NiSource Inc (NI) Fair Value & Analysis
Utilities · US · Market cap $22.0B
NiSource Inc
NI · US
Fair value as of: Jun 24, 2026
From 15 valuation models · updated 5 days ago
Fair value updated Jun 24, 2026 — revised from $20.56 to $28.59 (+39.1%) since Jun 23, 2026. Share price +4.2% over the past month.
Price vs Fair Value (12 months)
12‑month range $37.28 – $48.17 · fair‑value band $20.01 – $37.17 · the $47.26 price screens above the $28.59 fair value. As of Jun 24, 2026.
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NiSource Inc (NI) currently trades at $47.26, while our model-based Fair Value estimate is $28.59 — implying the stock looks roughly 39.5% overvalued today. We read business quality at 86/100 (high 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 Jun 24, 2026
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jun 24, 2026. TTM = trailing twelve months.
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. 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 …
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.
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6 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Jun 24, 2026).
| Stock | Price | Fair Value | vs Fair Value |
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| Naturgy Energy Group GASNY | $6.36 | $7.15 | +12% |
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| Uniper SE UN0 | €45.45 | €33.83 | -26% |
| The Hong Kong and China Gas Company HOKCY | $0.8100 | $0.6500 | -20% |
| Tokyo Gas Co TKGSF | $39.85 | $65.41 | +64% |
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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.
Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.