NiSource Inc (NI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-45.5%

$24.50

vs $44.92 price

Levered DCF

-$4.48

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.74

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.31×	22.55×	16.7×	14.9×	20.45×	-120.74×	31.64×	-140.83×
P/B	2.09×	1.92×	1.34×	1.47×	1.56×	1.53×	1.74×	1.57×
P/S	2.97×	3.06×	2.01×	1.91×	2.22×	1.88×	2×	1.77×
EV / EBITDA	11.77×	11.87×	10.31×	10.54×	11.55×	17.5×	12.47×	24.35×
Gross margin	50.4%	51.5%	45.0%	38.5%	41.9%	42.4%	44.5%	19.6%
Operating margin	27.6%	26.7%	23.5%	21.6%	20.6%	11.8%	17.1%	2.4%
Net margin	14.0%	13.9%	13.0%	13.7%	11.9%	-0.4%	7.4%	-1.0%
Current ratio	0.69×	0.51×	0.85×	0.55×	0.7×	0.73×	0.49×	0.51×
Debt / equity	1.72×	1.61×	1.71×	1.52×	1.44×	1.73×	1.62×	1.59×
Interest coverage	2.77×	2.81×	2.65×	3.51×	2.95×	1.48×	2.35×	0.35×
Dividend yield	2.7%	2.9%	4.1%	3.9%	3.7%	4.3%	3.4%	3.2%
Payout ratio	57.1%	64.3%	64.0%	54.3%	68.4%	-2140.3%	92.6%	-563.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	8.8%	8.6%	10.6%	8.4%	-0.3%	6.4%	-0.9%
Return on invested capital	4.5%	4.1%	3.7%	4.4%	3.8%	1.2%	3.3%	0.1%
Return on assets	2.5%	2.4%	2.3%	3.0%	2.4%	-0.1%	1.7%	-0.2%
Free cash flow yield	-2.1%	-5.2%	-6.4%	-7.1%	-5.7%	-7.4%	-2.1%	-14.1%
Earnings yield	4.7%	4.6%	6.5%	7.2%	5.4%	-0.2%	3.7%	-0.6%
Enterprise value	$35.9B	$30.5B	$22.9B	$22.6B	$20.8B	$18.6B	$20B	$18.1B
Net debt / EBITDA	5.29×	5.37×	5.34×	5.34×	5.51×	9.23×	5.96×	12.16×
Cash conversion cycle (days)	-19	2	32	58	43	39	33	41