Nisource
NI on NYSE. NiSource sells natural gas and electricity to customers in six states. Market value $19.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Utilities stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-5.57 of spare cash in the past 12 months. A savings account pays about $4.
You pay 19.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 5 cents a year. Above 10 is good.
Quality score: 59 of 100. Price score: 44 of 100. Our list needs 70 on quality and 60 on price.
$40.67 a share, 6% above its 1-year low
Over the past year the price has ranged from $38.42 to $49.21.
Dividend: 2.7% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $1.1 billion in the past 12 months, a shortfall of $420 million in the year to December 2025.
| Revenue | |||||
| Revenue | $4.7bn | $5.7bn | $5.3bn | $5.3bn | $6.5bn |
| Operating margin | |||||
| Operating margin | 21.3% | 22.1% | 24.2% | 27.6% | 28.1% |
| Debt to equity | |||||
| Debt to equity | 1.41 | 1.49 | 1.71 | 1.61 | 1.72 |
| Shares outstanding | |||||
| Shares outstanding | 0.41bn | 0.41bn | 0.47bn | 0.48bn | 0.48bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt1.72× equity
- Revenue growth, five yearsSlow, 7.8% a year
- Buying back its own sharesNo, 18% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.3 billion last quarter, up 3% on a year ago.
- Profit: $46 million, down 55% on a year ago.
- It keeps 28 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Over the past 12 months it spent $1.1 billion more cash than it brought in, compared with $629 million a year earlier.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $17.3 billion more than cash, up from $15.4 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.1bn |
| December 2024 | $1.5bn |
| March 2025 | $2.1bn |
| June 2025 | $1.2bn |
| September 2025 | $1.2bn |
| December 2025 | $1.9bn |
| March 2026 | $2.3bn |
| June 2026 | $1.3bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $86m |
| December 2024 | $224m |
| March 2025 | $475m |
| June 2025 | $102m |
| September 2025 | $95m |
| December 2025 | $258m |
| March 2026 | $507m |
| June 2026 | $46m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 913 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $6m
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $299,850
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $16m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $10m | <0.1% | New |
| First Manhattan Co.First Manhattan partners | $6m | <0.1% | |
| GAMCO InvestorsMario Gabelli | $299,850 | <0.1% |
Sold out this quarter
Largest holders overall
- BlackRock$2.6bnAdded
- Vanguard Capital Management$1.5bn
- T. Rowe Price Investment Management$1.4bnCut
- State Street$1.3bn
- Vanguard Portfolio Management$1.3bn
- Geode Capital Management$612mAdded
- Deutsche Bank AG$574mAdded
- FMR$484mAdded
- Jennison Associates$439m
- Invesco$370m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- T. Rowe Price Investment Management, Inc.Passive investor6.2%−4.3 ptsSince 30 June 2026
- Vanguard Portfolio ManagementPassive investor5.6%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.0%+0.1 ptsSince 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
T. Rowe Price Investment Management, Inc. Passive investor | 6.2%−4.3 pts | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 5.6% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.0%+0.1 pts | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $5m, $562,625 of it under preset trading plans.
- BIRMINGHAM MELODYEVP & Grp President, UtilitiesSold
- Date
- 14 August 2026
- Shares
- 37,509
- Price
- $42.40
- Value
- $2m
- Berman Melanie B.EVP Administration & CHROSold
- Date
- 22 May 2026
- Shares
- 15,000
- Price
- $47.68
- Value
- $715,200
- Yates Lloyd MDirector and President & CEO, DirectorSold
- Date
- 21 May 2026
- Shares
- 19,905
- Price
- $47.73
- Value
- $950,066
- BIRMINGHAM MELODYEVP & Grp President, UtilitiesSold
- Date
- 20 May 2026
- Shares
- 2,500
- Price
- $47.43
- Value
- $118,575
- BIRMINGHAM MELODYEVP & Grp President, UtilitiesSold
- Date
- 14 May 2026
- Shares
- 10,000
- Price
- $47.19
- Value
- $471,900
- Gode GunnarSVP Chief Accting&Tax OfficerSold
- Date
- 18 February 2026
- Shares
- 2,175
- Price
- $46.00
- Value
- $100,050
- Anderson ShawnEVP & CFOSoldunder a preset trading plan
- Date
- 13 February 2026
- Shares
- 12,500
- Price
- $45.01
- Value
- $562,625
- Cuccia Kimberly SEVP, GC & Corporate SecretarySold
- Date
- 25 November 2025
- Shares
- 8,000
- Price
- $43.13
- Value
- $345,040
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 August 2026 | BIRMINGHAM MELODY EVP & Grp President, Utilities | Sold | 37,509 | $42.40 | $2m |
| 22 May 2026 | Berman Melanie B. EVP Administration & CHRO | Sold | 15,000 | $47.68 | $715,200 |
| 21 May 2026 | Yates Lloyd M Director and President & CEO, Director | Sold | 19,905 | $47.73 | $950,066 |
| 20 May 2026 | BIRMINGHAM MELODY EVP & Grp President, Utilities | Sold | 2,500 | $47.43 | $118,575 |
| 14 May 2026 | BIRMINGHAM MELODY EVP & Grp President, Utilities | Sold | 10,000 | $47.19 | $471,900 |
| 18 February 2026 | Gode Gunnar SVP Chief Accting&Tax Officer | Sold | 2,175 | $46.00 | $100,050 |
| 13 February 2026 | Anderson Shawn EVP & CFO | Sold under a preset trading plan | 12,500 | $45.01 | $562,625 |
| 25 November 2025 | Cuccia Kimberly S EVP, GC & Corporate Secretary | Sold | 8,000 | $43.13 | $345,040 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.