Start here if you're new
what it is
Spire delivers natural gas to 1.7 million homes and businesses across Missouri, Alabama, and Mississippi.
how it gets paid
Last year Spire made $2.5B in revenue. Residential gas service was the main engine at $1.65B, or 66% of sales.
why growth slowed
Revenue fell 4.5% last year. 32.1% EPS growth matters because it shows this slow-growth utility can still produce sharp earnings jumps when its core gas business executes.
what just happened
Spire started fiscal 2026 hot, with EPS rising to $1.77, up 32.1% from $1.34.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
50/100 earnings predictability — expect surprises
19.3x trailing p/e — priced about right
4.0% dividend yield — cash in your pocket every quarter
7.0% return on capital — nothing to write home about
xvary composite: 56/100 — below average
What they do
Spire delivers natural gas to 1.7 million homes and businesses across Missouri, Alabama, and Mississippi.
Gas utilities win by being boring and hard to replace. Spire serves 1.7 million customers, and your furnace does not care about startup culture. Regulated operations → state-approved monopoly service areas → so what: once pipes are in the ground, rivals usually stay on the sidewalk.
How they make money
$2.5B
annual revenue · their business grew -4.5% last year
Residential gas service
$1.65B
Commercial & industrial
$0.58B
Transportation
$0.15B
Other regulated revenue
$0.13B
The products that matter
distributes and bills natural gas
Regulated Gas Utility
$2.5B revenue · 100% of the business
it's the whole company: $2.5B in annual revenue, a 13.4% net margin, and a 4.5% sales decline last year. if you want the story, that's the story.
entire business
Key numbers
4.0%
dividend yield
You are being paid to wait. The stock offers a 4.0% yield while the 18-month target implies only about 8% price upside.
$4.4B
long-term debt
Debt is almost as large as the company's roughly $5B market cap. That limits flexibility if rates stay high.
21.2%
operating margin
Operating margin → money left after running the business → so what: Spire converts a decent slice of revenue into operating profit for a utility.
0.5%
sales growth
Projected revenue growth is barely above zero. That means your return relies more on execution and the dividend than on big demand growth.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 95 / 100
- long-term debt $4.4B (47% of capital)
- net profit margin 14.1% — keeps 14 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
B++ — risk rank looks solid but long-term debt needs watching.
Total return vs. market
You invested $10,000 in SR 3 years ago → it's now worth $13,660.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Spire started fiscal 2026 hot, with EPS rising to $1.77, up 32.1% from $1.34.
The gas utility unit did the heavy lifting, helped by better performance in Missouri and Alabama. Revenue in the latest quarter rose to $762M, up 14% vs. prior year, while reported EPS came in at $1.54, up 15%.
$762M
revenue
$1.54
eps
21.2%
gross margin
the number that mattered
32.1% EPS growth matters because it shows this slow-growth utility can still produce sharp earnings jumps when its core gas business executes.
-
spire got off to an impressive start in fiscal 2026 (ends september 30th).
-
indeed, first-quarter earnings per share surged 32.1%, to $1.77, versus the prior-year's $1.34 figure.
-
that was made possibly primarily by the gas utility unit, driven by better performances from both spire missouri and spire alabama.at this juncture, it appears that, for the full year, the company's per-share profits will be in the vicinity of $5.35.
-
that would mark a 20% jump from fiscal 2025's $4.44 tally.
-
concerning fiscal 2027, we look for the bottom line to advance at a much slower, though still respectable, 7% or rate, to $5.75 a share, given the hard comparison.please be aware that beginning in fiscal 2025, our presentation for spire shows ``adjusted'' earnings, which exclude such items as the impact of fair value accounting and timing adjustments associated with energy-related transactions, impairment charges, and the effects of acquisition, divestiture, and restructuring activities.
source: company earnings report, 2026
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What could go wrong
the #1 risk is missouri and regional rate-case decisions on natural gas distribution.
med
rate-case setbacks
you own a business whose allowed economics are negotiated. if regulators push back on requested rate increases, earnings growth slows fast because the core utility produced the full $2.5B of revenue last year.
impact: this directly pressures the 13.4% net margin and weakens the case for paying 19.3x trailing earnings for a defensive stock.
med
debt-funded infrastructure spend
utilities have to keep replacing pipe and maintaining networks. Spire already carries $4.4B in long-term debt, equal to 47% of capital, so more spending only helps if regulators let that investment earn back through rates.
impact: if capital goes out before returns come back in, the balance sheet does more work and the equity gets less forgiving.
med
volume and fuel-cost pressure
natural gas utilities do not live on volume growth. last year's 4.5% revenue decline is the reminder. even when gas costs are passed through, higher bills can still pressure customer usage and create political friction around future rate increases.
impact: lower usage plus harder rate approvals is how a stable utility turns into a low-growth one with the same leverage.
the combined risk picture is simple: a leveraged regulated utility with $4.4B in debt and a 4.0% dividend needs the rate machine to keep working.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
next major rate-case outcome
this is the real earnings release for a utility. if allowed returns disappoint, the defensive story gets thinner fast.
metric
EPS versus the $5.35 estimate
the stock looks more reasonable on forward numbers than trailing ones. you need that $5.35 estimate to hold, not drift lower.
calendar
quarterly filings and financing updates
with $4.4B in long-term debt, routine financing details matter here more than they would at a lighter-capital business.
trend
whether revenue keeps recovering toward $3B
the street expects roughly $3B in fy2026 revenue. if the top line stays stuck near $2.5B, the growth case needs to calm down.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think the near-term setup is softer than the stock's defensive reputation suggests.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks. that's the utility appeal.
chart momentum
top 20%
technical score 2 — the tape looks better than the short-term fundamental ranking. welcome to defensive-stock contradictions.
earnings predictability
50 / 100
middle of the road. steadier than many industries, but not smooth enough to treat estimates as automatic.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 176 buyers vs. 157 sellers in 3q2025. total institutional holdings: 54.9M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$74
$109
$86
current price
$92
target midpoint · +8% from current · 3-5yr high: $115 (+35% · 11% ann'l return)
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