Spire Inc.
- Open
- 83.14
- Day high
- 84.09
- Day low
- 82.90
- Prev close
- 82.50
- Volume
- 408K
- Mkt cap
- $4.9B
- P/E (TTM)
- 14.6
- EPS (TTM)
- $5.71
- P/B
- 1.4
- P/S
- 1.9
- Yield
- 1.98%
- Per share
- $1.65
- ▼Insiders net selling -$57K over the last 3 months (3 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Spire Inc. (SR) is a Utilities company listed on NYSE. The stock is up 9% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 1 sale (SEC Form 4). Drillr has 2 published research articles covering SR.
Spire Inc. (SR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $3.72 | $3.76 | +1.1% | $1.0B | -4.5% |
| Feb 3, 2026 | $1.62 | $1.77 | +9.3% | $762M | -32.0% |
| Nov 14, 2025 | $-0.40 | $-0.47 | -18.9% | $334M | -22.9% |
| Apr 30, 2025 | $3.70 | $3.60 | -2.7% | $1.1B | +175.3% |
| Feb 5, 2025 | $1.42 | $1.34 | -5.6% | $669M | -47.3% |
| Nov 20, 2024 | $-0.52 | $-0.54 | -3.8% | $294M | -16.0% |
| Jul 31, 2024 | $-0.18 | $-0.14 | +22.2% | $414M | +45.3% |
| May 1, 2024 | $3.72 | $3.45 | -7.3% | $1.1B | -8.1% |
| Feb 1, 2024 | $1.35 | $1.47 | +8.9% | $757M | +8.8% |
| Nov 16, 2023 | $-0.66 | $-0.78 | -18.2% | $310M | -8.0% |
| Aug 2, 2023 | $-0.00 | $-0.42 | -33771.0% | $419M | -2.4% |
| May 3, 2023 | $3.48 | $3.70 | +6.3% | $1.1B | +26.5% |
SR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | KOONCE PAUL Ddirector | Buy | 500 | $78.46 |
| Jun 10, 2026 | Hyman Ryan Lofficer: SVP, CCIO | Sell | 3,822 | $80.51 |
| Jun 4, 2026 | KOONCE PAUL Ddirector | Buy | 500 | $80.50 |
| May 11, 2026 | KOONCE PAUL Ddirector | Buy | 2,000 | $85.81 |
| Feb 9, 2026 | KOONCE PAUL Ddirector | Grant | 1,640 | $85.27 |
| Feb 9, 2026 | Ferrari Vincent Jdirector | Grant | 1,640 | $85.27 |
| Feb 9, 2026 | Newberry Brenda Ddirector | Grant | 1,640 | $85.27 |
| Feb 9, 2026 | Jones Rob L.director | Grant | 1,640 | $85.27 |
| Feb 9, 2026 | Hightman Carrie Jdirector | Grant | 1,640 | $85.27 |
| Feb 6, 2026 | Cook Sheri Sdirector | Grant | 1,640 | $85.27 |
| Feb 6, 2026 | Fogarty Maria V.director | Grant | 1,640 | $85.27 |
| Feb 6, 2026 | BORER MARK Adirector | Grant | 1,640 | $85.27 |
| Jan 22, 2026 | Doyle Scott Edwarddirector, officer: CEO and President | Tax | 1,359 | $83.59 |
| Nov 20, 2025 | Hampton Joseph B.officer: VP, Pres., Spire AL, MS & Gulf | Tax | 389 | $86.16 |
| Nov 20, 2025 | Vomund Courtney M.officer: SVP, CAO and Corp Secretary | Tax | 495 | $86.16 |
Source: SR SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full SR insider & 13F page →SR research & analysis
SR Closes $2.48B Piedmont Deal: Undervalued Utility With 5–7% EPS Growth Ahead?
Spire completes $2.48B buy of DUK's Tennessee gas unit, expanding into Nashville growth markets with accretive EPS potential. SR's fwd P/E at 15.8x undervalues the scale-up, though leverage bears watching; DUK uses proceeds for capex efficiency. Bullish on SR for 5-7% EPS trajectory.
DUKDUK Sells Indiana Gas Unit for $2.15B — What It Means for Duke's Strategy
Piedmont Natural Gas closed its $2.48B sale of Tennessee operations to Spire on March 31, 2026, delivering cash to Duke Energy for strategic reinvestment. The move streamlines the portfolio toward high-growth electric assets amid utility consolidation. Investors benefit from deleveraging and sustained dividends, supporting a bullish outlook.
DUKBDUK
Spire Inc. company profile
Overview
Spire Inc. (NYSE:SR) is a regulated natural gas utility company founded in 1857 and headquartered in St. Louis, Missouri. Originally known as The Laclede Group, Inc., the company rebranded to Spire Inc. in April 2016. With over 165 years of operations, Spire has evolved from a local gas distribution company into a diversified energy infrastructure provider serving approximately 1.7 million customers across Missouri, Alabama, and Mississippi. The company operates through three primary business segments: Gas Utility, Gas Marketing, and Midstream operations.
Business
Spire operates in the regulated natural gas utility industry, which involves the purchase, distribution, and retail sale of natural gas to end-users. Natural gas utilities are essential infrastructure providers that deliver this clean-burning fossil fuel from production sources to homes and businesses through an extensive network of pipelines and distribution systems. The company's operations are divided into three main segments: Gas Utility Segment (Primary Business - ~85% of earnings): This segment represents Spire's core regulated utility operations, serving residential, commercial, and industrial customers across Missouri (Spire Missouri), Alabama (Spire Alabama), and Mississippi (Spire Gulf). The Gas Utility segment purchases natural gas from suppliers and distributes it through local pipeline networks to end-users. This business is highly regulated by state public service commissions, which set rates and approve capital investments. The segment focuses on infrastructure modernization, including the installation of advanced metering infrastructure (AMI) and pipeline replacement programs to enhance safety and reliability. Gas Marketing Segment (~10-15% of earnings): This non-regulated segment involves the marketing and trading of natural gas commodities. Spire Marketing buys and sells natural gas in wholesale markets, taking advantage of price differentials, seasonal variations, and market volatility to generate profits. This business provides optimization services and helps balance supply and demand across the company's system while generating additional revenue through commodity trading activities. Midstream Segment (~5-10% of earnings): This segment owns and operates natural gas storage facilities and pipeline infrastructure. Key assets include the Spire Storage West facility and other storage operations that provide physical storage services to third parties. The midstream business also includes transportation services through pipeline assets, generating revenue through capacity contracts and storage services that help balance seasonal demand fluctuations in natural gas markets.
Revenue model
Spire generates revenue through multiple business models across its three operating segments, with the regulated Gas Utility segment providing the most stable and predictable cash flows. Gas Utility Revenue Model: The Gas Utility segment operates under a traditional regulated utility model where rates are set by state public service commissions. Revenue comes from volumetric charges based on customer gas consumption, fixed monthly service charges, and infrastructure cost recovery mechanisms. Customers pay for both the commodity cost of natural gas (passed through at cost) and distribution services (where Spire earns its regulated return). The company earns a regulated return on invested capital, typically ranging from 9-10% on equity, as approved by regulatory commissions. Gas Marketing Revenue Model: This segment generates revenue through commodity trading margins, taking advantage of price spreads between different markets, seasonal price variations, and storage optimization. Revenue is highly dependent on market volatility - higher volatility typically creates more trading opportunities and wider price spreads, leading to increased margins. Midstream Revenue Model: The Midstream segment earns revenue through capacity contracts for natural gas storage services and pipeline transportation. Customers pay for reserved storage capacity and injection/withdrawal services, providing relatively stable contract-based revenue streams. Several factors impact Spire's profitability margins. Weather patterns significantly affect the Gas Utility segment, as colder winters drive higher natural gas consumption for heating. Regulatory decisions on rate cases and cost recovery mechanisms directly impact utility margins. Natural gas commodity price volatility affects the Gas Marketing segment - higher volatility generally improves trading margins, while stable prices reduce opportunities. Interest rates impact the company's cost of capital and the regulated return on equity. Competition from alternative energy sources and energy efficiency improvements can reduce long-term demand growth. Economic conditions in service territories affect customer growth and industrial demand patterns.
Competitive moat
Spire's competitive moat is primarily derived from its regulated utility monopoly status, though this moat has moderate strength with some vulnerabilities. The company's strongest moat characteristic is its natural monopoly position in gas distribution within its service territories. Once gas distribution infrastructure is built, it's economically inefficient for competitors to duplicate these pipeline networks, creating significant barriers to entry. State regulatory frameworks grant Spire exclusive rights to serve customers in designated territories, providing legal protection from direct competition. The company benefits from essential service provision - natural gas is critical for heating, cooking, and industrial processes, creating relatively inelastic demand. The regulated utility model provides predictable returns on invested capital, with rate-setting mechanisms designed to ensure cost recovery and reasonable profits. Spire's extensive pipeline network and customer relationships, built over 165+ years, represent valuable assets that would be costly and time-consuming for competitors to replicate. However, Spire's moat faces several potential threats and limitations. The regulatory environment can be challenging, with rate cases sometimes resulting in unfavorable outcomes or delays in cost recovery. The company has experienced regulatory setbacks, including issues with weather normalization mechanisms and rate case outcomes in Missouri. Long-term secular trends pose risks, including the potential transition to renewable energy sources, electrification of heating systems, and stricter environmental regulations targeting fossil fuels. Energy efficiency improvements and building code changes could reduce per-customer gas consumption over time. The Gas Marketing and Midstream segments have weaker competitive positions, operating in more competitive markets without regulatory protection. These segments face competition from other energy trading companies and midstream operators, with success dependent on market conditions and operational efficiency rather than regulatory barriers. Overall, while Spire maintains a solid moat through its regulated utility operations, the strength of this moat is moderate and faces long-term challenges from energy transition trends and regulatory uncertainties.
Risks & safety
Spire presents a moderate margin of safety profile typical of regulated utilities, with some areas of concern around cash flow and leverage metrics. Overall Assessment: The company maintains adequate financial stability for a regulated utility, though recent cash flow challenges and elevated debt levels warrant attention. • Cash Flow and Liquidity: Negative free cash flow of -$327.4 million in Q2 2025 and -$179.5 million in Q1 2025, indicating significant capital investment outpacing cash generation. Operating cash flow of -$128.3 million in Q2 2025 shows seasonal working capital pressures. Cash position remains low at $11.5 million, though utilities typically rely on credit facilities for liquidity. • Debt and Solvency: Debt-to-equity ratio of 1.36 indicates elevated leverage for a utility. Total liabilities of $7.8 billion against $11.3 billion in total assets. Current ratio of 0.50 shows current liabilities exceed current assets, typical for utilities but indicates reliance on ongoing operations and credit facilities. • Valuation Metrics: Trading at P/E ratio of 5.4x based on recent earnings, suggesting potential value. EV/EBITDA of 6.1x appears reasonable for a utility. Price-to-book ratio of 1.30 indicates modest premium to book value. • Other Considerations: Regulated utility business model provides some downside protection through rate-setting mechanisms. Dividend coverage appears adequate with 21+ consecutive years of increases. $7.4 billion capital investment plan over 10 years requires significant external financing.
Recent development
Over the past few years, Spire has undertaken several strategic initiatives focused on infrastructure modernization, cost management, and regulatory positioning. The company has significantly expanded its capital investment program, increasing its 10-year capital expenditure plan from $7.0 billion to $7.4 billion, with approximately 98% targeted at Gas Utility operations. This includes major infrastructure modernization efforts, with the installation of over 850,000 advanced meters (AMI) as of fiscal 2024, representing a substantial portion of their customer base. In response to earnings pressures, Spire launched a comprehensive customer affordability initiative in 2024 aimed at reducing overall cost structure. This multi-faceted program includes leadership consolidation, facility consolidation, workforce reduction through early retirement incentive programs, and elimination of non-essential IT projects and software licenses. The company expects the majority of cost savings benefits to materialize in fiscal 2025 and 2026. Regulatory strategy has been a key focus, with Spire filing rate cases in Missouri to address under-earning issues and regulatory challenges. The company has been working to resolve weather normalization mechanism issues and seeking to implement future test year rate-setting models. In Alabama, Spire has maintained its annual rate-setting process with rate stabilization mechanisms. The company has expanded its Midstream operations through strategic acquisitions, including the Salt Plains acquisition and planned MoGas pipeline acquisition, while completing the Spire Storage West project to enhance storage capacity. These investments are designed to optimize the company's gas supply portfolio and generate additional revenue streams. Sustainability initiatives have gained prominence, with Spire committing to carbon neutrality by mid-century and achieving a 50% reduction in methane emissions since 2005. The company is exploring renewable natural gas (RNG) opportunities and continuing to invest in pipeline infrastructure upgrades to improve system efficiency and environmental performance.
SR company profile · for informational purposes only — not investment advice.
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