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NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc…
28.43% operating margin is above average. ROIC at 6.68%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 23.1%, still solid.
Negative free cash flow of -$420M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$6.63B
▲ +23.1% YoY
Net Income (TTM)
$962M
▲ +22.2% YoY
Op. Margin
28.59%
▲ +0.7pp YoY
ROIC
6.72%
▲ +1.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$832M
▲ +49.5% YoY
Op. Cash Flow (TTM)
$2.12B
▲ +32.6% YoY
Net Debt
$16.69B
Cash & Equiv.
$72M
5Y CAGR: +7.9%
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