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) Beneish M-score
Spire Inc.'s Beneish M-score for fiscal 2025 is −2.55; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.55 | 0.27 |
| FY2024 | −2.81 | 0.04 |
| FY2023 | −2.86 | (0.45) |
| FY2022 | −2.41 | (1.01) |
| FY2021 | −1.40 | 1.46 |
| FY2020 | −2.85 | (0.21) |
| FY2019 | −2.64 | (0.02) |
| FY2018 | −2.62 | (0.19) |
| FY2017 | −2.43 | 0.19 |
| FY2016 | −2.62 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.19 | — | 1.10 | |
| Gross margin index | 0.91 | — | 0.48 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 0.96 | — | 0.85 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 1.08 | — | −0.19 | |
| Total accruals to total assets | (0.03) | — | −0.12 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.55 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SWX Southwest Gas Corporation compare | −3.2× |
| MDU MDU Resources Group, Inc. compare | −2.7× |
| UGI UGI Corporation compare | −2.6× |
| BKH Black Hills Corporation compare | −2.6× |
| SR Spire Inc. | −2.5× |
| OGS ONE Gas, Inc. compare | −2.5× |
| CTRI Centuri Holdings, Inc. compare | −2.5× |
| NJR NewJersey Resources Corporation compare | −2.5× |
| CPK Chesapeake Utilities Corporation compare | −2.4× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI