Spire Inc (SR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Spire Inc stock $52.63, price $88.81, that is 40.7% below the price, quality 42 out of 100. Rating: strongly overvalued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $48.05 – $93.26 · fair‑value band $46.52 – $73.54 · the $88.81 price screens above the $52.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Spire Inc., together with its subsidiaries, engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States. The company operates through three segments: Gas Utility, Gas Marketing, and Midstream.
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It is also involved in the marketing of natural gas and related services; and transportation and storage of natural gas. In addition, the company engages in the operation of propane through its propane pipeline, risk management, and other activities.
Spire Inc. was formerly known as The Laclede Group, Inc. and changed its name to Spire Inc. in April 2016. Spire Inc. was founded in 1857 and is based in Saint Louis, Missouri.
Stock analysis
Spire Inc (SR) currently trades at $88.81, while our model-based Fair Value estimate is $52.63, 41% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $66.46 per share, and 0 of the 15 models we run sit above the $88.81 price.
Bear case: the Asset-Based group reads lowest at $25.14, and 15 of the 15 models stay below the price. Data coverage for this calculation is high.
Scenario range: $46.52 (bear) to $73.54 (bull), the price of $88.81 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 42/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Spire Inc reported revenue of $2.5B in FY2025 versus $2.2B in FY2021, a compound +2.6%/yr. Reported net income was $272M in FY2025, compounding +0.0%/yr from FY2021.
Key figures
Market cap $5.2B Mid · P/E ratio 25.7 · P/S ratio 2.82 · EPS (TTM) $3.45 · Dividend yield 3.7% · Net margin 11.0% · Return on equity 8.1% · Return on assets (EBIT) 4.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −21% fair-value upside, at −41%, SR screens richer than that median.
Fair Value models
Bear$46.52Fair Value $52.63Bull$73.54
Price $88.81 · Downside -40.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($0.1900 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director bought shares worth $79,480, on Jun 11, 2026. Over the same period, one person sold shares worth $307,709.
BuyPaul D KoonceDirector3× since May 8, 2026: 3,000 shares, avg. $83.70$251,100Jun 11, 2026
SaleRyan L HymanSVP, CCIO3,822 shares at $80.51$307,709Jun 9, 2026
Plus 2 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.9%
Start year 2020 (pandemic). Over 10 years: +2.3% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+8.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.0%
Dividend (yield on the price)3.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.0% vs 3.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 21%
News mood ⓘNews mood, the average tone of recent news (97 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: The regulated gas utility offers stable returns through rate base expansion, yet high leverage and negative free cash flow limit durability amid concentrated regulatory risks.
Main risk: Regulatory hurdles in approving returns on capital spending could limit earnings growth in its concentrated regulated gas operations.
Spire has completed its shift to a pure regulated natural gas utility after divesting non-core operations. This change sharpens focus on rate base expansion and regulatory outcomes but also concentrates risks in those areas. Will constructive regulation and capital spending deliver steady progress or face hurdles that limit upside?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Gas · 107 stocks
Beats the industry median on 3/14 measures
Overall it trails its industry peers.
Valuation
Quality Score42 · Bottom 25%
Fair Value upside−40.7% · Bottom 25%
Profitability
Return on equity (12 months)8.1% · Below median
Return on assets2.4% · Below median
Net margin (12 months)20.6% · Top 25%
Operating margin (12 months)7.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)19.2% · Top 25%
Dividend yield (12 months)3.7% · Above median
Balance sheet
Debt / equity0.99× · Highest 25%
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
P/E (12 months)25.7× · Priciest 25%
P/B1.55× · Pricier than median
P/S (12 months)1.97× · Pricier than median
EV/EBITDA8.9× · Pricier than median
PEG2.45× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 31
FUTURE (revenue growth)96· sector 16
PAST (return on equity)32· sector 34
HEALTH (low debt)50· sector 82
DIVIDEND (yield)73· sector 69
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Spire Inc Fair Value". https://www.fairvalue-calculator.com/stock/SR
Frequently asked questions
Is Spire Inc (SR) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $52.63 versus a price of $88.81, about 41% lower (overvalued).
What is the fair value of SR?
Our model-based fair value for Spire Inc is $52.63 (as of Nov 7, 2026), built from audited fundamentals. The current price: $88.81.
What is the quality score of SR?
Spire Inc has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Spire Inc (SR)?
Our model-based price target is the fair value of $52.63 (as of Nov 7, 2026) from 15 valuation models. Cautious scenario $46.52, optimistic scenario $73.54. It is a calculation from audited fundamentals, not an analyst target.
What is the Spire Inc stock forecast for 2026?
Our models put fair value at $52.63, about 41% lower versus a price of $88.81 (overvalued). Cautious scenario $46.52, optimistic scenario $73.54. The calculation is refreshed regularly with new filings.
What is the revenue of Spire Inc (SR)?
Spire Inc reported trailing-twelve-month revenue of about $2.7B (latest available figure, as of Nov 7, 2026).
Does Spire Inc pay a dividend?
Spire Inc currently shows a dividend yield of 3.67% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Spire Inc (SR) and when is the ex-dividend date?
Spire Inc pays a dividend of $3.26 per share a year, a dividend yield of 3.7%. The last ex-dividend date was Sep 11, 2026. A dividend has been paid every year since 1986. The payout ratio is 94.5% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Spire Inc (SR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Spire Inc it is $52.63 per share (as of Nov 7, 2026), against a price of $88.81. It is the blended result of 15 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Spire Inc stock overvalued or undervalued in 2026?
As of Nov 7, 2026, SR trades above its calculated fair value: price $88.81, fair value $52.63, a gap of about −41% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SR?
No. The price is what the market pays today ($88.81); the fair value is what the company's own numbers justify ($52.63). For Spire Inc the two are $36.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is Spire Inc worth?
The market values Spire Inc at about $5.2B (market capitalisation, as of Nov 7, 2026). Per share that is $88.81; our models calculate a fair value of $52.63 per share.
What do the bullish and bearish scenarios say about SR?
Our models span a range for Spire Inc: cautious scenario $46.52, base $52.63, optimistic $73.54 per share (as of Nov 7, 2026, price $88.81). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SR?
Spire Inc trades at a price-to-earnings ratio of 25.7 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $52.63 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2018, FY2025 ex one-offs: 19.0. Other multiples: PEG 2.5, P/B 1.6, P/S 2.0, EV/EBITDA 8.9.
What is the PEG ratio of SR?
The PEG ratio of Spire Inc is 2.45 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Spire Inc (SR)?
Balance-sheet figures for Spire Inc (as of Nov 7, 2026): return on equity 8.1%, debt of 0.99 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is SR from its 52-week high?
Spire Inc trades at $88.81, about 5% below its 52-week high of $93.26 and 18% above the low of $75.17 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $52.63 is for.
Which stocks are comparable to Spire Inc?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Snam S.p.A, NiSource Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Spire Inc stock attractive at the current price?
The data as of Nov 7, 2026: price $88.81, calculated fair value $52.63 (−41%), Quality Score 42/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SR calculated?
We run Spire Inc through 15 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $52.63 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Spire Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Spire Inc (SR)?
The closing price on Nov 6, 2026 was $88.81. Our model-based fair value is $52.63, about 41% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Spire Inc right now?
The price sits above even our optimistic bull case ($73.54). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Spire Inc (SR) come from?
Earnings per share at Spire Inc grew +4.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.2 %, EBIT margin +3.1 %, tax rate +2.0 %, residual (interest, one-offs) −1.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Spire Inc
How large is the market capitalisation of Spire Inc (SR)?
The market capitalisation of Spire Inc is $5.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Spire Inc (SR)?
The price-to-sales ratio of Spire Inc is 2.82 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Spire Inc (SR)?
Earnings per share at Spire Inc are $3.45 (price ÷ EPS = P/E 25.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Spire Inc (SR)?
The dividend yield of Spire Inc is 3.7% (payout 94.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Spire Inc (SR)?
The net margin of Spire Inc is 11.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Spire Inc (SR)?
The return on equity (ROE) of Spire Inc is 8.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Spire Inc (SR)?
On an EBIT basis the return on assets of Spire Inc is 4.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Spire Inc (SR)?
The operating margin of Spire Inc is 7.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Spire Inc (SR)?
Revenue at Spire Inc is growing +19.2% versus a year earlier (3y avg +4.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Spire Inc (SR)?
Earnings per share at Spire Inc are growing +11.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Spire Inc (SR) generate?
The free cash flow of Spire Inc is −$344M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Spire Inc (SR) carry?
The net debt of Spire Inc is $5.2B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026