NISOURCE INC.
NI · Electric & Other Services Combined · 479.4M shares · +4%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$30M (gross $4M, SBC $34M)
Reference price $47.68 · est. market cap ~$22.9B — last insider sale, 2026-05-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B77Regulated electric/gas utility with top-decile margins and revenue growth but utility-typical returns.
Strengths
- Top-decile operating margin (28.1%, 100 pct) and OCF margin (36.2%, 94.1 pct)
- Revenue +23.5% (100 pct) and net income +22.2% (89.5 pct) — clearly above-average growth
Risks
- ROE 9.8% (68.8 pct) and ROA 2.6% (57.9 pct) only mid-pack — returns are utility-typical
- Negative free cash flow from heavy capex
Notable findings
- Cash burnNegative free cash flow (-420.0M)
- Weak liquidityCurrent ratio 0.69 (<1)
- Insider sellingInsider selling — 6 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
28.1%
Net margin
14.3%
Return on equity
9.8%
Return on assets
2.6%
Revenue growth (QoQ)
23.1%
Net-income growth
22.2%
Current ratio
0.7×
Free cash flow
-$420M
EBITDA
$3.0B
Tangible book value
$8.0B
Cash & investments
$256M
Cash runway
2q
Stock comp / revenue
0.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-22 | Berman Melanie B. | Sell | 15K | $47.68 |
| 2026-05-21 | Yates Lloyd M | Sell | 20K | $47.73 |
| 2026-05-20 | BIRMINGHAM MELODY | Sell | 2.5K | $47.43 |
| 2026-05-14 | BIRMINGHAM MELODY | Sell | 10K | $47.19 |
| 2026-05-11 | McAvoy John | Grant | 3.8K | $47.03 |
| 2026-05-11 | KABAT KEVIN T | Grant | 3.8K | $47.03 |
| 2026-05-11 | JOHNSON WILLIAM D | Grant | 3.8K | $47.03 |
| 2026-05-11 | Jesanis Michael E | Grant | 3.8K | $47.03 |
| 2026-05-11 | Hersman Deborah | Grant | 3.8K | $47.03 |
| 2026-05-11 | HENRETTA DEBORAH A | Grant | 3.8K | $47.03 |
| 2026-05-11 | Bunting Theodore H JR | Grant | 3.8K | $47.03 |
| 2026-05-11 | BUTLER ERIC L | Grant | 3.8K | $47.03 |
| 2026-05-11 | Barbour Sondra L | Grant | 3.8K | $47.03 |
| 2026-05-11 | ALTABEF PETER | Grant | 3.8K | $47.03 |
| 2026-05-11 | Lee Cassandra S. | Grant | 3.8K | $47.03 |
| 2026-02-27 | Cuccia Kimberly S | Tax withheld | 3.1K | $47.30 |
| 2026-02-27 | BIRMINGHAM MELODY | Grant | 71K | $47.30 |
| 2026-02-27 | BIRMINGHAM MELODY | Tax withheld | 30K | $47.30 |
| 2026-02-27 | BIRMINGHAM MELODY | Tax withheld | 4.1K | $47.30 |
| 2026-02-27 | Berman Melanie B. | Tax withheld | 12K | $47.30 |
| 2026-02-27 | Berman Melanie B. | Tax withheld | 3.2K | $47.30 |
| 2026-02-27 | Anderson Shawn | Grant | 33K | $47.30 |
| 2026-02-27 | Anderson Shawn | Grant | 24K | $47.30 |
| 2026-02-27 | Anderson Shawn | Tax withheld | 14K | $47.30 |
| 2026-02-27 | Anderson Shawn | Tax withheld | 10K | $47.30 |
| 2026-02-27 | Anderson Shawn | Tax withheld | 4.4K | $47.30 |
| 2026-02-27 | Berman Melanie B. | Grant | 31K | $47.30 |
| 2026-02-27 | Yates Lloyd M | Grant | 276K | $47.30 |
| 2026-02-27 | Yates Lloyd M | Tax withheld | 117K | $47.30 |
| 2026-02-27 | Yates Lloyd M | Tax withheld | 15K | $47.30 |
| 2026-02-27 | Luhrs Michael | Grant | 62K | $47.30 |
| 2026-02-27 | Luhrs Michael | Tax withheld | 28K | $47.30 |
| 2026-02-27 | Luhrs Michael | Tax withheld | 3.6K | $47.30 |
| 2026-02-27 | Jefferson William Jr. | Grant | 61K | $47.30 |
| 2026-02-27 | Jefferson William Jr. | Tax withheld | 26K | $47.30 |
| 2026-02-27 | Jefferson William Jr. | Tax withheld | 3.5K | $47.30 |
| 2026-02-27 | Gode Gunnar | Grant | 6.4K | $47.30 |
| 2026-02-27 | Gode Gunnar | Tax withheld | 1.9K | $47.30 |
| 2026-02-27 | Gode Gunnar | Tax withheld | 667 | $47.30 |
| 2026-02-27 | Cuccia Kimberly S | Grant | 31K | $47.30 |
| 2026-02-27 | Cuccia Kimberly S | Tax withheld | 12K | $47.30 |
| 2026-02-18 | Gode Gunnar | Sell | 2.2K | $46.00 |
| 2026-02-13 | Anderson Shawn | Sell | 12K | $45.01 |
| 2026-01-26 | Anderson Shawn | Tax withheld | 7.8K | $43.91 |
| 2026-01-22 | Yates Lloyd M | Grant | 44K | $43.52 |
| 2026-01-22 | Luhrs Michael | Tax withheld | 5.4K | $43.52 |
| 2026-01-21 | Berman Melanie B. | Grant | 5.5K | $43.79 |
| 2026-01-21 | Anderson Shawn | Grant | 8.4K | $43.79 |
| 2026-01-21 | Jefferson William Jr. | Grant | 6.9K | $43.79 |
| 2026-01-21 | Luhrs Michael | Grant | 6.9K | $43.79 |
| 2026-01-21 | Gode Gunnar | Grant | 1.7K | $43.79 |
| 2026-01-21 | Cuccia Kimberly S | Grant | 5.9K | $43.79 |
| 2026-01-21 | BIRMINGHAM MELODY | Grant | 7.3K | $43.79 |
| 2025-11-25 | Cuccia Kimberly S | Sell | 8.0K | $43.13 |
| 2025-08-28 | Anderson Shawn | Sell | 11K | $42.33 |
| 2025-08-11 | Gode Gunnar | Grant | 605 | $42.15 |
| 2025-05-30 | Berman Melanie B. | Sell | 6.2K | $39.42 |
| 2025-05-16 | Yates Lloyd M | Sell | 16K | $38.93 |
| 2025-05-14 | Jesanis Michael E | Sell | 6.2K | $37.81 |
| 2025-05-13 | Jesanis Michael E | Sell | 4.0K | $38.22 |
| 2025-05-12 | Jesanis Michael E | Grant | 4.5K | $38.32 |
| 2025-05-12 | Jesanis Michael E | Gift | 30K | — |
| 2025-05-12 | Jesanis Michael E | Gift | 30K | — |
| 2025-05-12 | Hersman Deborah | Grant | 4.5K | $38.32 |
| 2025-05-12 | BUTLER ERIC L | Grant | 4.5K | $38.32 |
| 2025-05-12 | Bunting Theodore H JR | Grant | 4.5K | $38.32 |
| 2025-05-12 | Barbour Sondra L | Grant | 4.5K | $38.32 |
| 2025-05-12 | ALTABEF PETER | Grant | 4.5K | $38.32 |
| 2025-05-12 | HENRETTA DEBORAH A | Grant | 4.5K | $38.32 |
| 2025-05-12 | McAvoy John | Grant | 4.5K | $38.32 |
| 2025-05-12 | Lee Cassandra S. | Grant | 4.5K | $38.32 |
| 2025-05-12 | KABAT KEVIN T | Grant | 4.5K | $38.32 |
| 2025-05-12 | JOHNSON WILLIAM D | Grant | 4.5K | $38.32 |
| 2025-03-27 | Luhrs Michael | Tax withheld | 4.8K | $39.75 |
| 2025-03-03 | Anderson Shawn | Sell | 13K | $40.79 |
| 2025-02-28 | Anderson Shawn | Tax withheld | 2.2K | $40.81 |
| 2025-02-28 | Birmingham Melody | Tax withheld | 27K | $40.81 |
| 2025-02-28 | Yates Lloyd M | Grant | 234K | $40.81 |
| 2025-02-28 | Yates Lloyd M | Tax withheld | 96K | $40.81 |
| 2025-02-28 | Yates Lloyd M | Tax withheld | 13K | $40.81 |
| 2025-02-28 | Jefferson William Jr. | Grant | 36K | $40.81 |
| 2025-02-28 | Jefferson William Jr. | Tax withheld | 15K | $40.81 |
| 2025-02-28 | Jefferson William Jr. | Tax withheld | 2.0K | $40.81 |
| 2025-02-28 | Gode Gunnar | Grant | 7.4K | $40.81 |
| 2025-02-28 | Gode Gunnar | Tax withheld | 2.2K | $40.81 |
| 2025-02-28 | Gode Gunnar | Tax withheld | 788 | $40.81 |
| 2025-02-28 | Cuccia Kimberly S | Grant | 18K | $40.81 |
| 2025-02-28 | Cuccia Kimberly S | Tax withheld | 6.6K | $40.81 |
| 2025-02-28 | Cuccia Kimberly S | Tax withheld | 2.2K | $40.81 |
| 2025-02-28 | Birmingham Melody | Grant | 63K | $40.81 |
| 2025-02-28 | Birmingham Melody | Tax withheld | 3.6K | $40.81 |
| 2025-02-28 | Berman Melanie B. | Grant | 15K | $40.81 |
| 2025-02-28 | Berman Melanie B. | Tax withheld | 4.0K | $40.81 |
| 2025-02-28 | Berman Melanie B. | Tax withheld | 1.4K | $40.81 |
| 2025-02-28 | Anderson Shawn | Grant | 23K | $40.81 |
| 2025-02-28 | Anderson Shawn | Tax withheld | 9.9K | $40.81 |
| 2025-02-14 | Gode Gunnar | Sell | 5.5K | $39.92 |
| 2025-01-28 | Anderson Shawn | Tax withheld | 7.3K | $36.42 |
| 2025-01-24 | Anderson Shawn | Tax withheld | 7.5K | $37.76 |
| 2025-01-23 | Yates Lloyd M | Grant | 48K | $37.60 |
| 2025-01-22 | Luhrs Michael | Grant | 7.7K | $37.78 |
| 2025-01-22 | Luhrs Michael | Grant | 53K | $37.78 |
| 2025-01-22 | Jefferson William Jr. | Grant | 7.7K | $37.78 |
| 2025-01-22 | Gode Gunnar | Grant | 1.7K | $37.78 |
| 2025-01-22 | Cuccia Kimberly S | Grant | 6.3K | $37.78 |
| 2025-01-22 | Birmingham Melody | Grant | 8.2K | $37.78 |
| 2025-01-22 | Berman Melanie B. | Grant | 6.0K | $37.78 |
| 2025-01-22 | Anderson Shawn | Grant | 8.9K | $37.78 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-18 | OtherExhibits | filing ↗ |
| 2026-05-12 | Shareholder voteExhibits | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-02-11 | ResultsExhibits | filing ↗ |
| 2025-12-11 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-11-07 | OtherExhibits | filing ↗ |
| 2025-10-31 | Material agreementOtherExhibits | filing ↗ |
| 2025-10-29 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-18 | 2026-05-18 | 0001193125-26-228913 ↗ |
| 8-K | 2026-05-12 | 2026-05-11 | 0001193125-26-219872 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001111711-26-000045 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001111711-26-000044 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001111711-26-000026 ↗ |
| 10-K | 2026-02-11 | 2025-12-31 | 0001111711-26-000027 ↗ |
| 8-K | 2025-12-11 | 2025-12-11 | 0001193125-25-316004 ↗ |
| 8-K | 2025-11-07 | 2025-11-07 | 0001193125-25-272329 ↗ |
| 8-K | 2025-10-31 | 2025-10-31 | 0001193125-25-259392 ↗ |
| 10-Q | 2025-10-29 | 2025-09-30 | 0001111711-25-000055 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001111711-25-000054 ↗ |
| 8-K | 2025-09-22 | 2025-09-22 | 0001193125-25-209933 ↗ |