| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | 1 | 2 | — | — | — |
| Sell | — | — | — | — | — | — | — | — | 1 | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 3.30 |
—
—
—
|
| 2025 | 3.18 |
—
—
—
—
|
| 2024 | 3.05 |
—
—
—
—
|
| 2023 | 2.92 |
—
—
—
—
|
| 2022 | 2.78 |
—
—
—
—
|
| 2021 | 2.64 |
—
—
—
—
|
| 2020 | 2.52 |
—
—
—
—
|
| 2019 | 2.40 |
—
—
—
—
|
| 2018 | 2.28 |
—
—
—
—
|
| 2017 | 2.14 |
—
—
—
—
|
| 2016 | 2.00 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 5.60 | 4.50 | 5.70 | 20.70 |
| Receivables | 288.50 | 277.40 | 315.80 | 245.50 |
| Inventory | 279.50 | 263.90 | 282.50 | 209.70 |
| Other | 455.10 | 177.90 | 155.90 | 250.40 |
| 1,076.90 | 771.30 | 807.70 | 789.90 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 253.10 | 237.20 | 248.30 | 194.40 |
| ST’ Debt | 156.60 | 42.00 | 487.50 | 238.10 |
| Other | 239.10 | 321.00 | 332.60 | 294.20 |
| 1,755.40 | 1,703.90 | 2,548.60 | 2,132.50 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 762.20 | 1,020.00 | 420.20 | — |
—
|
| ’25 | 669.10 | 976.40 | 352.50 | 478.40 |
2,476.40
|
| ’24 | 756.60 | 1,128.50 | 414.10 | 293.80 |
2,593.00
|
| ’23 | 814.00 | 1,123.40 | 418.50 | 310.40 |
2,666.30
|
| ’22 | 555.40 | 880.90 | 448.00 | 314.20 |
2,198.50
|
| ’21 | 512.60 | 1,104.90 | 327.80 | 290.20 |
2,235.50
|
| ’20 | 566.90 | 715.50 | 321.10 | 251.90 |
1,855.40
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 81.00 | 410.40 | 122.20 | — |
—
|
| ’25 | 81.10 | 372.70 | 129.10 | (4.90) |
578.00
|
| ’24 | 70.00 | 489.40 | 270.10 | 82.90 |
912.40
|
| ’23 | (170.80) | 350.70 | 224.20 | 36.10 |
440.20
|
| ’22 | (229.90) | 385.00 | 49.50 | (149.60) |
55.00
|
| ’21 | 7.60 | 151.60 | 61.50 | 29.10 |
249.80
|
| ’20 | 64.50 | 257.20 | 132.10 | 16.10 |
469.90
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | (121.80) | 218.20 | (91.20) | — |
—
|
| ’25 | (179.50) | 154.10 | (91.40) | (227.60) |
(344.40)
|
| ’24 | (156.50) | 306.60 | 47.90 | (146.90) |
51.10
|
| ’23 | (325.60) | 197.70 | 48.70 | (143.10) |
(222.30)
|
| ’22 | (375.60) | 254.80 | (77.10) | (299.30) |
(497.20)
|
| ’21 | (156.00) | 11.70 | (98.20) | (132.50) |
(375.00)
|
| ’20 | (127.80) | 103.40 | 2.50 | (146.60) |
(168.50)
|
| 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
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 61.52 | 53.77 | 56.36 | 65.15 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 79.24 | 75.83 | 73.64 | 91.11 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,584 | 3,589 | 3,475 | 3,497 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.61 | 0.74 | 0.75 | 0.71 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,198.50 | 2,666.30 | 2,593.00 | 2,476.40 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 57.98% | 52.71% | 57.45% | 63.43% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 279.70 | 256.30 | 309.60 | 331.40 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.72% | 9.61% | 11.94% | 13.38% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 220.80 | 217.50 | 250.90 | 271.70 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 237.30 | 254.80 | 278.40 | 298.20 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 42.28 | 50.79 | 46.22 | 42.33 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 3.96 | 3.86 | 4.20 | 4.39 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.06 | 8.38 | 16.26 | 9.88 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (10.62) | (12.62) | (15.35) | (15.77) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (9.56) | (4.23) | 0.91 | (5.89) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 54.20 | 55.57 | 57.62 | 57.94 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 52.00 | 52.50 | 56.10 | 58.50 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.66 | 14.22 | 15.58 | 18.49 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.47 | 1.08 | 1.46 | 1.93 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.26 | 1.07 | 1.26 | 1.52 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.94 | 2.47 | 2.90 | 3.48 | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (13.02) | (29.60) | 147.10 | (25.03) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 55.00 | 440.20 | 912.40 | 578.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (552.20) | (662.50) | (861.30) | (922.40) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (497.20) | (222.30) | 51.10 | (344.40) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (761.60) | (678.50) | (932.60) | (1,740.90) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,239.70 | 3,710.60 | 3,746.40 | 3,856.90 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,233.20 | 3,705.00 | 3,741.90 | 3,851.20 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,818.50 | 2,917.30 | 3,232.70 | 3,389.40 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.12% | 1.98% | 2.23% | 2.29% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.22% | 3.95% | 4.38% | 4.52% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.24% | 7.71% | 8.32% | 8.36% | — | — | — |
ROE
|
Spire Inc. (SR), a key U.S. natural gas utility, has shown resilient revenue growth at a 6.3% CAGR over the past decade, reaching $2.67 billion in 2023 before recent dips amid normalizing demand and softer prices. Profitability has swung wildly with weather extremes like Winter Storm Uri and geopolitical shocks from Ukraine, yet margins are recovering—EBT at 13.4% and ROE at 8.4% in 2025—bolstered by regulatory rate hikes and operational efficiencies that lifted revenue per employee 60%.
Heavy capex ($922 million in 2025) sustains infrastructure but yields negative free cash flow and rising debt ($3.86 billion), exposing the firm to interest rate pressures. Forecasts signal a rebound: revenue climbing 11% to $2.76 billion in 2026 and EPS surging 44% to $6.34 by 2028, with valuation at moderate 18x PE suggesting modest upside (3% below consensus target).
This maturing utility profile offers defensive yields and potential 10-15% total returns through margin expansion and capex moderation, though debt discipline and weather risks loom large—echoing historical cycles where execution separates winners in volatile energy markets.
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