Spire Inc. (SR) 10-Year Financial Performance & Capital Metrics

SR • • Utilities

UtilitiesGas UtilitiesNatural Gas Distribution UtilitiesMulti-State Gas Utilities

AboutSpire 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.Show more

Revenue $2.48B -4.5%
EBITDA $822M +7.2%
Net Income $272M +8.3%
Free Cash Flow -$344M -774.0%
EBITDA Margin 33.2% +12.3%
Net Margin 10.97% +13.4%
ROE 8.2% +0.7%
Interest Coverage 2.57 +5.7%
Debt/Equity 1.54 +4.7%
Net Debt/EBITDA 6.37 +2.6%
CapEx / Revenue 37.25% +12.1%
CapEx Coverage 0.63 -40.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 25.1%
✓12 years of consecutive dividend growth
✓12 consecutive years of dividend growth
✓Healthy dividend yield of 3.8%
✓Trading at only 1.4x book value

✗Weaknesses

✗High leverage: 6.4x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.28%

5Y5.94%

3Y4.05%

TTM-4.5%

Profit (Net Income) CAGR

10Y7.09%

5Y25.12%

3Y7.16%

TTM8.29%

EPS CAGR

10Y3.3%

5Y24.86%

3Y3.43%

TTM2.09%

ROCE

10Y Avg5.42%

5Y Avg5.58%

3Y Avg5.47%

Latest5.76%

Peer Comparison

Multi-State Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SWXSouthwest Gas Holdings, Inc.	5.89B	81.60	29.57	-5.92%	11.59%	11.81%	6.96%	1.37
ATOAtmos Energy Corporation	27.11B	167.61	22.47	12.91%	25.04%	8.65%		0.69
OGSONE Gas, Inc.	4.61B	76.80	19.69	-12.16%	10.76%	8.01%		1.07
SRSpire Inc.	4.85B	82.07	18.78	-4.5%	10.97%	8%		1.54

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Revenue+	1.54B	1.74B	1.97B	1.95B	1.86B	2.24B	2.2B	2.67B	2.59B	2.48B
Revenue Growth %	-0.22%	0.13%	0.13%	-0.01%	-0.05%	0.2%	-0.02%	0.21%	-0.03%	-0.04%
Cost of Revenue	992.9M	1.11B	1.35B	1.31B	1.15B	1.41B	1.37B	1.78B	1.61B	542.1M
Gross Profit+	544.4M	632.2M	616M	638M	700.7M	823.4M	825M	887.9M	982.3M	1.93B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0%	0.16%	-0.03%	0.04%	0.1%	0.18%	0%	0.08%	0.11%	0.97%
Operating Expenses+	262.1M	291.3M	321.9M	335.7M	494.3M	373.2M	416.8M	469.3M	494M	1.41B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	419.8M	495M	462.5M	484M	403.7M	663.3M	645.5M	673.4M	766.7M	822.1M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.04%	0.18%	-0.07%	0.05%	-0.17%	0.64%	-0.03%	0.04%	0.14%	0.07%
Depreciation & Amortization+	137.5M	154.1M	168.4M	181.7M	197.3M	213.1M	237.3M	254.8M	278.4M	298.2M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	282.3M	340.9M	294.1M	302.3M	206.4M	450.2M	408.2M	418.6M	488.3M	523.9M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.04%	0.21%	-0.14%	0.03%	-0.32%	1.18%	-0.09%	0.03%	0.17%	0.07%
Interest Expense+	77.2M	89.1M	98.4M	104.4M	105.5M	106.6M	119.8M	185.7M	201.1M	204.1M
Interest Coverage	3.66x	3.83x	2.99x	2.90x	1.96x	4.22x	3.41x	2.25x	2.43x	2.57x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	213.7M	239.2M	187.7M	219.1M	101M	340.2M	279.7M	256.3M	309.6M	331.4M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	69.5M	77.6M	-26.5M	34.5M	12.4M	68.5M	58.9M	38.8M	58.7M	59.7M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	144.2M	161.6M	214.2M	184.6M	88.6M	271.7M	220.8M	217.5M	250.9M	271.7M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.05%	0.12%	0.33%	-0.14%	-0.52%	2.07%	-0.19%	-0.01%	0.15%	0.08%
EPS (Diluted)+	3.26	3.44	4.34	3.52	1.44	4.96	3.95	3.85	4.19	4.37
EPS Growth %	0.03%	0.06%	0.26%	-0.19%	-0.59%	2.44%	-0.2%	-0.03%	0.09%	0.04%
EPS (Basic)	3.27	3.45	4.36	3.53	1.44	4.97	3.96	3.86	4.20	4.39
Diluted Shares Outstanding	44.3M	47M	49.3M	50.8M	51.3M	51.7M	52.1M	52.6M	56.3M	58.7M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Assets+	6.08B	6.55B	6.84B	7.62B	8.24B	9.36B	10.08B	10.31B	10.86B	11.58B
Asset Growth %	0.15%	0.08%	0.05%	0.11%	0.08%	0.14%	0.08%	0.02%	0.05%	0.07%
PP&E (Net)+	3.3B	3.72B	4.14B	4.35B	5.18B	5.59B	5.94B	6.48B	7.26B	7.82B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	569.6M	725.5M	659.6M	614.5M	590.6M	1.32B	1.59B	1.08B	771.3M	807.7M
Cash & Equivalents	5.2M	7.4M	4.4M	5.8M	4.1M	4.3M	6.5M	5.6M	4.5M	5.7M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	202.3M	225.8M	210.3M	196.6M	191.5M	305M	422.3M	279.5M	263.9M	282.5M
Other Current Assets	105.3M	187.6M	110.2M	89.1M	102.5M	372.7M	478.1M	433.1M	165.9M	142.3M
Long-Term Investments	62.1M	64.2M	68.7M	550.1M	71.7M	83.1M	90.9M	108.1M	115.3M	130.1M
Goodwill	1.16B	1.17B	1.17B	1.17B	1.17B	1.17B	1.17B	1.17B	1.17B	1.17B
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	141.9M	77.1M	128.9M	163.4M	1.23B	1.2B	1.29B	1.48B	1.54B	1.64B
Total Liabilities	4.31B	4.56B	2.33B	5.08B	5.72B	6.69B	7.25B	7.38B	7.62B	8.18B
Total Debt+	2.48B	2.57B	2.63B	2.87B	3.2B	3.73B	4.36B	4.74B	4.76B	5.24B
Net Debt	2.48B	2.56B	2.62B	2.86B	3.19B	3.72B	4.35B	4.74B	4.76B	5.23B
Long-Term Debt	1.83B	2B	1.9B	2.08B	2.42B	2.94B	2.96B	3.55B	3.7B	3.37B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	58.4M	53.7M	73.7M	70.2M	69.3M	0
Total Current Liabilities+	1.16B	1.1B	1.32B	1.47B	1.45B	1.61B	2.35B	1.76B	1.7B	2.55B
Accounts Payable	210.9M	257.1M	290.1M	301.5M	243.3M	409.9M	617.4M	253.1M	237.2M	248.3M
Accrued Expenses	39.8M	38.7M	39.7M	45.7M	46.3M	59.5M	50.2M	47M	51.5M	54.1M
Deferred Revenue	70.2M	32M	58.2M	68.2M	45.3M	32.1M	18.7M	20.9M	78.3M	58.1M
Other Current Liabilities	206.7M	131.8M	174.7M	237.3M	328M	293.7M	252M	211.4M	236.1M	268.4M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	693.9M	755M	-1.32B	1.07B	1.27B	1.47B	1.19B	1.26B	1.34B	1.32B
Total Equity+	1.77B	1.99B	2.26B	2.55B	2.53B	2.67B	2.83B	2.93B	3.23B	3.4B
Equity Growth %	0.12%	0.13%	0.14%	0.13%	-0.01%	0.06%	0.06%	0.04%	0.1%	0.05%
Shareholders Equity	1.77B	1.99B	2.26B	2.54B	2.52B	2.66B	2.82B	2.92B	3.23B	3.39B
Minority Interest	0	0	7.9M	3.4M	3.4M	9.8M	13.1M	16.5M	8.6M	6.1M
Common Stock	1.22B	1.37B	1.53B	1.56B	51.6M	51.7M	52.5M	53.2M	57.7M	59M
Additional Paid-in Capital	1.18B	1.33B	1.48B	1.51B	1.55B	1.52B	1.57B	1.62B	1.9B	1.98B
Retained Earnings	550.9M	615.1M	715.6M	775.5M	720.7M	843M	905.5M	958M	1.02B	1.09B
Accumulated OCI	-4.2M	3.2M	6.4M	-31.3M	-41.2M	3.6M	47.2M	47.6M	12.1M	19.4M
Return on Assets (ROA)	0.03%	0.03%	0.03%	0.03%	0.01%	0.03%	0.02%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0.09%	0.09%	0.1%	0.08%	0.03%	0.1%	0.08%	0.08%	0.08%	0.08%
Debt / Equity	1.40x	1.29x	1.16x	1.13x	1.27x	1.40x	1.54x	1.62x	1.47x	1.54x
Debt / Assets	0.41%	0.39%	0.38%	0.38%	0.39%	0.4%	0.43%	0.46%	0.44%	0.45%
Net Debt / EBITDA	5.90x	5.18x	5.68x	5.91x	7.91x	5.61x	6.74x	7.04x	6.21x	6.37x
Book Value per Share	39.91	42.37	45.91	50.13	49.23	51.61	54.35	55.78	57.42	57.84

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	328.3M	288.3M	456.6M	450.9M	469.9M	249.8M	55M	440.2M	912.4M	578M
Operating CF Growth %	0.02%	-0.12%	0.58%	-0.01%	0.04%	-0.47%	-0.78%	7%	1.07%	-0.37%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	144.2M	161.6M	214.2M	184.6M	88.6M	271.7M	220.8M	217.5M	250.9M	271.7M
Depreciation & Amortization	137.5M	154.1M	168.4M	181.7M	197.3M	213.1M	237.3M	254.8M	278.4M	298.2M
Deferred Taxes	68.8M	77M	-28.7M	31.8M	9M	67M	57.9M	36.9M	57M	57.3M
Other Non-Cash Items	4.9M	4.2M	44.2M	-11.2M	-600K	3.4M	2.4M	3.2M	0	13.1M
Working Capital Changes	-27.1M	-108.6M	58.5M	56.8M	166.8M	-319.3M	-469.8M	-82M	326.1M	-62.3M
Capital Expenditures+	-612.7M	-438.1M	-499.4M	-823.3M	-638.4M	-624.8M	-552.2M	-662.5M	-861.3M	-922.4M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-612.7M	-433.5M	-531.7M	-838.3M	-631.6M	-622M	-546.7M	-695.5M	-1.03B	-916.4M
Acquisitions	-317.7M	3.8M	-28.1M	-7.9M	0	0	0	-37M	-175.9M	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-1.7M	800K	-4.2M	-7.1M	6.8M	2.8M	5.5M	4M	10M	6M
Cash from Financing+	275.8M	147.4M	89.1M	371.8M	160M	379.4M	500.9M	260.6M	123.9M	344.7M
Dividends Paid	-85.2M	-96.2M	-108.7M	-122.4M	-142.8M	-148M	-156.7M	-165.5M	-181.9M	-197M
Dividend Payout Ratio %	0.59%	0.6%	0.51%	0.64%	1.44%	0.49%	0.64%	0.69%	0.67%	0.67%
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	137.1M	146.9M	154.7M	19.5M	41.1M	1M	51.9M	41.9M	287M	76.2M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-1.8M	-8.1M	-3.2M	-2.8M	-6.1M	-11.3M	-4M	-7.6M	-11.1M	-12.5M
Net Change in Cash+	-8.6M	2.2M	14M	-15.6M	-1.7M	7.2M	9.2M	5.3M	9.1M	6.3M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	13.8M	5.2M	7.4M	21.4M	5.8M	4.1M	11.3M	20.5M	25.8M	34.9M
Cash at End	5.2M	7.4M	21.4M	5.8M	4.1M	11.3M	20.5M	25.8M	34.9M	41.2M
Free Cash Flow+	-284.4M	-149.8M	-42.8M	-372.4M	-168.5M	-375M	-497.2M	-222.3M	51.1M	-344.4M
FCF Growth %	-9.72%	0.47%	0.71%	-7.7%	0.55%	-1.23%	-0.33%	0.55%	1.23%	-7.74%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.63%	8.6%	10.07%	7.68%	3.49%	10.46%	8.03%	7.54%	8.14%	8.2%
EBITDA Margin	27.31%	28.44%	23.54%	24.79%	21.76%	29.67%	29.36%	25.26%	29.57%	33.2%
Net Debt / EBITDA	5.90x	5.18x	5.68x	5.91x	7.91x	5.61x	6.74x	7.04x	6.21x	6.37x
Interest Coverage	3.66x	3.83x	2.99x	2.90x	1.96x	4.22x	3.41x	2.25x	2.43x	2.57x
CapEx / Revenue	39.86%	25.17%	25.41%	42.17%	34.41%	27.95%	25.12%	24.85%	33.22%	37.25%
Dividend Payout Ratio	59.08%	59.53%	50.75%	64.46%	144.47%	49.02%	64.27%	69.29%	66.6%	67.06%
Debt / Equity	1.40x	1.29x	1.16x	1.13x	1.27x	1.40x	1.54x	1.62x	1.47x	1.54x
EPS Growth	3.16%	5.52%	26.16%	-18.89%	-59.09%	244.44%	-20.36%	-2.53%	8.83%	4.3%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Gas Utility	2.92B	3.34B	1.89B	-	1.75B	2.12B	1.95B	2.46B	2.44B	2.21B
Gas Utility Growth	-	14.29%	-43.40%	-	-	20.96%	-8.20%	26.28%	-0.77%	-9.45%
Gas Marketing	157M	158.6M	71.6M	-	87.9M	96.5M	234.9M	179.1M	99.2M	157.2M
Gas Marketing Growth	-	1.02%	-54.85%	-	-	9.78%	143.42%	-23.75%	-44.61%	58.47%
Midstream	-	-	-	-	-	-	-	66.1M	100.7M	155.5M
Midstream Growth	-	-	-	-	-	-	-	-	52.34%	54.42%
Others	-	-	-	-	57.8M	67.7M	69.2M	16.7M	17.6M	-
Others Growth	-	-	-	-	-	17.13%	2.22%	-75.87%	5.39%	-
Residential	-	-	-	945.9M	-	-	-	-	-	-
Residential Growth	-	-	-	-	-	-	-	-	-	-
Commercial And Industrial	-	-	-	283.8M	-	-	-	-	-	-
Commercial And Industrial Growth	-	-	-	-	-	-	-	-	-	-
Off System And Other Incentive	-	-	-	41.9M	-	-	-	-	-	-
Off System And Other Incentive Growth	-	-	-	-	-	-	-	-	-	-
Transportation	-	-	-	33.1M	-	-	-	-	-	-
Transportation Growth	-	-	-	-	-	-	-	-	-	-
Other Customer Revenue	-	-	-	20.7M	-	-	-	-	-	-
Other Customer Revenue Growth	-	-	-	-	-	-	-	-	-	-
Corporate	-	-	5.4M	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Midstream	-	-	-	-	-	-	-	-	-	155.5M
Midstream Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Spire Inc. (SR) has a price-to-earnings (P/E) ratio of 18.8x. This is roughly in line with market averages.

Growth & Financials

Spire Inc. (SR) reported $2.48B in revenue for fiscal year 2025. This represents a 120% increase from $1.13B in 2012.

Spire Inc. (SR) saw revenue decline by 4.5% over the past year.

Yes, Spire Inc. (SR) is profitable, generating $271.7M in net income for fiscal year 2025 (11.0% net margin).

Dividend & Returns

Yes, Spire Inc. (SR) pays a dividend with a yield of 3.78%. This makes it attractive for income-focused investors.

Spire Inc. (SR) has a return on equity (ROE) of 8.2%. This is below average, suggesting room for improvement.

Spire Inc. (SR) had negative free cash flow of $324.9M in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics

Spire Inc. (SR) has a dividend payout ratio of 67%. This suggests the dividend is well-covered and sustainable.

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