NYSE · SR

Spire Inc.

Utilities · Regulated Gas

$80.34▲ 0.55% ($0.44)at close

As of 4:00 PM ET

52-week

$75.54$95.31

Market cap

$4.75B

P/E

8.66

EPS (TTM)

$9.28

Next earnings

Nov 13, 2026

What the market price implies · Reverse DCF

To support a price of $80.34, this model requires revenue to grow by 2.4%/yr over the next 10 years, compounded annually.

Historical revenue grew by 2.59%/yr over the past 4 years. The required annual growth rate is 0.19 percentage points lower.

Selected forecast · Base scenario

0.8%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0%

Market-implied · Base operating assumptions + edited margins

2.4%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$80.34

Estimated value / share

$71.38

Base scenario

This estimate is 11.15% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 0% · Ending margin 17.7% · Discount rate 8.02%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 5:32 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 5.63%Revenue (TTM): 4.12%FCF (TTM): 23.06%P/E: 3rd pct

What changed

The stock rose 5.63% over the last year. Revenue grew 4.12% over the trailing twelve months. Operating margin moved from 22.34% to 19.71%. Free cash flow grew 23.06% over the trailing twelve months.

What the market seems to be pricing

The stock has moved higher against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 19.71%. A decisive move in revenue — currently up 4.12% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Spire Inc. operates as a public utility holding company, which provides natural gas services through its regulated core utility operations while engaging in non-regulated activities.

CEOScott E. Doyle

SectorUtilities

IndustryRegulated Gas

Employees3,497

IPO dateFeb 21, 1973

https://www.spireenergy.com

Market multiples

Forward P/E—

EV/EBITDA12.00

Enterprise value$10B

Stock splits

Mar 8, 1994↑ Forward

Every 1 shares became 2

+100%

Mar 8, 1984↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth-0.4%

Gross margin (FY2025)78.11%▲40.2ppvs FY2024

Operating margin (FY2025)21.16%▲2.3ppvs FY2024

ROEN/A

Analyst consensus

RatingHold

Target price$96.00▲19.49%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 13, 2026

Q4 FY26 · EPS est -$1.12 · Revenue est $270.39M

View

Dividends

$3.30/shareQuarterlyDividend Aristocrat · 37yrAt Risk

SR pays a dividend with a 4.11% dividend yield, 37 consecutive years of growth, growing at 4.88% annually, covered -1.7× by free cash flow.

Dividend Yield

4.11%

Annual Div / Share

$3.30

5yr CAGR

+4.88%

Doubles every ~14.5yr

Payout Ratio

36.9%

At Risk

Dividend Growth Rate

3yr CAGR

+4.64%

5yr CAGR

+4.88%

10yr CAGR

+5.35%

Dividend Safety

5/10At Risk

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$3.30+5.1%

2025$3.14+4.0%

2024$3.02+4.9%

2023$2.88+5.1%

2022$2.74+5.4%

2021$2.60+4.4%

2020$2.49+5.1%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$41/yr

$3/mo

In 5 yrs

$52/yr+27%

$4/mo

In 10 yrs

$66/yr+61%

$6/mo

Today	In 5 yrs	In 10 yrs
$41/yr $3/mo	$52/yr+27% $4/mo	$66/yr+61% $6/mo

Yield-on-cost grows from 4.11% → 6.62% over 10yr

Analysis

Dividend Strengths

Dividend Aristocrat

SR has raised its dividend for 37 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only -1.75× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

NYSE · SR

Spire Inc.

Utilities · Regulated Gas

$80.34▲ 0.55% ($0.44)at close

As of 4:00 PM ET

52-week

$75.54$95.31

Market cap

$4.75B

P/E

8.66

EPS (TTM)

$9.28

Next earnings

Nov 13, 2026

What the market price implies · Reverse DCF

To support a price of $80.34, this model requires revenue to grow by 2.4%/yr over the next 10 years, compounded annually.

Historical revenue grew by 2.59%/yr over the past 4 years. The required annual growth rate is 0.19 percentage points lower.

Selected forecast · Base scenario

0.8%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0%

Market-implied · Base operating assumptions + edited margins

2.4%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$80.34

Estimated value / share

$71.38

Base scenario

This estimate is 11.15% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 0% · Ending margin 17.7% · Discount rate 8.02%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 5:32 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 5.63%Revenue (TTM): 4.12%FCF (TTM): 23.06%P/E: 3rd pct

What changed

The stock rose 5.63% over the last year. Revenue grew 4.12% over the trailing twelve months. Operating margin moved from 22.34% to 19.71%. Free cash flow grew 23.06% over the trailing twelve months.

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 19.71%. A decisive move in revenue — currently up 4.12% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Spire Inc. operates as a public utility holding company, which provides natural gas services through its regulated core utility operations while engaging in non-regulated activities.

CEOScott E. Doyle

SectorUtilities

IndustryRegulated Gas

Employees3,497

IPO dateFeb 21, 1973

https://www.spireenergy.com

Market multiples

Forward P/E—

EV/EBITDA12.00

Enterprise value$10B

Stock splits

Mar 8, 1994↑ Forward

Every 1 shares became 2

+100%

Mar 8, 1984↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth-0.4%

Gross margin (FY2025)78.11%▲40.2ppvs FY2024

Operating margin (FY2025)21.16%▲2.3ppvs FY2024

ROEN/A

Analyst consensus

RatingHold

Target price$96.00▲19.49%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 13, 2026

Q4 FY26 · EPS est -$1.12 · Revenue est $270.39M

View

Dividends

$3.30/shareQuarterlyDividend Aristocrat · 37yrAt Risk

SR pays a dividend with a 4.11% dividend yield, 37 consecutive years of growth, growing at 4.88% annually, covered -1.7× by free cash flow.

Dividend Yield

4.11%

Annual Div / Share

$3.30

5yr CAGR

+4.88%

Doubles every ~14.5yr

Payout Ratio

36.9%

At Risk

Dividend Growth Rate

3yr CAGR

+4.64%

5yr CAGR

+4.88%

10yr CAGR

+5.35%

Dividend Safety

5/10At Risk

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$3.30+5.1%

2025$3.14+4.0%

2024$3.02+4.9%

2023$2.88+5.1%

2022$2.74+5.4%

2021$2.60+4.4%

2020$2.49+5.1%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$41/yr

$3/mo

In 5 yrs

$52/yr+27%

$4/mo

In 10 yrs

$66/yr+61%

$6/mo

Today	In 5 yrs	In 10 yrs
$41/yr $3/mo	$52/yr+27% $4/mo	$66/yr+61% $6/mo

Yield-on-cost grows from 4.11% → 6.62% over 10yr

Analysis

Dividend Strengths

Dividend Aristocrat

SR has raised its dividend for 37 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only -1.75× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.