公司概述
NiSource Inc. functions as an energy holding company that operates as a regulated natural gas and electric utility entity within the United States, serving residential, commercial, and industrial customers through its Columbia and NIPSCO operations. The company is classified within the Utilities sector and specifically the Utilities - Regulated Gas industry, indicating a business model characterized by stable cash flows derived from regulated tariffs rather than competitive market pricing. NiSource Inc. holds a market capitalization of $23.19B and generates annual revenue of $6.64B with a workforce of 7,668 employees. These valuation and revenue figures position the company as a significant player in the energy infrastructure landscape, reflecting substantial asset base and operational scale that supports its regulated utility status across multiple states.
财务健康
The company reported a revenue of $6.64B and a net income of $926.90M over the trailing twelve months, with an EBITDA of $2.89B, revealing a substantial gap between top-line revenue and bottom-line profit that highlights significant operational costs, depreciation, and interest expenses inherent to utility operations. However, the reported free cash flow stands at -$1,115,600,000, which indicates a period of heavy capital expenditure or working capital outflows that constrains immediate financial flexibility for internal growth or debt repayment without external financing. The gross margin of 50.6% suggests strong pricing power or low variable costs relative to revenue, while the operating margin of 27.0% demonstrates efficient management of overhead and regulatory compliance costs before interest and taxes. The profit margin of 14.0% further contextualizes the final earnings available to shareholders after all expenses, including interest and taxes. Regarding liquidity and leverage, the company holds cash of $110.10M against total debt of $16.24B, resulting in a debt-to-equity ratio of 139.28, which signals a highly leveraged balance sheet typical of capital-intensive utility firms reliant on debt financing. The current ratio is 0.69, indicating that current liabilities exceed current assets, which suggests a reliance on long-term financing or operating cash flows to meet short-term obligations rather than holding ample liquid reserves. Return on equity is 9.1% and return on assets is 3.4%, metrics that reveal the efficiency of management in generating profits from shareholder equity and total assets respectively, with the lower ROA reflecting the high asset base relative to net income.
估值评估
NiSource Inc. trades with a P/E ratio (TTM) of 24.86 and a forward P/E of 21.79, implying that the market expects earnings growth to accelerate in the future, as the forward multiple is lower than the trailing multiple. The price-to-book ratio is 2.45, indicating that the market values the company at a significant premium over its net asset book value, likely due to the value of regulated franchises and intangible assets not fully captured on the balance sheet. Alternative valuation metrics include a price-to-sales ratio of 3.49 and an EV/EBITDA of 14.38, which provide context on valuation relative to revenue and operational earnings before interest, taxes, depreciation, and amortization, suggesting a moderate valuation multiple for a regulated utility. The stock has a 52-week high of $48.76 and a 52-week low of $35.68, meaning the current market price sits somewhere within this historical range, subject to daily market fluctuations. With a beta of 0.61, the stock exhibits lower volatility than the broader market, making it less sensitive to general market swings compared to high-beta growth stocks.
Growth & Income
Revenue growth year-over-year is 19.8% while earnings growth year-over-year is 11.1%, indicating that earnings are growing at a slower pace than revenue, which suggests that costs are rising faster than top-line sales or that the revenue expansion includes lower-margin segments. The company offers a dividend yield of 2.5% with a payout ratio of 57.4%, which implies that the dividend is funded by a portion of earnings but leaves the majority of profits for operations and capital needs. Given the high debt levels and negative free cash flow, the sustainability of the payout ratio depends heavily on future regulatory rate cases and capital allocation strategies. Overall, NiSource Inc. presents a profile of moderate income generation through dividends coupled with modest earnings growth that lags behind revenue expansion, characteristic of mature regulated utility businesses.