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NiSource Inc. (0K87) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of NiSource Inc. $37.17, price $39.47, upside -5.8%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Utilities · GB · Home US

NI Some data Sep 24, 2026

NiSource Inc.

0K87 · LSE

Low PriorityFair Value upside is limited and quality is weak.

·Fair value $37.17 · Fairly valued (−5.8%)
!Quality 43/100
!Expensive Growth (revenue 5y +7.2 %/yr)
✓Solidly profitable · 14.1% net margin (TTM)
!Moderate debt · negative free cash flow
!2.2% dividend yield · Watch coverage
✓Ranks above peers (6/10)
!Moderate moat 62/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 26 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$48.71 $17.93 Fair Value $37.17 Jan 2018 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $17.93 – $48.71 · fair‑value band $26.02 – $48.32 · the $39.47 price screens above the $37.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Columbia Operations and NIPSCO Operations.

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NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Columbia Operations and NIPSCO Operations. The company provides natural gas to residential, commercial, and industrial customers through approximately 37,300 miles of distribution main pipeline and the associated individual customer service lines; and 310 miles of transmission main pipeline in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. It also generates, transmits, and distributes electricity to approximately 0.5 million customers in various counties in the northern part of Indiana, as well as engages in wholesale electric and transmission transactions. It owns and operates steam coal generating stations in Wheatfield and Michigan City; combined cycle gas turbine in West Terre Haute; natural gas generating units in Wheatfield; hydro generating plants in Carroll County and White County; wind generating units in White County; and solar generating units in Sullivan County, Gibson County, Jasper County, and White County. The company was formerly known as NIPSCO Industries, Inc. and changed its name to NiSource Inc. in April 1999. NiSource Inc. was founded in 1847 and is headquartered in Merrillville, Indiana.

Stock analysis

NiSource Inc. (0K87) currently trades at $39.47, while our model-based Fair Value estimate is $37.17, so the stock looks roughly fairly valued today (gap 6.2%).

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Valuation

Bull case: the Multiples group reads highest at a median of $43.50 per share, and 5 of the 13 models we run sit above the $39.47 price.

Bear case: the Asset-Based group reads lowest at $17.43, and 8 of the 13 models stay below the price. Evidence for this calculation is medium.

Scenario range: $26.02 (bear) to $48.32 (bull), the price of $39.47 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 43/100 (below-average quality), in the Utilities sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

NiSource Inc. reported revenue of $6.6B in FY2025 versus $4.9B in FY2021, a compound +7.9%/yr. Reported net income was $930M in FY2025, compounding +12.3%/yr from FY2021.

Key figures

Market cap $18.7B · P/E ratio 0.3 · P/S ratio 0.04 · EPS (TTM) $1.54 · Dividend yield 2.2% · Net margin 14.0% · Return on equity 9.1% · Return on assets (EBIT) 4.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 19% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at 2% fair-value upside, at −6%, 0K87 screens richer than that median.

Fair Value models

Bear $26.02 Fair Value $37.17 Bull $48.32
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.5149 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income $22.63 $24.83 $29.65 76
EPV $16.31 $22.76 $28.32 73
ROIC Compounder $16.31 $22.76 $29.61 72
All 13 models by family
Earnings-Based
Graham-Dodd $17.40 $38.73 $49.46 66
PEG = 1.0 $6.25 $8.93 $11.61 57
EPV $16.31 $22.76 $28.32 73
Multiples
P/E Multiple $34.54 $46.05 $57.57 63
P/S Multiple $32.62 $43.50 $54.37 58
P/B Multiple $32.62 $43.50 $54.37 55
EV/EBIT $32.32 $51.27 $70.22 64
EV/EBITDA $37.47 $58.14 $78.81 66
EV/Revenue $7.46 $21.18 $34.89 50
Asset-Based
NCAV (Graham) $13.01 $17.43 $26.01 54
Economic Profit
Residual Income $22.63 $24.83 $29.65 76
ROIC Compounder $16.31 $22.76 $29.61 72
Growth Earnings
Growth-Adj P/E $26.02 $37.17 $48.32 67

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Quality Score breakdown

Overall quality 43/100

Of which business quality 40 · Market factors (momentum, volatility) 42

Profitability 32
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 27
Balance sheet, leverage, solvency risk
Investment 38
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 49
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+21.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.2%
Start year 2020 (pandemic). Over 10 years: +3.6% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.2%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+12.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.1%
Dividend (yield on the price)2.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10.1% vs 8.1%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 28%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 1.8%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Gas · 104 stocks

Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 43 · Bottom 25%
Fair Value upside −5.8% · Below median
Profitability
Return on equity (TTM) 9.1% · Above median
Return on assets 3.4% · Above median
Net margin (TTM) 14.1% · Top 25%
Operating margin (TTM) 34.8% · Top 25%
Growth and dividend
Revenue growth 8.2% · Above median
Dividend yield (TTM) 2.2% · Bottom 25%
Balance sheet
Debt / equity 0.96× · Highest 25%

Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper

P/E (TTM) 0.3× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)26 · sector 39
FUTURE (revenue growth)41 · sector 13
PAST (return on equity)36 · sector 34
HEALTH (low debt)52 · sector 83
DIVIDEND (yield)44 · sector 73

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Naturgy Energy Group NTGY €29.10 €32.79 +13%
Atmos Energy Corporation ATO $156.38 $77.00 −51%
Uniper SE UN0 €45.25 €45.97 +2%
The Hong Kong and China Gas Company 0003 HK$7.08 HK$4.79 −32%
GAIL (India) Limited GAIL ₹172.70 ₹132.97 −23%
Italgas S.p.A IG €8.35 €9.19 +10%
ENN Natural Gas Co 600803 ¥18.54 ¥36.99 +100%
UGI Corporation UGI $36.24 $32.74 −10%
ENN Energy Holdings 2688 HK$48.76 HK$107.85 +121%
Southwest Gas Holdings SWX $81.87 $57.47 −30%

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NiSource Inc. · Fair Value
$37.17 −6%Fair Value
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Cite: Fair Value Calculator (2026). "NiSource Inc. Fair Value". https://www.fairvalue-calculator.com/stock/0K87

Frequently asked questions

Is NiSource Inc. (0K87) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $37.17 versus a price of $39.47, about −6% upside (fairly valued).
What is the fair value of 0K87?
Our model-based fair value for NiSource Inc. is $37.17 (as of Sep 24, 2026), built from audited fundamentals. The current price: $39.47.
What is the quality score of 0K87?
NiSource Inc. has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NiSource Inc. (0K87)?
Our model-based price target is the fair value of $37.17 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario $26.02, optimistic scenario $48.32. It is a calculation from audited fundamentals, not an analyst target.
What is the NiSource Inc. stock forecast for 2026?
Our models put fair value at $37.17, about −6% upside versus a price of $39.47 (fairly valued). Cautious scenario $26.02, optimistic scenario $48.32. The calculation is refreshed regularly with new filings.
What is the revenue of NiSource Inc. (0K87)?
NiSource Inc. reported trailing-twelve-month revenue of about $6.8B (latest available figure, as of Sep 24, 2026).
Does NiSource Inc. pay a dividend?
NiSource Inc. currently shows a dividend yield of about 2.18% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of NiSource Inc. (0K87)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NiSource Inc. it is $37.17 per share (as of Sep 24, 2026), against a price of $39.47. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is NiSource Inc. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0K87 trades above its calculated fair value: price $39.47, fair value $37.17, a gap of about −6% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0K87?
No. The price is what the market pays today ($39.47); the fair value is what the company's own numbers justify ($37.17). For NiSource Inc. the two are $2.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is NiSource Inc. worth?
The market values NiSource Inc. at about $18.7B (market capitalisation, as of Sep 24, 2026). Per share that is $39.47; our models calculate a fair value of $37.17 per share.
What do the bullish and bearish scenarios say about 0K87?
Our models span a range for NiSource Inc.: cautious scenario $26.02, base $37.17, optimistic $48.32 per share (as of Sep 24, 2026, price $39.47). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0K87?
NiSource Inc. trades at a price-to-earnings ratio of 0.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $37.17 is built from several models across several years.
How solid is the balance sheet of NiSource Inc. (0K87)?
Balance-sheet figures for NiSource Inc. (as of Sep 24, 2026): return on equity 9.1%, debt of 0.96 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 0K87 from its 52-week high?
NiSource Inc. trades at $39.47, about 19% below its 52-week high of $48.71 and 1% above the low of $39.10 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $37.17 is for.
Which stocks are comparable to NiSource Inc.?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Uniper SE, The Hong Kong and China Gas Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NiSource Inc. stock attractive at the current price?
The data as of Sep 24, 2026: price $39.47, calculated fair value $37.17 (−6%), Quality Score 43/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0K87 calculated?
We run NiSource Inc. through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $37.17, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. NiSource Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NiSource Inc. (0K87)?
The closing price on Oct 2, 2026 was $39.47. Our model-based fair value is $37.17, about −6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NiSource Inc. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($26.02 to $48.32) leaves room in how you read the outcome.
Where does the earnings growth of NiSource Inc. (0K87) come from?
Earnings per share at NiSource Inc. grew +7.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.8 %, EBIT margin +4.9 %, tax rate +2.9 %, residual (interest, one-offs) +1.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of NiSource Inc.

How large is the market capitalisation of NiSource Inc. (0K87)?
The market capitalisation of NiSource Inc. is $18.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NiSource Inc. (0K87)?
The price-to-sales ratio of NiSource Inc. is 0.04 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NiSource Inc. (0K87)?
Earnings per share at NiSource Inc. are $1.54 (price ÷ EPS = P/E 0.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NiSource Inc. (0K87)?
The dividend yield of NiSource Inc. is 2.2% (payout 55.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NiSource Inc. (0K87)?
The net margin of NiSource Inc. is 14.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NiSource Inc. (0K87)?
The return on equity (ROE) of NiSource Inc. is 9.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NiSource Inc. (0K87)?
On an EBIT basis the return on assets of NiSource Inc. is 4.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NiSource Inc. (0K87)?
The operating margin of NiSource Inc. is 34.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NiSource Inc. (0K87)?
Revenue at NiSource Inc. is growing +8.2% versus a year earlier (3y avg +4.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NiSource Inc. (0K87)?
Earnings per share at NiSource Inc. are growing +6.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NiSource Inc. (0K87) generate?
The free cash flow of NiSource Inc. is −$420M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does NiSource Inc. (0K87) carry?
The net debt of NiSource Inc. is $16.1B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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