Spire Inc. Common Stock (SR)

FairStock Score: 52/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at Spire as a regulated natural gas utility with a modest regulatory moat: it distributes an essential fuel in service territories where competition is limited, and its beta of 0.56 suggests defensive demand. But the financials are mixed. In fiscal FY2025, the year ended 2025-09-30, Spire reported revenue of $2.5B, net income of $271.7M, and diluted EPS of $4.37. That was better than FY2024, when net income was $250.9M and EPS $4.19, and FY2023, when net income was $217.5M and EPS $3.85. However, revenue actually slipped from $2.7B in FY2023 to $2.6B in FY2024 and $2.5B in FY2025. Fiscal Q2 2026, the quarter ended 2026-03-31, showed net income of $282.2M and diluted EPS of $4.60, but revenue was not reported in the filing excerpt. The Lynch category from FairStock is STALWART, with profit growth of 25.1% a year over five years and revenue growth of 5.9%, which fits the steady but unspectacular profile. The balance sheet and cash flow worry me more. Debt-to-equity is 2.03, free cash flow is -$222.4M, and the FCF yield is -4.7%. FairStock's Piotroski score is 3/9 and Altman Z-score is 0.34. Returns are modest: ROE 8.11% and ROCE 3.05%. At the close on 2026-10-13, the price was $80.05. FairStock's P/E is 17.67, P/B 1.32, dividend yield 4.17%, and EV/EBITDA 13.56. Its Graham Number is $78.60, leaving a margin of safety of -1.84%. I see fair-to-full value, not a bargain.

In plain English: Spire sells natural gas to homes and businesses, mostly through regulated local utilities. The company earns steady profits and pays a 4.17% dividend, but it carries a lot of debt and spends more cash than it brings in, so the financial picture is only average. At $80.05 a share, the stock looks about fair compared with its profits and book value, not clearly cheap or expensive.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-03-31) · fiscal Q1 2026 10-Q (period ended 2025-12-31) · fiscal Q3 2025 10-Q (period ended 2025-06-30) · fiscal Q2 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-09-30) · FY2024 10-K (period ended 2024-09-30) · FY2023 10-K (period ended 2023-09-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer