# Spire Inc. (SR)

> Source: Nexqual · https://nexqual.com/SR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Spire Inc. (SR), nexqual.com/SR" · informational, not investment advice.

**Price:** USD 85.56 (+3.70% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 82.51 · day 83.24–85.78 · 52w 74.84–95.31 · market cap $5.06B · NYQ

## Key facts
- Valuation: P/E 9.2x (avg 15.5x at the last 3 fiscal year-ends), EV/EBITDA 13.0x, net debt $7.00B.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $308K; 1 not under a Rule 10b5-1 plan ($308K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $251K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.36 on a 1–5 scale) (11 analysts), mean target USD 91.4 (range 79–102).
- Total return with dividends: 1Y +0.7% vs S&P 500 +14.9%; 5Y +65.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-17, EPS estimate USD -1.07, revenue estimate $304M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.24B | $2.20B | $2.67B | $2.59B | $2.48B | — |
| Gross profit | — | — | $1.27B | $1.36B | $1.46B | — |
| Operating income | $450M | $408M | $419M | $488M | $524M | $589M |
| Net income | $272M | $221M | $218M | $251M | $272M | $549M |
| EPS (diluted) | $4.96 | $3.95 | $3.85 | $4.19 | $4.37 | — |
| Free cash flow | -$375M | -$497M | -$222M | $51.1M | -$344M | -$222M |
| Gross margin | — | — | 47.8% | 52.5% | 58.8% | — |
| Operating margin | 20.1% | 18.6% | 15.7% | 18.8% | 21.2% | — |
| Net margin | 12.2% | 10.0% | 8.2% | 9.7% | 11.0% | — |
| Revenue growth | +20.5% | -1.7% | +21.3% | -2.7% | -4.5% | — |
| Cash + short-term investments | $4.3M | $6.5M | $5.6M | $4.5M | $5.7M | — |
| Total debt | $2.99B | $3.24B | $3.71B | $3.75B | $3.86B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.2x · EV/EBITDA 13.0x · P/B 1.4x · FCF yield -4.40% · Earnings yield 10.85% · Dividend yield (paid, TTM) 3.78% · Net debt $7.00B · EV $12.1B
P/E at fiscal year-ends: Sep 2025 17.6x, Sep 2024 15.1x, Sep 2023 13.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-09 | Hyman Ryan L | SVP, CCIO | 3,822 | $308K | 21.1% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $251K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-11 | Koonce Paul D | Director | 500 | $39K | 78.46 | Too little history (no open-market trades in 2025) |
| 2026-06-01 | Koonce Paul D | Director | 500 | $40K | 80.5 | Too little history (no open-market trades in 2025) |
| 2026-05-08 | Koonce Paul D | Director | 2,000 | $172K | 85.81 | Too little history (no open-market trades in 2025) |

## Analysts
Consensus Buy (mean 2.36 on a 1–5 scale), 11 analysts; mean target USD 91.4 (low 79, high 102).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target raised | Neutral | $85 → $86 |
| 2026-09-29 | Scotiabank | Initiated | Sector Perform | $79 |
| 2026-09-18 | Morgan Stanley | Target lowered | Overweight | $91 → $88 |
| 2026-08-21 | Morgan Stanley | Target lowered | Overweight | $96 → $91 |
| 2026-06-26 | JP Morgan | Downgrade | Overweight → Neutral | $84 → $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.7% | +65.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.7% | +10.5% |
| Volatility (annualized) | 19.5% | 21.6% |
| Max drawdown | -19.4% (Apr 2026→Jun 2026) | -26.0% (May 2022→Oct 2023) |

## Peers (Utilities - Regulated Gas)
OGS (ONE Gas, Inc.) USD 78.25 +3.57% · NJR (NewJersey Resources Corporation) USD 53.63 +2.94% · BIPC (Brookfield Infrastructure Corpo) USD 37.63 +2.53% · BKH (Black Hills Corporation) USD 79.31 +0.97% · MDU (MDU Resources Group, Inc.) USD 19.37 +1.31% · SWX (Southwest Gas Holdings, Inc.) USD 91.08 +3.01%

## More
Full page: https://nexqual.com/SR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name SR in their own reports (relationship from SR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Duke Energy CORP (DUK) | 10-K 2026-02-26 | "In July 2025, Piedmont entered into a purchase agreement with Spire Inc. for the sale of Piedmont's Tennessee business, which is included within the GU&I segment of Duke Energy and Piedmont." |

## Revenue by business segment (quarter ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gas Utility | $693.3M | 91.0% | +13.0% |
| Gas Marketing | $41.1M | 5.4% | +24.5% |
| Midstream | $26.8M | 3.5% | +20.7% |
| All Other Segments | $1.0M | 0.1% | +150.0% |
| Total revenue | $762.2M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Guidance and Outlook Spire continues to expect fiscal 2026 adjusted earnings from continuing operations to be in the range of $3.90–$4.10 per share, reflecting year-to-date results as well as the classification of Spire Marketing and Spire Storage as discontinued operations."
- "This guidance excludes Spire Tennessee results."
- "Spire continues to expect fiscal 2027 adjusted EPS to be in the range of $5.40–$5.60 from our ongoing businesses, which reflects a full year of earnings contributions from Spire Tennessee."
- "This plan supports Spire's long-term adjusted earnings per share growth of 5-7% using the original fiscal 2027 adjusted EPS guidance midpoint of $5.75 as a base."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.07 | $-1.20 | -11.0% | $303.5M | 8 |
| Next quarter (ends 2026-12-31) | $1.88 | $1.91 | -1.2% | $804.3M | 5 |
| Current fiscal year (ends 2026-09-30) | $4.01 | $4.02 | -0.3% | $2.53B | 11 |
| Next fiscal year (ends 2027-09-30) | $5.48 | $5.52 | -0.7% | $2.95B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-17): ±4.6%; last 8 reports averaged ±2.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 20.3% | ±4.6% |
| 2026-12-18 | 56 | 18.7% | ±6.2% |
| 2027-03-19 | 147 | 20.6% | ±10.6% |
| 2027-06-17 | 237 | 20.0% | ±12.9% |