Are you expecting null data?

Exceptions are intended for exceptional circumstances.

The simple rule of thumb for situations like this is to handle standard cases with logic, not exceptions.
If a NULL is an error, indicating a transmission failure for example, then an exception is suitable.If however, it is indicating that an optional field is empty, then this is a "normal" use-case, and should be checked with logic.

The example used in the question implies that the data in invalid if some data is missing (and that this is unexpected).
I would recommend exceptions in this case.