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Spire Inc.

SR Utilities Utilities Regulated Gas

Spire Inc.’s revenue for fiscal 2025 (year ended September 2025) was $2.5 billion, down 4.50% from fiscal 2024.

Revenue
−0.40%
EPS
+1,131.0%
Free cash flow
+0.22%
Total debt
+54.1%

Quarter to June 2026, against a year earlier

88.92 0.92 +1.05%
Market cap
$5.2B
P/E
9.9×
Fwd P/E
21.9×
Dividend yield
3.71%
F-score
6/9
Altman Z
0.66
Beneish M
−2.55
Dividend safety
35/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.25
Sold, $m 0.31
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 2 — — — — —
Sell — — — — — — 1 — — — — —
Insider Ownership 2.15%

Capital & Financial Ratios $m

Size
Market Cap 5,200.00
Revenue ttm 2,536.50
Net income ttm 548.60
Free cash flow ttm (222.40)
Net debt Q 5,975.40
Valuation
P/E 9.89
Forward P/E 21.90
Price / sales 2.07
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.46
Financial health
Current ratio Q 0.37 (below 1: weak)
Debt / equity Q 1.67
Interest coverage Q 0.27
Growth
Revenue growth Q −0.40% (below 0%: shrinking)
Operating income growth Q +5.88% (above 0%: growing)
EPS, this year −9.67% (below 0%: weak)
EPS, next year A +36.64% (at or above 15%: strong)
Revenue, next year A +2.29%
EPS, past 5 yrs +24.86% (at or above 15%: strong)
EPS, next 5 yrs A +11.57%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.4×, against a ten-year median of 3.1×; over the ten years it ranged from 2.5× in 2023 to 4.5× in 2026.
P/E against its own 10 years 3.23%
10-year low 10-year high
P/S against its own 10 years 85.43%
10-year low 10-year high
P/B against its own 10 years 45.15%
10-year low 10-year high
EV/Sales against its own 10 years 99.16%
10-year low 10-year high

Dividends raised every year since 2016

Yield
3.71%
Annual rate
3.30
Payout ratio
36.8%
Growth, 2016–25
+5.32%/yr
  1. 2.00 ’16
  2. 2.14 ’17 +7%
  3. 2.28 ’18 +7%
  4. 2.40 ’19 +5%
  5. 2.52 ’20 +5%
  6. 2.64 ’21 +5%
  7. 2.78 ’22 +5%
  8. 2.92 ’23 +5%
  9. 3.05 ’24 +5%
  10. 3.18 ’25 +4%
  11. 3.30 ’26e +4%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 6 5 6 21
Receivables 289 277 316 246
Inventory 280 264 283 210
Other 455 178 156 250
1,077 771 808 790
2023 2024 2025 Q'26
Payables 253 237 248 194
ST’ Debt 157 42 488 238
Other 239 321 333 294
1,755 1,704 2,549 2,133

Compound Annual Growth %

10y 5y 3y
Sales 2.28% 5.94% 4.05%
Cash Flow 6.01% 4.23% 119.04%
Earnings 6.48% 28.34% 7.65%
Book Value 7.97% 6.09% 6.34%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.24 Actual −0.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.46 −0.47 Miss by 0.01
Q1 FY25 1.62 1.77 Beat by 0.15
Q2 FY26 3.78 3.76 Miss by 0.02
Q3 FY26 −0.24 −0.26 Miss by 0.02
Q4 FY26 −1.01 — Reports 17 November 2026

EPS $

Dec Mar Jun Sep Year
’26 1.54 4.60 3.57 — —
’25 1.34 3.51 0.29 (0.74) 4.37
’24 1.52 3.58 (0.28) (0.51) 4.19
’23 1.66 3.33 (0.48) (0.66) 3.85
’22 1.01 3.27 (0.10) (0.20) 3.95
’21 1.65 3.55 0.03 (0.26) 4.96
’20 1.24 2.54 (1.87) (0.45) 1.44
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 762 1,020 420 — —
’25 669 1,051 422 334 2,476
’24 757 1,129 414 294 2,593
’23 814 1,123 419 310 2,666
’22 555 881 448 314 2,199
’21 513 1,105 328 290 2,236
’20 567 716 321 252 1,855
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 81 410 122 — —
’25 81 373 129 (5) 578
’24 70 489 270 83 912
’23 (171) 351 224 36 440
’22 (230) 385 50 (150) 55
’21 8 152 62 29 250
’20 65 257 132 16 470
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (122) 218 (91) — —
’25 (179) 154 (91) (228) (344)
’24 (156) 307 48 (147) 51
’23 (326) 198 49 (143) (222)
’22 (376) 255 (77) (299) (497)
’21 (156) 12 (98) (132) (375)
’20 (128) 103 3 (147) (168)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,537 1,741 1,965 1,952 1,855 2,236 2,199 2,666 2,593 2,476 2,537 +5.4% 2,533 2,952 3,120 +8.0%
Gross margin, % 67.98 67.23 55.64 56.96 62.48 57.67 57.98 52.71 57.45 63.43 69.16 (4.5) pt
EBT 214 239 188 219 101 340 280 256 310 331 346 +5.0%
EBT margin, % 13.90 13.74 9.55 11.22 5.44 15.22 12.72 9.61 11.94 13.38 13.66 (0.5) pt
Net income 144 162 214 185 89 272 221 218 251 272 549 +7.3%
Per share, $
Per share, $ Revenue 34.86 37.12 40.02 38.51 36.24 43.32 42.28 50.79 46.22 42.33 42.99 +2.2%
Earnings 3.26 3.44 4.35 3.53 1.44 4.97 3.96 3.86 4.20 4.39 8.99 +3.4%
Cash flow 7.44 6.15 9.30 8.89 9.18 4.84 1.06 8.38 16.26 9.88 10.32 +3.2%
Capex (6.65) (9.34) (10.17) (16.24) (12.47) (12.11) (10.62) (12.62) (15.35) (15.77) (14.09) +10.1%
Free cash flow 0.79 (3.19) (0.87) (7.35) (3.29) (7.27) (9.56) (4.23) 0.91 (5.89) (3.77) n/m
Book value 40.10 42.46 45.93 50.16 49.26 51.52 54.20 55.57 57.62 57.94 60.73 +4.2%
Shares, m 44 47 49 51 51 52 52 53 56 59 59 +3.2%
Valuation, ×
Valuation, × P/E 19.08 21.35 16.23 24.64 36.19 12.29 15.66 14.22 15.58 18.49 9.89 19.4
P/S 1.83 2.02 1.80 2.27 1.47 1.41 1.47 1.08 1.46 1.93 2.07 1.7
P/B 1.59 1.77 1.57 1.92 1.19 1.31 1.26 1.07 1.26 1.52 1.46 1.4
EV/Sales 3.17 3.22 2.85 3.35 2.80 2.75 2.94 2.47 2.90 3.48 4.42 3.0
EV/FCF 139.33 (37.46) (131.07) (17.56) (30.88) (16.39) (13.02) (29.60) 147.10 (25.03) (50.46) (1.5)
Cash, $m
Cash, $m Operating cash flow 328 288 457 451 470 250 55 440 912 578 609 +6.5%
Capex (293) (438) (499) (823) (638) (625) (552) (662) (861) (922) (831) +13.6%
Free cash flow 35 (150) (43) (372) (168) (375) (497) (222) 51 (344) (222) n/m
Balance, $m
Balance, $m Working capital (592) (372) (662) (854) (859) (292) (762) (678) (933) (1,741) (1,343) +12.7%
Net debt 2,066 2,088 2,071 2,117 2,480 2,991 3,233 3,705 3,742 3,851 5,975 +7.2%
Shareholders’ equity 1,768 1,991 2,255 2,543 2,522 2,658 2,819 2,917 3,233 3,389 3,583 +7.5%
Returns, %
Returns, % ROA 2.53 2.56 3.19 2.47 0.93 2.92 2.12 1.98 2.23 2.29 4.17 (0.2) pt
ROIC 4.60 5.22 4.25 4.05 2.58 4.98 4.22 3.95 4.38 4.52 3.76 (0.1) pt
ROE 8.60 8.58 10.06 7.85 3.22 10.92 8.24 7.71 8.32 8.36 15.57 (0.2) pt
People
People Employees 3,296 3,279 3,366 3,536 3,583 3,710 3,584 3,589 3,475 3,497 — +0.7%
Revenue/emp, $m 0.47 0.53 0.58 0.55 0.52 0.60 0.61 0.74 0.75 0.71 — +4.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Spire Inc. vs peers in Utilities Regulated Gas (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UGI UGI Corporation $8.3B 12.4× 13.7× −4.52% (below 0%: shrinking) n/m −56.52% (below 0%: shrinking) 43.05% (3.31%) Compare
SWX Southwest Gas Corporation $6.7B 12.1× 21.4× −9.63% (below 0%: shrinking) n/m −157.57% (below 0%: shrinking) 89.27% 23.54% Compare
BKH Black Hills Corporation $6.3B 20.7× 19.0× +3.14% (above 0%: growing) +31.58% (above 0%: growing) +24.09% (above 0%: growing) 74.93% 21.42% Compare
NJR NewJersey Resources Corporation $5.4B 14.6× 15.0× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $5.2B 9.8× 21.9× −0.40% (below 0%: shrinking) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57%
OGS ONE Gas, Inc. $4.9B 16.9× 16.2× −2.86% (below 0%: shrinking) +39.62% (above 0%: growing) +511.45% (above 0%: growing) 78.07% 20.08% Compare
MDU MDU Resources Group, Inc. $4.2B 20.8× 20.1× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
CPK Chesapeake Utilities Corporation $3.3B 21.7× 21.2× +4.72% (above 0%: growing) +2.91% (above 0%: growing) +38.63% (above 0%: growing) 74.39% 26.20% Compare
CTRI Centuri Holdings, Inc. $2.2B 69.3× 69.5× +32.86% (above 0%: growing) −33.33% (below 0%: shrinking) +85.38% (above 0%: growing) 7.19% 2.51% Compare
Median of peers $5.2B 18.8× 19.6× +3.93% +31.58% +10.48% 69.58% 16.43%

All 14 Utilities Regulated Gas stocks →

Pay and ownership Proxy statement filed 16 December 2025

Ownership

Directors and executive officers, together 2.26%
BlackRock, Inc. 13.25%
The Vanguard Group, Inc. 10.86%
State Street Corporation 5.68%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Spire Inc. (SR) Latest News

28 Oct

Impact 3 · · Zacks

25 Oct

Impact 3 · · Simply Wall St.

24 Sep

Impact 4 ·

12 Aug

Impact 3 · · The Motley Fool transcript

9 Aug

Impact 3 · · MarketBeat

5 Aug

Impact 4 ·
Impact 3 · · Moby transcript
Impact 3 ·
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29 Jul

Impact 3 ·

11 Jul

Impact 4 · · Barchart

9 Jul

Impact 3 ·

30 Jun

Impact 4 ·

29 Jun

Impact 3 ·

28 May

Impact 3 · · Zacks

11 May

Impact 3 · · Simply Wall St.

9 May

Impact 3 · · Insider Monkey

7 May

Impact 3 · · Zacks

6 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · PR Newswire
Impact 3 · · Moby
Impact 3 · · Zacks

30 Apr

Impact 4 · · PR Newswire

29 Apr

Impact 3 · · Zacks

22 Apr

Impact 4 · · PR Newswire

21 Apr

Impact 4 ·

15 Apr

Impact 4 · · MT Newswires
Impact 4 · · PR Newswire

8 Apr

Impact 4 · · PR Newswire
stockrow.com/SR · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com