Is NI or NWE more undervalued in 2026?

CirclFi compares NiSource Inc (NI) and NorthWestern Energy Group, Inc. (NWE) using 13 institutional-grade valuation models. NI has a Quality of Company score of 8.5/10 while NWE scores 6.1/10.

Which is a better buy — NI or NWE?

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 NI and NWE valuations compare?

NI at $46.22 and NWE at $70.61 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

NI vs NWE Valuation Comparison 2026 — Intrinsic Value Analysis

NI

Electric & Other Services Combined

NiSource Inc

Quality

8.5

out of 10

Value Trap

SAFE

Price

$46.22

Last close

Models

11/13

Active

NWE

Electric & Other Services Combined

NorthWestern Energy Group, Inc.

Quality

6.1

out of 10

Value Trap

LOW

Price

$70.61

Last close

Models

10/13

Active

Model-by-Model Comparison

Model	Type	NI Fair Value	NI Upside	NWE Fair Value	NWE Upside
Bayesian DCF	Intrinsic	$46.41	+0.4%	$123.79	+75.3%
EROIC Spread	Intrinsic	$10.35	-77.6%	$29.75	-57.9%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$16.42	-64.5%	$31.47	-55.4%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%

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NI vs NWE — Which Stock Is More Undervalued?

NI scores higher with a 8.5/10 quality rating vs NWE's 6.1/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing NiSource Inc (NI) and NorthWestern Energy Group, Inc. (NWE) 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.

NI currently trades at $46.22 with a QOC of 8.5/10, while NWE trades at $70.61 with a QOC of 6.1/10.

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).