NI
NiSource Inc.
NI has the edge over SMR overall, supported by stronger fundamentals and lower modeled downside.
SMR
NuScale Power Corporation
SMR offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
NI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Weak | |
| Weak |
NI's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are weak.
SMR Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Weak | |
| Unavailable |
SMR's revenue, profitability and cash flow are currently weak. There isn't enough data to rate its balance sheet.
NI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $35.61 | -22% |
| Forward | 21x | $45.81 | — |
| Fair | 22x | $42.93 | -6.3% |
| Current | 23x | $45.81 | — |
| Expensive | 25x | $48.88 | +6.7% |
Historical ranges are pointers, not guarantees.
NI's PE is in its expensive range at 23x. If earnings grow as analysts expect, today's price would be 21x next year's earnings, in its fair range.
SMR PE Valuation
SMR has no meaningful PE right now: it lost money over the past year.
NI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for NI, but weaker profitability.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
NI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.18 | +12% |
| Q3 2026 | $1.95 | +3.2% |
| Q2 2026 | $1.88 | 0% |
| Q1 2026 | $2.01 | +8.6% |
| Q4 2025 | $1.95 | +20% |
| Q3 2025 | $1.89 | +14% |
| Q2 2025 | $1.88 | +15% |
| Q1 2025 | $1.85 | +20% |
| Q4 2024 | $1.62 | +9.5% |
NI has the edge over SMR on earnings quality, reporting a profit while its opponent remains loss making.
SMR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.72 | +$2.14 |
| Q2 2026 | -$2.46 | -$1.27 |
| Q1 2026 | -$2.46 | -$1.09 |
| Q4 2025 | -$2.43 | -$0.96 |
| Q3 2025 | -$2.86 | -$1.91 |
| Q2 2025 | -$1.19 | -$0.16 |
| Q1 2025 | -$1.37 | -$0.52 |
| Q4 2024 | -$1.47 | -$0.67 |
SMR is still losing money, but far less than before: $0.72 per share over the past year, against $2.86 at its worst in late 2025.
NI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +4.7% |
| Q2 2026 | $1.3B | +3.4% |
| Q1 2026 | $2.3B | +8% |
| Q4 2025 | $6.5B | +23% |
| Q3 2025 | $1.2B | +15% |
| Q2 2025 | $1.2B | +15% |
| Q1 2025 | $2.1B | +26% |
| Q4 2024 | $5.3B | +282% |
NI's revenue has grown year over year for nine quarters in a row: $1.3B last quarter, up 4.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | +2.2 points |
| Q2 2026 | 18% | -3.4 points |
| Q1 2026 | 35% | 0 points |
| Q4 2025 | 7.9% | 0 points |
| Q3 2025 | 24% | +3.7 points |
| Q2 2025 | 21% | -0.8 points |
| Q1 2025 | 35% | +1.1 points |
| Q4 2024 | 7.9% | -18 points |
NI has the edge over SMR on profitability, with a higher operating margin.
SMR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $281K | -97% |
| Q2 2026 | $75K | -99% |
| Q1 2026 | $565K | -96% |
| Q4 2025 | $1.8M | -95% |
| Q3 2025 | $8.2M | +1635% |
| Q2 2025 | $8.1M | +733% |
| Q1 2025 | $13.4M | +870% |
| Q4 2024 | $34.2M | +651% |
SMR's revenue has slid since its 2024 peak: $281,000 last quarter, down 97% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -23068% | -16535 points |
| Q2 2026 | -85337% | -84802 points |
| Q1 2026 | -10181% | -9917 points |
| Q4 2025 | -4022% | -3988 points |
| Q3 2025 | -6533% | +2103 points |
| Q2 2025 | -535% | +3796 points |
| Q1 2025 | -264% | +2925 points |
| Q4 2024 | -35% | +1524 points |
SMR's operating margin was −23068% last quarter, down 16535 points from the same quarter a year ago, near the bottom of its range since 2022.
NI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$653.1M | -$480.5M |
| Q2 2026 | -$417M | -$254.2M |
| Q1 2026 | -$362.9M | -839% |
| Q4 2025 | -$133.7M | +$86.5M |
| Q3 2025 | -$172.6M | +$122.1M |
| Q2 2025 | -$162.8M | +$21.5M |
| Q1 2025 | $49.1M | +$182.4M |
| Q4 2024 | -$220.2M | +$140.8M |
NI has the stronger cash trend. Its trailing FCF is down 120% versus its history, compared with SMR at down 161%.
SMR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$58.6M | -$25.3M |
| Q1 2026 | -$316.2M | -$293.3M |
| Q4 2025 | -$204.1M | -$177.6M |
| Q2 2025 | -$33.3M | +$2.7M |
| Q1 2025 | -$22.9M | +$10.6M |
| Q4 2024 | -$26.5M | +$46.8M |
| Q3 2024 | -$12.7M | +$15M |
| Q2 2024 | -$36M | +$4.5M |
SMR has burned cash in almost every quarter: −$608M over the past year, against −$95M the year before.
NI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -100K shares |
| 1 year | +1.6% | +7.4M shares |
| 3 years | +7.3% | +32.8M shares |
| 5 years | +12% | +50.8M shares |
| Available history | +28% | +105M shares |
NI has the edge over SMR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
SMR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +13% | +45.9M shares |
| 1 year | +178% | +263M shares |
| 3 years | +448% | +336M shares |
SMR has 410M diluted shares, up 178% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
NI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.7x | High |
| Q2 2026 | 5.5x | High |
| Q1 2026 | 5.4x | High |
| Q4 2025 | 5.6x | High |
| Q3 2025 | 5.5x | High |
| Q2 2025 | 5.6x | High |
| Q1 2025 | 5.4x | High |
| Q4 2024 | 5.8x | High |
NI's net debt is about 5.7 years of its operating earnings (EBITDA), up from 5.5 years a year ago.
SMR Net Leverage
SMR's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
NI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.7 | Neutral |
| Stochastic | 81.9 | Overbought |
NI's weekly RSI is 59 (neutral) and its Stochastic is 82 (overbought).
SMR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.5 | Oversold |
| Stochastic | 8.6 | Oversold |
SMR's weekly RSI is 30 (oversold) and its Stochastic is 9 (oversold).
NI PE vs Utilities Sector
| Metric | NI | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 20x | 15% above |
| PE % | 69 | 44 | 25 pts above |
NI is trading at 23x earnings, a 15% premium to the Utilities sector's median of 20x.
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
NI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $42.5 | 7.8% above |
| 20 week MA | $43.1 | 6.3% above |
| 50 week MA | $44.6 | 2.7% above |
| 100 week MA | $42.4 | 8% above |
| 200 week MA | $35.5 | 29% above |
NI has the edge over SMR on trend strength, trading above more of its moving averages.
SMR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.26 | 23% below |
| 20 week MA | $7.88 | 39% below |
| 50 week MA | $11.4 | 58% below |
| 100 week MA | $20.2 | 76% below |
| 200 week MA | $14.4 | 67% below |
SMR is in a downtrend: it's below all five of its weekly moving averages, and 67% below its 200-week average.
NI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $27.3 | $22.1 | -19% |
| 2021 | $22.1 | $26.9 | +22% |
| 2022 | $26.9 | $27.7 | +3.1% |
| 2023 | $27.7 | $26.6 | -4.2% |
| 2024 | $26.6 | $36.8 | +38% |
| 2025 | $36.8 | $41.7 | +13% |
| 2026 YTD | $41.7 | $45.8 | +9.8% |
NI has the edge over SMR on returns for 2026, with the stronger performance.
SMR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.1 | $10.3 | +1.2% |
| 2021 | $10.3 | $10.1 | -1.9% |
| 2022 | $10.1 | $10.1 | +0.5% |
| 2023 | $10.1 | $3.29 | -67% |
| 2024 | $3.29 | $19.5 | +493% |
| 2025 | $19.5 | $14.9 | -24% |
| 2026 YTD | $14.9 | $4.82 | -68% |
SMR's yearly returns have swung widely, from +493% in 2024 to −67% in 2023. It's down 68% so far in 2026.