NiSource (NI) concentration risks

The company's only disclosed concentration is a customer-side dependency on ADS, which the filing states exposes the company to significant customer concentration risk. This is a moderate-share dependency by disclosed size. The character is dependency rather than structural: the relationship with ADS reflects a specific commercial arrangement rather than a durable feature of the end-market, and the filing explicitly identifies it as a concentration risk, suggesting the exposure is material enough to warrant disclosure as a named single-counterparty concern. No specific percentage is provided in the filing language, so the size of the ADS contribution to revenue is not quantifiable from the disclosed claim. However, the dependency character means that a deterioration in the ADS relationship — whether from a contract renegotiation, a change in ADS's business needs, or a counterparty event — could have a meaningful effect on the company's revenue profile. No geographic, supplier, regulatory, product, or other customer concentrations are separately disclosed. The profile is therefore narrow: a single moderate-share dependency with one named counterparty as the identified risk. Investors should monitor the status and terms of the ADS partnership as the primary idiosyncratic concentration variable in an otherwise limited disclosed risk profile.

For the engine’s reasoning on NI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.