Spire Inc (SR)
NYSE:SR
Want to see SR full AI Analyst Report?
Top Page
Spire
(NYSE:SR)
Select Model
Select Model
Rating:62Neutral
Price Target:
$91.00
â–¼(-1.42% Downside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by steady profitability and improving leverage but constrained by persistently negative free cash flow. Valuation is a major positive (very low P/E and solid yield), while technicals are a notable drag due to weak momentum. Earnings call commentary supports the outlook via reaffirmed guidance and strategic execution, tempered by weather/regulatory timing and higher financing costs.
Positive Factors
Regulatory-focused portfolio after divestitures
Spire has materially simplified its portfolio by exiting marketing and arranging storage and smaller-utility divestitures, concentrating on regulated gas utilities. This reduces earnings volatility from market businesses, increases regulatory earnings visibility, and aligns cash flows to stable rate-base returns supportive of the 5%–7% long-term EPS target.
Negative Factors
Persistently negative free cash flow
Despite positive operating cash flow, Spire’s free cash flow is persistently negative, reflecting heavy capital spending and acquisition activity. This limits internal funding capacity, increases reliance on external financing or asset sales, and constrains flexibility to absorb shocks or accelerate deleveraging in the 2–6 month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory-focused portfolio after divestitures
Spire has materially simplified its portfolio by exiting marketing and arranging storage and smaller-utility divestitures, concentrating on regulated gas utilities. This reduces earnings volatility from market businesses, increases regulatory earnings visibility, and aligns cash flows to stable rate-base returns supportive of the 5%–7% long-term EPS target.
Read all positive factors
Spire (SR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.13B
Dividend Yield3.82%
Average Volume (3M)384.00K
Price to Earnings (P/E)4.7
Beta (1Y)0.10
Revenue Growth4.53%
EPS Growth40.51%
CountryUS
Employees3,475
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)5.71
Shares Outstanding59,116,790
10 Day Avg. Volume509,862
30 Day Avg. Volume384,000
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 Cap2.54
Enterprise Value/Revenue5.13
Enterprise Value/Gross Profit13.11
Enterprise Value/Ebitda14.86
Forecast
1Y Price Target
$100.14Price Target Upside8.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)4.45
Revenue Forecast (FY)$2.61B
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:May 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented a largely constructive strategic and financial picture: management executed a transformative, equity-free acquisition of Piedmont Tennessee, materially simplified the portfolio by completing one divestiture and agreeing to others, delivered solid Q2 continuing-operations results (adjusted EPS up ~18.6% YoY and Gas Utility earnings up >20%), and reaffirmed long-term 5%–7% EPS growth underpinned by a multi-year capital plan and rate base growth. Near-term challenges center on an unusual, weather-driven usage shortfall in Missouri (HDDs down 11.5%, usage per HDD down 7%, January usage ~28% below base), which produced a volumetric margin shortfall, lowered Gas Utility guidance for 2026, and introduced some timing uncertainty around regulatory recovery via the AAO. Higher interest and certain corporate costs also pressured Other results. On balance, the positives from strategic execution, funding without equity, strong underlying utility earnings, and reaffirmed long-term outlook outweigh the near-term weather and financing headwinds.Positive Updates
Completed Tennessee Acquisition and Integration Progress
Closed acquisition of Piedmont Tennessee on March 31, 2026; added more than 200,000 customers in Greater Nashville. Financing completed without issuing common equity (including $900M junior subordinated notes, $825M Spire Tennessee senior notes and bridge $800M term loan). More than 200 employees transitioned and an 18-month transition services agreement is in place, with integration described as progressing smoothly.
Negative Updates
Weather-Driven Usage Shortfall in Missouri
Unusually mild and uneven winter led Missouri heating degree days 11.5% below normal and residential usage per heating degree day 7% below 2024; January usage was ~28% lower versus the base year used for normalization. The usage shortfall caused a material volumetric margin shortfall and drove a reduction in full-year Gas Utility guidance.
Read all updates
Q2-2026 Updates
Positive
Negative
Completed Tennessee Acquisition and Integration Progress
Closed acquisition of Piedmont Tennessee on March 31, 2026; added more than 200,000 customers in Greater Nashville. Financing completed without issuing common equity (including $900M junior subordinated notes, $825M Spire Tennessee senior notes and bridge $800M term loan). More than 200 employees transitioned and an 18-month transition services agreement is in place, with integration described as progressing smoothly.
Read all positive updates
Company Guidance
Spire gave fiscal 2026 continuing‑operations adjusted EPS guidance of $3.90–$4.10 per share (Q2 adjusted EPS was $3.76 on $224M), reaffirmed fiscal 2027 adjusted EPS of $5.40–$5.60 (anchored to the original 2027 midpoint of $5.75) and a long‑term 5%–7% adjusted EPS growth target; the 2026 guidance excludes Marketing and Storage and also excludes Spire Tennessee, while 2027 reflects a full year of Spire Tennessee and excludes Storage/Marketing/Mississippi. Segment and other metric guidance includes Gas Utilities $275M–$295M, Corporate & Other loss of $40M–$46M, Q2 Gas Utility earnings of $235M (up >20%, ~$40M vs. prior year), year‑to‑date CapEx of $386M and full‑year 2026 CapEx of $797M under an $11.2B 10‑year plan supporting ~7% Missouri and 7.5% Tennessee rate‑base growth and ~6% regulated equity growth in Alabama/Gulf. Financing and portfolio actions cited to support the outlook include Tennessee financing of $900M junior subordinated notes and $825M Tennessee senior notes, an $800M term loan bridge, a $400M Spire Inc. senior note issue in February, closing of the Marketing sale on April 30 with Storage and Mississippi sales expected to close in coming months, and a lowered FFO‑to‑debt target of 14%–15%.Spire Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
64
Positive
Cash Flow
42
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.54B | 2.48B | 2.59B | 2.67B | 2.20B | 2.24B |
| Gross Profit | 994.20M | 1.93B | 982.30M | 887.90M | 825.00M | 823.40M |
| EBITDA | 877.10M | 833.70M | 789.10M | 696.80M | 636.80M | 659.90M |
| Net Income | 358.30M | 271.70M | 250.90M | 217.50M | 220.80M | 271.70M |
Balance Sheet | ||||||
| Total Assets | 14.67B | 11.58B | 10.86B | 10.31B | 10.08B | 9.36B |
| Cash, Cash Equivalents and Short-Term Investments | 49.50M | 5.70M | 4.50M | 5.60M | 6.50M | 4.30M |
| Total Debt | 7.96B | 5.24B | 4.76B | 4.74B | 4.36B | 3.73B |
| Total Liabilities | 11.25B | 8.18B | 7.62B | 7.38B | 7.25B | 6.69B |
| Stockholders Equity | 3.42B | 3.39B | 3.23B | 2.92B | 2.82B | 2.66B |
Cash Flow | ||||||
| Free Cash Flow | -203.10M | -344.40M | 51.10M | -222.30M | -497.20M | -375.00M |
| Operating Cash Flow | 615.60M | 578.00M | 912.40M | 440.20M | 55.00M | 249.80M |
| Investing Cash Flow | -3.31B | -916.40M | -1.03B | -695.50M | -546.70M | -622.00M |
| Financing Cash Flow | 2.73B | 344.70M | 123.90M | 260.60M | 500.90M | 379.40M |
Spire Technical Analysis
Neutral
92.31
Price Trends
90.23
Negative
87.93
Negative
84.09
Positive
Market Momentum
-1.29
Positive
42.65
Neutral
55.49
Neutral
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 92.31 is above the 20-day moving average (MA) of 88.09, above the 50-day MA of 90.23, and above the 200-day MA of 84.09, indicating a neutral trend. The MACD of -1.29 indicates Positive momentum. The RSI at 42.65 is Neutral, neither overbought nor oversold. The STOCH value of 55.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SR.
Spire Risk Analysis
Spire disclosed 31 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $5.79B | 6.33 | 13.74% | 4.01% | 8.52% | -18.44% | |
66 Neutral | $6.49B | 11.37 | 11.86% | 3.07% | -48.15% | 105.44% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $5.20B | 10.53 | 8.20% | 3.45% | 2.81% | 7.01% | |
62 Neutral | $5.13B | 4.73 | 10.45% | 3.82% | 4.53% | 40.51% | |
62 Neutral | $7.53B | 3.76 | 12.77% | 3.92% | 0.52% | 20.56% | |
52 Neutral | $2.10B | 5.58 | 8.27% | 4.18% | 5.90% | 16.54% |
* Utilities Sector Average
SR
Spire
86.71
15.39
21.58%
NJR
New Jersey Resources
57.40
13.13
29.66%
NWN
Northwest Gas
49.92
10.68
27.22%
SWX
Southwest Gas
89.66
22.63
33.76%
UGI
UGI
35.11
0.95
2.78%
OGS
ONE Gas
82.80
10.47
14.47%
Spire Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Spire Reports Q2 Results, Updates Guidance Amid Portfolio Shift
Neutral
May 6, 2026
On May 6, 2026, Spire reported fiscal second-quarter 2026 results for the period ended March 31, highlighting the completion of its acquisition of Piedmont Natural Gas’s Tennessee business and the post-quarter sale of Spire Marketing, alongs...
Business Operations and StrategyRegulatory Filings and Compliance
Spire Updates Leadership Indemnification Agreement to Enhance Protection
Positive
May 1, 2026
On April 29, 2026, Spire Inc.’s board of directors approved an updated indemnification agreement for all directors and officers, expanding protections for individuals serving in leadership roles. The agreement commits the company to indemnif...
Business Operations and StrategyM&A Transactions
Spire Divests Gas Marketing Unit to Boardwalk Pipelines
Positive
Apr 30, 2026
Spire Inc. has completed the sale of its gas marketing subsidiary, Spire Marketing Inc., to Boardwalk Pipelines, LP for $215 million in cash, with the transaction effective April 30, 2026. The deal followed regulatory approvals and a conversion of...
Business Operations and StrategyM&A Transactions
Spire Divests Mississippi Gas Utility to Refocus Footprint
Positive
Apr 22, 2026
On April 21, 2026, Spire’s subsidiary Spire EnergySouth agreed to sell all shares of Spire Mississippi Inc., its Mississippi natural gas utility serving about 18,000 customers via roughly 745 miles of pipelines, to Delta Mississippi Gas Comp...
Business Operations and StrategyM&A Transactions
Spire Divests Storage Assets to Refocus on Utilities
Positive
Apr 15, 2026
On April 14, 2026, Spire Midstream LLC agreed to sell all membership interests in Belle Butte LLC, which owns Spire Storage West in Wyoming and Spire Storage Salt Plains in Oklahoma, to Subterra Energy Holdings, an affiliate of I Squared Capital, ...
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...
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.