Spire Inc.

Valuation Analysis

About the Company

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 through three segments: Gas Utility, Gas Marketing, and Midstream. It is also involved in the marketing of natural gas and related services; and transportation and storage of natural gas. In addition, the company engages in the operation of propane through its propane pipeline, risk management, and other activities. Spire Inc. 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 Saint Louis, Missouri.

Spire Inc. Stock at a Glance

Spire Inc. (SR) is currently trading at $79.10 with a market capitalization of $4.7B. The trailing P/E ratio stands at 16.01x, with a forward P/E of 14.31x. The 52-week range spans from $71.24 to $95.31; the current price is 17% below the yearly high. Year-over-year revenue growth stands at +4.5%. The net profit margin stands at 13.78%.

💰 Dividend

Spire Inc. pays an annual dividend of $3.30 per share, representing a yield of 4.17%. The payout ratio stands at 65.18%.

📊 Analyst Rating

9 analysts rate Spire Inc. (SR) on consensus: None. The average price target is $98.56, implying +24.6% from the current price. Analyst price targets range from $87.00 to $105.00.

Spire Inc.: The Investment Case in Detail

Spire Inc. (SR) operates in the Utilities — specifically Utilities - Regulated Gas — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.

The Bull Case

Earnings growth of 31% is outpacing revenue, a sign of operational leverage — fixed costs are being absorbed across a larger base. The combination of a 42.81% gross margin and 30.22% operating margin shows the business converts revenue into profit efficiently — a hallmark of competitive moat. Our valuation screen flags the stock as undervalued relative to its fundamentals — multiples are running below where the cash flow profile would normally justify.

The Bear Case

Revenue growth has slowed to just 4.5%, which is below nominal GDP — the business is no longer outgrowing the broader economy. The debt-to-equity ratio of 232.75% is elevated, meaning the company relies heavily on creditors — refinancing terms will become more important than operational performance in the next economic downturn.

What to Watch Next

• The forward P/E of 14.31x is meaningfully below the trailing 16.01x — analysts expect earnings to step up; the next earnings release is the test.
• The dividend yield near 4.17% combined with a payout ratio of 65.18% leaves room for further hikes — a track record of consecutive raises is a strong income signal.
• The analyst consensus price target implies 24.6% upside — if the next two quarters confirm the underlying thesis, target hikes typically follow.

Investment Thesis: Strengths & Weaknesses

Technical Snapshot

The price is in a transition zone relative to the moving averages — no clear signal.

Risk Profile

The data points to relatively defensive market behavior, higher leverage relative to equity.

Trading Data

💵 Dividend Info

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