the weakest band above.

Before you draw a conclusion

  • Read the latest filing or company update.
  • Check the financial period behind each metric.
  • Investigate the weakest score band and any missing evidence.

Headline fundamentals

A small set of signals worth checking

ROIC6.4%Model input; read with the evidence status and period context.
Operating margin27.8%Model input; read with the evidence status and period context.
Revenue CAGR · 4 years7.9%Model input; read with the evidence status and period context.
FCF margin-12.2%Model input; read with the evidence status and period context.

Go deeper when you need to

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Evidence detailSee exact inputs, source context, and model-aware metrics.
HistoryReview score and research changes over time.
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