NiSource Inc (NI) is slightly overvalued and Southwest Gas Holdings Inc (SWX) is overvalued.
Both trade above our estimate of their intrinsic value. NI is the closer of the two: -6%, against -178% for SWX.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.0% (average of 2 methods) values the shares at $37.59; the price of $39.88 is 6% above that value.
Leak Score 31/100 on 10 of 12 signals
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $30.00; the price of $83.49 is 178% above that value, and 81% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
| Metric | NI | SWX |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $39.88 | $83.49 |
| Intrinsic value | $37.59 | $30.00 |
| Margin of safety | -6% | -178% |
| Leak Score | 31/100 (10/12) | 14/100 (3/12) |
| Market cap | $19.1B | $6.0B |
| Revenue growth, 5 years | 7.2% | -10.1% |
| Operating margin | 27.0% | 28.7% |
| Net margin | 13.2% | 29.8% |
| Return on equity | 9.8% | 6.6% |
| Debt to equity | 1.82 | 0.85 |
| P/E | 21.1x | 11.7x |
| Forward P/E | 17.7x | 16.9x |
| P/B | 2.0x | 1.5x |
| Dividend yield | 3.0% | 3.0% |