Spire (SR)
Market Price (10/28/2026): $86.06 | Market Cap: $5.1 BilSector: Utilities | Industry: Gas Utilities
Spire (SR)
Market Price (10/28/2026): $86.06Market Cap: $5.1 BilSector: UtilitiesIndustry: Gas Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22% Low stock price volatilityVol 12M is 19% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Hydrogen Economy, and Energy Transition & Decarbonization. Themes include Smart Metering, Show more. | Weak multi-year price returns3Y Excs Rtn is -10% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 143% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.1% Key risksSR key risks include [1] adverse regulatory rate case outcomes that could limit the recovery of significant investments and [2] financial strain from its elevated debt levels and weakened credit metrics, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Hydrogen Economy, and Energy Transition & Decarbonization. Themes include Smart Metering, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -10% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 143% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.1% |
| Key risksSR key risks include [1] adverse regulatory rate case outcomes that could limit the recovery of significant investments and [2] financial strain from its elevated debt levels and weakened credit metrics, Show more. |
Qualitative Assessment
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Updated on 10/27/2026
Spire (SR) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Better-than-expected Fiscal Q3 2026 Earnings and Reaffirmed Guidance. Spire reported its fiscal Q3 2026 results on August 5, 2026, with an adjusted loss per share of -$0.26, exceeding the consensus estimate of -$0.32 by $0.06. Additionally, quarterly revenue increased by 19.2% year-over-year to $420.20 million, surpassing analysts' expectations of $394.62 million. The company also reaffirmed its adjusted earnings per share guidance for fiscal 2026, ranging from $3.90 to $4.10, and for fiscal 2027, from $5.40 to $5.60, providing a clear and positive outlook for investors.
2. Completion of Strategic Asset Divestiture. At the beginning of the period, on June 30, 2026, Spire successfully completed the sale of its natural gas storage businesses to I Squared Capital for $650 million. This divestiture was a strategic move to focus on its core regulated utility operations, aiming to enhance stability and reduce earnings volatility, a factor often viewed favorably by investors in the utility sector.
Show more
Spire (SR) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Better-than-expected Fiscal Q3 2026 Earnings and Reaffirmed Guidance. Spire reported its fiscal Q3 2026 results on August 5, 2026, with an adjusted loss per share of -$0.26, exceeding the consensus estimate of -$0.32 by $0.06. Additionally, quarterly revenue increased by 19.2% year-over-year to $420.20 million, surpassing analysts' expectations of $394.62 million. The company also reaffirmed its adjusted earnings per share guidance for fiscal 2026, ranging from $3.90 to $4.10, and for fiscal 2027, from $5.40 to $5.60, providing a clear and positive outlook for investors.
2. Completion of Strategic Asset Divestiture. At the beginning of the period, on June 30, 2026, Spire successfully completed the sale of its natural gas storage businesses to I Squared Capital for $650 million. This divestiture was a strategic move to focus on its core regulated utility operations, aiming to enhance stability and reduce earnings volatility, a factor often viewed favorably by investors in the utility sector.
Show more
Updated on 10/27/2026
Spire (SR) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Better-than-expected Fiscal Q3 2026 Earnings and Reaffirmed Guidance. Spire reported its fiscal Q3 2026 results on August 5, 2026, with an adjusted loss per share of -$0.26, exceeding the consensus estimate of -$0.32 by $0.06. Additionally, quarterly revenue increased by 19.2% year-over-year to $420.20 million, surpassing analysts' expectations of $394.62 million. The company also reaffirmed its adjusted earnings per share guidance for fiscal 2026, ranging from $3.90 to $4.10, and for fiscal 2027, from $5.40 to $5.60, providing a clear and positive outlook for investors.
2. Completion of Strategic Asset Divestiture. At the beginning of the period, on June 30, 2026, Spire successfully completed the sale of its natural gas storage businesses to I Squared Capital for $650 million. This divestiture was a strategic move to focus on its core regulated utility operations, aiming to enhance stability and reduce earnings volatility, a factor often viewed favorably by investors in the utility sector.
3. Favorable Regulatory Developments. Spire experienced positive progress in its regulatory environment within the analysis period. Spire Tennessee filed for a $14 million revenue increase, with the new rates anticipated to take effect on October 1, 2026. Furthermore, regulatory hearings for the renewal of Rate Stabilization and Equalization (RSE) mechanisms for Spire Alabama and Spire Gulf were scheduled for early August 2026, with the company seeking adjusted Returns on Equity (ROEs) of 10.5% and 10.75% respectively. The regulatory environment in Alabama was characterized as constructive, supporting predictable outcomes and timely recovery of investments, which contributes positively to future revenue streams.
4. Positive Analyst Coverage and Price Target Increases. During the specified period, Spire garnered favorable attention from analysts, which likely contributed to positive investor sentiment. Huntington initiated coverage with an "Outperform" rating and a $93 price target on September 14, 2026. BTIG raised its price target to $102 from $100 around late September/early October. Additionally, JPMorgan increased its price target to $86 from $85 around October 20, 2026. The average analyst rating for Spire stock was a "Buy" with a 12-month price target of $91.4, indicating an expected upside of 12.60% from recent prices.
Show less
Spire (SR) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Better-than-expected Fiscal Q3 2026 Earnings and Reaffirmed Guidance. Spire reported its fiscal Q3 2026 results on August 5, 2026, with an adjusted loss per share of -$0.26, exceeding the consensus estimate of -$0.32 by $0.06. Additionally, quarterly revenue increased by 19.2% year-over-year to $420.20 million, surpassing analysts' expectations of $394.62 million. The company also reaffirmed its adjusted earnings per share guidance for fiscal 2026, ranging from $3.90 to $4.10, and for fiscal 2027, from $5.40 to $5.60, providing a clear and positive outlook for investors.
2. Completion of Strategic Asset Divestiture. At the beginning of the period, on June 30, 2026, Spire successfully completed the sale of its natural gas storage businesses to I Squared Capital for $650 million. This divestiture was a strategic move to focus on its core regulated utility operations, aiming to enhance stability and reduce earnings volatility, a factor often viewed favorably by investors in the utility sector.
3. Favorable Regulatory Developments. Spire experienced positive progress in its regulatory environment within the analysis period. Spire Tennessee filed for a $14 million revenue increase, with the new rates anticipated to take effect on October 1, 2026. Furthermore, regulatory hearings for the renewal of Rate Stabilization and Equalization (RSE) mechanisms for Spire Alabama and Spire Gulf were scheduled for early August 2026, with the company seeking adjusted Returns on Equity (ROEs) of 10.5% and 10.75% respectively. The regulatory environment in Alabama was characterized as constructive, supporting predictable outcomes and timely recovery of investments, which contributes positively to future revenue streams.
4. Positive Analyst Coverage and Price Target Increases. During the specified period, Spire garnered favorable attention from analysts, which likely contributed to positive investor sentiment. Huntington initiated coverage with an "Outperform" rating and a $93 price target on September 14, 2026. BTIG raised its price target to $102 from $100 around late September/early October. Additionally, JPMorgan increased its price target to $86 from $85 around October 20, 2026. The average analyst rating for Spire stock was a "Buy" with a 12-month price target of $91.4, indicating an expected upside of 12.60% from recent prices.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 11.3% change in SR stock from 6/30/2026 to 10/27/2026 was primarily driven by a 49.3% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 77.30 | 86.05 | 11.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,664 | 2,732 | 2.5% |
| Net Income Margin (%) | 13.4% | 20.1% | 49.3% |
| P/E Multiple | 12.7 | 9.3 | -27.3% |
| Shares Outstanding (Mil) | 59 | 59 | 0.0% |
| Cumulative Contribution | 11.3% |
Market Drivers
6/30/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| SR | 11.3% | |
| Market (SPY) | 3.1% | -9.6% |
| Sector (XLU) | -5.5% | 71.4% |
Fundamental Drivers
The -3.0% change in SR stock from 3/31/2026 to 10/27/2026 was primarily driven by a -49.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 88.70 | 86.05 | -3.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,621 | 2,732 | 4.2% |
| Net Income Margin (%) | 10.9% | 20.1% | 84.4% |
| P/E Multiple | 18.3 | 9.3 | -49.5% |
| Shares Outstanding (Mil) | 59 | 59 | 0.0% |
| Cumulative Contribution | -3.0% |
Market Drivers
3/31/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| SR | -3.0% | |
| Market (SPY) | 18.7% | -21.4% |
| Sector (XLU) | -6.0% | 71.6% |
Fundamental Drivers
The 9.8% change in SR stock from 9/30/2025 to 10/27/2026 was primarily driven by a 61.1% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.35 | 86.05 | 9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,292 | 2,732 | 19.2% |
| Net Income Margin (%) | 12.5% | 20.1% | 61.1% |
| P/E Multiple | 16.2 | 9.3 | -42.7% |
| Shares Outstanding (Mil) | 59 | 59 | -0.2% |
| Cumulative Contribution | 9.8% |
Market Drivers
9/30/2025 to 10/27/2026| Return | Correlation | |
|---|---|---|
| SR | 9.8% | |
| Market (SPY) | 16.5% | -10.8% |
| Sector (XLU) | 0.3% | 63.2% |
Fundamental Drivers
The 73.3% change in SR stock from 9/30/2023 to 10/27/2026 was primarily driven by a 122.0% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.65 | 86.05 | 73.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,670 | 2,732 | 2.3% |
| Net Income Margin (%) | 9.0% | 20.1% | 122.0% |
| P/E Multiple | 10.8 | 9.3 | -14.3% |
| Shares Outstanding (Mil) | 52 | 59 | -11.0% |
| Cumulative Contribution | 73.3% |
Market Drivers
9/30/2023 to 10/27/2026| Return | Correlation | |
|---|---|---|
| SR | 73.3% | |
| Market (SPY) | 86.2% | 13.4% |
| Sector (XLU) | 57.9% | 58.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SR Return | 6% | 10% | -5% | 14% | 27% | 7% | 71% |
| Peers Return | 23% | 6% | -5% | 17% | 19% | 10% | 89% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| SR Win Rate | 50% | 67% | 42% | 58% | 67% | 60% | |
| Peers Win Rate | 53% | 53% | 45% | 52% | 68% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| SR Max Drawdown | -22% | -20% | -25% | -11% | -10% | -19% | |
| Peers Max Drawdown | -16% | -22% | -23% | -12% | -12% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NFG, ATO, OGS, SWX, NJR. See SR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/27/2026 (YTD)
How Low Can It Go
| Event | SR | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.9% | -9.5% |
| % Gain to Breakeven | 17.6% | 10.5% |
| Time to Breakeven | 71 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.1% | -6.7% |
| % Gain to Breakeven | 15.1% | 7.1% |
| Time to Breakeven | 500 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.2% | -33.7% |
| % Gain to Breakeven | 43.3% | 50.9% |
| Time to Breakeven | 1705 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -88.7% | -6.8% |
| % Gain to Breakeven | 782.9% | 7.3% |
| Time to Breakeven | 11 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -12.1% | -17.9% |
| % Gain to Breakeven | 13.8% | 21.8% |
| Time to Breakeven | 16 days | 123 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -12.5% | -8.6% |
| % Gain to Breakeven | 14.2% | 9.5% |
| Time to Breakeven | 21 days | 47 days |
In The Past
Spire's stock fell -3.5% during the 2025 US Tariff Shock. Such a loss loss requires a 3.6% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | SR | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -30.2% | -33.7% |
| % Gain to Breakeven | 43.3% | 50.9% |
| Time to Breakeven | 1705 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -88.7% | -6.8% |
| % Gain to Breakeven | 782.9% | 7.3% |
| Time to Breakeven | 11 days | 15 days |
In The Past
Spire's stock fell -3.5% during the 2025 US Tariff Shock. Such a loss loss requires a 3.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Spire (SR)
Spire Inc. (SR) is a prominent natural gas utility company primarily focused on the regulated retail distribution of natural gas. The company operates numerous local distribution companies that acquire natural gas from various sources and then transport, store, and deliver it through an extensive pipeline infrastructure directly to end-users. This core business provides essential energy services, ensuring a reliable supply of natural gas for heating, cooking, and other applications.
Spire's main products and services revolve around the provision of natural gas to a broad customer base. Its primary customers include residential homeowners, commercial businesses such as offices and restaurants, and industrial facilities that rely on natural gas for manufacturing and operational processes. The company predominantly serves communities and markets across several states in the Midwest and South-Central United States, including Missouri, Alabama, and Mississippi. Beyond its regulated utility segment, Spire also engages in non-utility operations, such as natural gas marketing and storage, which complement its core business.
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Here are 1-3 brief analogies for Spire (SR):
- The natural gas equivalent of an electric utility like **Duke Energy** or **Consolidated Edison**.
- Like **American Water Works**, but for natural gas instead of water.
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- Natural Gas Utility Services: Spire provides regulated natural gas distribution services to residential, commercial, and industrial customers across several states.
- Gas Marketing Services: The company offers natural gas marketing and other energy-related services to various customer segments.
- Gas Transmission and Storage: Spire owns and operates natural gas transmission pipelines and storage facilities to support its distribution operations and other energy services.
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Spire Inc. (symbol: SR) is a public natural gas utility company. As such, it primarily sells natural gas directly to end-users rather than to other companies that then resell the product. Its major customer categories include:
- Residential Customers: Individual households that use natural gas for heating, cooking, water heating, and other domestic purposes.
- Commercial Customers: Small to medium-sized businesses, such as offices, retail establishments, restaurants, and other commercial enterprises, that utilize natural gas for heating, water heating, and specific operational needs.
- Industrial Customers: Larger businesses and manufacturing facilities that use natural gas as a fuel source for their industrial processes, power generation, or as a raw material in their production.
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Scott Doyle President and Chief Executive Officer
Scott Doyle was appointed President and Chief Executive Officer of Spire on April 25, 2025. Prior to this role, he served as Spire's executive vice president and chief operating officer. Before joining Spire in January 2024, Mr. Doyle was the executive vice president of utility operations at CenterPoint Energy in Houston, Texas, where he led both electric and natural gas businesses. He earned a bachelor's degree in civil engineering from Texas A&M University.
Adam Woodard Executive Vice President and Chief Financial Officer
Adam Woodard was appointed Executive Vice President and Chief Financial Officer, effective January 1, 2025, succeeding Steve Rasche upon his retirement. Mr. Woodard has been with Spire since 2018 and previously held the position of vice president and treasurer. In 2019, he also became CFO of Spire Missouri, the company's largest utility subsidiary. Before joining Spire, he had a 21-year career in investment banking with A.G. Edwards & Sons and Wells Fargo Securities, where he specialized in the energy sector. He holds a JD from Saint Louis University School of Law and a bachelor's degree in English Literature from the University of Kansas.
Steve Greenley Executive Vice President and Chief Operating Officer
Steve Greenley was selected as Executive Vice President and Chief Operating Officer, effective October 13, 2025. He brings over 25 years of experience in the utility industry. Previously, Mr. Greenley served as senior vice president of commercial services, gas distribution, and storage with Enbridge. He also held various leadership positions in utility operations and delivery at CenterPoint Energy. He earned a bachelor's degree in mechanical engineering from the University of Texas at Austin.
Tim Krick Vice President and Chief Accounting Officer
Tim Krick was appointed Vice President and Chief Accounting Officer. He has been a part of Spire's finance team for nearly 11 years and possesses a decade of prior accounting experience at Sigma-Aldrich, a St. Louis-based company.
Mark C. Darrell Senior Vice President, General Counsel & Chief Compliance Officer
Mark C. Darrell has served as General Counsel of Spire Inc. since May 2004.
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Here are the key risks to Spire's business:
- Regulatory and Legislative Changes: As a regulated public utility, Spire's operations, rates, and profitability are significantly influenced by federal, state, and local regulations. Changes in the regulatory environment, including the potential for disallowance of cost recovery or shifts in governmental policy, can negatively impact earnings, cash flows, and financial position. The expiration of the Infrastructure System Replacement Surcharge (ISRS) statute in 2029 specifically poses a risk to revenue timing and cash flows.
- Weather-Related Demand Fluctuations: A substantial portion of Spire's revenue from its Gas Utility segment is subject to seasonal fluctuations, with earnings concentrated during the heating season. Warmer-than-expected winters can lead to lower natural gas heating demand, directly impacting the company's financial performance and revenue stability.
- High Debt Levels and Interest Rate Exposure: Spire has been noted for its high debt levels, which poses a significant financial risk. Rising interest rates can lead to increased interest expenses, potentially suppressing earnings potential and impacting the company's financial stability and liquidity.
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The clear emerging threats for Spire, a natural gas utility company, revolve around the accelerating global and national push towards decarbonization and electrification:
- Government Policies and Regulations for Decarbonization: A significant emerging threat comes from increasingly stringent government mandates, incentives, and potential bans aimed at reducing greenhouse gas emissions. These policies promote the transition away from fossil fuels, including natural gas, for heating, cooking, and industrial processes. Examples include state and local initiatives pushing for all-electric new construction, phase-outs of natural gas appliances, and investments in renewable energy infrastructure, directly threatening the long-term demand for natural gas distribution.
- Advancements and Cost Reductions in Electric Alternatives: The rapidly falling costs and improved efficiency of electric alternatives, such as heat pumps for heating and cooling, induction cooktops, and electric vehicles, pose a direct threat to natural gas consumption. As these technologies become more economically viable and performant, consumers and businesses are increasingly likely to switch away from natural gas, leading to a decline in demand and potential stranded assets for natural gas infrastructure.
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Spire (SR) operates primarily in the natural gas industry within the United States, serving residential, commercial, and industrial customers across Missouri, Alabama, and Mississippi. The company's main products and services are categorized into three segments: Gas Utility, Gas Marketing, and Midstream.
For its Gas Utility segment, Spire serves approximately 1.7 million homes and businesses. While the company's annual revenue from this segment was $2.21 billion in fiscal year 2025, specific addressable market sizes for natural gas distribution (Gas Utility), natural gas marketing, or natural gas transportation and storage (Midstream) across its service regions are not explicitly provided in the available information.
Therefore, the addressable markets for Spire's main products or services cannot be definitively sized based on the provided data.
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Spire Inc. (SR) anticipates several key drivers to fuel its revenue growth over the next two to three years:
- Capital Investments in Gas Utility Infrastructure: Spire has a robust 10-year capital expenditure plan, totaling $11.2 billion through fiscal year 2035, with a significant portion allocated to its Gas Utility segment. These investments are directed towards enhancing safety and reliability, driving rate base growth, and consequently increasing regulated revenue.
- Constructive Regulatory Outcomes and Rate Adjustments: As a regulated utility, Spire's revenue is significantly influenced by state-approved rates. The company actively seeks and benefits from rate increases, such as new rates in Missouri, and leverages regulatory mechanisms like the Infrastructure System Replacement Surcharge (ISRS) and Rate Stabilization and Equalization (RSE) in Alabama and Gulf to recover investments and support continued system enhancements.
- Customer Expansion through Strategic Acquisitions: Spire is expanding its customer base through strategic acquisitions. The pending acquisition of Piedmont Natural Gas's Tennessee local distribution company business is a significant initiative, expected to add over 200,000 customers in the Nashville area, thereby broadening its operational footprint and revenue streams.
- Optimization of Gas Marketing Activities: The company's Gas Marketing segment is contributing to revenue growth through increased portfolio optimization opportunities, which enhance earnings from natural gas sales and related services.
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Capital Allocation Decisions (Last 3-5 Years) for Spire (SR)
Share Repurchases
- Spire announced its intent to redeem all outstanding shares of its 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock in February 2026.
- This redemption of preferred shares is anticipated to be supported by an increase of $250 million in long-term debt issuances for 2026.
Share Issuance
- Spire's shares outstanding increased from 51.6 million in 2021 to 59 million at the end of 2025 and in February 2026, indicating an issuance of new shares over this period.
- The weighted average shares for fiscal year 2025 were expected to be approximately 58.5 million.
Outbound Investments
- Spire plans to acquire the Tennessee natural gas operations of Piedmont Natural Gas, a Duke Energy subsidiary, for $2.48 billion, an acquisition that was nearing completion in Q1 2026.
- In January 2024, Spire finalized the acquisition of the MoGas and Omega pipeline systems, which added approximately 263 miles of interstate natural gas pipelines to its network.
Capital Expenditures
- Spire projects a substantial capital expenditure of $11.2 billion from fiscal year 2025 to 2035, with approximately 70% earmarked for safety and reliability projects like pipeline replacement and system modernization.
- For fiscal year 2025, the company invested $922 million in capital, with $817 million directed towards Utility CapEx.
- Expected capital expenditures for fiscal year 2026 are $809 million, supporting rate base growth across its Missouri, Tennessee, Alabama, and Gulf operations.
Peer Outperformance in Gas Utilities
SR has outperformed 78% of its 9 Gas Utilities peers over 5Y. Gas Utilities ranks 3rd of 6 industries in Utilities by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gas Utilities constituents that SR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
36%
of 11 industry peers · 1.0% return
3Y
78%
of 9 industry peers · 78.9% return
5Y
78%
of 9 industry peers · 67.1% return
No Gas Utilities peer with a comparable growth profile has beaten SR by more than 20pp over 5Y.
Median price return by industry across the Utilities sector, ranked by 5Y. Gas Utilities is SR's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -42.5% | 113.2% | 167.7% | OKLO 176% · NRG 168% · TAC 23% |
| Multi-Utilities | 18 | 1.6% | 59.2% | 50.4% | NI 106% · MDU 99% · PNW 97% |
| Gas Utilities ← | 10 | 3.8% | 69.1% | 49.8% | ATO 111% · NJR 70% · SR 67% |
| Electric Utilities | 24 | 3.6% | 51.8% | 47.6% | VST 713% · ETR 153% · AEP 85% |
| Water Utilities | 11 | -0.1% | 6.5% | -9.3% | WTRG 8% · AWR 6% · HTO 2% |
| Renewable Electricity | 7 | -68.8% | -68.0% | -89.8% | ORA 34% · CWEN 26% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 83.83 |
| Mkt Cap | 6.1 |
| Rev LTM | 2,413 |
| Op Inc LTM | 570 |
| FCF LTM | -199 |
| FCF 3Y Avg | -143 |
| CFO LTM | 634 |
| CFO 3Y Avg | 810 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.4% |
| Rev Chg 3Y Avg | 0.7% |
| Rev Chg Q | 2.9% |
| QoQ Delta Rev Chg LTM | 0.5% |
| Op Inc Chg LTM | 12.9% |
| Op Inc Chg 3Y Avg | 9.7% |
| Op Mgn LTM | 26.9% |
| Op Mgn 3Y Avg | 22.8% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 27.6% |
| CFO/Rev 3Y Avg | 34.9% |
| FCF/Rev LTM | -7.9% |
| FCF/Rev 3Y Avg | -6.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.1 |
| P/S | 2.7 |
| P/Op Inc | 10.0 |
| P/EBIT | 9.6 |
| P/E | 13.8 |
| P/CFO | 8.9 |
| Total Yield | 10.4% |
| Dividend Yield | 3.0% |
| FCF Yield 3Y Avg | -3.1% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gas Utility | 2,208 | 2,438 | 2,457 | 1,946 | 2,119 |
| Gas Marketing | 157 | 99 | 179 | 235 | 96 |
| Midstream | 156 | 101 | 66 | 53 | 53 |
| Other and eliminations | 2 | 1 | 1 | 16 | 15 |
| Intersegment Eliminations | -46 | -46 | -36 | -52 | -48 |
| Total | 2,476 | 2,593 | 2,666 | 2,198 | 2,236 |
| $ Mil | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| Gas Utility | 340 | 374 | 334 | 293 | 262 |
| Gas Marketing | 47 | 58 | 9 | 23 | 34 |
| Other and eliminations | 21 | 18 | -137 | -14 | -16 |
| Intersegment Eliminations | 0 | ||||
| Total | 408 | 450 | 206 | 302 | 280 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Gas Utility | 8,767 | 8,487 | 8,043 | 7,615 | 6,716 |
| Other and eliminations | 2,690 | 2,533 | 2,706 | 2,193 | 2,444 |
| Midstream | 903 | 574 | 446 | 414 | |
| Gas Marketing | 206 | 332 | 639 | 466 | 183 |
| Intersegment Eliminations | -1,706 | -1,613 | -1,749 | -1,332 | -1,101 |
| Total | 10,861 | 10,314 | 10,084 | 9,356 | 8,241 |
Price Behavior
Price Behavior
| Market Price | $86.05 | |
| Market Cap ($ Bil) | 5.1 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -7.7% | |
| 50 Days | 200 Days | |
| DMA Price | $80.53 | $83.18 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 6.9% | 3.4% |
| 3M | 1YR | |
| Volatility | 17.9% | 19.4% |
| Downside Capture | -21.96 | -18.98 |
| Upside Capture | 15.33 | -16.50 |
| Correlation (S&P 500) | -9.1% | -14.0% |
SR Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.46 | 0.11 | -0.11 | -0.34 | -0.15 | 0.18 |
| Up Beta | 0.54 | -0.02 | 0.00 | -0.45 | -0.16 | 0.13 |
| Down Beta | -1.47 | -0.70 | 0.16 | -0.31 | -0.09 | 0.23 |
| Up Capture | 33% | 10% | -20% | -30% | -10% | 7% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 20 | 30 | 55 | 126 | 406 |
| Down Capture | 139% | 53% | -17% | -17% | -24% | 27% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 15 | 22 | 34 | 70 | 125 | 342 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SR | |
|---|---|---|---|---|
| SR | 0.7% | 19.4% | -0.09 | - |
| Sector ETF (XLU) | -4.3% | 15.7% | -0.48 | 64.3% |
| Equity (SPY) | 14.6% | 12.7% | 0.79 | -14.6% |
| Gold (GLD) | -1.4% | 28.5% | -0.06 | -7.8% |
| Commodities (DBC) | 47.3% | 20.6% | 1.76 | -6.5% |
| Real Estate (VNQ) | 3.8% | 13.9% | 0.02 | 47.9% |
| Bitcoin (BTCUSD) | -27.9% | 43.4% | -0.63 | -11.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SR | |
|---|---|---|---|---|
| SR | 11.0% | 21.2% | 0.42 | - |
| Sector ETF (XLU) | 8.5% | 17.4% | 0.33 | 63.3% |
| Equity (SPY) | 12.8% | 17.1% | 0.56 | 25.2% |
| Gold (GLD) | 17.6% | 18.9% | 0.75 | 10.8% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 7.7% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 51.9% |
| Bitcoin (BTCUSD) | 4.5% | 51.6% | 0.27 | 10.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SR | |
|---|---|---|---|---|
| SR | 7.4% | 24.4% | 0.30 | - |
| Sector ETF (XLU) | 9.3% | 19.3% | 0.41 | 72.4% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 42.2% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 7.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 12.1% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 59.5% |
| Bitcoin (BTCUSD) | 62.2% | 66.2% | 1.02 | 9.5% |
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Earnings Returns History
Updated 10/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.5% | 3.6% | 4.0% |
| 5/6/2026 | -4.0% | -3.6% | -9.7% |
| 2/3/2026 | -0.5% | 0.3% | 7.8% |
| 11/14/2025 | -2.4% | -4.2% | -5.2% |
| 2/5/2025 | 0.2% | 2.7% | 6.9% |
| 11/20/2024 | 0.7% | 6.9% | -2.4% |
| 7/31/2024 | -1.5% | -5.0% | -3.4% |
| 5/1/2024 | 0.2% | 0.0% | -3.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 15 | 10 |
| # Negative | 11 | 7 | 12 |
| Median Positive | 1.5% | 1.9% | 5.6% |
| Median Negative | -1.5% | -3.6% | -4.5% |
| Max Positive | 4.4% | 6.9% | 13.9% |
| Max Negative | -4.0% | -5.0% | -9.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.5% | 3.6% | 4.0% |
| 5/6/2026 | -4.0% | -3.6% | -9.7% |
| 2/3/2026 | -0.5% | 0.3% | 7.8% |
| 11/14/2025 | -2.4% | -4.2% | -5.2% |
| 2/5/2025 | 0.2% | 2.7% | 6.9% |
| 11/20/2024 | 0.7% | 6.9% | -2.4% |
| 7/31/2024 | -1.5% | -5.0% | -3.4% |
| 5/1/2024 | 0.2% | 0.0% | -3.0% |
| 2/1/2024 | 4.4% | 1.9% | 5.0% |
| 11/16/2023 | -0.3% | 1.0% | 6.3% |
| 8/2/2023 | -1.1% | -3.2% | -4.5% |
| 5/3/2023 | 1.6% | 2.7% | -4.6% |
| 2/1/2023 | 2.8% | 3.1% | -3.5% |
| 11/16/2022 | -3.2% | 4.7% | -3.5% |
| 8/4/2022 | -0.7% | 1.3% | -5.2% |
| 5/6/2022 | 0.6% | 1.7% | 6.5% |
| 2/2/2022 | -3.2% | -3.7% | 4.0% |
| 11/22/2021 | 1.7% | 0.5% | 4.2% |
| 8/5/2021 | 0.4% | -1.0% | -7.7% |
| 5/7/2021 | -0.7% | -1.2% | -5.1% |
| 2/4/2021 | 2.8% | 1.5% | 13.9% |
| 11/18/2020 | -1.8% | 4.4% | 3.3% |
| SUMMARY STATS | |||
| # Positive | 11 | 15 | 10 |
| # Negative | 11 | 7 | 12 |
| Median Positive | 1.5% | 1.9% | 5.6% |
| Median Negative | -1.5% | -3.6% | -4.5% |
| Max Positive | 4.4% | 6.9% | 13.9% |
| Max Negative | -4.0% | -5.0% | -9.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/14/2025 | 10-K |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-Q |
| 09/30/2024 | 11/20/2024 | 10-K |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/16/2023 | 10-K |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/16/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/14/2025 | 10-K |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-Q |
| 09/30/2024 | 11/20/2024 | 10-K |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/16/2023 | 10-K |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/16/2022 | 10-K |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/02/2022 | 10-Q |
| 09/30/2021 | 11/22/2021 | 10-K |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/04/2021 | 10-Q |
| 09/30/2020 | 11/18/2020 | 10-K |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/05/2020 | 10-Q |
| 09/30/2019 | 11/26/2019 | 10-K |
Recent Forward Guidance
Updated 10/26/2026Latest: Q3 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Earnings | Reported | 3.9 | 4 | 4.1 | 0.0% | Affirmed | Guidance: 4 for 2026 | |
| 2026 Adjusted Earnings Growth | Reported | 5.0% | 6.0% | 7.0% | ||||
| 2026 Capital Expenditures | Reported | 797.00 Mil | 0.0% | Affirmed | Guidance: 797.00 Mil for 2026 | |||
| 2027 Adjusted Earnings | Reported | 5.4 | 5.5 | 5.6 | 0.0% | Affirmed | Guidance: 5.5 for 2027 | |
Prior: Q2 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Earnings per share | Reported | 3.9 | 4 | 4.1 | -25.2% | Lowered | Guidance: 5.35 for 2026 | |
| 2026 Capital Expenditures | Reported | 797.00 Mil | -1.5% | Lowered | Guidance: 809.00 Mil for 2026 | |||
| 2027 Adjusted Earnings Growth | Reported | 5.0% | 6.0% | 7.0% | 0.0% | Affirmed | Guidance: 6.0% for 2027 | |
| 2027 Adjusted Earnings per share | Reported | 5.4 | 5.5 | 5.6 | Affirmed | Guidance: 5.75 for 2027 | ||
| 2035 Capital Investment | Reported | 11.20 Bil | ||||||
Q1 2026 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | Reported | 5.25 | 5.35 | 5.45 | 0 | Affirmed | Guidance: 5.35 for 2026 | |
| 2026 Capital Expenditures | Reported | 809.00 Mil | ||||||
| 2027 Adjusted EPS | Reported | 5.65 | 5.75 | 5.85 | 0 | Affirmed | Guidance: 5.75 for 2027 | |
| 2027 Adjusted EPS Growth | Reported | 5.0% | 6.0% | 7.0% | 0 | Affirmed | Guidance: 6.0% for 2027 | |
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Koonce, Paul D | Held in an IRA | Buy | 6122026 | 78.46 | 500 | 39,230 | 627,680 | Form | |
| 2 | Hyman, Ryan L | SVP, CCIO | Direct | Sell | 6102026 | 80.51 | 3,822 | 307,709 | 1,150,890 | Form |
| 3 | Koonce, Paul D | Held in an IRA | Buy | 6042026 | 80.50 | 500 | 40,250 | 603,750 | Form | |
| 4 | Koonce, Paul D | Held in an IRA | Buy | 5112026 | 85.81 | 2,000 | 171,620 | 600,670 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Koonce, Paul D | Held in an IRA | Buy | 6122026 | 78.46 | 500 | 39,230 | 627,680 | Form | |
| 2 | Hyman, Ryan L | SVP, CCIO | Direct | Sell | 6102026 | 80.51 | 3,822 | 307,709 | 1,150,890 | Form |
| 3 | Koonce, Paul D | Held in an IRA | Buy | 6042026 | 80.50 | 500 | 40,250 | 603,750 | Form | |
| 4 | Koonce, Paul D | Held in an IRA | Buy | 5112026 | 85.81 | 2,000 | 171,620 | 600,670 | Form |
Investor Activity (13F)
Updated Oct 28, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Gas Utilities Resources |
| American Gas Association (AGA) |
| Natural Gas Intelligence (NGI) |
| Pipeline & Gas Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/27/2026