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NiSource NI Debt-to-equity

Other financials

Income statement

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Revenue$2.3B+8.0%
Gross profit$1.7B+10.1%
Operating income$819.2M+7.9%
Net income$507.1M+6.8%
EPS (diluted)$1.06+6.0%

Balance sheet

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Cash & equivalents$71.9M-72.3%
Total debt$16.7B+23.1%
Total equity$9.7B+8.6%
Total assets$36.6B+10.6%

Cash flow

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Operating cash flow$442.3M-35.6%
CapEx$805.2M+26.4%
Free cash flow-$362.9M-839%

Valuation

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Market cap$22.42B+18.5%
Enterprise value$39.1B+21.2%
P/E23.3×+1.6×
P/S0.0×

Profitability

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Gross margin44.9%-0.7pp
Operating margin16.7%-0.3pp
Net margin8.5%-0.6pp

Returns & leverage

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Return on equity10.4%0.0pp
Current ratio0.6×+0.1×

Where this comes from

Calculated from NiSource’s reported figures.

Based on the most recent quarter.

The official record: NiSource’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is NiSource's debt-to-equity?
NiSource (NI) reported debt-to-equity of 1.7× in Q1 2026.
How has NiSource's debt-to-equity changed year-over-year?
NiSource's debt-to-equity increased by 13.4% year-over-year, from 1.5× to 1.7×.
What is the long-term trend for NiSource's debt-to-equity?
Over 4 years (2021 to 2025), NiSource's debt-to-equity has grown at a 2.7% compound annual growth rate (CAGR), from 6× to 6.6×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.