A Business at a Glance
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SPIRE INC
SR
$4.9B
Mkt Cap
$83.28
+0.95%
SPIRE INC (SR) has a current P/E ratio of 18.2, compared to its historical median P/E of 14.8. The stock is currently considered Fair based on its historical valuation range.
SPIRE INC (SR) has a 5-year average return on invested capital (ROIC) of 5.6%. This is below average and may indicate limited pricing power.
SPIRE INC (SR) has a market capitalization of $4.9B. It is classified as a mid-cap stock.
Yes, SPIRE INC (SR) pays a dividend with a trailing twelve-month yield of 3.77%.
Based on historical P/E analysis, SPIRE INC (SR) appears fair. The current P/E of 18.2 is 23% above its historical median of 14.8. The estimated fair value CAGR (P/E method) is 6.9%.
SPIRE INC (SR) operates in the Natural Gas Distribution industry, within the Utilities sector.
SPIRE INC (SR) reported annual revenue of $2.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Spire Inc. is a regulated natural gas utility holding company operating through three primary segments: Gas Utility, Gas Marketing, and Midstream. The Gas Utility segment comprises regulated operations of Spire Missouri (formed 1857), Spire Alabama (formed 1948), Spire Gulf, and Spire Mississippi, serving customers across multiple states with seasonal earnings concentrated during the November-through-April heating season due to volumetric rate design. The Gas Marketing segment provides natural gas marketing services through Spire Marketing, while the Midstream segment operates natural gas transportation and storage assets including Spire STL Pipeline, Spire MoGas Pipeline, and Spire Storage facilities. The company's business model is anchored in regulated utility operations with capital-intensive infrastructure investment, generating returns through rate-base growth and regulatory recovery mechanisms including forward-test year rate-making and true-out mechanisms. Spire's competitive moat derives from its regulated utility franchises, established customer relationships spanning decades, and constructive regulatory frameworks across its jurisdictions that support timely recovery of infrastructure investments. The company serves residential, commercial, and industrial customers across Missouri, Alabama, Mississippi, and Gulf regions, with a workforce of 3,497 employees as of September 2025.
【Strategic portfolio simplification】 Management is concentrating the company around core regulated gas utility businesses through divestitures of non-core assets, including the completed sale of Spire Marketing and pending sales of Spire Storage and Spire Mississippi, which generate cash proceeds to fund the Piedmont Tennessee acquisition and regulated infrastructure investment. The company expects to deliver adjusted earnings within its fiscal 2026 guidance range while maintaining balance sheet strength, with capital expenditures of $797 million supporting rate-based growth of 7% in Missouri and 7.5% in Tennessee, alongside 6% regulated equity growth in Alabama and Gulf. Management reaffirmed its long-term 5%-7% adjusted EPS growth target anchored to the 2027 guidance midpoint of $5.75, supported by strong rate-based growth across jurisdictions and execution of the $11.2 billion 10-year capital plan. The company has lowered its FFO-to-debt target to 14%-15% to better align with its more focused, regulated business profile, and expects to achieve this over the coming years while maintaining minimal common equity needs.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS (continuing operations) | $3.90–$4.10 | FY2026 |
| Adjusted EPS (continuing operations) | $5.40–$5.60 | FY2027 |
| Capital expenditures | $797 million | FY2026 |
| Long-term adjusted EPS growth target | 5%–7% | Long-term |
Adjusted EPS (continuing operations) (FY2026): “We're providing a fiscal 2026 adjusted EPS guidance range on a continuing operations basis of $3.90-$4.10 per share.”
Adjusted EPS (continuing operations) (FY2027): “Looking ahead to 2027, we are reaffirming our adjusted EPS range of $5.40 per share to $5.60 per share.”
Capital expenditures (FY2026): “We expect full year 2026 capital expenditures of $797 million across our utilities, consistent with our 10-year $11.2 billion capital plan.”
Long-term adjusted EPS growth target (Long-term): “we are reaffirming our long-term 5%-7% adjusted EPS growth target”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 2.5B | 2.6B | 2.7B | 2.2B | 2.2B |
| Net Income | 0 | 257M | 236M | 202M | 206M | 257M |
| EPS | $0.00 | $4.37 | $4.19 | $3.85 | $3.95 | $4.96 |
| Free Cash Flow | 0 | -344M | 51M | -222M | -497M | -375M |
| ROIC | 0.0% | 5.2% | 5.2% | 5.3% | 5.5% | 6.8% |
| Gross Margin | - | 58.8% | 52.5% | 47.8% | 29.0% | 34.4% |
| Debt/Equity | 2.83 | 1.53 | 1.45 | 1.60 | 1.15 | 1.13 |
| Dividends/Share | $0.00 | $3.14 | $3.02 | $2.88 | $2.74 | $2.60 |
| Operating Income | 0 | 524M | 488M | 419M | 408M | 450M |
| Operating Margin | 0.0% | 21.2% | 18.8% | 15.7% | 18.6% | 20.1% |
| ROE | 0.0% | 7.7% | 7.7% | 7.1% | 7.5% | 9.9% |
| Shares Outstanding | 59M | 59M | 56M | 53M | 52M | 52M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.6B | 2.0B | 1.5B | 1.7B | 2.0B | 2.0B | 1.9B | 2.2B | 2.2B | 2.7B | 2.6B | 2.5B | 0 |
| Gross Margin | 18.2% | 24.2% | 75.4% | 76.7% | 77.5% | 30.1% | 27.4% | 34.4% | 29.0% | 47.8% | 52.5% | 58.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | 878M | 1.0B | N/A | N/A | N/A | N/A | N/A | 855M | 873M | 931M | 931M |
| EBIT | 166M | 273M | 282M | 322M | 294M | 302M | 206M | 450M | 408M | 419M | 488M | 524M | 0 |
| Op. Margin | 10.2% | 13.8% | 18.4% | 18.5% | 15.0% | 15.5% | 11.1% | 20.1% | 18.6% | 15.7% | 18.8% | 21.2% | 0.0% |
| Net Income | 84M | 136M | 144M | 162M | 214M | 179M | 74M | 257M | 206M | 202M | 236M | 257M | 0 |
| Net Margin | 5.2% | 6.9% | 9.4% | 9.3% | 10.9% | 9.2% | 4.0% | 11.5% | 9.4% | 7.6% | 9.1% | 10.4% | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 149M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.3% | 5.1% | 4.5% | 4.4% | 5.6% | 5.4% | 3.8% | 6.8% | 5.5% | 5.3% | 5.2% | 5.2% | 0.0% |
| ROE | 6.6% | 8.9% | 8.2% | 8.1% | 9.5% | 7.5% | 2.9% | 9.9% | 7.5% | 7.1% | 7.7% | 7.7% | 0.0% |
| ROA | 2.1% | 2.6% | 2.4% | 2.5% | 3.1% | 2.5% | 0.9% | 2.9% | 2.1% | 2.0% | 2.2% | 2.3% | 0.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 123M | 322M | 328M | 288M | 457M | 451M | 470M | 250M | 55M | 440M | 912M | 578M | 0 |
| Free Cash Flow | -48M | 33M | 35M | -150M | -43M | -372M | -169M | -375M | -497M | -222M | 51M | -344M | 0 |
| Owner Earnings | 35M | 187M | 186M | 130M | 276M | 262M | 269M | 23M | -189M | 176M | 628M | 273M | -305M |
| CapEx | 171M | 290M | 293M | 438M | 499M | 823M | 638M | 625M | 552M | 663M | 861M | 922M | 0 |
| Maint. CapEx | 83M | 131M | 138M | 154M | 168M | 182M | 197M | 213M | 237M | 255M | 278M | 298M | 298M |
| Growth CapEx | 88M | 159M | 156M | 284M | 331M | 642M | 441M | 412M | 315M | 408M | 583M | 624M | 0 |
| D&A | 83M | 131M | 138M | 154M | 168M | 182M | 197M | 213M | 237M | 255M | 278M | 298M | 298M |
| CapEx/OCF | 139.5% | 89.9% | 89.3% | 152.0% | 109.4% | 182.6% | 135.9% | 250.1% | 1004.0% | 150.5% | 94.4% | 159.6% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 62M | 79M | 85M | 96M | 109M | 119M | 128M | 133M | 142M | 151M | 167M | 182M | 0 |
| Dividend Yield | 5.7% | 5.2% | 4.3% | 4.2% | 4.1% | 3.8% | 4.4% | 4.7% | 4.7% | 4.9% | 5.2% | 4.4% | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 4.0M | 4.9M | 4.5M | 4.1M | 13M | 7.2M | 3.2M | 14M | 6.4M | 9.8M | 5.8M | 6.7M | 6.7M |
| Debt Repayment | 80M | 35M | 80M | 394M | 105M | 184M | 147M | 115M | 56M | 281M | 457M | 42M | 42M |
| Balance Sheet | |||||||||||||
| Net Debt | 2.1B | 2.2B | 2.5B | 2.9B | 3.0B | 2.1B | 2.5B | 3.0B | 3.2B | 4.7B | 4.7B | 5.2B | 9.6B |
| Cash & Equiv. | 16M | 14M | 5.2M | 7.4M | 4.4M | 5.8M | 4.1M | 4.3M | 6.5M | 5.6M | 4.5M | 5.7M | 50M |
| Long-Term Debt | 1.9B | 1.8B | 1.8B | 2.0B | 1.9B | 2.1B | 2.4B | 2.9B | 3.0B | 3.6B | 3.7B | 3.4B | 5.8B |
| Debt/Equity | 1.42 | 1.39 | 1.40 | 1.48 | 1.33 | 0.83 | 0.98 | 1.13 | 1.15 | 1.60 | 1.45 | 1.53 | 2.83 |
| Interest Coverage | 3.6 | 3.7 | 3.7 | 3.6 | 3.0 | 2.9 | 2.0 | 4.2 | 3.4 | 2.3 | 2.4 | 2.6 | 2.6 |
| Equity | 1.5B | 1.6B | 1.8B | 2.0B | 2.3B | 2.5B | 2.5B | 2.7B | 2.8B | 2.9B | 3.2B | 3.4B | 3.4B |
| Total Assets | 5.1B | 5.3B | 6.1B | 6.5B | 6.8B | 7.6B | 8.2B | 9.4B | 10.1B | 10.3B | 10.9B | 11.6B | 14.7B |
| Total Liabilities | 1.7B | 1.9B | 4.3B | 4.6B | 4.6B | 5.1B | 5.7B | 6.7B | 7.3B | 7.4B | 7.6B | 8.2B | -40M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 438M | 494M | 551M | 614M | 716M | 776M | 721M | 843M | 906M | 958M | 1.0B | 1.1B | 1.4B |
| Working Capital | -158M | -324M | -592M | -372M | -662M | -854M | -859M | -292M | -762M | -679M | -933M | -1.7B | -1.3B |
| Current Assets | 628M | 530M | 570M | 726M | 660M | 615M | 591M | 1.3B | 1.6B | 1.1B | 771M | 808M | 1.6B |
| Current Liabilities | 786M | 854M | 1.2B | 1.1B | 1.3B | 1.5B | 1.4B | 1.6B | 2.4B | 1.8B | 1.7B | 2.5B | 2.9B |
| Per Share Data | |||||||||||||
| EPS | 2.35 | 3.16 | 3.24 | 3.43 | 4.33 | 3.52 | 1.44 | 4.96 | 3.95 | 3.85 | 4.19 | 4.37 | 0.00 |
| Owner EPS | 0.98 | 4.33 | 4.19 | 2.76 | 5.59 | 5.16 | 5.26 | 0.44 | -3.62 | 3.34 | 11.16 | 4.65 | -5.16 |
| Book Value | 42.05 | 36.46 | 39.73 | 42.27 | 45.70 | 50.04 | 49.28 | 51.40 | 54.12 | 55.49 | 57.44 | 57.72 | 57.83 |
| Cash Flow/Share | 3.42 | 7.47 | 7.38 | 6.12 | 9.25 | 8.87 | 9.18 | 4.83 | 1.06 | 8.37 | 16.21 | 9.84 | 5.05 |
| Dividends/Share | 1.76 | 1.84 | 1.96 | 2.10 | 2.25 | 2.37 | 2.49 | 2.60 | 2.74 | 2.88 | 3.02 | 3.14 | 0.00 |
| Shares Out. | 35.9M | 43.2M | 44.5M | 47.1M | 49.4M | 50.8M | 51.2M | 51.7M | 52.1M | 52.6M | 56.3M | 58.7M | 59.1M |
| Valuation | |||||||||||||
| P/E Ratio | 13.0 | 11.6 | 14.1 | 16.0 | 12.7 | 19.0 | 29.4 | 10.2 | 14.4 | 13.1 | 15.2 | 18.2 | N/A |
| P/FCF | N/A | 48.7 | 58.3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 70.1 | N/A | N/A |
| EV/EBIT | 17.5 | 13.8 | 15.9 | 16.0 | 18.2 | 20.7 | 25.6 | 13.9 | 17.7 | 17.5 | 16.9 | 18.8 | N/A |
| Price/Book | 0.7 | 1.0 | 1.2 | 1.3 | 1.2 | 1.3 | 0.9 | 1.0 | 1.1 | 0.9 | 1.1 | 1.4 | 1.4 |
| Price/Sales | 6.6 | 0.8 | 1.3 | 1.3 | 1.3 | 1.6 | 1.6 | 1.3 | 1.4 | 1.2 | 1.2 | 1.7 | N/A |
| FCF Yield | -4.4% | 2.0% | 1.7% | -5.8% | -1.6% | -11.0% | -7.8% | -14.3% | -16.8% | -8.4% | 1.4% | -7.4% | N/A |
| Market Cap | 1.1B | 1.6B | 2.0B | 2.6B | 2.7B | 3.4B | 2.2B | 2.6B | 3.0B | 2.7B | 3.6B | 4.7B | 4.9B |
| Avg. Price | 30.10 | 34.90 | 44.07 | 48.70 | 53.49 | 61.18 | 57.28 | 55.09 | 58.46 | 58.71 | 56.56 | 70.36 | 83.28 |
| Year-End Price | 30.59 | 36.78 | 45.83 | 54.77 | 55.19 | 66.88 | 42.34 | 50.59 | 56.98 | 50.53 | 63.70 | 79.69 | 83.28 |
SPIRE INC passes 3 of 9 quality checks, indicating weak fundamentals.
SPIRE INC trades at 18.2x trailing earnings, compared to its 15-year median P/E of 14.8x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 5.6% with a gross margin of 44.5%. Total shareholder yield (dividends) is 3.8%. At current prices, the estimated annualized return to fair value is +3.0%.
SPIRE INC (SR) has a net profit margin of 10.4%. This is a healthy margin.
SPIRE INC (SR) generated $-344 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
SPIRE INC (SR) has a debt-to-equity ratio of 1.53. This indicates higher leverage, which may increase financial risk.
SPIRE INC (SR) reported earnings per share (EPS) of $4.37 in its most recent fiscal year.
SPIRE INC (SR) has a return on equity (ROE) of 7.7%. This indicates moderate shareholder returns.
SPIRE INC (SR) has a 5-year average gross margin of 44.5%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for SPIRE INC (SR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SPIRE INC (SR) has a book value per share of $57.72, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is concentrating the company around core regulated gas utility businesses through divestitures of non-core assets, including the completed sale of Spire Marketing and pending sales of Spire Storage and Spire Mississippi, which generate cash proceeds to fund the Piedmont Tennessee acquisition and regulated infrastructure investment. The company expects to deliver adjusted earnings within its fiscal 2026 guidance range while maintaining balance sheet strength, with capital expenditures of $797 million supporting rate-based growth of 7% in Missouri and 7.5% in Tennessee, alongside 6% regulated equity growth in Alabama and Gulf. Management reaffirmed its long-term 5%-7% adjusted EPS growth target anchored to the 2027 guidance midpoint of $5.75, supported by strong rate-based growth across jurisdictions and execution of the $11.2 billion 10-year capital plan. The company has lowered its FFO-to-debt target to 14%-15% to better align with its more focused, regulated business profile, and expects to achieve this over the coming years while maintaining minimal common equity needs.
Based on recent SEC filings and earnings calls, SPIRE INC (SR) has provided the following forward guidance: Adjusted EPS (continuing operations): $3.90–$4.10 (FY2026); Adjusted EPS (continuing operations): $5.40–$5.60 (FY2027); Capital expenditures: $797 million (FY2026); Long-term adjusted EPS growth target: 5%–7% (Long-term).