Spire Inc. (SR) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Regulated Gas
EV/EBITDA
↑
11.91
+5% vs avg
5yr avg: 11.39
30Y Low1.2·High15.2
P/FCF
N/A
—
5yr avg: 74.14
30Y Low4.0·High74.1
P/B Ratio
↑
1.33
+12% vs avg
5yr avg: 1.19
30Y Low1.0·High2.2
ROE
↓
8.2%
-3% vs avg
5yr avg: 8.5%
30Y Low3%·High17%
Debt/EBITDA
↑
6.37
↓-0% vs avg
5yr avg: 6.40
30Y Low0.4·High8.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
SR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Spire Inc. trades at 17.6x earnings, 14% above its 5-year average of 15.5x, sitting at the 73rd percentile of its historical range. Compared to the Utilities sector median P/E of 19.0x, the stock trades at a discount of 7%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $4.8B | $3.8B | $3.0B | $3.2B | $3.2B | $2.7B | $4.4B | $3.6B | $3.5B | $2.8B |
| Enterprise Value | $9.8B | $10.0B | $8.5B | $7.7B | $7.6B | $6.9B | $5.9B | $7.3B | $6.3B | $6.1B | $5.3B |
| P/E Ratio → | 17.63 | 18.65 | 16.06 | 14.70 | 15.78 | 12.33 | 36.94 | 24.78 | 16.95 | 21.70 | 19.55 |
| P/S Ratio | 1.84 | 1.93 | 1.46 | 1.12 | 1.48 | 1.41 | 1.47 | 2.27 | 1.85 | 2.02 | 1.84 |
| P/B Ratio | 1.33 | 1.41 | 1.17 | 1.01 | 1.15 | 1.19 | 1.08 | 1.74 | 1.60 | 1.76 | 1.60 |
| P/FCF | — | — | 74.14 | — | — | — | — | — | — | — | — |
| P/OCF | 7.88 | 8.28 | 4.15 | 6.76 | 59.04 | 12.66 | 5.81 | 9.83 | 7.94 | 12.17 | 8.60 |
P/E links to full P/E history page with 30-year chart
SR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Spire Inc.'s enterprise value stands at 11.9x EBITDA, roughly in line with its 5-year average of 11.4x. This is roughly in line with the Utilities sector median of 11.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.05 | 3.30 | 2.89 | 3.46 | 3.08 | 3.19 | 3.73 | 3.18 | 3.49 | 3.45 |
| EV / EBITDA | 11.91 | 12.19 | 11.15 | 11.45 | 11.77 | 10.38 | 14.67 | 15.07 | 13.52 | 12.27 | 12.63 |
| EV / EBIT | 18.68 | 18.71 | 16.74 | 17.45 | 19.02 | 15.41 | 28.68 | 22.54 | 21.85 | 18.50 | 18.22 |
| EV / FCF | — | — | 167.25 | — | — | — | — | — | — | — | — |
SR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Spire Inc. earns an operating margin of 21.2%, above the Utilities sector average of 18.5%. Operating margins have expanded from 15.7% to 21.2% over the past 3 years, signaling improving operational efficiency. ROE of 8.2% is modest, trailing the sector median of 9.3%. ROIC of 4.7% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.1% | 78.1% | 37.9% | 33.3% | 37.5% | 36.8% | 37.8% | 32.7% | 31.3% | 36.3% | 35.4% |
| Operating Margin | 21.2% | 21.2% | 18.8% | 15.7% | 18.6% | 20.1% | 11.1% | 15.5% | 15.0% | 19.6% | 18.4% |
| Net Profit Margin | 11.0% | 11.0% | 9.7% | 8.2% | 10.0% | 12.2% | 4.8% | 9.5% | 10.9% | 9.3% | 9.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.2% | 8.2% | 8.1% | 7.5% | 8.0% | 10.5% | 3.5% | 7.7% | 10.1% | 8.6% | 8.6% |
| ROA | 2.4% | 2.4% | 2.4% | 2.1% | 2.3% | 3.1% | 1.1% | 2.6% | 3.2% | 2.6% | 2.5% |
| ROIC | 4.7% | 4.7% | 4.7% | 4.2% | 4.5% | 5.6% | 2.8% | 4.4% | 4.7% | 5.8% | 5.3% |
| ROCE | 5.8% | 5.8% | 5.5% | 5.1% | 5.3% | 6.2% | 3.2% | 5.2% | 5.4% | 6.6% | 6.0% |
SR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Spire Inc. carries a Debt/EBITDA ratio of 6.4x, which is highly leveraged (23% above the sector average of 5.2x). Net debt stands at $5.2B ($5.2B total debt minus $6M cash). Interest coverage of just 2.6x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.54 | 1.54 | 1.47 | 1.62 | 1.54 | 1.40 | 1.27 | 1.13 | 1.16 | 1.29 | 1.40 |
| Debt / EBITDA | 6.37 | 6.37 | 6.21 | 7.04 | 6.75 | 5.62 | 7.92 | 5.92 | 5.68 | 5.20 | 5.91 |
| Net Debt / Equity | — | 1.54 | 1.47 | 1.61 | 1.54 | 1.40 | 1.26 | 1.12 | 1.16 | 1.29 | 1.40 |
| Net Debt / EBITDA | 6.37 | 6.37 | 6.21 | 7.04 | 6.74 | 5.61 | 7.91 | 5.91 | 5.68 | 5.18 | 5.90 |
| Debt / FCF | — | — | 93.12 | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.62 | 2.62 | 2.54 | 2.38 | 3.33 | 4.19 | 1.96 | 3.10 | 2.91 | 3.68 | 3.77 |
SR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.32x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.61x to 0.32x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.32 | 0.32 | 0.45 | 0.61 | 0.68 | 0.82 | 0.41 | 0.42 | 0.50 | 0.66 | 0.49 |
| Quick Ratio | 0.21 | 0.21 | 0.30 | 0.45 | 0.50 | 0.63 | 0.28 | 0.28 | 0.34 | 0.46 | 0.32 |
| Cash Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Asset Turnover | — | 0.21 | 0.24 | 0.26 | 0.22 | 0.24 | 0.23 | 0.26 | 0.29 | 0.27 | 0.25 |
| Inventory Turnover | 1.92 | 1.92 | 6.10 | 6.36 | 3.25 | 4.63 | 6.03 | 6.69 | 6.41 | 4.91 | 4.91 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
SR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Spire Inc. returns 4.0% to shareholders annually primarily through dividends. A payout ratio of 67.1% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | 3.8% | 4.4% | 5.1% | 4.4% | 4.2% | 4.7% | 2.7% | 3.0% | 2.7% | 3.0% |
| Payout Ratio | 67.1% | 67.1% | 66.6% | 69.3% | 64.3% | 49.0% | 144.5% | 64.5% | 50.7% | 59.5% | 59.1% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 5.4% | 6.2% | 6.8% | 6.3% | 8.1% | 2.7% | 4.0% | 5.9% | 4.6% | 5.1% |
| FCF Yield | — | — | 1.3% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.0% | 3.8% | 4.4% | 5.1% | 4.4% | 4.2% | 4.7% | 2.7% | 3.0% | 2.7% | 3.0% |
| Shares Outstanding | — | $59M | $56M | $53M | $52M | $52M | $51M | $51M | $49M | $47M | $44M |
Peer Comparison
Compare SR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 SRYou | $5B | 17.6 | 11.9 | — | 78.1% | 21.2% | 8.2% | 4.7% | 6.4 |
 NJR | $6B | 16.5 | 14.9 | — | 21.4% | 21.4% | 14.6% | 5.5% | 6.0 |
 NFG | $7B | 13.4 | 7.9 | 38.5 | 66.1% | 35.7% | 17.4% | 10.6% | 2.2 |
 NWN | $2B | 17.7 | 7.8 | — | 39.6% | 31.4% | 7.9% | 8.1% | 4.5 |
 ATO | $28B | 22.8 | 16.3 | — | 52.4% | 33.2% | 9.3% | 5.5% | 4.1 |
 SWX | $6B | 14.6 | 11.6 | — | 29.3% | 24.4% | 11.5% | 4.7% | 4.4 |
 CNP | $28B | 26.8 | 14.2 | — | 28.7% | 22.6% | 9.6% | 4.8% | 6.5 |
 NI | $23B | 24.2 | 12.9 | — | 58.6% | 27.6% | 8.3% | 5.3% | 5.4 |
 UGI | $7B | 10.9 | 8.7 | 18.6 | 49.9% | 15.2% | 14.8% | 7.1% | 4.5 |
 KMI | $70B | 23.1 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 WMB | $89B | 34.2 | 17.6 | 89.0 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
| Utilities Median | — | 19.0 | 11.9 | 18.6 | 38.4% | 18.5% | 9.3% | 4.9% | 5.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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SR — Frequently Asked Questions
Quick answers to the most common questions about buying SR stock.
What is Spire Inc.'s P/E ratio?
Spire Inc.'s current P/E ratio is 17.6x. The historical average is 16.9x. This places it at the 73th percentile of its historical range.
What is Spire Inc.'s EV/EBITDA?
Spire Inc.'s current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
What is Spire Inc.'s ROE?
Spire Inc.'s return on equity (ROE) is 8.2%. The historical average is 10.0%.
Is SR stock overvalued?
Based on historical data, Spire Inc. is trading at a P/E of 17.6x. This is at the 73th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Spire Inc.'s dividend yield?
Spire Inc.'s current dividend yield is 4.03% with a payout ratio of 67.1%.
What are Spire Inc.'s profit margins?
Spire Inc. has 78.1% gross margin and 21.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Spire Inc. have?
Spire Inc.'s Debt/EBITDA ratio is 6.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.