Spire Inc. (SR) Stock Analysis
Utilities · Utilities - Regulated Gas · NYSE
Spire Inc. (SR) posted $2.48B in revenue for fiscal 2025 (down 4.5% year over year), at a 10.4% net margin, and has compounded revenue about 5.9%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Spire Inc.
Spire Inc. has grown revenue from $0 to $2.48B over the last 10 fiscal years, compounding about 5.9% a year. The most recent year was down 4.5%, so growth has cooled from its longer-run pace.
Net margin sits at 10.4%, up 1.3 points year over year on a 58.8% gross margin. It carries about $4.69B of total debt.
The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Spire Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Spire Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $1.95B | $1.86B | $2.24B | $2.20B | $2.67B | $2.59B | $2.48B |
| Gross profit | — | — | — | — | — | — | — | $1.27B | $1.36B | $1.46B |
| Net income | $144.20M | $161.60M | $214.20M | $184.60M | $88.60M | $271.70M | $205.70M | $202.40M | $235.80M | $256.60M |
| Net margin | — | — | — | 9.5% | 4.8% | 12.2% | 9.4% | 7.6% | 9.1% | 10.4% |
Source: Spire Inc. SEC filings (10-K). 18 years of history available in the interactive view.
Spire Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 14.1% over 4 years (51.7M → 59M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $5173.9M is 9.0× last year's operating cash flow — it would take years of cash flow to clear.
Explore 18 years of Spire Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeSpire Inc. financial history by metric
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About Spire Inc.
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. 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.
Spire Inc. — frequently asked questions
What is Spire Inc.'s revenue?
Spire Inc. (SR) reported revenue of $2.48B for fiscal year 2025, down 4.5% from the prior year, according to its SEC filings.
Is Spire Inc. profitable?
Yes. SR earned net income of $256.60M in fiscal 2025, a net margin of 10.4%.
What is SR's P/E ratio?
Spire Inc. trades at a price-to-earnings ratio of about 16.3 based on the latest data in our nightly-refreshed cache.
How fast is Spire Inc. growing?
SR's revenue grew at roughly 5.9% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Spire Inc. have?
As of fiscal year 2025, SR carried roughly $4.69B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Spire Inc.'s gross margin?
SR's gross margin was 58.8% in fiscal 2025 — gross profit of $1.46B on revenue of $2.48B.
What is Spire Inc.'s market cap?
Spire Inc. (SR) has a market capitalization of about $4.77B, based on the latest data in our nightly-refreshed cache.
When does Spire Inc.'s fiscal year end?
SR's fiscal year ends in September. Its most recent annual filing covers the fiscal year ending 2025-09-30.
Where does this data come from?
All figures are computed from Spire Inc.'s official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.