NiSource Inc

NiSource maintains a capital structure characterized by a reported debt-to-equity ratio of 0.0, suggesting either a debt-free balance sheet or a classification anomaly in the provided valuation snapshot, as the company holds total assets of $35.86 billion against total equity of $9.45 billion. The firm generates $2.36 billion in operating cash flow, which is partially offset by capital expenditures of $2.78 billion, resulting in negative free cash flow for the period. Liquidity is assessed as low risk, supported by $110.1 million in cash and equivalents, though this cash balance is modest relative to the scale of operations. The company has 478.4 million shares outstanding, with no difference between basic and diluted counts, indicating no immediate dilution from options or convertible securities.

Profitability metrics show a return on equity (ROE) of 10.18% and a return on assets (ROA) of 2.68%. The company reports revenue of $6.52 billion and net income of $929.5 million, yielding a net margin of approximately 14.25%. Operating income stands at $1.84 billion, reflecting an operating margin of roughly 28.14%. Without cohort median data provided in the input, these returns are evaluated in isolation, but the positive ROE and ROA indicate efficient use of equity and assets to generate profit. The absence of debt in the valuation snapshot contrasts with the high asset base, warranting scrutiny of the balance sheet composition, as total liabilities would constitute the difference between assets and equity.

Segment and geographic revenue breakdowns are not provided in the available data, preventing an analysis of revenue concentration or regional exposure. The company’s activity is broadly classified as Integrated Oil & Gas, implying a diversified operational model, but specific segment contributions cannot be quantified from the current input. Consequently, risks related to single-segment dependency or geographic concentration remain unassessed due to data absence.

Growth trajectory analysis is limited by the absence of historical period data in the input. The current financial snapshot provides a single-period view of revenue and net income, but without year-over-year or multi-year trends, it is not possible to determine the direction or velocity of revenue growth. The capital expenditure intensity, with capex exceeding operating cash flow, suggests the company is in an investment phase, potentially expanding infrastructure or maintaining existing assets, but the long-term growth implications are unclear without historical context.

Risk assessment indicates low liquidity risk and low dilution risk, with no immediate filing-based flags detected. The key risk factor highlighted is the potential discrepancy in the debt-to-equity ratio, which is reported as 0.0 despite a significant equity-to-asset ratio that implies substantial liabilities. This anomaly requires verification against primary source documents to ensure accurate leverage assessment. The low dilution risk is supported by the identical basic and diluted share counts, suggesting a stable capital structure regarding equity issuance.

Recent events and market sentiment are reflected in analyst estimates, with a mean price target of $51.27 and a median target of $52.00. The mean recommendation is 1.94, indicating a lean towards buy, with 5 strong buys and 8 buys versus 4 holds. Competitor context lists Chevron, Shell, and BP, but no specific comparative metrics are provided. The absence of filing, news, or transcript observations limits the ability to assess recent corporate actions or strategic shifts, leaving the analysis reliant on financial fundamentals and analyst consensus.

Nisource Inc (NI.O) experienced a significant shift in its shareholder registry, marked by a major modification in holdings by investor ID 587. This investor drastically increased their position from 705 shares to 120,379 shares, representing a value of approximately $5.62 million and a portfolio weight of 0.0032%. This substantial accumulation was detected on June 27, 2026, and reflects a notable change in institutional interest for the utility company. The significance of this move is underscored by the fact that this is the first analysis for this ticker, meaning there is no prior basis for computing historical deltas in shareholder behavior. Consequently, this initial data point establishes a new baseline for monitoring investor activity. The jump from a negligible holding of 705 shares to a six-figure position suggests a strategic entry or a significant rebalancing by this specific entity within the company's broader ownership structure. Nisource Inc currently maintains a shareholder base comprising 36 top holders, indicating a distributed ownership model typical for large-cap utilities. The company is also a member of one major index, which likely contributes to its visibility among institutional investors. With only one officer listed in the current dataset and no analyst coverage recorded, the company's public profile appears streamlined, making individual large-holder movements like this one particularly noteworthy for tracking capital flows. While the immediate impact of this single holder's change on the company's operations is not detailed, the magnitude of the share increase highlights active engagement from at least one major investor. As this is the inaugural analysis for NI.O, future updates will be critical to determine if this represents a sustained accumulation trend or an isolated transaction. Investors should monitor subsequent filings to see if other holders follow suit or if this investor adjusts their position further.

Projected revenue growth of 23.5% year-over-year to $6.5 billion in FY2026 demonstrates strong top-line expansion momentum.

Net income is projected to grow 22.2% year-over-year to $930 million in FY2026, reflecting robust earnings power.

Low liquidity and dilution risk flags suggest a stable financial structure with minimal immediate balance sheet threats.

NiSource faces high leverage band classification, signaling elevated financial risk despite strong operating margins.

Free cash flow remains deeply negative at -$1.4 billion in FY2026, indicating severe cash generation challenges.

Long-term debt is projected to surge to $16.2 billion in FY2026, increasing interest burden and refinancing risks.

A current ratio of 0.69 indicates potential short-term liquidity constraints, as current assets fail to cover liabilities.

Revenue $2.32B, +8,0% YoY; Operating income +7,9% YoY.

• ▍Revenue $2.32B, +8,0% YoY
• ▍Operating income +7,9% YoY
• ▍Net income +6,8% YoY
• ▍Free cash flow −785,6% YoY
• ▍Net margin 21.8%

Revenue $1.89B, +22,5% YoY; Operating income +23,7% YoY.

• ▍Revenue $1.89B, +22,5% YoY
• ▍Operating income +23,7% YoY
• ▍Net income +15,1% YoY
• ▍Free cash flow −9,9% YoY
• ▍Net margin 13.7%

Revenue $1.24B, +18,6% YoY; Operating income +36,3% YoY.

• ▍Revenue $1.24B, +18,6% YoY
• ▍Operating income +36,3% YoY
• ▍Net income +10,5% YoY
• ▍Free cash flow +4,8% YoY
• ▍Net margin 7.6%

Revenue $1.25B, +18,2% YoY; Operating income +10,9% YoY.

• ▍Revenue $1.25B, +18,2% YoY
• ▍Operating income +10,9% YoY
• ▍Net income +19,1% YoY
• ▍Free cash flow −2,7% YoY
• ▍Net margin 8.2%

Revenue $2.15B; Operating income $759.4M.

• ▍Revenue $2.15B
• ▍Operating income $759.4M
• ▍Net margin 22.1%

Revenue $1.54B; Operating income $416.8M.

• ▍Revenue $1.54B
• ▍Operating income $416.8M
• ▍Net margin 14.5%

Revenue $1.05B; Operating income $218.3M.

• ▍Revenue $1.05B
• ▍Operating income $218.3M
• ▍Net margin 8.2%

Revenue $1.05B; Operating income $237.0M.

• ▍Revenue $1.05B
• ▍Operating income $237.0M
• ▍Net margin 8.1%

Revenue $6.52B, +23,5% YoY; Operating income +26,1% YoY.

• ▍Revenue $6.52B, +23,5% YoY
• ▍Operating income +26,1% YoY
• ▍Net income +22,2% YoY
• ▍Free cash flow +8,1% YoY
• ▍Net margin 14.3%

Revenue $5.28B, −1,2% YoY; Operating income +12,3% YoY.

• ▍Revenue $5.28B, −1,2% YoY
• ▍Operating income +12,3% YoY
• ▍Net income +6,5% YoY
• ▍Free cash flow +15,1% YoY
• ▍Net margin 14.4%

Revenue $5.35B, −6,8% YoY; Operating income +2,4% YoY.

• ▍Revenue $5.35B, −6,8% YoY
• ▍Operating income +2,4% YoY
• ▍Net income −11,2% YoY
• ▍Free cash flow −36,6% YoY
• ▍Net margin 13.4%

Revenue $5.74B, +21,3% YoY; Operating income +25,7% YoY.

• ▍Revenue $5.74B, +21,3% YoY
• ▍Operating income +25,7% YoY
• ▍Net income +37,5% YoY
• ▍Free cash flow −19,2% YoY
• ▍Net margin 14.0%