Spire Inc SR

UtilitiesNatural Gas UtilitiesUnited States of America

Last close 88.00 USD on Nov 1, 2026, +9.6% year to date

Quant rating

Quant rating C Rank 49 of 90 in Utilities

Growth A 13 of 90
Valuation C 50 of 90
Quality D 77 of 90
Revisions D 63 of 90
Momentum A 10 of 90

Wall Street consensus Buy (2.17)Average target 91.55 USD +4.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.2B
Enterprise value: 12.4B
52-week range: 75.02 – 95.30
3-year range: 56.77 – 95.30
Dividend yield: 3.75%
Beta (5 years): 0.54
Shares outstanding: 59.1M
Next earnings: Nov 17, 2026

About the company

Spire Inc. is a holding company for Spire Missouri Inc. (Spire Missouri), Spire Alabama Inc. (Spire Alabama), other gas utilities, and gas-related businesses. Spire Missouri is a public utility engaged in the purchase, retail distribution and sale of natural gas. Spire Alabama is a public utility engaged in the purchase, retail distribution and sale of natural gas principally in central and northern Alabama, serving residential and commercial customers. Its segments include Gas Utility, and Midstream. The Gas Utility segment includes the regulated operations of Spire Missouri, Spire Alabama, Spire Gulf Inc. and Spire Mississippi Inc. The Midstream segment includes Spire STL Pipeline LLC, Spire MoGas Pipeline LLC, and Spire Storage, which are subsidiaries engaged in the transportation and storage of natural gas. Spire Gulf and Spire Mississippi are utilities engaged in the purchase, retail distribution and sale of natural gas to the Alabama area and south-central Mississippi.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,476	2,593	2,666	2,198	2,236	–
Revenue growth	−4.5%	−2.7%	21.3%	−1.7%	20.5%	5.9%
EPS (basic, normalized)	4.44	4.13	4.05	3.86	4.86	–
EPS growth	7.5%	2.0%	4.9%	−20.6%	–	–
Gross margin	–	–	–	–	–	–
Net margin	10.4%	9.1%	7.6%	9.4%	11.5%	9.6%
ROE	8.2%	8.2%	7.6%	8.1%	10.5%	8.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	20.7
Current ratio	0.37x
Long-term debt (mil)	5,758
Net debt (mil)	7,243
Total equity (mil)	3,583
Net debt / equity	2.02x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,476	−4.5%	5.0x	–	–	–	4.44	+7.5%	19.8x
2026	2,535	+2.4%	4.9x	869	–	14.3x	4.01	−9.6%	21.9x
2027	2,873	+13.3%	4.3x	1,083	+24.6%	11.5x	5.48	+36.5%	16.1x
2028	3,004	+4.6%	4.1x	1,158	+6.9%	10.7x	6.16	+12.5%	14.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,535	−2.1%	+1.2%	−0.8%	4.01	0.0%	−2.6%	−23.3%
2027	2,873	−3.1%	−1.8%	+8.4%	5.48	−0.1%	−0.4%	−1.3%
2028	3,004	−3.3%	−1.9%	+5.1%	6.16	−0.3%	−0.1%	−0.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,128	414	294	669	1,051	422	334	762	1,020	420
Sales mean (mil)	1,230	362	383	757	1,241	406	422	722	1,070	408
Surprise	−8.2%	+14.3%	−23.2%	−11.6%	−15.3%	+4.0%	−20.8%	+5.6%	−4.7%	+3.1%
EPS reported	3.45	−0.14	−0.54	1.34	3.60	0.01	−0.47	1.77	3.76	−0.26
EPS mean	3.72	−0.16	−0.52	1.42	3.67	−0.10	−0.42	1.66	3.59	−0.26
Surprise	−7.2%	+14.3%	−3.1%	−5.4%	−2.0%	−110.4%	−10.8%	+6.3%	+4.7%	+1.6%

Peer comparison Natural Gas Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SR Spire Inc	5.2B	–	10.4%	1.45x	21.9x	16.1x	14.3x	11.5x
9531 Tokyo Gas Co Ltd	13.8B	2.05x	8.0%	1.21x	17.1x	15.3x	7.1x	6.8x
GAIL Gail (India) Ltd	11.6B	1.76x	5.3%	1.24x	9.7x	10.0x	8.1x	8.0x
ATO Atmos Energy Corporation	29.1B	4.27x	25.5%	1.91x	20.4x	19.1x	14.5x	12.9x
APA APA Group	10.6B	–	7.0%	7.23x	46.2x	41.4x	12.0x	11.4x
UGI UGI Corporation	8.3B	3.80x	9.3%	1.60x	13.8x	12.0x	8.5x	7.8x
Mean		2.97x	10.9%	2.44x	21.5x	19.0x	10.7x	9.7x
Median		2.92x	8.7%	1.52x	18.8x	15.7x	10.2x	9.7x

Technical analysis

1M+14.5%
3M+7.7%
1Y+3.9%
3Y+83.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Spire Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,476	2,593	2,666	2,198	2,236	1,855
Cost of revenue	–	–	–	–	–	–
Gross profit	2,476	2,593	2,666	2,198	2,236	1,855
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Depreciation/amortization	298	278	255	237	213	197
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	0	0	149
Other operating expenses	1,654	1,826	1,993	1,553	1,572	1,303
Operating income	524	488	419	408	450	206
Net interest income (expense)	−204	−201	−186	−120	−107	−106
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	11.6	22.4	23.4	−8.7	−3.4	0.1
Net income before taxes	331	310	256	280	340	101
Provision for taxes	59.7	58.7	38.8	58.9	68.5	12.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	272	251	218	221	272	88.6
Extraordinary items	–	–	–	–	–	–
Net income	272	251	218	221	272	88.6
EBIT, normalized	539	496	419	408	450	355
EBITDA, normalized	837	774	673	646	663	552
Basic EPS, normalized	4.44	4.13	4.05	3.86	4.86	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Spire Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	5.7	4.5	5.6	6.5	4.3	4.1
Receivables	316	277	288	623	596	253
Total inventory	282	264	280	422	305	192
Prepaid expenses	47.8	47.6	48.2	41.1	29.0	29.2
Other current assets	156	178	455	499	382	112
Total current assets	808	771	1,077	1,592	1,316	591
Property, plant & equipment	7,823	7,262	6,478	5,936	5,587	5,178
Goodwill	1,172	1,172	1,172	1,172	1,172	1,172
Intangibles	–	–	–	–	–	–
Long-term investments	128	115	103	87.8	83.1	71.7
Note receivable	–	–	–	–	–	–
Other long-term assets	1,645	1,541	1,484	1,297	1,198	1,230
Total assets	11,575	10,861	10,314	10,084	9,356	8,241
Liabilities
Accounts payable	248	237	253	617	410	243
Payable/accrued	–	–	–	–	–	–
Accrued expenses	60.2	58.1	53.8	56.7	66.0	52.8
Short-term debt	1,317	947	956	1,038	672	648
Current portion of long-term debt	488	42.0	157	281	55.8	60.4
Other current liabilities	436	420	336	361	405	445
Total current liabilities	2,549	1,704	1,755	2,354	1,608	1,449
Long-term debt	3,369	3,704	3,554	2,958	2,939	2,424
Minority interest	6.1	8.6	16.5	13.1	9.8	3.4
Other liabilities	2,262	2,211	2,070	1,940	2,141	1,843
Total liabilities	8,186	7,628	7,396	7,265	6,698	5,719
Shareholders' equity
Preferred stock	242	242	242	242	242	242
Common stock	59.0	57.7	53.2	52.5	51.7	51.6
Additional paid-in capital	1,981	1,902	1,616	1,571	1,518	1,549
Retained earnings (accumulated deficit)	1,088	1,019	958	906	843	721
Treasury stock	–	–	–	–	–	–
Other equity	19.4	12.1	47.6	47.2	3.6	−41.2
Total equity	3,389	3,233	2,917	2,818	2,658	2,522
Total liabilities & shareholders' equity	11,575	10,861	10,314	10,084	9,356	8,241

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Spire Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	272	251	218	221	272	88.6
Depreciation, depletion & amortization	298	278	255	237	213	197
Deferred taxes	57.3	57.0	36.9	57.9	67.0	9.0
Non-cash items	–	–	–	0	0	149
Changes in working capital	−49.2	326	−69.0	−461	−302	26.4
Cash from operations	578	912	440	55.0	250	470
Investing activities
Capital expenditures	−922	−861	−662	−552	−625	−638
Other investing cash flows	6.0	−166	−33.0	5.5	2.8	6.8
Cash from investing	−916	−1,027	−696	−547	−622	−632
Financing activities
Financing cash flow items	−12.5	−11.1	−7.6	−4.0	−11.3	−6.1
Cash dividends paid	−197	−182	−166	−157	−148	−143
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	554	317	434	662	539	309
Cash from financing	345	124	261	501	379	160
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	6.3	9.1	5.3	9.2	7.2	−1.7
Free cash flow	−344	51.1	−222	−497	−375	−168

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.