Does NISOURCE INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NISOURCE INC. (NI) 42.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 2, capital discipline 60.

Is NI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $28.61 per share versus a recent price of $45.97 — 61% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has NI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 42.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NISOURCE INC.

NI · Utilities · $22.0B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 102.8% over 4y, very stable.

Returns on capital0

Median ROIC 4.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety2

Net debt/EBITDA 5.4x, interest coverage 3x.

Capital discipline60

Owner earnings +12.1%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

61% above value

Owner earnings (normalized): $760.4M
Est. intrinsic value / share: $28.61
Recent price: $45.97
Discount to value: 61% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $8.9B (FY2008) to $6.5B (FY2025) — about −1.8% a year compounded over 17 years.

It earned 5.9% on invested capital in FY2025, with a median of 4.8% across 18 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $16.2B of total debt in FY2025 against $929.5M of owner earnings — roughly 17.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 2/100.

The share count rose 72.9% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 60/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how NI lands at 42/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$6.5B FY2025

Gross marginRevenue kept after cost of goods103.1% FY2019

Return on invested capitalOperating profit on the capital employed5.9% FY2025

Owner earningsCash an owner could take out$929.5M FY2025

Gaps in a line mean that item isn’t in NI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale42.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#15 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#13PCYO PURE CYCLE CORPORATION43.6 out of 100, Shallow moatShallow moat
#14LNG CHENIERE ENERGY, INC.42.8 out of 100, Shallow moatShallow moat
#16LNT ALLIANT ENERGY CORP40.7 out of 100, Shallow moatShallow moat
#17PEG PUBLIC SERVICE ENTERPRISE GROUP INC40.6 out of 100, Shallow moatShallow moat

Compare NI with its nearest peers →All Utilities companies on the Index →

Common questions about NI

Does NISOURCE INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NISOURCE INC. (NI) 42.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 2, capital discipline 60.
Is NI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $28.61 per share versus a recent price of $45.97 — 61% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has NI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 42.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NI. See the disclaimer.