Spire (SR) AI Stock Analysis

• Market Cap: $5.27B
• Dividend Yield: 3.82%
• Average Volume (3M): 373.06K
• Price to Earnings (P/E): 19.3
• 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): 1.77
• Shares Outstanding: 59,096,590
• 10 Day Avg. Volume: 353,072
• 30 Day Avg. Volume: 373,062
• 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: 2.02
• Enterprise Value/Revenue: 4.13
• Enterprise Value/Gross Profit: 9.97
• Enterprise Value/Ebitda: 12.17
• 1Y Price Target: $95.57
• Price Target Upside: 7.26% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 5.19
• Revenue Forecast (FY): $2.74B

• Rating: 64 Neutral
• Price Target: $98.00 ▲(9.99% Upside)

The score is primarily constrained by weak cash conversion and persistently negative free cash flow despite solid, improving utility-like profitability. Technicals are positive but appear overextended, while valuation and dividend yield are supportive. Reaffirmed multi-year guidance and a detailed capital/financing plan help offset execution and regulatory risks tied to the Tennessee acquisition and delayed storage-asset sale timing.

Positive Factors

Improving Profitability Margins

Sustained double-digit net and high-teens/low-20s operating margins reflect durable utility-style earnings conversion from rate-regulated operations. Higher margins increase cash generation capacity per dollar of revenue and support reinvestment, dividends, and debt servicing over multi-year horizons.

Regulated Revenue and Rate Actions

Regulatory rate adjustments and established rate-setting mechanisms provide predictable, durable revenue streams and margin uplift. Rate-driven earnings reduce commodity exposure, underpin steady cash flow, and support multi-year growth targets tied to rate base expansion and regulatory returns.

Defined Capital & Financing Plan

A clear $11.2B ten-year capex roadmap paired with explicit FFO/debt targets and active debt issuances signals disciplined long-term investment planning. This structural clarity aids regulatory filings, financing predictability, and execution of rate-base growth that underpins sustainable earnings expansion.

Negative Factors

Persistently Negative Free Cash Flow

Repeated negative free cash flow indicates capital spending and working-capital needs outpacing operating cash generation. Over months, this limits the company's ability to self-fund acquisitions or dividends, increasing reliance on external financing and raising execution risk for strategic projects.

Elevated and Conflicting Leverage Metrics

High annual leverage levels constrain financial flexibility and amplify interest-cost sensitivity across cycles. The wide divergence with TTM data weakens transparency of the true balance-sheet trend, complicating long-term capital planning and potentially pressuring credit metrics during additional issuances.

Acquisition & Integration Regulatory Risk

A material, pending acquisition creates structural uncertainty: regulatory approval timing, mandated conditions, and complex integration of noncontiguous operations require prolonged management attention and capital. Delays or onerous terms could raise costs and defer anticipated rate-base benefits.

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 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

Profitability is solid and improving (TTM net margin ~11.1%, operating margin ~22.0%), but overall financial quality is weighed down by consistently negative free cash flow (TTM -$267M; FY2025 -$344M) and moderate balance-sheet risk given elevated leverage in annual data (debt-to-equity ~1.47–1.60) alongside a conflicting lower TTM leverage figure.

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: 89.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 89.1 is above the 20-day moving average (MA) of 86.36, above the 50-day MA of 84.24, and above the 200-day MA of 78.99, indicating a bullish trend. The MACD of 1.74 indicates Negative momentum. The RSI at 62.40 is Neutral, neither overbought nor oversold. The STOCH value of 69.09 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
SWX	74 Outperform	$6.25B	13.50	5.42%	3.07%	-23.15%	157.45%
NWN	73 Outperform	$2.04B	19.54	7.20%	4.18%	11.27%	20.04%
OGS	67 Neutral	$5.04B	19.22	8.51%	3.45%	15.06%	12.27%
NJR	66 Neutral	$5.32B	16.30	13.66%	4.01%	13.94%	13.93%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
UGI	65 Neutral	$8.18B	14.06	12.52%	3.92%	1.10%	140.04%
SR	64 Neutral	$5.27B	19.35	8.46%	3.82%	-4.50%	2.49%

Spire Corporate Events

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.

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.

The most recent analyst rating on (SR) stock is a Hold with a $89.00 price target. To see the full list of analyst forecasts on Spire stock, see the SR Stock Forecast page.