Spire (SR) AI Stock Analysis

• Market Cap: $4.87B
• Dividend Yield: 3.81%
• Average Volume (3M): 418.58K
• Price to Earnings (P/E): 18.9
• Beta (1Y): 0.13
• Revenue Growth: -4.50%
• EPS Growth: 2.49%
• Country: US
• Employees: 3,475
• Sector: Utilities
• Sector Strength: 65
• Industry: Regulated Gas
• EPS (TTM): -0.47
• Shares Outstanding: 59,038,128
• 10 Day Avg. Volume: 325,603
• 30 Day Avg. Volume: 418,581
• 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: 2.11
• Enterprise Value/Revenue: 4.16
• Enterprise Value/Gross Profit: 9.30
• Enterprise Value/Ebitda: 12.34
• 1Y Price Target: $97.00
• Price Target Upside: 17.75% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 5.12
• Revenue Forecast (FY): $2.68B

• Rating: 64 Neutral
• Price Target: $88.00 ▲(6.82% Upside)

Spire's overall stock score is driven by strong earnings call insights and a reasonable valuation. However, financial performance is hindered by cash flow challenges, and technical analysis indicates bearish momentum, which tempers the overall score.

Positive Factors

Infrastructure Investments

Significant investments in infrastructure enhance reliability and safety, supporting long-term operational efficiency and growth.

Strategic Acquisition

The acquisition expands Spire's utility footprint and diversifies its business mix, potentially boosting long-term earnings and market position.

Regulatory Achievements

Regulatory achievements in Missouri provide a stable revenue base and enhance Spire's ability to plan and invest for future growth.

Negative Factors

Cash Flow Challenges

Negative free cash flow suggests liquidity risks, which could limit Spire's ability to invest in growth opportunities and manage debt.

Higher Operating Expenses

Increased operating expenses can pressure margins and reduce profitability, impacting Spire's financial performance over time.

Increased Corporate Costs

Rising corporate costs, driven by higher interest expenses, could strain financial resources and impact Spire's ability to maintain cost efficiency.

Spire Business Overview & Revenue Model

Company Description

Spire (SR) is a leading provider of satellite-powered data and analytics solutions, specializing in the maritime, weather, and aviation sectors. The company operates a constellation of small satellites that collect real-time data on global shipping traffic, atmospheric conditions, and other critical environmental factors. Spire's core products include data services that assist businesses in optimizing operations, enhancing decision-making, and mitigating risks associated with weather and logistics.

How the Company Makes Money

Spire generates revenue through a multi-faceted business model primarily centered around subscription-based services and data sales. The company charges clients for access to its extensive database of satellite-derived information, offering tailored analytics and insights based on specific industry needs. Key revenue streams include contracts with government agencies, partnerships with private enterprises in the shipping and logistics sectors, and subscriptions from businesses requiring weather forecasting and climate data. Additionally, Spire collaborates with significant partners in various industries, enhancing its service offerings and expanding its market reach, which in turn contributes to its overall earnings.

Spire Financial Statement Overview

Summary

Spire shows a strong revenue base and improved operational efficiency, as indicated by the income statement. The balance sheet reflects reduced leverage, enhancing stability. However, cash flow challenges persist, indicating potential liquidity risks that need addressing.

Income Statement

Spire's income statement shows a stable revenue base with a slight growth trend in recent years. The gross profit margin has improved significantly from 37.88% in 2024 to 78.11% in 2025, indicating better cost management. However, the net profit margin remains moderate at 10.97% in 2025, which suggests room for improvement in profitability. The EBIT margin is not available for 2025, but the EBITDA margin has increased to 33.67%, reflecting enhanced operational efficiency.

Balance Sheet

The balance sheet reveals a reduction in leverage, with the debt-to-equity ratio decreasing from 1.47 in 2024 to 0.53 in 2025. This indicates a stronger equity position and reduced financial risk. Return on equity is stable at around 8%, which is reasonable but not exceptional. The equity ratio is not explicitly calculated, but the overall asset base has grown, suggesting a solid financial foundation.

Cash Flow

Cash flow analysis shows challenges, with free cash flow turning negative in 2025, indicating potential liquidity issues. The operating cash flow to net income ratio has decreased, suggesting less cash generation relative to earnings. The free cash flow to net income ratio is negative, highlighting a need for better cash management. Despite these issues, the company maintains a positive operating cash flow, which is a positive sign.

Breakdown	TTM	Dec 2025	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	2.48B	―	2.48B	2.59B	2.67B	2.20B
Gross Profit	1.11B	―	1.93B	982.30M	887.90M	825.00M
EBITDA	833.70M	―	833.70M	789.10M	696.80M	636.80M
Net Income	271.70M	―	271.70M	250.90M	217.50M	220.80M
Balance Sheet
Total Assets	11.58B	―	11.58B	10.86B	10.31B	10.08B
Cash, Cash Equivalents and Short-Term Investments	5.70M	―	5.70M	4.50M	5.60M	6.50M
Total Debt	5.24B	―	5.24B	4.76B	4.74B	4.36B
Total Liabilities	8.18B	―	8.18B	7.62B	7.38B	7.25B
Stockholders Equity	3.39B	―	3.39B	3.23B	2.92B	2.82B
Cash Flow
Free Cash Flow	-324.90M	―	-344.40M	51.10M	-222.30M	-497.20M
Operating Cash Flow	578.00M	―	578.00M	912.40M	440.20M	55.00M
Investing Cash Flow	-916.40M	―	-916.40M	-1.03B	-695.50M	-546.70M
Financing Cash Flow	344.70M	―	344.70M	123.90M	260.60M	500.90M

Spire Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 82.38
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SR, the sentiment is Neutral. The current price of 82.38 is below the 20-day moving average (MA) of 86.39, below the 50-day MA of 85.80, and above the 200-day MA of 77.27, indicating a neutral trend. The MACD of -0.81 indicates Positive momentum. The RSI at 36.34 is Neutral, neither overbought nor oversold. The STOCH value of 6.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SR.

Spire Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SWX	74 Outperform	$5.71B	12.32	5.42%	3.10%	-23.15%	157.45%
NWN	73 Outperform	$1.92B	18.40	7.20%	4.25%	11.27%	20.04%
UGI	70 Outperform	$8.05B	12.13	14.87%	3.97%	1.10%	140.04%
OGS	67 Neutral	$4.72B	18.36	8.51%	3.44%	15.06%	12.27%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
SR	64 Neutral	$4.87B	18.86	8.20%	3.81%	-4.50%	2.49%
NJR	64 Neutral	$4.54B	13.54	14.62%	4.09%	13.94%	13.93%

Spire Corporate Events

Spire Announces $825M Senior Notes Offering

On December 8, 2025, Spire Inc. announced an offering of $825 million in Senior Notes by Spire Tennessee Inc., contingent upon the acquisition of Piedmont Natural Gas Tennessee’s operations in Nashville. This strategic acquisition, announced in July 2025, aims to expand Spire’s regulated utility footprint and diversify its business mix, potentially enhancing long-term earnings growth and dividend increases. The acquisition, valued at $2.48 billion, is expected to close in the first quarter of 2026, pending regulatory approval.

Spire to Acquire Piedmont’s Tennessee Gas Business

On July 27, 2025, Spire Inc. entered into an agreement to acquire Piedmont Natural Gas Company’s Tennessee local distribution business for $2.48 billion. The acquisition, which is expected to close by the end of the first quarter of 2026, is subject to regulatory approvals and customary conditions. The Federal Energy Regulatory Commission has already approved the transfer of gas supply contracts, and the Tennessee Public Utility Commission’s approval is pending. This acquisition is anticipated to enhance Spire’s market position in the natural gas distribution sector.

Spire Reports Strong Fiscal Year 2025 Results

On November 14, 2025, Spire Inc. announced its fiscal year 2025 results, reporting a net income of $271.7 million, an increase from $250.9 million in 2024. The company’s adjusted earnings rose to $275.5 million, driven by higher earnings in gas utility and midstream segments, despite challenges such as increased operational expenses. Spire has set its fiscal 2026 and 2027 adjusted EPS guidance ranges and reaffirmed its long-term growth target. The company also raised its common stock dividend by 5.1%, marking 23 years of consecutive growth, reflecting its strong performance and future growth expectations.

Spire’s $200M Bond Purchase Agreement Finalized

On October 23, 2025, Spire Missouri Inc. entered into a Bond Purchase Agreement to issue and sell $200 million in First Mortgage Bonds to institutional purchasers. The proceeds from these bonds, which are due in 2030 and 2031, will be used for general corporate purposes, and the bonds are secured by a Mortgage and Deed of Trust. The agreement includes provisions for redemption and limitations on liens and payments, impacting the company’s financial strategy and stakeholder interests.

Spire Appoints New COO Steve Greenley

On September 22, 2025, Spire Inc. announced the appointment of Steve Greenley as Executive Vice President and Chief Operating Officer, effective October 13, 2025. Greenley, who previously held senior leadership roles at Enbridge and CenterPoint Energy, will oversee Spire’s natural gas utilities and midstream operations. His extensive experience in utility operations and regulatory policy is expected to enhance Spire’s operational excellence and drive continued success. This strategic appointment fills the COO position left vacant since Scott Doyle’s promotion to President and CEO in April 2025.