NINISOURCE INC.
Electric & Other Services Combined
- Revenue
- $6.5B
- 23% YoY
- Operating margin
- 28.1%
- 2.1% YoY
- EBITDA
- $3.0B
- 20% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 5.4×
- $16.3B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear254% of net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear22% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear4% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4.7B | $5.7B | $5.3B | $5.3B | $6.5B | 23% |
| Operating income | $1.0B | $1.3B | $1.3B | $1.5B | $1.8B | 26% |
| Net income | $585M | $804M | $714M | $760M | $930M | 22% |
| Operating cash flow | $1.2B | $1.4B | $1.9B | $1.8B | $2.4B | 33% |
| Capex | $1.8B | $2.2B | $2.6B | $2.6B | $2.8B | 6.4% |
| Stock-based comp | $24M | $25M | $34M | $44M | $51M | 17% |
| Dividends | $345M | $382M | $414M | $481M | $530M | 10% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.