Spire Inc. (SR) Stock

Spire Inc. (SR) is a Utilities stock trading at $80.91 (as of 2026-08-21), with a market capitalization of $4.78B and a trailing P/E of 13.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Spire Inc., through its subsidiaries, purchases and sells natural gas, providing supply and related services to residential, commercial, industrial, and other customers in the United States. It operates in Gas Utility and Gas Marketing segments and is also involved in natural gas marketing, propane pipeline transportation and natural gas compression, risk management, and physical natural gas storage services.

Understand Spire Inc.: how it makes money

Spire Inc. buys, retails, and sells natural gas to residential, commercial, and industrial customers in the United States, and it also markets natural gas and provides related midstream and storage services, earning money through regulated utility distribution and other gas supply and service revenues.

Profit drivers center on regulated utility distribution economics in Gas Utility, where approved items such as Missouri rate case settlements and infrastructure system replacement and improvement riders can add revenue, while Gas Marketing contributes through natural gas marketing and contracted, recurring solution economics.

Revenue by segment (latest quarter)
Gas Utility	$0.8B
Gas Marketing	$0.2B

Business quality (Strong): Clear segment structure (Gas Utility, Gas Marketing) and concrete revenue drivers (rate case and infrastructure riders), but investors should expect earnings to be shaped by regulation, weather variability, and the level of midstream and infrastructure activity.

Valuation: At 14× earnings, SR trades 35% below the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

Regulatory revenue adders are explicitly identified, including Missouri rate case settlement revenue of $0.08B and annualized infrastructure system replacement and improvement rider revenue of $0.07B: Approved mechanisms can support the utility revenue stream over time.
Gas marketing recurring economics show retention indicators, including a quarterly net retention rate of 86% and organic net retention rate of 103%: If these measures hold up, they suggest recurring customer value can be maintained or expanded.

Bear case

The business shows sensitivity to weather and normal temperature patterns, with overall temperature variance vs normal of 15% and other temperature variance measures cited: Weather variation can affect gas demand and, in turn, revenue and margins.
The model depends on regulatory approvals and requests, including Missouri rate and rider-related items: Outcomes can vary if regulatory assumptions or approvals shift.

Valuation — source: SEC EDGAR (first-party)
Price	$80.91
Market Cap	$4.78B
P/E Ratio	13.9
EV / EBITDA	15.0
Price / Book	1.40
Price / Sales	1.96
FCF Yield	-8.4%
DCF Value (model)	$24.95
DCF Upside vs Price	-69.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$2.48B
Net Margin	11.0%
Revenue Growth (YoY)	-3.0%
EPS Growth (YoY)	31.0%
FCF Growth (YoY)	-37.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.66 (distress)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	13.9
Sector P/E (Utilities)	20.8
Industry P/E (Utilities)	20.1
vs Sector	-33.4%
vs Industry	-30.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($722.36M)
Institutional Holders Tracked	10
Congressional Trades (recent)	8

Company
Sector	Utilities
Industry	Utilities
CEO	Scott Edward Doyle
Employees	3,475
Country	US
IPO Date	1973-02-21

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.