Spire Inc (SR)
NYSE:SR
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Spire
(NYSE:SR)
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Rating:65Neutral
Price Target:
$98.00
â–²(5.77% Upside)
Action:ReiteratedDate:04/01/26
The score is held back mainly by weak free cash flow and leverage concerns despite improving profitability. Offsetting positives include a favorable technical uptrend, reasonable valuation with a solid dividend yield, and a supportive earnings update with reaffirmed guidance and strong recent operating performance.
Positive Factors
Improving profitability and margins
Spire's trailing margins have meaningfully improved, reflecting stronger utility core earnings and operational leverage. Sustained double-digit net margins and robust operating margin support durable earnings generation from regulated operations and improve capacity to fund reinvestment and returns over the medium term.
Negative Factors
Consistently negative free cash flow
Despite positive operating cash flow, negative free cash flow reflects heavy capital spending and/or working capital absorption. Persistent negative FCF reduces internal funding for growth, increases reliance on external financing, and constrains financial flexibility and resilience across the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving profitability and margins
Spire's trailing margins have meaningfully improved, reflecting stronger utility core earnings and operational leverage. Sustained double-digit net margins and robust operating margin support durable earnings generation from regulated operations and improve capacity to fund reinvestment and returns over the medium term.
Read all positive factors
Spire (SR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.48B
Dividend Yield3.82%
Average Volume (3M)365.44K
Price to Earnings (P/E)12.8
Beta (1Y)0.14
Revenue Growth-4.50%
EPS Growth2.49%
CountryUS
Employees3,475
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)1.77
Shares Outstanding59,096,590
10 Day Avg. Volume414,965
30 Day Avg. Volume365,435
Financial Highlights & Ratios
PEG Ratio3.88
Price to Book (P/B)1.41
Price to Sales (P/S)1.93
P/FCF Ratio-13.85
Enterprise Value/Market Cap1.97
Enterprise Value/Revenue4.20
Enterprise Value/Gross Profit10.14
Enterprise Value/Ebitda12.38
Forecast
1Y Price Target
$94.25Price Target Upside1.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)5.18
Revenue Forecast (FY)$2.68B
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...
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 subscrip...
Spire Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented a decidedly positive operational and financial picture: materially higher adjusted earnings and EPS, strong utility performance driven by new rates, reaffirmed multi-year guidance, disciplined capital spending and a large ten-year capital plan, successful operational response to extreme weather, and concrete financing activity supporting the Tennessee acquisition. Offsetting issues include a delayed timeline for storage asset sales, higher O&M/depreciation/interest expense partially offsetting gains, incremental debt issuance related to preferred redemption, and pending regulatory approval and integration risks for the Tennessee acquisition. Overall, the positive drivers and reaffirmed guidance outweigh the headwinds.Positive Updates
Strong Quarterly Earnings and EPS Growth
Adjusted earnings of $108 million ($1.77 per share) in Q1 FY2026 versus $81 million ($1.34) a year ago — an increase of $27 million (33.3% in aggregate earnings) and EPS growth of ~32.1% year-over-year.
Negative Updates
Storage Asset Sale Timeline Extended
Evaluation and sale process for natural gas storage assets has taken longer than initially expected; announcement now targeted later this quarter. The extension reflects management's focus on achieving the right value but introduces timing uncertainty.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarterly Earnings and EPS Growth
Adjusted earnings of $108 million ($1.77 per share) in Q1 FY2026 versus $81 million ($1.34) a year ago — an increase of $27 million (33.3% in aggregate earnings) and EPS growth of ~32.1% year-over-year.
Read all positive updates
Company Guidance
Spire reaffirmed 2026 adjusted EPS guidance of $5.25–$5.45 and 2027 guidance of $5.65–$5.85, reiterated a long‑term adjusted EPS growth target of 5–7% and a ten‑year CapEx plan of $11.2 billion (FY‑2026 CapEx $800–$900 million; Q1 CapEx $230 million); rate‑base/regulatory growth targets include ~7% Missouri, ~7.5% Tennessee and ~6% regulated equity growth in Alabama/Gulf; corporate & other adjusted loss is now guided at negative $40–$46 million (midpoint lowered $9 million) with preferred‑dividend EPS impact expected to be $9 million lower; financing metrics/targets include FFO/debt of 15–16%, recent financings of $900 million JSNs, an $825 million Spire Tennessee note facility, $200 million Spire Missouri first‑mortgage bonds and $200 million 6.38% JSNs, projected long‑term debt issuances up $250 million, expected equity needs excluding Tennessee of $0–$50 million/year and roughly $750 million to raise or recycle for the Tennessee acquisition; the company expects the Piedmont/Tennessee close in calendar Q1 2026 (pending approval), 2026 guidance excludes Piedmont and includes a full year of storage earnings while 2027 guidance includes Piedmont and excludes Spire Storage, and a storage‑asset sale announcement is expected later this quarter.Spire Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
42
Neutral
| 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
Positive
92.65
Price Trends
88.69
Positive
85.99
Positive
81.21
Positive
Market Momentum
0.65
Positive
60.91
Neutral
75.71
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 92.65 is above the 20-day moving average (MA) of 90.99, above the 50-day MA of 88.69, and above the 200-day MA of 81.21, indicating a bullish trend. The MACD of 0.65 indicates Positive momentum. The RSI at 60.91 is Neutral, neither overbought nor oversold. The STOCH value of 75.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SR.
Spire Risk Analysis
Spire disclosed 29 risk factors in its most recent earnings report. Spire reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Spire Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.57B | 17.59 | 8.13% | 3.45% | 15.06% | 12.27% | |
70 Outperform | $6.45B | 21.17 | 11.62% | 3.07% | -23.15% | 157.45% | |
68 Neutral | $2.27B | 16.85 | 7.78% | 4.18% | 11.27% | 20.04% | |
66 Neutral | $5.64B | 9.48 | 13.39% | 4.01% | 13.94% | 13.93% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $5.48B | 12.84 | 8.27% | 3.82% | -4.50% | 2.49% | |
65 Neutral | $7.89B | 6.77 | 12.21% | 3.92% | 1.10% | 140.04% |
* Utilities Sector Average
SR
Spire
92.65
21.82
30.81%
NJR
New Jersey Resources
55.96
10.84
24.01%
NWN
Northwest Gas
54.66
16.35
42.67%
SWX
Southwest Gas
89.24
24.42
37.67%
UGI
UGI
36.77
7.49
25.60%
OGS
ONE Gas
88.90
19.40
27.91%
Spire Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Spire Completes Major Tennessee Natural Gas Utility Acquisition
Positive
Apr 1, 2026
On March 31, 2026, Spire Inc. completed its $2.48 billion cash acquisition of Duke Energy’s Piedmont Natural Gas Tennessee business, rebranding the operations as Spire Tennessee. The deal significantly expands Spire’s regulated footpri...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Spire Refines Strategy with Marketing Exit, EPS Update
Neutral
Mar 30, 2026
On March 28, 2026, Spire Resources LLC, a wholly owned subsidiary of Spire Inc., agreed to sell all membership interests in gas marketing unit Spire Marketing Inc. to Boardwalk Pipelines, LP for $215 million in cash, with closing targeted for the ...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Spire Wins Final Approval for Tennessee Utility Acquisition
Positive
Mar 16, 2026
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 ...
Business Operations and StrategyRegulatory Filings and Compliance
Spire Simplifies Capital Structure After Preferred Share Redemption
Positive
Feb 18, 2026
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 wit...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Spire posts stronger Q1 2026 results, affirms outlook
Positive
Feb 3, 2026
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 ...
Executive/Board ChangesShareholder Meetings
Spire shareholders back board, executive pay and auditor
Positive
Jan 30, 2026
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...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.