At a glance
Spire Inc is worth $5.05B, about 20 times its fiscal 2025 earnings. Revenue fell 4.5% to $2.48B in fiscal 2025, with 11.0% kept as profit; over 5 years it has grown 5.9% a year. It pays a 4.35% dividend yield, raised every year for at least 9 years, and returned $775.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +1.5% over the past year with dividends reinvested and +11.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.3% in the 2020 crash (S&P 500: 33.7%) and 19.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 56 months and 26 months after the lows.
The business in plain English
Spire Inc., formerly Laclede Group, is a holding company for natural gas utilities and related businesses. Its largest unit, Spire Missouri, dates to 1857 and is Missouri's biggest gas utility. It serves about 1.2 million homes and businesses in St. Louis, Kansas City and other parts of the state. Spire Alabama is the largest gas utility in Alabama. It serves more than 400,000 customers in central and northern Alabama, including Birmingham and Montgomery. Two smaller utilities, Spire Gulf and Spire Mississippi, serve about 100,000 more around Mobile, Alabama, and south-central Mississippi.
The utilities buy gas on the wholesale market and deliver it through more than 60,000 miles of mains and service lines. State public service commissions set their rates. Those rates are meant to cover operating costs and an approved return on investment. The cost of the gas itself is passed through to customers, subject to regulators' review. Residential customers supplied 66% of utility revenue in fiscal 2025, which ended September 30, 2025. Earnings typically cluster in the November–April heating season.
By segment, Gas Utility accounted for about 89% of Spire's $2.48 billion of fiscal 2025 revenue. Gas Marketing, a natural gas marketing business, contributed about 6%. Midstream, which owns the Spire STL and Spire MoGas pipelines plus gas storage operations, also contributed about 6%.
Price history
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SR +1.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Gas Utility | $2.21B | 89.1% |
| Gas Marketing | $157.2M | 6.3% |
| Midstream | $155.5M | 6.3% |
| All Other Segments | $2.5M | 0.1% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $420.2M, down 0.4% from a year earlier, and net income was $211.2M (+910.5%).
- For fiscal 2025, revenue was $2.48B (-4.5% year over year; +5.9% a year from FY2020 to FY2025) with a 11% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.9% good |
|---|---|
| Operating margin | 21.2% good |
| Free cash flow margin | -13.9% weak |
| Return on equity (FY2025) | 8% watch |
| Return on assets (FY2025) | 2.3% weak |
| Net cash (cash minus debt) | $-7.00B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.86B | $88.6M | $-168.5M |
| FY2021 | $2.24B | $271.7M | $-375.0M |
| FY2022 | $2.20B | $220.8M | $-497.2M |
| FY2023 | $2.67B | $217.5M | $-222.3M |
| FY2024 | $2.59B | $250.9M | $51.1M |
| FY2025 | $2.48B | $271.7M | $-344.4M |
Valuation snapshot
| Market value | $5.05B |
|---|---|
| P/E ratio | 19.6 |
| Dividend yield | 4.35% |
Rank among 1514 US companies
Market value at each year end
Spire’s market value went from $2.95B at the end of 2016 to $5.05B on Oct 28, 2026, up 71%; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.05B | +3.5% |
| 2025 | $4.88B | +24.6% |
| 2024 | $3.92B | +18.2% |
| 2023 | $3.32B | -8.3% |
| 2022 | $3.62B | +7.2% |
| 2021 | $3.37B | +2.0% |
| 2020 | $3.31B | -22.2% |
| 2019 | $4.25B | +13.1% |
| 2018 | $3.75B | +3.5% |
| 2017 | $3.63B | +23.1% |
| 2016 | $2.95B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SR price data to Oct 28, 2026 | +7.1% | +1.5% | +21.4% | +11.0% | +7.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.1% |
| 2025 | +27.1% |
| 2024 | +14.2% |
| 2023 | -5.2% |
| 2022 | +9.8% |
| 2021 | +5.8% |
| 2020 | -20.2% |
| 2019 | +15.8% |
| 2018 | +1.7% |
| 2017 | +19.9% |
| 2016 | +12.0% |
| 2015 | +15.7% |
| 2014 | +21.2% |
| 2013 | +22.7% |
| 2012 | +0.1% |
| 2011 | +18.1% |
| 2010 | +16.2% |
| 2009 | -20.6% |
| 2008 | +58.1% |
| 2007 | +17.8% |
| 2006 | +33.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 33.4% over that stretch · deepest drop along the way 29.5%, back to its old high 34.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.2% over that stretch · deepest drop along the way 30.3%, back to its old high 56 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.7% over that stretch · deepest drop along the way 19.9%, back to its old high 25.5 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 3 open-market purchases ($251K) and 1 sales ($308K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 9, 2026 | Ryan L Hyman SVP, CCIO | sell | $308K |
| May 8, 2026 | Paul D Koonce Director | buy | $172K |
| Jun 1, 2026 | Paul D Koonce Director | buy | $40K |
| Jun 11, 2026 | Paul D Koonce Director | buy | $39K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 5.97% | Mar 31, 2026 |
| Vanguard Capital Management | 5.1% | Mar 31, 2026 |
| American Century Investment Management, Inc. | 4.6% | Sep 30, 2025 |
| Fuller & Thaler Asset Management, Inc. | 4.21% | Mar 31, 2025 |
ETFs with the most weight in SR
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.27% |
| DIV Global X SuperDividend U.S. ETF | 2.26% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 1.59% |
| ALTY Global X Alternative Income ETF | 1.54% |
| TPYP Tortoise North American Pipeline Fund | 1.53% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 1.25% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1.13% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.84% |
What could go wrong
- Regulators control rates and cost recovery. Commissions in Missouri, Alabama and Mississippi set Spire's rates and allowed returns, and may block recovery of some costs. Missouri's fast-track surcharge for pipe-replacement spending (ISRS) expires August 28, 2029 without new legislation.
- Warm winters reduce heating sales. Earnings are concentrated in the November–April heating season, and Spire Missouri's rates are tied to how much gas customers use. A much warmer-than-normal winter, or long-term climate change, means less gas burned.
- Climate policy could shrink gas demand. Limits on greenhouse gas emissions, natural gas use, new infrastructure or gas furnaces and appliances could cut usage, encourage switching to other energy sources and raise compliance costs for a gas-focused company.
- Business concentrated in a few states. Its utilities serve customers only in Missouri, Alabama and Mississippi. A regional economic slump, an unfavorable regulatory decision or a local disaster could hit Spire harder than a more geographically spread-out company.
- Heavy debt and credit-rating risk. Spire reported about $7.0 billion of debt and $20.7 million of cash as of June 30, 2026. A rating downgrade or tighter credit markets could raise borrowing costs or hold back its plans.
- Pipeline and storage accidents. Moving, distributing and storing natural gas and propane can lead to accidents, such as leaks or explosions, and service outages. Federal pipeline safety and integrity rules can also impose significant costs and liabilities.
Recent events
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Major agreement signed
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Acquisition or sale of assets completed; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed
- Acquisition or sale of assets completed; Investor presentation or announcement
For income and retirement investors
Spire has raised its dividend for at least 9 straight fiscal years. Dividends per share grew from $2.49 in fiscal 2020 to $3.14 in fiscal 2025, about 4.7% a year, and took 67.1% of fiscal 2025 earnings. The yield was 4.35% as of October 28, 2026. However, free cash flow (operating cash minus capital spending) was negative in five of the six fiscal years from 2020 to 2025, so dividends lean partly on outside financing. Spire bought back no shares from fiscal 2021 to 2025, and its share count rose 14.4% between November 2021 and July 2026.
During the market's 2007–2009 slide, the stock rose 33.4%. Even so, it fell 29.5% from November 2008 to March 2009 and took until February 2012 to recover. In the 2020 COVID crash it dropped 30.3% and needed about 56 months to recover. In 2022 it fell 19.9%, regaining its peak in November 2024. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Spire make money?
Mainly by delivering natural gas to homes and businesses. Its Gas Utility segment (Spire Missouri, Spire Alabama, Spire Gulf and Spire Mississippi) produced about 89% of revenue in fiscal 2025, which ended September 30, 2025. State regulators approve rates meant to cover the cost of running the gas network plus a return on the company's investment. Gas Marketing and Midstream, which runs pipelines and gas storage, each added roughly 6%.
Does Spire raise its dividend every year?
Yes, in every fiscal year of available SEC data. The data covers fiscal 2016 through 2025 and shows a streak of at least 9 increases. Dividends per share rose from $2.49 in fiscal 2020 to $3.14 in fiscal 2025, about 4.7% a year. The dividend yield was 4.35% as of October 28, 2026. A long record of increases does not guarantee future ones.
Why do Spire's earnings depend on the weather?
Because heating drives its sales. Spire Missouri's earnings come mainly from selling gas for heat, and Spire's earnings typically cluster in the November–April heating season. Residential customers made up 66% of gas utility revenue in fiscal 2025. Spire Missouri's rates are tied to how much gas customers use. A much warmer-than-normal winter can therefore lower sales and profit. Spire's annual report lists warm weather and climate change as risks.
How much debt does Spire have?
About $7.0 billion as of June 30, 2026. That compares with $20.7 million of cash and about $3.6 billion of shareholders' equity. The company's stock market value was about $5.1 billion as of October 28, 2026. Gas utilities typically borrow to pay for pipe replacement and expansion. Even so, this much debt leaves Spire exposed to its credit ratings and access to capital markets, a risk its annual report flags.
How has Spire stock performed over the long run?
Its share price roughly doubled over the 10 years to October 28, 2026. That was a 106% gain, or about 7.5% a year. Over five years it returned about 11% a year. Calendar years vary widely: the shares fell about 20% in 2020 and gained about 27% in 2025. The largest peak-to-trough drop in about 21 years of price history was 42.1%. These figures are price-based and leave out dividends.