NiSource Inc — Intrinsic Value & Fair Price

NYSEUtilitiesRegulated GasCIK 0001111711nisource.comAbout NI

Last close · Oct 16, 202642.68+1.43 (+3.47%)

Market cap$20.5B

Model value · P/E · own history

44.93

NiSource closed at $42.68 — undervalued by 5% vs model.

36.47the model's range48.52

P/E · own history leads for a regulated utility. From its own five-year median P/E applied to its earnings.

Other models

22.31 – 96.23

Wall St. target

48.00 11% below

Below model, 1y

7 of 20 days

Price and model value

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What the marks mean

Daily close

Valuation models

price $42.68 · as of Oct 17, 2026

DCF · Perpetuity growth · 5y5.78 – 117.5435.6420% overvalued DCF · Perpetuity growth · 10y13.16 – 146.3547.5410% undervalued DCF · EBITDA exit · 5y47.78 – 143.8891.7553% undervalued DCF · EBITDA exit · 10y47.28 – 162.7796.2356% undervalued P/E · peers36.20 – 43.7338.9010% overvalued P/E · own historyused36.47 – 48.5244.935% undervalued PEG—22.3191% overvalued EV/EBITDA · peers45.41 – 58.2950.1515% undervalued EV/Revenue · peers19.96 – 54.6435.5520% overvalued Dividend discount17.70 – 45.7826.4461% overvalued Wall St. consensus target—48.0011% below Cost of capital (WACC)—6.23%—

P/E · own history leads for a regulated utility. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026

Yield, trailing 12 months

2.76%

Past 2 years

low 2.35%high 3.37%

Dividends per share, a year at a time

Coverage: —
Raised: 14 years in a row
Growth, 5 yrs: 6.3% a year
Last change: +7.1% · Feb 2026

Every payment, with ex-dates · latest $0.30, paid Aug 20, 2026

Research on NI

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How it is valued

Valued asRegulated utility

Moderate growth (~10% recent)Moderate margins (14% net margin)Pays dividendsHighly cyclical earningsNegative free cash flow

What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for utilities

P/E

21.9×

EV / EBITDA

12.2×

FCF yield

-2.1%

Dividend yield, TTM

2.76%

Beta

0.55

Cost of capital (WACC)

6.23%

Full financials

Superinvestors

13F · Q2 2026

BridgewaterBridgewater Associates, LP$67.0M

All 1 holders

Analyst actions

third-party, quoted

10-13KeyBanc · target48.00

09-28BMO Capital · target45.00

08-26Mizuho Securities · target48.00

10-31Jefferies · “Buy” from “Hold”upgrade

Ratings, targets and estimates

Recent

filings, insider trades and key news

10-168-K · 2.03Creation of a Direct Financial Obligation 08-188-K · 8.01Other Events 08-14Form 4 · SBIRMINGHAM MELODY · 37,509 sh@ 42.40 08-13424B5Prospectus supplement 08-0510-QQuarterly report 08-058-K · 2.02Results of Operations (Earnings)

85 filings · 40 insider transactions

Comparable companies

by business, not by industry label

ATOAtmos Energy CNPCenterPoint Energy CMSCMS Energy WECWEC Energy Group DTEDTE Energy SRESempra AEEAmeren

2 more companies list NI as a comparable

AWKAmerican Water Works ESEversource Energy

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just NI. No account.

About NiSource

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.

CEO: Lloyd Yates
Headquarters: Merrillville, IN
Employees: 7,703
IPO: 1973-02-21

Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.