What is the 13F Pro Quality Score for NI?

13F Pro ranks NISOURCE INC. (NI) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View NI's current score at https://13fpro.ai/research/NI (free sign-up required for the full ranking).

Which hedge funds own the most NI stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of NI include BlackRock,, VANGUARD CAPITAL MANAGEMENT, STATE STREET. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/NI as soon as new 13F filings post.

Where does 13F Pro source NI data?

All NISOURCE INC. fundamentals and ownership data come directly from SEC EDGAR. NISOURCE INC. files with the SEC under CIK 1111711. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is NI in?

NISOURCE INC. (NI) is classified in the Utilities sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/utilities.

How often is NI research updated on 13F Pro?

NI's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

NISOURCE INC.(NI)Stock Analysis

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13F Pro Quality Score

61.7/100

Rank #794 of 2,879 stocksTOP 50%

View Utilities peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

68.0/100

Profitability

84.4/100

Balance Sheet

59.9/100

Earnings Quality

66.5/100

Free Cash Flow

19.4/100

Institutional Flow

7.8/100

Revenue Scale

82.7/100

Dilution Risk

64.0/100

NI Stock Analysis & AI Quality Score

AI stock analysis and institutional research for NISOURCE INC. (NI), a Utilities sector company. 13F Pro's AI-powered ranking engine scores NI at 61.7/100 on a 32-signal composite quality model, placing it at rank #794 of 2,879 stocks — the top half of the AI-ranked universe. NI scores in the top quartile across profitability (84.4), revenue scale (82.7). Areas of concern include institutional flow (7.8) and free cash flow (19.4), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), NISOURCE INC. reports quarterly revenue of $2.3B, net income of $507.1M, an operating margin of 35.3%. Top institutional holders of NI by reported 13-F value include BlackRock,, VANGUARD CAPITAL MANAGEMENT, STATE STREET, based on the most recent SEC filings. NI trades on the NYSE exchange and files with the SEC under CIK 1111711. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NISOURCE INC. directly from SEC EDGAR. NISOURCE INC.'s 13F Pro composite quality score has ranged between 8 and 65 since 2021, currently 61.7 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

Revenue

Q1 2026

$2.3B

Net Income

Q1 2026

$507.1M

Free Cash Flow

Q1 2026

$-362.9M

Operating Margin

Q1 2026

35.3%

ROIC

Q1 2026

3.3%

D/E Ratio

Q1 2026

1.74

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+23.5% YoY

$6.52BFY 2025

FY20 $4.47BFY22 $5.74BFY24 $5.28BFY25 $6.52B

Net Income

+22.2% YoY

$929.5MFY 2025

FY20 $-17.6MFY22 $804.1MFY24 $760.4MFY25 $929.5M

Operating Income

+26.1% YoY

$1.84BFY 2025

FY20 $550.8MFY22 $1.27BFY24 $1.46BFY25 $1.84B

EPS (Diluted)

+20.4% YoY

$1.95FY 2025

FY20 $-0.19FY22 $1.70FY24 $1.62FY25 $1.95

Total Assets

+12.8% YoY

$35.86BFY 2025

FY20 $22.04BFY22 $26.74BFY24 $31.79BFY25 $35.86B

Total Debt

+6.5% YoY

$16.23BFY 2025

FY20 $9.75BFY22 $11.32BFY24 $15.24BFY25 $16.23B

Op. Cash Flow

+32.6% YoY

$2.36BFY 2025

FY20 $1.10BFY22 $1.41BFY24 $1.78BFY25 $2.36B

Metric	FY 2025	FY 2024	FY 2022	FY 2020	FY 2019	FY 2018
Revenue	$6.52B +23.5%	$5.28B -7.9%	$5.74B +28.3%	$4.47B -11.5%	$5.05B +1.2%	$4.99B
Net Income	$929.5M +22.2%	$760.4M -5.4%	$804.1M +4668.8%	$-17.6M -104.6%	$383.1M +857.1%	$-50.6M
Operating Income	$1.84B +26.1%	$1.46B +15.0%	$1.27B +129.8%	$550.8M -38.2%	$890.7M +614.3%	$124.7M
EPS (Diluted)	$1.95 +20.4%	$1.62 -4.7%	$1.70 +994.7%	$-0.19 -121.8%	$0.87 +583.3%	$-0.18
Total Assets	$35.86B +12.8%	$31.79B +18.9%	$26.74B +21.3%	$22.04B -2.7%	$22.66B +3.9%	$21.80B
Total Debt	$16.23B +6.5%	$15.24B +34.7%	$11.32B +16.1%	$9.75B +1.1%	$9.64B +5.6%	$9.13B
Operating Cash Flow	$2.36B +32.6%	$1.78B +26.4%	$1.41B +27.7%	$1.10B -30.3%	$1.58B +193.1%	$540.1M

AI Insight: NI Financial Trends

NiSource delivered strong Q1 2026 operating income of $819M and net income of $507M, but debt surged 24% since Q2 2024 while operating cash flow declined sharply.

• Operating income nearly tripled from $237M in Q2 2024 to $819M in Q1 2026, driven by revenue growth to $2,322M.

• Total debt climbed 24% from $13,477M to $16,767M over 8 quarters; debt-to-equity ratio rose to 1.73x.

• Operating cash flow fell 1% year-over-year in Q1 2026 ($442M vs. $686M in Q1 2025), despite higher operating income.

⚠ Divergence between operating income growth and cash flow deterioration suggests working capital pressure or capital intensity concerns.

⚠ Debt-financed growth strategy: leverage increased while operating cash conversion weakened—sustainability risk if rates remain elevated.

AI Insight: NI Ratio Trends

Operating margin and ROIC surged in Q1 2026 to 35.3% and 12.4%, maintaining a strong seasonal peak, but underlying volatility masks structural challenges.

• Operating margin expanded to 35.3% in Q1 2026 from 24.0% in Q3 2025, while ROIC jumped to 12.4% from 4.8% — consistent Q1 seasonal strength.

• TTM net profit margin climbed to 14.4% (Mar 2026) versus 7.9% in Q2 2024, driven by operational and earnings improvements.

• Debt-to-equity remains elevated and stable near 1.74, showing no deleveraging despite improved earnings.

⚠ Q2–Q3 margins consistently collapse (21–24% operating margin) after Q1 peaks, indicating severe seasonal earnings concentration.

⚠ ROE and ROA outside Q1/Q4 peak near 4%, suggesting Q1 results may not be representative of sustainable returns.

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Available Research

13F Pro tracks comprehensive data for NISOURCE INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of NI

BlackRock, Inc.
$2.4B51,474,846 sh
VANGUARD CAPITAL MANAGEMENT LLC
$1.5B31,142,795 sh
STATE STREET CORP
$1.3B27,102,422 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$1.3B26,980,955 sh
GEODE CAPITAL MANAGEMENT, LLC
$586.3M12,613,176 sh
DEUTSCHE BANK AG\
$546.8M11,718,076 sh
FMR LLC
$430.4M9,224,153 sh
JENNISON ASSOCIATES LLC
$430.3M9,221,560 sh
Invesco Ltd.
$363.6M7,791,627 sh
FRANKLIN RESOURCES INC
$279.3M5,986,389 sh

Fund	Value	Shares
BlackRock, Inc.	$2.4B	51,474,846
VANGUARD CAPITAL MANAGEMENT LLC	$1.5B	31,142,795
STATE STREET CORP	$1.3B	27,102,422
VANGUARD PORTFOLIO MANAGEMENT LLC	$1.3B	26,980,955
GEODE CAPITAL MANAGEMENT, LLC	$586.3M	12,613,176
DEUTSCHE BANK AG\	$546.8M	11,718,076
FMR LLC	$430.4M	9,224,153
JENNISON ASSOCIATES LLC	$430.3M	9,221,560
Invesco Ltd.	$363.6M	7,791,627
FRANKLIN RESOURCES INC	$279.3M	5,986,389

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Is NI a good stock to buy?

13F Pro's AI-powered analysis of NISOURCE INC. (NI) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Utilities sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NI are available on the NI stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own NI?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NI. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of NISOURCE INC.'s investment landscape.