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Regulated natural gas distribution utility serving customers in Missouri and Alabama.
Regulated natural gas distribution utility serving customers in Missouri and Alabama.
Earns an allowed return on the gas pipes and equipment it has invested in, set by state regulators in rate cases, while the cost of the gas itself is largely passed through to customers. Missouri, which includes St. Louis, is the larger territory and Alabama the second. Weather drives winter heating volumes.
Moat: wide (regulatory licence, scale). Exclusive regulated service territory with state-approved rate-base returns.
Headquarters: St. Louis, Missouri, US · Founded: 1857 · Employees: 3,497
Size Spire (SR) is a United States Utilities company (Gas Distributors) with a market value of $5.25B, the 1154th largest of 3,117 United States companies the cockpit tracks. Shares closed at $88.81 on 6 Nov 2026.
Performance Over six months the shares gained 3.6%, against -0.5% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 4.1% over the last twelve months (peer median +0.6%); the operating margin is 19.7% (peer median 21.1%).
Valuation It trades at 17.9× forward earnings against a peer median of 16.2× (9th most expensive of 21).
Capital Return on invested capital runs 2.6 points below its cost of capital (6.3% WACC).
Credit Spire has 6 bonds outstanding ($2.37B), rated A by the agencies and trading like A- at a weighted spread of 81 bp.
Short interest Short interest is 4.6% of the free float (15 Oct 2026).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.54B | $2.48B | $2.59B | $2.67B | $2.20B |
| Revenue growth | — | -4% | -3% | +21% | — |
| Gross profit | $728M | $731M | $704M | $633M | $588M |
| EBITDA | $838M | $822M | $767M | $673M | $646M |
| Net income | $548M | $271M | $251M | $217M | $220M |
| Free cash flow | -$222M | -$344M | $51.1M | -$222M | -$497M |
| Capital expenditure | $831M | $922M | $861M | $662M | $552M |
| Total debt | $7.26B | $5.24B | $4.76B | $4.74B | $4.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Spire SR | $5.25B | +4% | +4% | 20% | 17.9× | n/a |
| ONE Gas OGS | $5.09B | -5% | -2% | 21% | 16.6× | n/a |
| Northwest Natural NWN | $2.18B | +3% | +4% | 36% | 16.6× | n/a |
| Atmos Energy ATO | $29.3B | -4% | +6% | 37% | 19.3× | n/a |
| New Jersey Resources NJR | $5.51B | -2% | +7% | 24% | 16.6× | n/a |
| Southwest Gas SWX | $6.62B | +2% | -57% | 29% | 18.9× | n/a |
| UGI UGI | $7.94B | +15% | 0% | 14% | 10.6× | 6.1% |
| NiSource NI | $21.2B | -6% | +10% | 27% | 20.3× | n/a |
| Chesapeake Utilities CPK | $3.38B | +11% | +15% | 27% | 20.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.9% | +3.6% | highest of 21 |
| 6-month return | +3.6% | -0.5% | 8th highest of 21 |
| Distance from 52-week high | -6.8% | -14.7% | 6th highest of 21 |
| Revenue growth (TTM) | +4.1% | +0.6% | 9th highest of 21 |
| Operating margin | 19.7% | 21.1% | 10th lowest of 20 |
| Forward P/E | 17.9× | 16.2× | 9th most expensive of 21 |
| ROIC minus cost of capital | -2.6 pp | -0.8 pp | 4th lowest of 20 |
| EV / EBITDA | 14.9× | 10.0× | 2nd most expensive of 18 |
| Net debt / EBITDA | 8.6× | 4.2× | most indebted of 18 |
| Bond spread | 81 bp | 84 bp | 4th tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| China Suntien Green Energy 600956.SS | China | $3.40B | -18% | -12% | 13% | 15.9× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
Spire has 6 bonds outstanding with $2.37B face value. The agencies rate it A; its bonds trade like A-. Weighted yield 5.52%, a spread of 81 bp over government bonds.