Spire (SR) AI Stock Analysis

• Market Cap: $5.48B
• Dividend Yield: 3.82%
• Average Volume (3M): 365.13K
• Price to Earnings (P/E): 12.8
• Beta (1Y): 0.12
• Revenue Growth: -4.50%
• EPS Growth: 2.49%
• Country: US
• Employees: 3,475
• Sector: Utilities
• Sector Strength: 65
• Industry: Regulated Gas
• EPS (TTM): 1.77
• Shares Outstanding: 59,096,590
• 10 Day Avg. Volume: 335,710
• 30 Day Avg. Volume: 365,126
• PEG Ratio: 3.88
• Price to Book (P/B): 1.41
• Price to Sales (P/S): 1.93
• P/FCF Ratio: -13.85
• Enterprise Value/Market Cap: 1.97
• Enterprise Value/Revenue: 4.20
• Enterprise Value/Gross Profit: 10.13
• Enterprise Value/Ebitda: 12.37
• 1Y Price Target: $94.00
• Price Target Upside: 1.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 5.19
• Revenue Forecast (FY): $2.74B

• Rating: 67 Neutral
• Price Target: $101.00 ▲(8.88% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is driven mainly by improving profitability and a constructive technical uptrend, supported by reasonable valuation and positive, reaffirmed guidance. The primary offset is financial quality risk from persistently negative free cash flow and leverage concerns reflected in the annual balance sheet data.

Positive Factors

Improving Profitability

Margins have improved materially over recent years, reflecting durable operating leverage and regulatory recoveries that drive steady earnings. Higher net and operating margins support ongoing cash generation capacity, underpin management's 5–7% long-term adjusted EPS target and ability to fund core investments.

Regulated Footprint Expansion

Regulatory approval for the Tennessee acquisition is a structural expansion of Spire's rate‑base, bringing predictable, rate‑regulated cash flows and geographic diversification. Adding regulated assets increases scale and supports steadier earnings, improving long‑term revenue visibility and utility growth prospects.

Disciplined Capital Plan & Financing

A clear $11.2bn ten‑year CapEx plan aligned with a 5–7% EPS growth target provides durable investment guidance and prioritization. Combined with active financings and positive operating cash flow, this framework supports predictable modernization and rate‑base growth while anchoring near‑term financing plans.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow reflects heavy capital spending and cash conversion pressure, reducing internally available funds for growth or debt reduction. Over the medium term this elevates reliance on external financing and raises execution risk for the capital plan and acquisitions.

Elevated Leverage

Reported annual leverage levels are elevated, constraining financial flexibility and increasing interest‑cost sensitivity. Recent debt issuances to fund acquisitions and capital needs could pressure credit metrics, limit strategic optionality, and make the company more vulnerable to higher rates or refinancing risk.

Integration & Timing Risks

Large integration effort, non‑contiguous operations, and an extended timing for planned storage asset sales create execution and timing uncertainty. These factors can raise O&M and transition costs, delay synergies and cash proceeds, and weigh on near‑term cash generation and margin improvement.

Spire Business Overview & Revenue Model

Company Description

Spire Inc., together with its subsidiaries, engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States. The company operates in two segments, Gas Utility and Gas Marketing. It is also involved in the marketing of natural gas. In addition, the company engages in the transportation of propane through its propane pipeline; compression of natural gas; risk management; and other activities. Further, it provides physical natural gas storage services. The company was formerly known as The Laclede Group, Inc. and changed its name to Spire Inc. in April 2016. Spire Inc. was founded in 1857 and is based in St. Louis, Missouri.

How the Company Makes Money

Spire primarily makes money by selling access to satellite-derived data, analytics, and software to commercial and government customers under subscription and contract-based arrangements. Key revenue streams include: (1) Data-as-a-service subscriptions, where customers pay recurring fees to access Spire’s proprietary datasets (e.g., maritime vessel tracking/behavioral insights derived from space-based AIS signals; aviation-related datasets derived from space-based ADS-B signals; and weather/climate-related datasets derived from radio occultation and other sensing methods). (2) Government and enterprise contracts, where Spire provides data feeds, analytics, and mission support capabilities to public-sector agencies and large enterprises, typically with contract terms tied to specific performance requirements, delivery schedules, and usage rights. (3) Software and analytics offerings, where Spire layers tools and models on top of its datasets to support customer workflows (for example, operational monitoring, risk assessment, and forecasting), which can be priced as recurring licenses/subscriptions and/or bundled with data access. (4) Satellite and space services (if applicable in reported periods), where Spire supports space missions or hosted payload/mission services; specific contribution depends on the period and disclosures. Significant factors influencing earnings include the scale and utilization of its satellite constellation (which supports data collection capacity), the mix of government vs. commercial contracts, customer retention/expansion in subscription products, and the company’s ability to package raw satellite signals into higher-value analytics products. Specific named partnerships and their quantified revenue impact: null.

Spire Financial Statement Overview

Summary

Profitability is solid and improving (TTM net margin ~11.1%, operating margin ~22.0%), but financial quality is held back by consistently weak free cash flow (TTM FCF -$267M; FY2025 -$344M) and leverage concerns in the annual balance sheet data (debt-to-equity ~1.47–1.60).

Income Statement

Profitability is solid and improving: TTM (Trailing-Twelve-Months) net margin is ~11.1% (vs. ~9.7% in FY2024 and ~8.2% in FY2023), and operating profitability has also strengthened (TTM operating margin ~22.0%). Revenue growth is modest in TTM (~3.8%) and has been uneven in recent annual periods, reflecting a steadier, regulated profile but limited growth momentum.

Balance Sheet

Leverage looks mixed across periods. The latest annual reports show elevated leverage (debt-to-equity ~1.47–1.60 in FY2023–FY2025), which can constrain flexibility, even though returns on equity are steady around ~7.5%–8.3%. TTM shows much lower reported leverage (debt-to-equity ~0.26), but the sharp divergence versus annual figures reduces confidence in the underlying trend; overall, balance sheet risk appears moderate with a leverage overhang in the annual data.

Cash Flow

Operating cash generation is positive (TTM operating cash flow ~$578M), but free cash flow is consistently weak: negative in TTM (-$267M) and FY2025 (-$344M), with only FY2024 modestly positive. Cash conversion is a key concern, as free cash flow relative to net income is negative in TTM and most recent years, indicating heavy capital spending and/or working-capital pressure that limits internally funded growth and increases reliance on external financing.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	2.57B	2.48B	2.59B	2.67B	2.20B	2.24B
Gross Profit	1.06B	1.93B	982.30M	887.90M	825.00M	823.40M
EBITDA	872.20M	833.70M	789.10M	696.80M	636.80M	659.90M
Net Income	285.40M	271.70M	250.90M	217.50M	220.80M	271.70M
Balance Sheet
Total Assets	11.88B	11.58B	10.86B	10.31B	10.08B	9.36B
Cash, Cash Equivalents and Short-Term Investments	4.10M	5.70M	4.50M	5.60M	6.50M	4.30M
Total Debt	5.35B	5.24B	4.76B	4.74B	4.36B	3.73B
Total Liabilities	8.45B	8.18B	7.62B	7.38B	7.25B	6.69B
Stockholders Equity	3.43B	3.39B	3.23B	2.92B	2.82B	2.66B
Cash Flow
Free Cash Flow	-267.20M	-344.40M	51.10M	-222.30M	-497.20M	-375.00M
Operating Cash Flow	577.90M	578.00M	912.40M	440.20M	55.00M	249.80M
Investing Cash Flow	-857.60M	-916.40M	-1.03B	-695.50M	-546.70M	-622.00M
Financing Cash Flow	277.70M	344.70M	123.90M	260.60M	500.90M	379.40M

Spire Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 92.76
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SR, the sentiment is Positive. The current price of 92.76 is above the 20-day moving average (MA) of 90.38, above the 50-day MA of 86.17, and above the 200-day MA of 79.82, indicating a bullish trend. The MACD of 1.43 indicates Positive momentum. The RSI at 69.22 is Neutral, neither overbought nor oversold. The STOCH value of 68.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SR.

Spire Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OGS	71 Outperform	$5.48B	17.59	8.51%	3.45%	15.06%	12.27%
SWX	70 Outperform	$6.36B	21.17	11.62%	3.07%	-23.15%	157.45%
SR	67 Neutral	$5.48B	12.84	8.27%	3.82%	-4.50%	2.49%
NJR	66 Neutral	$5.55B	9.48	13.39%	4.01%	13.94%	13.93%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
NWN	65 Neutral	$2.18B	16.85	7.78%	4.18%	11.27%	20.04%
UGI	65 Neutral	$7.97B	6.77	12.21%	3.92%	1.10%	140.04%

Spire Corporate Events

Spire Wins Final Approval for Tennessee Utility Acquisition

On March 16, 2026, the Tennessee Public Utility Commission approved the transfer of authority for utility services from Piedmont Natural Gas Company Inc. to Spire Tennessee Inc., clearing a key regulatory hurdle for Spire Inc.’s acquisition of Piedmont’s Tennessee natural gas local distribution company business announced on July 29, 2025. With the Hart-Scott-Rodino antitrust condition already satisfied and all requisite regulatory approvals now in place, the transaction is expected to close before the end of the first quarter of 2026, subject only to customary remaining closing conditions, positioning Spire to expand its regulated gas distribution operations in Tennessee.

The most recent analyst rating on (SR) stock is a Buy with a $100.00 price target. To see the full list of analyst forecasts on Spire stock, see the SR Stock Forecast page.

Spire Simplifies Capital Structure After Preferred Share Redemption

On February 13, 2026, Spire Inc., a regulated natural gas utility, terminated the Certificate of Designations related to its 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock by filing an amendment to its Articles of Incorporation with the Missouri Secretary of State. This action, which removed all provisions governing the Series A Preferred Stock from its charter, followed the company’s completion on the same date of the previously announced full redemption of all outstanding Series A Preferred shares and related depositary shares, simplifying its capital structure and eliminating this class of preferred equity from its balance sheet.

The most recent analyst rating on (SR) stock is a Buy with a $97.00 price target. To see the full list of analyst forecasts on Spire stock, see the SR Stock Forecast page.

Spire posts stronger Q1 2026 results, affirms outlook

On February 3, 2026, Spire reported fiscal 2026 first-quarter results for the period ended December 31, 2025, posting net income of $95.0 million, or $1.54 per diluted share, up from $81.3 million, or $1.34 per share, a year earlier, and adjusted earnings of $108.4 million, or $1.77 per share. The Gas Utility segment drove much of the improvement, with adjusted earnings rising to $103.9 million on the back of new rates in Missouri, infrastructure surcharge revenues and higher margins in Alabama, partially offset by lower volumetric margins and higher depreciation and interest expense, while gas marketing and midstream also delivered higher contributions. The company advanced a sizable financing program tied to its Tennessee acquisition and capital plan, including junior subordinated and senior note issuances and new first mortgage bonds, and reiterated its adjusted earnings guidance ranges for fiscal 2026 and 2027, underpinned by an $11.2 billion 10‑year capital investment plan that targets 5–7% long-term adjusted EPS growth and reflects planned acquisition of Tennessee utility assets and an anticipated divestiture of gas storage facilities, both pending regulatory approval and board authorization.

The most recent analyst rating on (SR) stock is a Buy with a $93.00 price target. To see the full list of analyst forecasts on Spire stock, see the SR Stock Forecast page.

Spire shareholders back board, executive pay and auditor

At its virtual annual meeting of shareholders on January 29, 2026, Spire reported that 91.08% of outstanding common shares entitled to vote were present or represented by proxy. Shareholders elected Sheri S. Cook, Vinny J. Ferrari and Rob L. Jones to three-year terms on the board of directors expiring at the 2029 annual meeting, approved on an advisory basis the compensation of the company’s named executive officers, and ratified the appointment of Deloitte & Touche LLP as Spire’s independent registered public accounting firm for fiscal 2026, signaling broad investor support for the company’s leadership, pay practices and audit oversight.

The most recent analyst rating on (SR) stock is a Hold with a $84.00 price target. To see the full list of analyst forecasts on Spire stock, see the SR Stock Forecast page.

Spire Amends Syndicated Loan to Extend Financing Maturity

On December 18, 2025, Spire Inc. and its utility subsidiaries Spire Missouri, Spire Alabama and Spire Tennessee amended an existing syndicated loan agreement led by Wells Fargo, adding Spire Tennessee as a borrower and extending the facility’s final maturity to October 11, 2030. The borrowers, which maintain standard banking relationships with the participating banks, also paid arrangement and extension fees under a related fee letter, strengthening Spire’s long-term financing profile and supporting its ongoing utility operations and capital needs across its service territories.

The most recent analyst rating on (SR) stock is a Buy with a $100.00 price target. To see the full list of analyst forecasts on Spire stock, see the SR Stock Forecast page.

Spire Subsidiary Issues $825M Debt for Operations

On December 17, 2025, Spire Tennessee Inc., a subsidiary of Spire Inc., entered into a Master Note Purchase Agreement to issue $825 million in debt through Series 2026 Senior Notes across five tranches, with varying due dates between 2029 and 2038. These notes, aimed at supporting operational and strategic needs, will be issued as senior unsecured obligations, and the interest rates will adjust based on the timing of the closing, enhancing flexibility in financial planning.

The most recent analyst rating on (SR) stock is a Buy with a $100.00 price target. To see the full list of analyst forecasts on Spire stock, see the SR Stock Forecast page.