Spire Inc. 6.375% Junior Subordinated Notes due 2086 (SRJN)

Key Financials

AI Analysis

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

I look at this note first as a credit instrument, not as common equity. The issuer sits in Utilities, and the security carries a 6.375% coupon and matures in 2086, so my primary question is whether the utility's cash earnings can support this junior obligation for decades. The filed figures are decent: in fiscal year 2025 the company reported revenue of $2.5B, net income of $271.7M, and diluted EPS of $4.37, up from $250.9M and $4.19 in fiscal year 2024 and $217.5M and $3.85 in fiscal year 2023. Fiscal Q2 2026, the quarter ended 2026-03-31, showed net income of $282.2M and diluted EPS of $4.60, though revenue was not reported in the data. The computed Lynch category is STALWART—steady growth—with 25.1% yearly profit growth over five years and 5.9% revenue growth. That is a better earnings record than many utilities. But I am cautious: revenue fell from $2.7B in fiscal year 2023 to $2.6B in fiscal year 2024 to $2.5B in fiscal year 2025, so profit growth has not come from rising sales. I also lack balance-sheet and coverage data—D/E, ROE, ROCE and credit metrics are N/A—so I cannot measure leverage or interest coverage. At $20.92, close 2026-10-16, the note sits near its 52-week low of $20.48 and well below $25.43; that may reflect rate and credit concerns. A Graham-style margin of safety needs the note's full terms and issuer leverage, which are not in the data. I see steady utility earnings but insufficient evidence to call the junior note demonstrably safe.

In plain English: Spire Inc. is a utility company, and this security is a long-term note that pays 6.375% interest and comes due in 2086. The utility's reported profits have grown, with net income of $271.7 million in fiscal year 2025 versus $250.9 million in fiscal year 2024 and $217.5 million in fiscal year 2023. The note trades at $20.92, close to the low end of its one-year price range, but because it is lower-ranked debt with a very distant maturity, the key question is repayment safety rather than stock-style cheapness.

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Data as of 2026-10-16 close · note generated 2026-10-20 · 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