--- title: NiSource (NI) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/ni ticker: NI as_of: 2026-10-17 sector: Utilities industry: Regulated Gas --- # NiSource (NI) NiSource (NI) closed at $42.68 on Oct 16, 2026, undervalued by 5% vs its model value of $44.93 (from its own five-year median P/E applied to its earnings). ## Key figures | Figure | Value | | --- | ---: | | Last close | $42.68 (Oct 16, 2026) | | Model value (from its own five-year median P/E applied to its earnings) | $44.93 | | Price vs model | undervalued by 5% vs model | | Range of that model | $36.47 – $48.52 | | Market value | $20.5B | | P/E (fiscal 2025) | 21.9 | | Net margin (fiscal 2025) | 14.0% | | Free cash flow (fiscal 2025) | -$420.0M | | Dividend yield (trailing twelve months) | 2.76% | | Beta | 0.55 | | Cost of capital (WACC) | 6.23% | | Business classification | Dividend Payer (Moderate growth (~10% recent), Moderate margins (14% net margin), Pays dividends, Highly cyclical earnings, Negative free cash flow) | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 2.76% | | Dividends per share, last 12 months | $1.18 | | Coverage | — | | Raised | 14 years in a row | | Growth over 5 years | 6.3% a year | | Latest payment | $0.30, ex-date Jul 31, 2026, paid Aug 20, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Jul 29, 2021 | $0.87 | | To Jul 28, 2022 | $0.93 | | To Jul 28, 2023 | $0.99 | | To Jul 31, 2024 | $1.05 | | To Jul 31, 2025 | $1.11 | | Trailing twelve months (to Jul 31, 2026) | $1.18 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | cross check | $35.64 | $5.78 | $117.54 | | DCF · Perpetuity growth · 10y | cross check | $47.54 | $13.16 | $146.35 | | DCF · EBITDA exit · 5y | cross check | $91.75 | $47.78 | $143.88 | | DCF · EBITDA exit · 10y | cross check | $96.23 | $47.28 | $162.77 | | P/E · peers | cross check | $38.90 | $36.20 | $43.73 | | P/E · own history | primary | $44.93 | $36.47 | $48.52 | | PEG | sanity check | $22.31 | $22.31 | $22.31 | | EV/EBITDA · peers | cross check | $50.15 | $45.41 | $58.29 | | EV/Revenue · peers | cross check | $35.55 | $19.96 | $54.64 | | Earnings power value | cross check | $0.00 | $0.00 | $0.00 | | Dividend discount | cross check | $26.44 | $17.70 | $45.78 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 1 open-market sale ($1.6M); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Aug 14, 2026 | BIRMINGHAM MELODY | EVP & Grp President, Utilities | Open-market sell | 37,509.173 | $1.6M | | Jul 13, 2026 | Jesanis Michael E | Director | Other | 30,189.569 | $0 | | May 22, 2026 | Berman Melanie B. | EVP Administration & CHRO | Open-market sell | 15,000 | $715,200 | | May 21, 2026 | Yates Lloyd M | Director and President & CEO | Open-market sell | 19,905 | $950,065.6 | | May 14, 2026 | BIRMINGHAM MELODY | EVP & Grp President, Utilities | Open-market sell | 10,000 | $471,850 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Oct 16, 2026 | 8-K | 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1111711/000119312526423375/d114059d8k.htm | | Aug 18, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1111711/000119312526355564/d108198d8k.htm | | Aug 13, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1111711/000119312526348038/d103099d424b5.htm | | Aug 5, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1111711/000111171126000088/nix-20260630.htm | | Aug 5, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1111711/000111171126000087/nix-20260805.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Bridgewater | 2026-06-30 | 1,410,001 | $67.0M | 1 tracked managers in all. ## About 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 Wheatf… --- Source: https://sweetvaluelab.com/stocks/ni (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.