Question 1

What is NiSource's P/FCF ratio?

Accepted Answer

NiSource (NI) P/FCF ratio is currently not available. When trailing twelve-month free cash flow is negative — common during heavy capex cycles or operating losses — P/FCF is reported as N/A and analysts switch to P/S or EV/EBITDA.

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for NiSource?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For NiSource specifically, the relevant sector benchmark is the current sector median of 45.4×.

Question 5

What is NiSource's historical P/FCF ratio range?

Accepted Answer

In the available daily series, NiSource (NI) P/FCF ratio has ranged from a low of 1.9× in 2009 to a high of 101.8× in 2007.

Question 6

What was NiSource's P/FCF ratio in 2009?

Accepted Answer

NiSource (NI) P/FCF ratio at the end of 2009 was 1.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 7

Why does NiSource's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.

Question 8

Why is NiSource's P/FCF ratio not available?

Accepted Answer

When trailing twelve-month free cash flow is negative — common during heavy capex cycles or operating losses — P/FCF is reported as N/A and analysts switch to P/S or EV/EBITDA.


2025	$19.7B	-$420M	—	—	Dec 31, 2025
2024	$17.3B	-$861M	—	—	Dec 31, 2024
2023	$11.2B	-$711M	—	—	Dec 31, 2023
2022	$11.2B	-$794M	—	—	Dec 31, 2022
2021	$10.9B	-$620M	—	—	Dec 31, 2021
2020	$8.8B	-$654M	—	—	Dec 31, 2020
2019	$10.5B	-$219M	—	—	Dec 31, 2019
2018	$9.37B	-$1.28B	—	—	Dec 31, 2018
2017	$8.66B	-$954M	—	—	Dec 31, 2017
2016	$7.15B	-$672M	—	—	Dec 31, 2016
2015	$6.22B	-$340M	—	—	Dec 31, 2015
2014	$5.26B	-$709M	—	—	Dec 31, 2014
2013	$4.05B	-$443M	—	—	Dec 31, 2013
2012	$3.03B	-$223M	—	—	Dec 31, 2012
2011	$2.63B	-$255M	—	—	Dec 31, 2011
2010	$1.93B	-$78.4M	—	—	Dec 31, 2010
2009	$1.67B	$889M	1.9×	—	Dec 31, 2009
2008	$1.18B	-$715M	—	—	Dec 31, 2008
2007	$2.03B	-$31.1M	—	—	Dec 31, 2007
2006	$2.59B	$519M	5.0×	-13.3×	Dec 31, 2006
2005	$2.23B	$122M	18.3×	+13.6×	Dec 31, 2005
2004	$2.39B	$506M	4.7×	—	Dec 31, 2004
2003	$2.21B	-$102M	—	—	Dec 31, 2003
2002	$1.99B	$551M	3.6×	—	Dec 31, 2002


Eversource Energy (ES)	110.1×
Constellation Energy (CEG)	86.9×
NextEra Energy (NEE)	82.1×
American States Water (AWR)	77.8×
Middlesex Water (MSEX)	63.1×
Vistra (VST)	45.4×
UGI (UGI)	32.9×
FirstEnergy (FE)	16.3×
Duke Energy (DUK)	15.4×
Consolidated Edison (ED)	14.6×
American Electric Power Company (AEP)	9.3×

P/FCF Ratio for NiSource (NI) 2002-2026

P/FCF Ratio daily chart for NiSource (NI)

Historical P/FCF Ratio for NiSource (NI) from 2002 to 2025

About P/FCF Ratio at NiSource (NI)

NiSource P/FCF Ratio by Year

NiSource P/FCF Ratio 2009: 1.9×

NiSource P/FCF Ratio 2006: 5.0×

NiSource P/FCF Ratio 2005: 18.3×

NiSource P/FCF Ratio 2004: 4.7×

NiSource P/FCF Ratio 2002: 3.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

NiSource (NI) Key Financials