Spire Inc key statistics and ratios
In fiscal 2025, Spire Inc had return on equity of 8.2%, an operating margin of 21.2%, debt equal to 152.6% of equity and a current ratio of 0.32. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Sept 2009 | 2010Sept 2010 | 2011Sept 2011 | 2012Sept 2012 | 2013Sept 2013 | 2014Sept 2014 | 2015Sept 2015 | 2016Sept 2016 | 2017Sept 2017 | 2018Sept 2018 | 2019Sept 2019 | 2020Sept 2020 | 2021Sept 2021 | 2022Sept 2022 | 2023Sept 2023 | 2024Sept 2024 | 2025Sept 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 47.8% | 52.5% | 58.8% | — |
| 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% |
| Return on equity | 12.4% | 10.3% | 11.5% | 10.7% | 6.4% | 6.6% | 8.9% | 8.6% | 8.6% | 10.1% | 7.7% | 3.5% | 10.5% | 8.1% | 7.6% | 8.2% | 8.2% | 15.7% |
| Return on assets | 3.6% | 3.0% | 3.5% | 3.4% | 2.1% | 2.1% | 2.6% | 2.5% | 2.6% | 3.2% | 2.6% | 1.1% | 3.1% | 2.3% | 2.1% | 2.4% | 2.4% | 4.3% |
| Asset turnover | 1.08 | 0.96 | 0.87 | 0.61 | 0.41 | 0.40 | 0.38 | 0.27 | 0.28 | 0.29 | 0.27 | 0.23 | 0.25 | 0.23 | 0.26 | 0.24 | 0.22 | 0.21 |
| Current ratio | 1.23 | 1.24 | 1.59 | 1.36 | 1.35 | 0.80 | 0.62 | 0.49 | 0.66 | 0.50 | 0.42 | 0.41 | 0.82 | 0.68 | 0.61 | 0.45 | 0.32 | 0.37 |
| Debt to equity | 100.4% | 92.2% | 71.6% | 67.2% | 94.3% | 141.9% | 139.1% | 140.5% | 124.2% | 116.6% | 112.7% | 124.2% | 137.9% | 151.8% | 159.9% | 145.2% | 152.6% | 196.0% |
| Interest cover (operating income ÷ interest) | 4.2x | 3.9x | 4.7x | 4.4x | 3.4x | 3.6x | 3.7x | 3.7x | 3.8x | 3.0x | 2.9x | 2.0x | 4.2x | 3.4x | 2.3x | 2.4x | 2.6x | 2.2x |
| Effective tax rate | 33.6% | 33.4% | 31.4% | 29.6% | 25.0% | 27.6% | 31.2% | 32.5% | 32.4% | −14.1% | 15.7% | 12.3% | 20.1% | 21.1% | 15.1% | 19.0% | 18.0% | 18.1% |
| Capital spending as % of revenue | 2.8% | 3.3% | 4.3% | 9.7% | 12.9% | 10.5% | 14.7% | 19.1% | 25.2% | 25.4% | 42.2% | 34.4% | 27.9% | 25.1% | 24.8% | 33.2% | 37.2% | 30.4% |
| Free cash flow ÷ net income | 274.5% | 92.4% | 156.0% | 30.8% | 62.7% | −57.2% | 23.8% | 24.3% | −92.7% | −20.0% | −201.7% | −190.2% | −138.0% | −225.2% | −102.2% | 20.4% | −126.8% | −40.5% |
| Dividends ÷ net income | 52.6% | 64.5% | 56.1% | 58.9% | 80.5% | 73.2% | 57.7% | 59.1% | 59.5% | 50.7% | 64.5% | 144.5% | 49.0% | 64.3% | 69.3% | 66.6% | 67.1% | 34.9% |
| Dividends and buybacks ÷ free cash flow | 19.2% | 69.8% | 36.0% | 191.2% | 128.4% | — | 242.3% | 243.4% | — | — | — | — | — | — | — | 327.0% | — | — |
| Quarter | 2024 Q4Sept 2024 | 2025 Q1Dec 2024 | 2025 Q2Mar 2025 | 2025 Q3Jun 2025 | 2025 Q4Sept 2025 | 2026 Q1Dec 2025 | 2026 Q2Mar 2026 | 2026 Q3Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | 55.6% | — | — | — | 55.1% | — | — |
| Operating margin | 6.7% | 22.2% | 28.5% | 6.3% | 16.8% | 22.8% | 29.8% | 5.6% |
| Net margin | −8.8% | 12.2% | 21.4% | 5.9% | −7.5% | 12.5% | 27.7% | 50.3% |
| Free-cash-flow margin | −50.0% | −26.8% | 15.8% | −25.9% | −43.0% | −16.0% | 21.4% | −21.7% |
| Current ratio | 0.45 | 0.50 | 0.43 | 0.37 | 0.32 | 0.61 | 0.55 | 0.37 |
| Debt to equity | 115.9% | 146.7% | 124.4% | 129.5% | 113.8% | 141.6% | 225.8% | 196.0% |
Financial health
- 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.
Moat
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.
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