Valuation
26% of the score
63median 53
NiSource is valued at 20.5x its operating profit, including debt: a rich multiple.
60x
50x
35x
25x
18x
12x
8x
20.5x
Full points at 8x or less, none from 60xfull points
NINiSource
$43.26+2.1% 1Y
$43.26
$38.9952 weeks$49.00
RyuScore
Seven criteria, each scored 0 to 100 on a published scale, weighted into one number.
RyuScore 51 out of 100, Average
Today's price. Only valuation depends on it.
Average. NiSource scores higher than 45% of the 2,231 companies Ryufin scores.
Carried by return on new capital and earnings quality, held back by return on capital and capital allocation.
Utilities median 50 · all companies 55
How the score has moved
At each fiscal year end, from the reports and price of the time37
38
50
50
48
51
51
202020212022202320242025today
The biggest move was up 12 points from 2021 to 2022, mostly return on new capital.
Return on capital
18% of the score
15median 24
Over 7 years the business earned 4% a year after tax on the capital it uses.
2%
8%
15%
25%
4%
None at 2% or less, full points from 25%full points
7 years agolatest 4.8%
Return on new capital
16% of the score
100median 33
For every dollar of operating profit earned over 6 years, yearly profit grew by 13 cents. New capital earned 7.1%, and 179% of profit went back into the business.
-5%
12%
13%
None at minus 5 cents, full points from 12 centsfull points
Capital allocation
14% of the score
33median 63
How management spends the money: shares bought back or issued, and whether assets grow faster than the business they serve.
Share countUp 4.3% a year over 5 years: new shares
95%
-3%
4.3%
0 pointsfull points
Assets against salesAssets grew 10% a year, sales 7.8%
6912%
-2%
2.4%
0 pointsfull points
Cycle position
12% of the score
43median 63
Today's operating margin of 28% is 1.27x its normal 22%: above its usual level. Normal is half the 10 year median, half the last four years, so a margin that has held is not taken for a peak.
2x
1.5x
1x
0.7x
1.3x
A trough earns points, a peak costs themfull points
10 years agonow 28%
Balance sheet
8% of the score
5median 50
What the debt weighs against the profit that has to carry it.
Net debt to EBITDA5.5x a year of EBITDA
04.5x
0.5x
5.5x
0 pointsfull points
Interest coverOperating profit covers interest 3x
91.5x
12x
2.5x
0 pointsfull points
Earnings quality
6% of the score
91median 90
Whether the reported profit arrives as cash, and whether the accounts show the usual signs of stretching.
Cash against profitOperating cash flow was 2.53x profit over 3 years
1000.7x
1x
1.3x
2.5x
0 pointsfull points
AccrualsCash ran ahead of profit by 4.2% of assets
818%
0%
-8%
-4.2%
0 pointsfull points
How the RyuScore works
Each criterion earns 0 to 100 points on the scale drawn under it, and the RyuScore is their average weighted 26, 18, 16, 14, 12, 8 and 6. Scales bend in the company's favour between their ends, so an ordinary figure is never already near zero. Where a criterion cannot be measured from the filings it is taken out and the remaining weights scale up; a company needs 60% of the weight covered, and always a price, to get a score.
Built from the company's annual and quarterly filings with the SEC and today's share price. Banks, insurers and property trusts are not scored: their debt is their raw material, so these yardsticks mean something else there. Figures as of 2026-06-30, latest annual report FY2025.
Utilities, Regulated Gas
The closest names by size in the same industry