NiSource Inc (NI) Fair Value & Analysis
Utilities · US · Market cap $22.5B
NiSource Inc
NI · US
Fair value as of: Jul 14, 2026
From 15 valuation models · updated 24 days ago
Share price −8.7% over the past month.
Below-average quality, and screening another 34% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($37.17). The favourable scenario is already priced in.
- Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($20.01 to $37.17) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.
How to read this chart
60‑month range $20.40 – $49.08 · fair‑value band $20.01 – $37.17 · the $43.38 price screens above the $28.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.
Analysis
NiSource Inc (NI) currently trades at $43.38, while our model-based Fair Value estimate is $28.59, implying the stock looks roughly 34.1% overvalued today. We read business quality at 48/100 (below-average quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, NiSource Inc generated revenue of $6.8B at a net margin of 14.1%. Revenue grew 8.2% year over year. It earns a return on equity of 9.1%. Net debt stands at $16.1B. Fundamentals as of Jul 14, 2026
Our scenario range runs from $20.01 (bear case) to $37.17 (bull case); at $43.38, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -19% fair-value upside, at -34%, NI screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 15 models by family
Widest divergence: Multiples ($32.96) versus Economic Profit ($6.38). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 39 · Market factors (momentum, volatility) 57
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
NI screens 34% overvalued. Compare with Naturgy Energy Group →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- NiSource to Release Q2 Earnings: Here's What You Need to Know
- NiSource Inc's Dividend Analysis
- Analysts Estimate NiSource (NI) to Report a Decline in Earnings: What to Look Out for
- Digital Realty Trust Achieves #55 Analyst Rank, Surpassing NiSource
Peer Group
Utilities - Regulated Gas · 103 stocks
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.
Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Naturgy Energy Group NTGY | €28.84 | €35.80 | +24% |
| Atmos Energy Corporation ATO | $177.68 | $85.67 | -52% |
| Uniper SE UN0 | €42.80 | €49.13 | +15% |
| The Hong Kong and China Gas Company 0003 | HK$7.03 | HK$5.08 | -28% |
| Italgas S.p.A IG | €9.98 | €8.11 | -19% |
| GAIL (India) Limited GAIL | ₹171.71 | ₹147.74 | -14% |
| ENN Natural Gas Co 600803 | ¥16.69 | ¥25.71 | +54% |
| Adani Total Gas Limited ATGL | ₹723.90 | ₹101.36 | -86% |
| UGI Corporation UGI | $35.84 | $27.13 | -24% |
| Southwest Gas Holdings SWX | $92.06 | $70.67 | -23% |
Compare NiSource Inc with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Utilities stocks →
Frequently asked questions
Is NiSource Inc (NI) overvalued or undervalued?
What is the fair value of NI?
What is the quality score of NI?
What is the revenue of NiSource Inc (NI)?
What is the net profit margin of NI?
Does NiSource Inc pay a dividend?
How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
Track NiSource Inc and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.