COMP <GO>

NI vs SO // RETURN ON INVESTED CAPITAL (ROIC)

NiSource Inc (NYSE) VS. Southern Company (The) (NYSE) • 15-METRIC TALLY: NI 10 — SO 4

▲ RETURN ON INVESTED CAPITAL (ROIC) LEADER: NI

LAST: $44.57 (-0.40%) • MKT CAP: $21.47B

roic

8.80%

LAST: $93.71 (+0.77%) • MKT CAP: $106.97B

roic

6.90%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NI VS. SO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NI	SO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC) ACTIVE	8.80%	6.90%	+1.90	NI	/roic <GO>
EV/EBITDA & P/E Valuation	6.8x	8.5x	-1.70	NI	/valuation <GO>
Free Cash Flow Yield	-1.96%	-2.74%	+0.78	NI	/fcf-yield <GO>
Operating Margin	28.10%	24.70%	+3.40	NI	/operating-margins <GO>
Net Profit Margin	14.30%	14.70%	-0.40	SO	/net-margins <GO>
Revenue Growth (YoY)	23.50%	10.60%	+12.90	NI	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.47%	2.82%	-0.35	SO	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.05	0.98	+0.07	NI	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	5/9	+2.00	NI	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	6.10%	5.50%	+0.60	SO	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	71.6	66.6	+5.02	NI	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.75	0.58	+0.17	NI	/macro-sensitivity <GO>
Forward P/E Multiple	19.4x	22.9x	-3.50	NI	/forward-pe <GO>
Enterprise Scale & Market Cap	$21.47B	$106.97B	-$85.51B	SO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NI REV	SO REV	NI GROSS %	SO GROSS %	NI FCF	SO FCF
FY 2025	$6.52B	$29.55B	44.0%	44.0%	-$420.0M	-$2.94B
FY 2024	$5.28B	$26.72B	44.0%	44.0%	-$832.5M	$833.0M
FY 2023	$5.35B	$25.25B	44.0%	44.0%	$1.69B	$6.42B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NI // BETA 0.75

SO // BETA 0.58