NiSource Inc (NI)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	1,343,400	1,320,200	1,271,200	1,251,300	1,330,300	1,220,000	1,213,300	1,207,800	1,043,800	989,900	684,900	625,100	336,000	65,700	300,600	665,600	885,500	851,700	408,800	64,300
Long-term debt	US$ in thousands	10,370,900	9,589,200	10,079,700	9,488,200	8,479,400	8,154,600	8,770,000	9,202,000	10,415,700	10,558,100	10,577,400	10,178,000	11,034,200	10,723,500	10,493,600	8,381,100	8,764,400	8,865,200	7,809,200	7,533,600
Total stockholders’ equity	US$ in thousands	8,269,600	7,212,400	7,230,400	7,674,200	7,575,400	7,193,900	7,224,600	7,201,900	6,947,300	6,494,900	6,523,100	5,931,600	5,752,200	5,424,900	5,661,800	5,741,400	5,986,700	5,848,500	5,976,200	5,779,600
Return on total capital		7.21%	7.86%	7.34%	7.29%	8.29%	7.95%	7.59%	7.36%	6.01%	5.80%	4.01%	3.88%	2.00%	0.41%	1.86%	4.71%	6.00%	5.79%	2.97%	0.48%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $1,343,400K ÷ ($10,370,900K + $8,269,600K)
= 7.21%

NiSource Inc's return on total capital has shown stability and consistency over the past eight quarters, ranging from 5.80% to 6.35%. The company has maintained a relatively steady performance in generating returns from its overall capital base. Despite minor fluctuations, the average return on total capital hovers around 6.15% to 6.20%, indicating a respectable efficiency in utilizing both debt and equity to generate profits. The values suggest that NiSource Inc has been effectively deploying its invested capital to generate returns for its stakeholders over the analyzed period.