NiSource Inc. NI NYSE

NiSource Inc. (NI) generated $2.36B in operating cash flow for fiscal year 2025. After capital expenditures of $2.78B, free cash flow was $-420M.

Free cash flow margin was -6.3% of revenue. Cash conversion ratio was 2.55x, indicating earnings are backed by cash.

The company returned $530.4M in dividends to shareholders during the period.

Criteria supported by this page:

• HEALTH (0/100, Fail) — weak cash flow raises concerns about debt servicing
• MOAT (80/100, Pass) — $-420M (-6.3% FCF margin) supports a durable competitive advantage
• INCOME (55/100) — Cash conversion ratio was 2.55x confirms earnings are backed by real cash flow

Overall SharesGrow Score: 58/100 with 4/7 criteria passed.