Spire IncSpire Inc
Spire Inc

Spire Inc

SR
Utilities·Gas Utilities

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. It operates through the following business segments: Gas Utility, Gas Marketing, and Midstream. The Gas Utility segment includes the regulated operations of Spire Missouri, Spire Alabama, Spire Gulf, and Spire Mississippi. The Gas Marketing segment represents the subsidiary, Spire Marketing, which provides non-regulated natural gas marketing services throughout the United States. The Midstream segment consists of Spire STL Pipeline, Spire MoGas Pipeline, Spire Storage West, and Spire Storage Salt Plains, which are subsidiaries engaged in the transportation and storage of natural gas. The company was founded in 1857 and is headquartered in St. Louis, MO.

Missouri; U.S.A
Market cap
No dataNo data
Revenue
$2.5B−4.5% YoY
Net income
$271.7M+8.3% YoY
Free cash flow
$-344.4M−774.0% YoY

Market

Listed stock
SRPriceNYSE
Loading…Loading…1Y

Financial performance

Revenue
$2.5B−4.5% YoY
Operating income
$523.9M+7.3% YoY
Net income
$271.7M+8.3% YoY
Free cash flow
$-344.4M−774.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $2.2B, 2022 $2.2B, 2023 $2.7B, 2024 $2.6B, 2025 $2.5B. Operating income: 2021 $450.2M, 2022 $408.2M, 2023 $418.6M, 2024 $488.3M, 2025 $523.9M. Net income: 2021 $271.7M, 2022 $220.8M, 2023 $217.5M, 2024 $250.9M, 2025 $271.7M. Free cash flow: 2021 $-375M, 2022 $-497.2M, 2023 $-222.3M, 2024 $51.1M, 2025 $-344.4M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-4.5%−175 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-09-30 $450.2M, 2022-09-30 $408.2M, 2023-09-30 $418.6M, 2024-09-30 $488.3M, 2025-09-30 $523.9M. Net income: 2021-09-30 $271.7M, 2022-09-30 $220.8M, 2023-09-30 $217.5M, 2024-09-30 $250.9M, 2025-09-30 $271.7M. Free cash flow: 2021-09-30 $-375M, 2022-09-30 $-497.2M, 2023-09-30 $-222.3M, 2024-09-30 $51.1M, 2025-09-30 $-344.4M

Growth heatmap

2022202320242025CAGR
Revenue
-1.7%
+21.3%
-2.7%
-4.5%
+2.6%
Gross profit
-12.4%
+23.2%
-4.2%
-36.4%
-10.0%
Operating income
-9.3%
+2.5%
+16.7%
+7.3%
+3.9%
Free cash flow
-32.6%
+55.3%
+123.0%
-774.0%
No data

Earnings quality

Operating cash flow
$578M−36.7% YoY
Net income
$271.7M+8.3% YoY
Free cash flow
$-344.4M−774.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-09-30 213%, 2024-09-30 364%, 2023-09-30 202%, 2022-09-30 25%, 2021-09-30 92%. Free cash flow: 2025-09-30 -127%, 2024-09-30 20%, 2023-09-30 -102%, 2022-09-30 -225%, 2021-09-30 -138%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
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Free cash flow yield
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