NiSource Inc — Earnings Quality Grade F
NI · Utilities
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 66 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 21.8%, CFFO 32.6%. Cash follows revenue
Expense Quality
Inventory 15.5% vs COGS 24.4%. Normal
CapEx growth 19.4% vs revenue 21.8%. Normal
Insufficient data
Gross margin 50.4%, change -1.1pp. Stable
Cash Flow Quality
CFFO/NI = 2.54. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -4.0%. Low accruals
Cash $0.1B covers only 1% of debt $16.2B
Balance Sheet Health
Goodwill+Intangibles $1.5B = 16% of equity. Manageable
Debt/EBITDA = 5.3x (>4x). Financial stress
Insufficient data
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
Insufficient data
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10