NiSource Inc (NI)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	12,505,200	12,926,500	11,762,200	10,852,300	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
Total stockholders’ equity	US$ in thousands	8,684,200	8,345,000	7,869,000	7,895,900	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
Debt-to-capital ratio		0.59	0.61	0.60	0.58	0.56	0.57	0.58	0.55	0.53	0.53	0.55	0.56	0.60	0.62	0.62	0.63	0.66	0.66	0.65	0.59

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $12,505,200K ÷ ($12,505,200K + $8,684,200K)
= 0.59

The debt-to-capital ratio of NiSource Inc has exhibited fluctuations over the period from March 31, 2020, to December 31, 2024. The ratio decreased from 0.59 as of March 31, 2020, to 0.53 as of September 30, 2022, representing a downward trend in leverage. However, the ratio slightly increased to 0.61 as of September 30, 2024.

Overall, the trend indicates that NiSource Inc has been managing its debt levels relative to its capital structure, with a varying but generally stable ratio around the mid-to-high 0.50s range. The decreasing trend in the debt-to-capital ratio could suggest improved financial health and potential enhanced ability to meet its financial obligations. However, it is essential to continue monitoring the ratio to ensure sustainable debt management practices.