Spire Inc.
SR Utilities Utilities Regulated Gas
In the quarter to June 2026, revenue grew 19.2%, EPS grew 1,131.0%, free cash flow was flat and total debt rose 54.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Spire Inc. (SR) Altman Z-score
Spire Inc.'s Altman Z-score for fiscal 2025 is 0.66, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.66 | (0.05) |
| FY2024 | 0.71 | 0.03 |
| FY2023 | 0.68 | 0.03 |
| FY2022 | 0.65 | (0.11) |
| FY2021 | 0.77 | 0.18 |
| FY2020 | 0.59 | (0.33) |
| FY2019 | 0.92 | (0.01) |
| FY2018 | 0.93 | (0.03) |
| FY2017 | 0.96 | 0.15 |
| FY2016 | 0.81 | (0.17) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.15) | — | −0.18 | |
| Retained earnings / total assets | 0.09 | — | 0.13 | |
| EBIT / total assets | 0.05 | — | 0.15 | |
| Market value of equity / total liabilities | 0.58 | — | 0.35 | |
| Sales / total assets | 0.21 | — | 0.21 | |
| Altman Z-score | Distress zone | 0.66 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.06 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CTRI Centuri Holdings, Inc. compare | 2.4× |
| UGI UGI Corporation compare | 1.4× |
| CPK Chesapeake Utilities Corporation compare | 1.3× |
| NJR NewJersey Resources Corporation compare | 1.3× |
| MDU MDU Resources Group, Inc. compare | 1.1× |
| SWX Southwest Gas Corporation compare | 1.0× |
| OGS ONE Gas, Inc. compare | 1.0× |
| BKH Black Hills Corporation compare | 1.0× |
| SR Spire Inc. | 0.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets