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NiSource Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

NiSource has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for NiSource's Piotroski F-Score or its related term are showing as below:

NI' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of NiSource was 9. The lowest was 3. And the median was 5.


NiSource Piotroski F-Score Historical Data

The historical data trend for NiSource's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

NiSource Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 3.00 5.00 3.00 6.00

NiSource Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 6.00 7.00 6.00

Competitive Comparison

For the Utilities - Regulated Gas subindustry, NiSource's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

NiSource Piotroski F-Score Distribution

For the Utilities - Regulated industry and Utilities sector, NiSource's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where NiSource's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 63.2 + 165.9 + 426.8 + 67 = $723 Mil.
Cash Flow from Operations was 236.3 + 278.6 + 579.8 + 327.4 = $1,422 Mil.
Revenue was 959.4 + 1408.6 + 1873.3 + 1183.2 = $5,425 Mil.
Gross Profit was 400 + 549.1 + 772.3 + 417.6 = $2,139 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(22313.8 + 22778.6 + 24156.9 + 24365.5 + 24813.8) / 5 = $23685.72 Mil.
Total Assets at the begining of this year (Jun21) was $22,314 Mil.
Long-Term Debt & Capital Lease Obligation was $9,520 Mil.
Total Current Assets was $1,912 Mil.
Total Current Liabilities was $3,015 Mil.
Net Income was -172.9 + 84.4 + 295.5 + 60.3 = $267 Mil.

Revenue was 902.5 + 1211 + 1545.6 + 986 = $4,645 Mil.
Gross Profit was 379.5 + 487.3 + 707.3 + 394.9 = $1,969 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(22436.5 + 22701.5 + 22040.5 + 22194.5 + 22313.8) / 5 = $22337.36 Mil.
Total Assets at the begining of last year (Jun20) was $22,437 Mil.
Long-Term Debt & Capital Lease Obligation was $9,202 Mil.
Total Current Assets was $1,384 Mil.
Total Current Liabilities was $1,707 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

NiSource's current Net Income (TTM) was 723. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

NiSource's current Cash Flow from Operations (TTM) was 1,422. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=722.9/22313.8
=0.03239699

ROA (Last Year)=Net Income/Total Assets (Jun20)
=267.3/22436.5
=0.01191362

NiSource's return on assets of this year was 0.03239699. NiSource's return on assets of last year was 0.01191362. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

NiSource's current Net Income (TTM) was 723. NiSource's current Cash Flow from Operations (TTM) was 1,422. ==> 1,422 > 723 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=9520.2/23685.72
=0.40193838

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=9201.6/22337.36
=0.41193767

NiSource's gearing of this year was 0.40193838. NiSource's gearing of last year was 0.41193767. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun22)=Total Current Assets/Total Current Liabilities
=1911.7/3015
=0.63406302

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=1384.2/1706.9
=0.81094382

NiSource's current ratio of this year was 0.63406302. NiSource's current ratio of last year was 0.81094382. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

NiSource's number of shares in issue this year was 440.2. NiSource's number of shares in issue last year was 422.9. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=2139/5424.5
=0.39432206

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1969/4645.1
=0.42388754

NiSource's gross margin of this year was 0.39432206. NiSource's gross margin of last year was 0.42388754. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=5424.5/22313.8
=0.24310068

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=4645.1/22436.5
=0.20703318

NiSource's asset turnover of this year was 0.24310068. NiSource's asset turnover of last year was 0.20703318. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+0+0+0+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

NiSource has an F-score of 6 indicating the company's financial situation is typical for a stable company.

NiSource  (NYSE:NI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


NiSource Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of NiSource's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


NiSource Business Description

NiSource logo
Address
801 East 86th Avenue, Merrillville, IN, USA, 46410
NiSource is one of the nation's largest natural gas distribution companies with approximately 3.5 million customers in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia. NiSource's electric utility transmits and distributes electricity in northern Indiana to about 500,000 customers. The regulated electric utility also owns more than 3,000 megawatts of generation capacity, most of which is now coal-fired but is being replaced by natural gas and renewable energy.
Executives
Johnson William D director 77 BEALE ST PO BOX 770000 SAN FRANCISCO CA 94177
Lee Cassandra S. director 7615 ZIONSVILLE RD INDIANAPOLIS IN 46268
Barbour Sondra L director 6801 ROCKLEDGE DRIVE BETHESDA MD 20817
Cuccia Kimberly S officer: VP, Interim GC & Corp Sec 801 E. 86TH AVENUE MERRILLVILLE IN 46410
Gode Gunnar officer: VP & Chief Accounting Officer 1000 MAINE AVENUE, SW WASHINGTON DC 20024
D'angelo Anne-marie W officer: SVP, Gen Counsel & Corp Sec 801 E. 86TH AVENUE MERRILLVILLE IN 46410
Anderson Shawn officer: SVP & Chief Strategy & Risk 801 E. 86TH AVENUE MERRILLVILLE IN 46410
Creekmur Daniel A officer: SVP & President, Gas Utilities 801 E. 86TH AVENUE MERRILLVILLE IN 46410
Hooper Michael officer: SVP and President, NIPSCO 801 E. 86TH AVENUE MERRILLVILLE IN 46410
Yates Lloyd M director 1N 2ND ST HARTSVILLE SC 29550
Shafer Charles Edward Ii officer: SVP & Chief Safety Officer 801 E. 86TH AVENUE MERRILLVILLE IN 46410
Keener Kenneth E officer: SVP HR & Chief HR Officer 801 E. 86TH AVENUE MERRILLVILLE IN 46410
Hersman Deborah director 801 E. 86TH AVENUE MERRILLVILLE IN 46410
Bunting Theodore H Jr director P. O. BOX 61000 NEW ORLEANS LA 70161
Kempic Mark officer: Chief Transformation Officer 801 E. 86TH AVENUE MERRILLVILLE IN 46410

NiSource Headlines

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