Centuri Holdings, Inc. (CTRI) vs Spire Inc. (SR)

Centuri Holdings, Inc. and Spire Inc. are both Utilities Regulated Gas companies. Spire Inc. is the larger, with a market value of $4.5B against $2.1B — 2.2× the size. Spire Inc. trades at the lower P/E: 8.6× against 66.5×. Centuri Holdings, Inc. grew revenue faster over the last twelve months: 25.2% against 17.0%. Spire Inc. has the higher net margin (19.8% vs 0.85%) and the higher return on invested capital (3.76% vs 3.73%). Across the 19 metrics below, Centuri Holdings, Inc. leads on 10 and Spire Inc. on 9.

Valuation

Metric CTRI SR Utilities Regulated Gas median
P/E 66.55 8.59 15.65
P/S 0.61 1.70 2.04
P/B 2.40 1.27 1.50
Price to free cash flow 72.19 n/m —
EV/EBITDA 10.46 11.49 11.49
EV/Sales 0.82 3.93 3.54
Earnings yield 1.50% 11.64% 6.39%
Free cash flow yield 1.39% (4.88%) (5.71%)

Profitability

Metric CTRI SR Utilities Regulated Gas median
Gross margin 7.76% 65.44% 63.14%
Operating margin 2.73% 21.47% 21.47%
Net margin 0.85% 19.81% 13.00%
Free cash flow margin 0.85% (8.30%) (13.27%)
Return on equity 4.02% 15.57% 9.47%
Return on assets 1.28% 4.17% 3.80%
Return on invested capital 3.73% 3.76% 4.29%

Growth

Metric CTRI SR Utilities Regulated Gas median
Revenue growth (TTM) 25.17% 16.97% 6.36%
EPS growth (last fiscal year) 412.50% 4.30% —
Revenue growth, 5-year CAGR — 5.94% 6.36%
Net income growth, 5-year CAGR — 28.34% 8.10%

Health

Metric CTRI SR Utilities Regulated Gas median
Debt to equity 0.83 1.67 1.22
Current ratio 1.82 0.37 0.78
Net debt to EBITDA 2.41 4.68 4.68

Dividend

Metric CTRI SR Utilities Regulated Gas median
Dividend yield — 5.17% 4.31%
Payout ratio — 0.66 0.62

Size

Metric CTRI SR Utilities Regulated Gas median
Market cap 2.06b 4.54b 4.52b

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