NiSource Inc (NI)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	10,370,900	8,479,400	10,415,700	11,034,200	8,764,400
Total assets	US$ in thousands	31,077,200	26,736,600	24,156,900	22,040,500	22,659,800
Debt-to-assets ratio		0.33	0.32	0.43	0.50	0.39

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $10,370,900K ÷ $31,077,200K
= 0.33

NiSource Inc's debt-to-assets ratio has shown some fluctuations over the past five years. The ratio increased slightly from 0.41 in 2021 to 0.42 in 2022, before further increasing to 0.45 in 2023. This indicates that the company's level of debt in relation to its total assets has been on the rise.

While an increasing debt-to-assets ratio can raise concerns about a company's financial leverage and ability to meet its debt obligations, it is important to consider the context within which this ratio is changing. It is crucial to assess the reasons behind the increase in debt and whether it has been utilized for productive purposes such as growth initiatives or acquisitions.

Overall, the trend in NiSource Inc's debt-to-assets ratio suggests a moderate increase in the company's reliance on debt financing. Further analysis into the company's debt structure, profitability, and liquidity position would provide a more comprehensive understanding of its financial health and ability to manage its debt levels effectively.