NISOURCE INC（NI）の決算・業績分析
NISOURCE INCの2025年有価証券報告書をAI分析。売上高$6.5B(+23.5%)。営業利益$1.8B。Utilities。
目次
NISOURCE INCの2025年度 業績サマリー
NISOURCE INC（証券コード: NI）の2025年度決算・業績分析。売上高は$6.5B（前年比+23.5%）。営業利益は$1.8B（前年比+26.1%）。純利益は$930M（前年比+22.2%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
NISOURCE INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged 21.3% YoY to $5.7B (XBRL), driven by regulated utility operations and improved operating income (+25.7% YoY to $1.3B).
- Net income rose 37.5% YoY to $804M (XBRL), with net margin expanding to 14.0% despite a negative free cash flow of $794M due to $2.2B in CapEx.
- Equity ratio increased to 30.9% (XBRL), but current ratio of 0.85x (XBRL) signals potential short-term liquidity challenges.
NISOURCE INCの売上高変化の要因
- •Revenue grew to $5.7B in FY2024 (XBRL), up from $4.7B in FY2023 and $5.0B in FY2020. The 5-year CAGR of 1.4% (XBRL) contrasts with operating income’s 59.7% CAGR (XBRL), reflecting improved efficiency. Historical time series shows operating income increased from $125M in 2020 to $1.3B in 2024. No segment-specific revenue data is available in the XBRL or 10-K (10-K).
NISOURCE INCの営業利益変化の要因
- •Operating margin expanded to 22.1% (XBRL), with net margin at 14.0% (XBRL). Operating income rose 25.7% YoY to $1.3B (XBRL), while EBITDA reached $2.1B (36.4% of revenue). Net income increased 37.5% YoY to $804M (XBRL), despite a 38.4% CapEx intensity (XBRL). Gross profit data is not available (N/A).
NISOURCE INCの事業リスクと対応
Inability to execute growth strategy due to operational, financial, or regulatory challenges (10-K).
Supply chain disruptions impacting project timelines and material availability (10-K).
Data center development risks in northern Indiana, including regulatory compliance and environmental impact (10-K).
Operational hazards like gas leaks, outages, and weather damage (10-K).
Regulatory opposition to natural gas infrastructure and energy policy shifts favoring alternatives (10-K).
NISOURCE INCの事業内容
NiSource Inc. operates as an energy holding company with rate-regulated natural gas and electric utility subsidiaries serving ~3.8 million customers in six states (10-K). Its primary revenue model relies on tariffs approved by state regulators for gas and electric services. Key segments include Columbia Operations (natural gas distribution to 2.4M customers) and NIPSCO Operations (gas and electric utilities). Competitive advantages include ISO 55001 and API 1173 certifications for safety management systems, along with infrastructure investments. However, the company faces competition from investor-owned utilities, unregulated pipelines, and alternate fuels like propane/fuel oil (10-K).
NISOURCE INCのAI業績分析レポート（2024年度）
Annual Report Analysis: NISOURCE INC. (NI) FY2024
Highlights
Business Overview
NiSource Inc. operates as an energy holding company with rate-regulated natural gas and electric utility subsidiaries serving ~3.8 million customers in six states (10-K). Its primary revenue model relies on tariffs approved by state regulators for gas and electric services. Key segments include Columbia Operations (natural gas distribution to 2.4M customers) and NIPSCO Operations (gas and electric utilities). Competitive advantages include ISO 55001 and API 1173 certifications for safety management systems, along with infrastructure investments. However, the company faces competition from investor-owned utilities, unregulated pipelines, and alternate fuels like propane/fuel oil (10-K).
Revenue Analysis
Revenue grew to $5.7B in FY2024 (XBRL), up from $4.7B in FY2023 and $5.0B in FY2020. The 5-year CAGR of 1.4% (XBRL) contrasts with operating income’s 59.7% CAGR (XBRL), reflecting improved efficiency. Historical time series shows operating income increased from $125M in 2020 to $1.3B in 2024. No segment-specific revenue data is available in the XBRL or 10-K (10-K).
Profitability Analysis
Operating margin expanded to 22.1% (XBRL), with net margin at 14.0% (XBRL). Operating income rose 25.7% YoY to $1.3B (XBRL), while EBITDA reached $2.1B (36.4% of revenue). Net income increased 37.5% YoY to $804M (XBRL), despite a 38.4% CapEx intensity (XBRL). Gross profit data is not available (N/A).
Balance Sheet Analysis
Total assets grew to $26.7B in FY2024 (XBRL), with equity at $8.3B (XBRL) and a 30.9% equity ratio (XBRL). Cash balances remain low at $41M (XBRL). ROE is 9.7% (XBRL), and ROA is 3.0% (XBRL). Current ratio of 0.85x (XBRL) suggests potential liquidity constraints.
Cash Flow Analysis
Operating cash flow reached $1.4B (XBRL), but CapEx of $2.2B (XBRL) led to negative FCF of $794M (XBRL). Dividends paid totaled $382M (XBRL). Investing cash flow was -$2.6B (XBRL), primarily driven by CapEx. Financing cash flow was $1.1B (XBRL), reflecting debt/equity financing.
Working Capital Analysis
Receivables days: 55 days (XBRL); Payables days: 48 days (XBRL). Asset turnover is 0.21x (XBRL), indicating low asset utilization efficiency. No cash conversion cycle (CCC) data is explicitly provided (N/A).
Risks
Outlook
N/A. Management guidance and forward-looking trends are not explicitly detailed in the provided 10-K or XBRL data.
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 5.0B | 5.1B | 4.5B | 4.7B | 5.7B | 5.3B |
| Operating Income | 125M | 891M | 551M | 1.0B | 1.3B | 1.3B |
| Net Income | -51M | 383M | -18M | 585M | 804M | 714M |
| Total Assets | 21.8B | 22.7B | 22.0B | 24.2B | 26.7B | 31.1B |
| Total Equity | 6.0B | 5.8B | 6.9B | 7.6B | 8.3B | 8.7B |
| Operating Cash Flow | 540M | 1.6B | 1.1B | 1.2B | 1.4B | 1.9B |
Utilitiesの企業一覧
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