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Spire
(NYSE:SR)
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Rating:61Neutral
Price Target:
$87.00
â–²(3.99% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by mixed financial performance—strong margins and improved earnings, but pressured by recurring negative free cash flow and higher leverage—partly offset by attractive valuation (low P/E and solid dividend). Technical signals are mostly neutral, while the earnings call adds moderate support due to reaffirmed multi-year guidance and the shift to a fully regulated model, tempered by near-term losses and credit-metric transition.
Positive Factors
Fully regulated focus
Portfolio simplification concentrates Spire on regulated utility operations, which management says should reduce earnings volatility and improve predictability. A clearer business model can support more consistent cash flows, regulatory execution, and capital allocation over the next several quarters.
Negative Factors
High leverage and weak cash conversion
Elevated leverage reduces financial flexibility while recurring negative free cash flow indicates that reported earnings are not consistently covering capital needs. Together, these pressures can increase reliance on debt financing and constrain investment or shareholder-return choices.
Read all positive and negative factors
Positive Factors
Negative Factors
Fully regulated focus
Portfolio simplification concentrates Spire on regulated utility operations, which management says should reduce earnings volatility and improve predictability. A clearer business model can support more consistent cash flows, regulatory execution, and capital allocation over the next several quarters.
Read all positive factors
Spire (SR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.89B
Dividend Yield3.94%
Average Volume (3M)468.54K
Price to Earnings (P/E)9.2
Beta (1Y)0.10
Revenue Growth4.12%
EPS Growth93.82%
CountryUS
Employees3,497
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)8.99
Shares Outstanding59,116,790
10 Day Avg. Volume495,358
30 Day Avg. Volume468,540
Financial Highlights & Ratios
PEG Ratio4.10
Price to Book (P/B)1.41
Price to Sales (P/S)1.93
P/FCF Ratio-13.85
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$92.83Price Target Upside10.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)4.03
Revenue Forecast (FY)$2.67B
Spire Business Overview & Revenue Model
Company Description
Spire Inc. operates as a public utility holding company, which provides natural gas services through its regulated core utility operations while engaging in non-regulated activities. It operates through the following business segments: Gas Utility...
How the Company Makes Money
Spire makes money primarily by selling access to its data sets and analytics products generated from its satellite constellation, typically delivered via software subscriptions, data feeds, and service contracts. Key revenue streams include (1) Ma...
Spire Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Nov 25, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful strategic progress: Spire completed the shift to a fully regulated business, reaffirmed guidance, articulated a sizable capital plan and reported strong one-time gains from divestitures while showing operational improvement in the gas utilities segment. However, continuing operations remain in a modest loss, corporate costs and interest expense increased, weather-driven revenue variability in Missouri remains unresolved, and credit metrics are in transition. On balance, the positives — transformation to a regulated model, reaffirmed multi-year guidance, capital and financing plans, and regulatory milestones — outweigh the near-term operational and cost headwinds.Positive Updates
Completed Transformation to Fully Regulated Company
Closed acquisition of Spire Tennessee and divested Spire Marketing and Spire Storage, simplifying the portfolio and shifting to a fully regulated business model that management says reduces earnings volatility and increases predictability.
Negative Updates
Corporate and Other Costs Increased Materially
Other activities reported an adjusted loss of $12 million versus $3 million loss in prior-year quarter, reflecting higher corporate costs and increased interest expense (loss widened by $9 million, a 300% increase in that line).
Read all updates
Q3-2026 Updates
Positive
Negative
Completed Transformation to Fully Regulated Company
Closed acquisition of Spire Tennessee and divested Spire Marketing and Spire Storage, simplifying the portfolio and shifting to a fully regulated business model that management says reduces earnings volatility and increases predictability.
Read all positive updates
Company Guidance
Spire reaffirmed fiscal 2026 adjusted EPS guidance of $3.90–$4.10 per share (excludes a full year of storage, marketing and Tennessee, includes Mississippi) and fiscal 2027 adjusted EPS guidance of $5.40–$5.60, reiterated a long‑term adjusted EPS growth target of 5%–7% anchored to the original fiscal 2027 midpoint of $5.75, and said that outlook is supported by an $11.2 billion 10‑year capital plan; expected FY2026 capital expenditures of ≈$800 million (≈$600 million invested in the first nine months); anticipated rate base growth of ~7% in Missouri and 7.5% in Tennessee and ~6% regulated equity growth in Alabama and Gulf; a financing plan to fund most capex with operating company debt and cash with limited equity issuance; a $375 million interest‑rate hedge portfolio; a target FFO-to-debt of 14%–15% by end of 2028 (current ~13% TTM inclusive of Tennessee); and Q3 discontinued operations earnings of $253.8 million, which included an after‑tax gain on sale of $254.6 million.Spire Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
54
Neutral
Cash Flow
38
Negative
| 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 | 829.50M | 1.93B | 982.30M | 887.90M | 825.00M | 823.40M |
| EBITDA | 871.30M | 833.70M | 789.10M | 696.80M | 636.80M | 659.90M |
| Net Income | 548.30M | 271.70M | 250.90M | 217.50M | 220.80M | 271.70M |
Balance Sheet | ||||||
| Total Assets | 14.09K | 11.58B | 10.86B | 10.31B | 10.08B | 9.36B |
| Cash, Cash Equivalents and Short-Term Investments | 21.00 | 5.70M | 4.50M | 5.60M | 6.50M | 4.30M |
| Total Debt | 7.26K | 5.24B | 4.76B | 4.74B | 4.36B | 3.73B |
| Total Liabilities | 4.75K | 8.18B | 7.62B | 7.38B | 7.25B | 6.69B |
| Stockholders Equity | 3.58K | 3.39B | 3.23B | 2.92B | 2.82B | 2.66B |
Cash Flow | ||||||
| Free Cash Flow | -202.90M | -344.40M | 51.10M | -222.30M | -497.20M | -375.00M |
| Operating Cash Flow | 608.70M | 578.00M | 912.40M | 440.20M | 55.00M | 249.80M |
| Investing Cash Flow | -2.49B | -916.40M | -1.03B | -695.50M | -546.70M | -622.00M |
| Financing Cash Flow | 1.89B | 344.70M | 123.90M | 260.60M | 500.90M | 379.40M |
Spire Technical Analysis
Neutral
83.66
Price Trends
81.52
Positive
82.91
Negative
84.23
Negative
Market Momentum
0.35
Positive
52.03
Neutral
64.03
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 83.66 is above the 20-day moving average (MA) of 82.64, above the 50-day MA of 81.52, and below the 200-day MA of 84.23, indicating a neutral trend. The MACD of 0.35 indicates Positive momentum. The RSI at 52.03 is Neutral, neither overbought nor oversold. The STOCH value of 64.03 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 | $8.14B | 12.16 | 13.15% | 3.95% | -0.50% | 60.66% | |
66 Neutral | $5.42B | 14.69 | 14.42% | 3.56% | 7.08% | -11.82% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $6.38B | 12.26 | 12.89% | 2.87% | -63.47% | 166.76% | |
62 Neutral | $5.02B | 17.14 | 8.42% | 3.39% | -0.78% | 10.67% | |
61 Neutral | $4.89B | 9.20 | 21.42% | 3.94% | 4.12% | 93.82% | |
59 Neutral | $2.07B | 16.05 | 8.34% | 4.00% | 4.41% | 19.03% |
* Utilities Sector Average
SR
Spire
83.44
10.60
14.56%
NJR
New Jersey Resources
54.00
9.22
20.58%
NWN
Northwest Gas
49.96
10.33
26.05%
SWX
Southwest Gas
88.88
13.97
18.65%
UGI
UGI
38.27
5.44
16.56%
OGS
ONE Gas
80.75
8.46
11.70%
Spire Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Spire Secures $400 Million Short-Term Term Loan Facility
Positive
Sep 1, 2026
On August 31, 2026, Spire Inc. entered into a Delayed Draw Term Loan Agreement providing $400 million in senior unsecured term loan commitments with a syndicate of banks led by Mizuho Bank and U.S. Bank. The facility allows up to four borrowings t...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Spire Posts Q3 Loss, Reaffirms Regulated Utility Focus
Neutral
Aug 5, 2026
On August 5, 2026, Spire reported fiscal third-quarter 2026 results showing a consolidated net loss from continuing operations of $42.6 million, or $0.72 per diluted share, with adjusted loss at $15.7 million, or $0.26 per share, compared with a $...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Spire Updates Segment Reporting, Discontinues Marketing Operations
Neutral
Jul 8, 2026
In the second quarter of fiscal 2026, Spire reclassified the operations of Spire Marketing and Spire Storage as discontinued operations following recent asset dispositions. At the same time, it revised segment reporting, moving Spire MoGas and Spi...
Business Operations and StrategyM&A Transactions
Spire Completes Sale of Natural Gas Storage Assets
Positive
Jun 30, 2026
On June 30, 2026, Spire Inc. completed the sale of its natural gas storage businesses in Wyoming and Oklahoma to an affiliate of I Squared Capital for total consideration of about $650 million, including $600 million in cash at closing and a $50 m...
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.