Is NEXT or SWX more undervalued in 2026?

CirclFi compares NextDecade Corporation (NEXT) and Southwest Gas Holdings, Inc. (SWX) using 13 institutional-grade valuation models. NEXT has a Quality of Company score of 3.7/10 while SWX scores 8.0/10.

Which is a better buy — NEXT or SWX?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do NEXT and SWX valuations compare?

NEXT at $7.91 and SWX at $86.21 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

NEXT vs SWX Valuation Comparison 2026 — Intrinsic Value Analysis

Natural Gas Transmisison & Distribution

NextDecade Corporation

Quality

3.7

out of 10

Value Trap

SAFE

Price

$7.91

Last close

Models

2/13

Active

SWX

Natural Gas Transmisison & Distribution

Southwest Gas Holdings, Inc.

Quality

8.0

out of 10

Value Trap

SAFE

Price

$86.21

Last close

Models

12/13

Active

Model-by-Model Comparison

Model	Type	NEXT Fair Value	NEXT Upside	SWX Fair Value	SWX Upside
Bayesian DCF	Intrinsic	—	—	$74.25	-13.9%
EROIC Spread	Intrinsic	—	—	$29.95	-65.3%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$0.25	-96.8%	$134.56	+56.1%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$16.25	+105.4%	$82.37	-4.5%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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NEXT vs SWX — Which Stock Is More Undervalued?

SWX scores higher with a 8.0/10 quality rating vs NEXT's 3.7/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing NextDecade Corporation (NEXT) and Southwest Gas Holdings, Inc. (SWX) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

NEXT currently trades at $7.91 with a QOC of 3.7/10, while SWX trades at $86.21 with a QOC of 8.0/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).