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Spire Inc (SR) stock

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NYSE: SR NYSE Gas Utilities Next results ~November 17, 2026

B Fundamentals grade

Spire Inc is a US-listed company in the gas utilities industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Price vs value

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger). We'll show the comparison once resolved.

Spire Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 1 selling3 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds198 adding, 186 cuttingOf 53 active managers that changed their stake, 34 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Spire files

Where Spire stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.73bn, up 19.2% on a year earlier, faster than the 13.2% growth a quarter earlier. That growth ranks 1 of 8 among the gas utilities companies we cover. Free-cash-flow margin rose to -8.1% from -11.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 6 financial-health checks.

Our model value for Spire is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 17, 2026 (estimated)

Spire Inc's trailing-twelve-month revenue grew 19.2% year on year, with a free-cash-flow margin of -8.1%. Where it stands out: revenue growth of 19.2% ranks 1 of 12 gas utilities companies we cover.

Current signal Net income rising while operating cash flow falls: TTM net income grew 92.1% while operating cash flow fell 8.6% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 19.2% over the last 12 months, against a median of 6.5% for gas utilities companies we cover.
  • Growth speeding up. The growth rate is 6.0 points higher than a quarter earlier.

Things to watch

  • Results due soon. Results are expected around 13 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -8.1% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $5.7bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -41% of net income over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed August 5, 2026
Earnings per share
-$0.26 against an average estimate of -$0.30: beat by 12.9%
Revenue
$420m, up 19.2% on a year earlier
Share reaction
+1.6% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 17, 2026; average EPS estimate -$1.07

Spire's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week+3.7%
  • 1 month+14.6%
  • This year+10.7%
  • 1 year+7.0%
  • 5 years+74.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.7B
Operating margin
21.6%
Net margin
20.1%

Growth

Revenue growth
+19.2%
Change in growth rate
+6.0 pts

Cash

Free cash flow (TTM)
-$222M
FCF margin
-8.1%
Stock pay % of revenue
0.3%

Earnings

Last results
August 5, 2026
Next results (est.)
November 13, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Agreement
  3. Announcement
  4. Agreement
  5. Results
  6. Dividend
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Spire Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Our value per share comes from a discounted-cash-flow model of Spire Inc's free cash flow after stock-based pay ( $25.2M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025
Share price$43.67$52.72$53.58$65.42$41.34$49.38$52.34$49.65$61.98$78.35
Market value$1.9bn$2.5bn$2.6bn$3.3bn$2.1bn$2.6bn$2.7bn$2.6bn$3.5bn$4.6bn
+ Net debt (− = net cash)$2.5bn$2.5bn$2.6bn$2.9bn$3.1bn$3.7bn$4.3bn$4.7bn$4.7bn$5.2bn
Enterprise value$4.4bn$4.9bn$5.3bn$6.2bn$5.2bn$6.2bn$7.0bn$7.3bn$8.2bn$9.8bn
Multiples
Price / sales 1.3x1.4x1.3x1.7x1.1x1.1x1.2x1.0x1.3x1.9x
Price / earnings 13.4x15.3x12.3x18.0x23.9x9.4x12.4x12.0x13.9x16.9x
Price / free cash flow 55.3x———————68.3x—
EV / EBITDA 10.5x10.0x11.4x12.8x13.0x9.4x10.8x10.8x10.7x11.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

38 /100

Weak moat

How hard Spire's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.7% of total assets over 10 years.

  • Durability 13 / 20

    Operating margin has been a median 17.9%; its worst year was 9.9%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -11.7% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 7.9% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 17, 2026, before the open. Analysts expect revenue of $304m and EPS of −$1.07 (range −$1.37 to −$0.96) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.01 −10% $2.5bn +2%
Next $5.48 +37% $3.0bn +17%

Next year's EPS estimate has moved −0.7% in 90 days, across 11 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.30 −$0.26 +12.9%
Mar 2026 $3.76 $3.76 0.0%
Dec 2025 $1.64 $1.77 +7.7%
Sept 2025 −$0.38 −$0.47 −22.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Our model doesn't use the consensus here: consensus revenue is 1.70x the latest quarter's run rate while reported revenue grew 19% a year: a different business (spin-off, disposal or merger) - not used.

Analyst recommendations

11 analysts, Oct 2026
Buy655%
Hold545%
Sell00%

Monthly trend

  1. Oct 202615511
  2. Sep 202615511
  3. Aug 202615410
  4. Jul 202616411

Counts of recommendations published by analysts covering Spire Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.9%
of tradable shares
Days to cover
5.36
at average volume
Short interest, 1 month
+12%
to September 30, 2026
Held by institutions
93%
of shares
Held by insiders
2.3%
of shares
Employees
3,497
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +7.0%

$83.04 on October 31, 2025 to $88.87

ThenNowEffect
Revenue (last 12 months) $2.3bn $2.7bn +19.2%
Net margin 12.5% 20.1% +61.1%
P/E multiple 17.0x 9.6x −43.5%
Share count 58m 59m −1.4%

Biggest factor: p/e multiple.

Last 3 years +70.5%

$52.12 on November 3, 2023 to $88.87

ThenNowEffect
Revenue (last 12 months) $3.2bn $2.7bn −13.8%
Net margin 10.7% 20.1% +87.4%
P/E multiple 8.1x 9.6x +18.8%
Share count 53m 59m −11.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SR+6%+10%−5%+14%+27%+11%
Industry peers (median)+16%+1%−9%+9%+15%+7%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SR50%67%42%58%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SR−22%−20%−25%−11%−10%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 40% from February 18, 2020 to September 23, 2020. Getting back needed a 65% gain, reached on November 22, 2024, 1521 days after the low.

Price behaviour

52-week range
$75.17 – $93.26
From 52-week high
−4.7%
vs 50-day average
+9.8%
vs 200-day average
+6.6%
Volatility (1 year)
19%
Beta vs S&P 500
-0.24

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±2.6%
After a week
7 up, 5 down
typical move ±3.3%
After a month
5 up, 7 down
typical move ±4.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +1.6% −0.4% +4.0% +4.7%
May 6, 2026 −4.8% +1.1% −4.7% −8.3%
February 3, 2026 −1.3% −1.3% +1.7% +6.7%
November 14, 2025 −4.9% −0.9% −3.4% −5.2%
February 5, 2025 +1.7% +0.8% +2.7% +7.7%
November 20, 2024 +4.0% +0.6% +7.6% −0.7%
July 31, 2024 −1.9% +0.2% −4.2% −3.1%
May 1, 2024 −0.2% +0.6% −0.3% −0.8%
February 1, 2024 +3.9% +2.4% +3.0% +7.3%
November 16, 2023 +2.4% +0.2% +1.4% +6.1%
August 2, 2023 −2.2% −1.7% −2.9% −5.9%
May 3, 2023 +2.6% −1.4% +4.0% −1.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Spire Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Spire Inc
$2.2B $2.4B $2.6B $2.8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.7B Revenue (TTM), FY24 Q1: $2.6B Revenue (TTM), FY24 Q2: $2.6B Revenue (TTM), FY24 Q3: $2.6B Revenue (TTM), FY24 Q4: $2.6B Revenue (TTM), FY25 Q1: $2.5B Revenue (TTM), FY25 Q2: $2.4B Revenue (TTM), FY25 Q3: $2.3B Revenue (TTM), FY25 Q4: $2.5B Revenue (TTM), FY26 Q1: $2.6B Revenue (TTM), FY26 Q2: $2.7B Revenue (TTM), FY26 Q3: $2.7B $2.7B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.7B
FY24 Q1 $2.6B
FY24 Q2 $2.6B
FY24 Q3 $2.6B
FY24 Q4 $2.6B
FY25 Q1 $2.5B
FY25 Q2 $2.4B
FY25 Q3 $2.3B
FY25 Q4 $2.5B
FY26 Q1 $2.6B
FY26 Q2 $2.7B
FY26 Q3 $2.7B
Revenue growth, TTM YoY Spire Inc
-20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -1.2% Revenue growth, TTM YoY, FY24 Q1: -11.8% Revenue growth, TTM YoY, FY24 Q2: -18.3% Revenue growth, TTM YoY, FY24 Q3: -17.7% Revenue growth, TTM YoY, FY24 Q4: -2.7% Revenue growth, TTM YoY, FY25 Q1: -4.0% Revenue growth, TTM YoY, FY25 Q2: -10.0% Revenue growth, TTM YoY, FY25 Q3: -12.2% Revenue growth, TTM YoY, FY25 Q4: -2.5% Revenue growth, TTM YoY, FY26 Q1: 4.6% Revenue growth, TTM YoY, FY26 Q2: 13.2% Revenue growth, TTM YoY, FY26 Q3: 19.2% 19.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -1.2%
FY24 Q1 -11.8%
FY24 Q2 -18.3%
FY24 Q3 -17.7%
FY24 Q4 -2.7%
FY25 Q1 -4.0%
FY25 Q2 -10.0%
FY25 Q3 -12.2%
FY25 Q4 -2.5%
FY26 Q1 4.6%
FY26 Q2 13.2%
FY26 Q3 19.2%
Operating margin (TTM) Spire Inc
14% 16% 18% 20% 22% 24% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 15.7% Operating margin (TTM), FY24 Q1: 15.6% Operating margin (TTM), FY24 Q2: 17.1% Operating margin (TTM), FY24 Q3: 17.8% Operating margin (TTM), FY24 Q4: 18.8% Operating margin (TTM), FY25 Q1: 19.9% Operating margin (TTM), FY25 Q2: 20.3% Operating margin (TTM), FY25 Q3: 20.4% Operating margin (TTM), FY25 Q4: 21.3% Operating margin (TTM), FY26 Q1: 21.5% Operating margin (TTM), FY26 Q2: 22.1% Operating margin (TTM), FY26 Q3: 21.6% 21.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 15.7%
FY24 Q1 15.6%
FY24 Q2 17.1%
FY24 Q3 17.8%
FY24 Q4 18.8%
FY25 Q1 19.9%
FY25 Q2 20.3%
FY25 Q3 20.4%
FY25 Q4 21.3%
FY26 Q1 21.5%
FY26 Q2 22.1%
FY26 Q3 21.6%
FCF margin (TTM) Spire Inc
-15% -10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -8.3% FCF margin (TTM), FY24 Q1: -2.0% FCF margin (TTM), FY24 Q2: 2.1% FCF margin (TTM), FY24 Q3: 2.1% FCF margin (TTM), FY24 Q4: 2.0% FCF margin (TTM), FY25 Q1: 1.1% FCF margin (TTM), FY25 Q2: -5.3% FCF margin (TTM), FY25 Q3: -11.5% FCF margin (TTM), FY25 Q4: -13.6% FCF margin (TTM), FY26 Q1: -10.9% FCF margin (TTM), FY26 Q2: -8.4% FCF margin (TTM), FY26 Q3: -8.1% -8.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -8.3%
FY24 Q1 -2.0%
FY24 Q2 2.1%
FY24 Q3 2.1%
FY24 Q4 2.0%
FY25 Q1 1.1%
FY25 Q2 -5.3%
FY25 Q3 -11.5%
FY25 Q4 -13.6%
FY26 Q1 -10.9%
FY26 Q2 -8.4%
FY26 Q3 -8.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Spire took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.5B
  2. Cost of revenue $1B · 41.2%
  3. Gross profit $1.5B · 58.8%
  4. Other operating costs $931M · 37.6%
  5. Operating income $524M · 21.2%
  6. Income tax $59.7M · 2.4%
  7. Interest and other $193M · 7.8%
  8. Net income $272M · 11.0%

Shares of revenue. Source: Spire's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 1,895 1,735 1,576 1,126 1,017 1,627 1,976 1,537 1,741 1,965 1,952 1,855 2,236 2,199 2,666 2,593 2,476 2,732
Gross profit — — — — — — — — — — — — — — 1,274 1,362 1,455 —
EBITDA 162 143 158 152 146 250 403 420 495 463 484 404 663 646 673 767 822 927
Operating income 125 105 118 111 97 166 273 282 341 294 302 206 450 408 419 488 524 589
Net income 64 54 64 63 53 85 137 144 162 214 185 89 272 221 218 251 272 549
Diluted EPS $2.89 $2.43 $2.86 $2.79 $2.02 $2.35 $3.16 $3.24 $3.43 $4.33 $3.52 $1.44 $4.96 $3.95 $3.85 $4.19 $4.37 —
Growth (year on year)
Revenue −14.2% −8.5% −9.1% −28.6% −9.6% +60.0% +21.5% −22.2% +13.2% +12.9% −0.6% −5.0% +20.5% −1.7% +21.3% −2.7% −4.5% +19.2%
EBITDA +9.3% −11.9% +10.7% −3.9% −4.0% +71.3% +61.5% +4.1% +17.9% −6.6% +4.6% −16.6% +64.3% −2.7% +4.3% +13.9% +7.2% +22.4%
Operating income +12.3% −16.2% +12.8% −6.5% −12.7% +72.4% +63.8% +3.6% +20.8% −13.7% +2.8% −31.7% +118.1% −9.3% +2.5% +16.7% +7.3% +25.8%
Net income −17.5% −15.9% +18.1% −1.9% −15.7% +60.2% +61.8% +5.3% +12.1% +32.5% −13.8% −52.0% +206.7% −18.7% −1.5% +15.4% +8.3% +92.1%
Diluted EPS −18.8% −15.9% +17.7% −2.4% −27.6% +16.3% +34.5% +2.5% +5.9% +26.2% −18.7% −59.1% +244.4% −20.4% −2.5% +8.8% +4.3% —
Margins
Gross margin — — — — — — — — — — — — — — 47.8% 52.5% 58.8% —
EBITDA margin 8.6% 8.2% 10.0% 13.5% 14.3% 15.3% 20.4% 27.3% 28.4% 23.5% 24.8% 21.8% 29.7% 29.4% 25.3% 29.6% 33.2% 33.9%
Operating margin 6.6% 6.0% 7.5% 9.8% 9.5% 10.2% 13.8% 18.4% 19.6% 15.0% 15.5% 11.1% 20.1% 18.6% 15.7% 18.8% 21.2% 21.6%
Net margin 3.4% 3.1% 4.0% 5.6% 5.2% 5.2% 6.9% 9.4% 9.3% 10.9% 9.5% 4.8% 12.2% 10.0% 8.2% 9.7% 11.0% 20.1%
Free-cash-flow margin 9.3% 2.9% 6.3% 1.7% 3.3% −3.0% 1.6% 2.3% −8.6% −2.2% −19.1% −9.1% −16.8% −22.6% −8.3% 2.0% −13.9% −8.1%
Cash flow
Cash from operations 229 107 167 128 164 123 322 328 288 457 451 470 250 55 440 912 578 609
Capital spending 52 57 68 109 131 171 290 293 438 499 823 638 625 552 663 861 922 831
Free cash flow 176 50 100 19 33 −48 33 35 −150 −43 −372 −169 −375 −497 −222 51 −344 −222
Stock-based pay 3 3 3 2 3 4 5 5 4 13 7 9 14 6 10 6 7 7
Free cash flow after stock pay 173 47 96 17 30 −52 28 31 −154 −55 −380 −177 −389 −504 −232 45 −351 −230
Balance sheet
Cash 75 87 43 28 53 16 14 5 7 4 6 4 4 7 6 5 6 21
Total debt 519 494 410 405 987 2,141 2,190 2,485 2,472 2,629 2,866 3,132 3,667 4,277 4,666 4,693 5,174 7,022
Net debt (negative = net cash) 444 407 367 377 934 2,125 2,176 2,479 2,465 2,625 2,860 3,128 3,663 4,271 4,661 4,689 5,168 7,001
Diluted shares 22m 22m 22m 22m 26m 36m 43m 44m 47m 49m 51m 51m 52m 52m 53m 56m 59m —
Returned to shareholders
Dividends 34 35 36 37 43 62 79 85 96 109 119 128 133 142 151 167 182 191
Total returned 34 35 36 37 43 62 79 85 96 109 119 128 133 142 151 167 182 191

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · June 30, 2026
What it owns · $14.1bn
Short-term assets $790mLonger-term assets $13.3bn
What it owes, and who funded it · $5.7bn
Short-term liabilities $2.1bnShareholders' equity $3.6bn
  • Short-term assets cover short-term liabilities $790m of assets due within a year against $2.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $21m of cash against $7.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 196% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 120% to 196% over five years.
  • A year's operating cash flow covers at least 20% of debt $609m of operating cash flow against $7.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $589m against $273m of interest.

From Spire Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$191M
Returned to shareholders
-86%
of free cash flow
Total shareholder yield
3.6%
dividends 3.6% + buybacks 0.0% of market value
Dividend payout ratio
35%
of net income paid out

Competitors: side by side with peers

Closest by revenue in gas utilities
Last 12 months unless stated SR NFG NJR SGU ATO SPH Median
Revenue, last 12 months $2.7bn $2.5bn $2.2bn $1.9bn $4.9bn $1.4bn $1.7bn
Revenue growth, last 12 months 19.2% 15.1% 6.4% 7.6% 6.5% −2.5% 6.4%
Revenue growth, 3-year average −4.8% 3.9% −2.4% −1.2% 3.7% −1.1% 0.8%
Revenue growth, latest quarter 19.2% 1.1% 16.8% 17.2% 4.8% 0.5% 3.7%
Gross margin — 87.7% 32.2% 22.7% 75.1% 63.1% 56.6%
Operating margin 21.6% 40.3% 24.8% 7.1% 37.0% 15.1% 19.4%
Operating margin, 3-year average 19.9% 29.2% 25.3% 5.6% 34.1% 14.6% 19.6%
Net margin 20.1% 26.9% 16.4% 4.6% 28.5% 9.4% 11.4%
Cash from operations / revenue 22.3% 50.6% 29.6% 3.7% 41.0% 13.0% 19.0%
Free-cash-flow margin −8.1% 8.8% 20.5% 3.0% −41.1% 7.3% 2.2%
Free-cash-flow margin, 3-year average −5.8% 7.2% 16.7% 4.1% −33.4% 8.1% 2.6%
Stock pay / revenue 0.3% 0.7% — — — — 0.8%
Change in share count 1.3% 2.3% 0.9% −4.2% 4.6% 1.2% 1.3%

Median of all 12 companies we cover in gas utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 gas utilities companies
Measure Company Peer median Rank
Revenue growth Growth 19.2% 6.5% 1 of 12
Change in growth rate Growth +6.0pp -1.1pp 1 of 12
Operating margin Profitability 21.6% 21.6% 6 of 12
Net margin Profitability 20.1% 13.1% 3 of 12
Free-cash-flow margin Cash generation -8.1% 2.6% 8 of 12
Stock pay as % of revenue Cash generation 0.3% 0.8% 1 of 6
Long-term debt as % of assets Balance sheet 40.9% 39.9% 8 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Segments
Line of business Revenue Share YoY
Gas Utility $2.2B 89.1% ▼ 9.4%
Gas Marketing $157M 6.3% ▲ 58.5%
Midstream $109M 4.4% ▲ 91.9%
All Other Segments $2.5M 0.1% ▲ 257.1%

From Spire Inc's 10-K filed November 14, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.2B
Institutions reporting
393
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
48 / 55

Top buyers and sellers, Q2 2026: 198 institutions bought and 186 sold ; the biggest buyer was River Road Asset Management, LLC (+993K shares) and the biggest seller Deutsche Bank Ag\ (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $668M 8.5M 15.9% ▲ 7.2%
Vanguard Portfolio Management LLC $279M 3.6M 6.6% ▲ 1.7%
State Street Corp $248M 3.1M 5.9% ▲ 5.6%
Vanguard Capital Management LLC $200M 2.6M 4.8% ▲ 0.5%
American Century Companies Inc $173M 2.2M 4.1% ▲ 6.0%
Fuller & Thaler Asset Management, Inc. $131M 1.7M 3.1% ▲ 1.8%
Geode Capital Management, LLC $129M 1.6M 3.1% ▼ 3.4%
Captrust Financial Advisors $84.7M 1.1M 2.0% ▼ 11.7%
Adage Capital Partners Gp, L.L.C. $84.1M 1.1M 2.0% ▼ 10.4%
Vaughan Nelson Investment Management, L.P. $82.1M 1.1M 2.0% ▲ 23.4%
Dimensional Fund Advisors LP $80.4M 1.0M 1.9% ▲ 0.5%
River Road Asset Management, LLC $77.6M 993K 1.8% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Spire Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $251,100 3 trades by 1 insider, last 12 months Insider sales History → $307,709 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $56,609 net selling
Insider Date Trade Shares Price Value
Koonce Paul D Director June 11, 2026 Buy 500 $78.46 $39,230
Hyman Ryan L SVP, CCIO June 9, 2026 Sell 3,822 $80.51 $307,709
Koonce Paul D Director June 1, 2026 Buy 500 $80.50 $40,250
Koonce Paul D Director May 8, 2026 Buy 2,000 $85.81 $171,620

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 9 trades and filings

No trades in Spire Inc disclosed in the last 12 months; 9 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 13, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 3, 2026
  • November 14, 2025
  • February 5, 2025
  • November 20, 2024

Recent SEC filings

Data status

When each part of this page on Spire Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Spire Inc in brief

What does Spire Inc do?
Spire Inc is a US-listed company in the gas utilities industry. Its financial year ends in September.
What is Spire Inc's stock ticker?
Spire Inc trades under the ticker SR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Spire Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Spire Inc reported revenue of $2.7B, 19.2% higher than a year earlier, according to its SEC filings.
What is Spire Inc's free cash flow?
Spire Inc's free-cash-flow margin is -8.1% of revenue over the trailing twelve months, ranking 8 of the 12 gas utilities companies we cover.
Who are Spire Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Spire Inc's market cap?
On September 30, 2025, Spire Inc's market capitalisation was about $4.6B, with a price-to-earnings ratio of 16.9 and net debt of $5.2B. Market figures come from third-party market data and may be delayed.
Does Spire Inc pay a dividend?
Yes: Spire Inc paid $191M in dividends over the trailing twelve months, a dividend yield of 3.64% and a payout ratio of 34.9%.
How much debt does Spire Inc have?
Spire Inc's debt-to-equity ratio is 196.0%, from its latest balance sheet (120.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Spire Inc's competitors?
In our Gas Utilities peer group, the companies closest to Spire Inc are National Fuel GAS Co, NEW Jersey Resources Corp, Star Group, L.p., Atmos Energy and Suburban Propane Partners LP. The side-by-side comparison below sets their revenue, margins and growth against Spire Inc's.
Are insiders buying or selling Spire Inc stock?
Over the last 12 months, Spire Inc's directors and officers reported 3 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Spire Inc's next earnings date?
Around November 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Spire Inc announces its own schedule.