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NiSource NI

NiSource scores average on business quality (5.4 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$40.76Oct 10, 2026
Business qualityAverage
Next earningsNov 4, 2026, before the open
Insiders, 90 daysSelling

Why it matters

  1. What NiSource does

    NiSource generates revenue by operating regulated electric and natural gas distribution utilities serving millions of residential and commercial customers across multiple states. The company is aggressively funding capital expenditure programs to modernize infrastructure and expand capacity.

  2. What it does best

    NiSource secures regulated returns on massive capital deployment, driving a revenue growth rate of 21.8% that lands it in the top decile of its sector. This locked-in customer base provides steady demand that unregulated peers cannot easily match.

  3. The main risk

    Heavy capital spending drives negative free cash flow of $1.3B and pushes net debt to $16.1B, creating constant reliance on external financing and regulatory rate case approvals.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityFair

Operating margin stands at 27.0% with an ROE of 9.6%, though free cash flow margin remains negative at -18.5% due to high capex demands.

MoatFair

State-granted utility monopolies lock in regional consumers entirely, earning an operating margin in the top quartile of its sector at 27.0%.

GrowthFast

Revenue growth hit 21.8% in the latest period, accelerating past historical single-digit ranges as infrastructure investments scale up.

Financial healthFair

Total debt sits at $16.2B against just $110M in cash, while free cash flow remains deeply negative at -$1.3B due to heavy capex, pointing to a soft balance sheet.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

1 sold $1.6M outside pre-planned sales.

Our sealed record on NI

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is NI a good business?

NiSource scores average on the Cluenex quality check (5.4 of 10), measured against its own industry. Profitability is fair, moat fair, growth fast and financial health fair.

Are insiders buying NI?

In the last 90 days of SEC Form 4 filings: 1 sold $1.6M outside pre-planned sales.

When does NI report earnings?

Nov 4, 2026, before the open.

For members

See NI today

  • Today's verdict on NI, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “NiSource (NI)”, https://cluenex.com/stocks/ni/, data as of Oct 10, 2026.