Spire Inc. is a regulated gas utility with attractive valuation at a forward price-to-earnings of 14.2 times and a price-to-earnings growth ratio of 0.46, with analysts seeing roughly 25% upside to consensus targets, but its free cash flow is deeply negative at -258% of net income and high leverage of 2.3 times debt-to-equity limits the margin of safety.
Thesis pillars
- Attractive Value Analyst Upside→Stable
- High Leverage Negative Fcf Risk→Stable
- Regulated Utility Earnings Stability→Stable
- +1 more pillar — see the Why tab for full reasoning
Spire Inc. (SR) Stock Analysis
Range Bound setup
Utilities · Utilities - Regulated Gas
Sell if holding. At $79.68, A.R:R 1.0:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Leverage penalty (D/E 2.3): -1.5; Thin upside margin: 4.8%.
Spire Inc. holds regulated natural gas distribution utilities in Missouri, Alabama, and Mississippi serving 1.74 million customers, plus natural gas marketing and midstream segments. Spire Missouri—the largest gas distribution utility in Missouri—and Spire Alabama serve... Read more
Sell if holding. At $79.68, A.R:R 1.0:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Leverage penalty (D/E 2.3): -1.5; Thin upside margin: 4.8%. Chart setup: RSI 56 mid-range, Bollinger mid-band. Score 5.8/10, moderate confidence.
Passes 7/9 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, earnings proximity 31d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About Spire Inc.
About Spire Inc.
Spire Inc.'s regulated Gas Utility segment served 1,744,537 customers across Missouri, Alabama, and Mississippi in fiscal 2025, with Spire Missouri alone accounting for 1,213,375 customers as the largest natural gas distribution utility in the state. Spire Alabama serves more than 400,000 customers in central and northern Alabama under the Alabama Public Service Commission. Spire employed 3,497 people and operates three reportable business segments: Gas Utility, Gas Marketing, and Midstream.
Spire earns Gas Utility revenue through cost-of-service rates approved by state commissions—the MoPSC in Missouri, the APSC in Alabama, and the MSPSC in Mississippi—with residential customers comprising 66% of Gas Utility operating revenues in fiscal 2025 and commercial and industrial customers contributing 23%. Spire Missouri's Infrastructure System Replacement Surcharge allows expedited recovery of infrastructure investment without formal rate cases, subject to prudence review; the underlying statute is scheduled to expire on August 28, 2029 absent legislative action. Spire Missouri purchased from 39 different natural gas suppliers in fiscal 2025, routing supply through Enable Mississippi River Transmission, Southern Star Central Gas Pipeline, Panhandle Eastern Pipe Line, and the Spire STL Pipeline. The Gas Marketing segment averaged 1.22 Bcf per day in fiscal 2025 and provides wholesale natural gas marketing throughout the central and southern United States, with wholesale activities representing a majority of total Gas Marketing business. The Midstream segment includes the Spire STL Pipeline, Spire MoGas Pipeline, and storage operations in the West and Salt Plains facilities.
Show full overview
Missouri represents the dominant regulatory and operational concentration for Spire: Spire Missouri served 1,213,375 of the company's 1,744,537 Gas Utility customers in fiscal 2025 under tariffs set by the MoPSC. The Infrastructure System Replacement Surcharge recovery mechanism is tied to a statute scheduled to expire on August 28, 2029 absent legislative renewal, creating a defined regulatory dependency for Missouri infrastructure investment. Rate increases across all three utility subsidiaries are subject to commission approval with no assurance of full cost recovery, and the continuation of Spire Alabama's Rate Stabilization and Equalization mechanism beyond September 30, 2025 is subject to ongoing APSC discretion.
See also: Utilities · Utilities - Regulated Gas
From Spire Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-07-06Recent Developments — Spire Inc.
Latest news
- NEWS Spire Inc. announces Quarterly dividend, payable on July 02, 2026 - marketscreener.com — marketscreener.com neutral
- NEWS SR or ATO: Which is the better value stock right now? - MSN — MSN neutral
- NEWS Spire (SR) Reports Next Week: Wall Street Expects Earnings Growth - Yahoo Finance — Yahoo Finance positive
- NEWS M&T Bank Corp Increases Stock Position in Spire Inc. $SR - MarketBeat — MarketBeat neutral
- NEWS Spire Trying To Close In On Key Technical Benchmark - Investor's Business Daily — Investor's Business Daily neutral
Generated 2026-07-06T05:40:27Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- MEDIUMGeographicMissouri10-K Item 1: 'Spire Missouri is the largest natural gas distribution utility system in Missouri, serving approximately 1.2 million residential, commercial and industrial customers'
- MEDIUMregulatoryMoPSC10-K Item 1A: 'the Utilities are regulated in Missouri by the MoPSC'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
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Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $79.68, A.R:R 1.0:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Leverage penalty (D/E 2.3): -1.5; Thin upside margin: 4.8%. Chart setup: RSI 56 mid-range, Bollinger mid-band. Prior stop was $76.14. Score 5.8/10, moderate confidence.
Take-profit target: $83.52 (+4.8% upside). Prior stop was $76.14. Stop-loss: $76.14.
Thin upside margin: 4.8%; Leverage penalty (D/E 2.3): -1.5; Value-trap signals (2/5): High leverage (D/E 2.3), Negative free cash flow.
Spire Inc. trades at a P/E of 16.1 (forward 14.4). TrendMatrix value score: 7.4/10. Verdict: Sell.
18 analysts cover SR with a consensus score of 4.1/5. Average price target: $96.
What does Spire Inc. do?Spire Inc. holds regulated natural gas distribution utilities in Missouri, Alabama, and Mississippi serving 1.74...
Spire Inc. holds regulated natural gas distribution utilities in Missouri, Alabama, and Mississippi serving 1.74 million customers, plus natural gas marketing and midstream segments. Spire Missouri—the largest gas distribution utility in Missouri—and Spire Alabama serve approximately 1.2 million and 0.4 million customers respectively, earning regulated distribution revenue with residential customers comprising 66% of Gas Utility operating revenues in fiscal 2025. The company manages over 60,000 miles of mains and employs 3,497 people.