Spire Inc. (SR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-259.5%

-$141.16

vs $88.48 price

Levered DCF

-$241.74

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.64

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.57×	16.02×	14.66×	15.74×	12.31×	36.94×	24.71×	16.53×
P/B	1.41×	1.17×	1.02×	1.15×	1.19×	1.08×	1.74×	1.57×
P/S	1.93×	1.46×	1.11×	1.47×	1.41×	1.47×	2.27×	1.8×
EV / EBITDA	12×	10.81×	11.06×	11.92×	10.43×	14.65×	14.42×	13.56×
Gross margin	78.1%	37.9%	33.3%	37.5%	36.8%	37.8%	32.7%	31.3%
Operating margin	21.2%	18.8%	15.7%	18.6%	20.1%	11.1%	15.5%	15.0%
Net margin	11.0%	9.7%	8.2%	10.0%	12.2%	4.8%	9.5%	10.9%
Current ratio	0.32×	0.45×	0.61×	0.68×	0.82×	0.41×	0.42×	0.5×
Debt / equity	1.55×	1.47×	1.63×	1.55×	1.4×	1.27×	1.13×	1.17×
Interest coverage	2.57×	2.43×	2.25×	3.41×	4.22×	1.96×	2.9×	2.99×
Dividend yield	4.1%	4.8%	5.6%	4.8%	4.7%	5.2%	2.8%	3.1%
Payout ratio	72.5%	72.5%	76.1%	71.0%	54.5%	161.2%	66.3%	50.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.0%	7.8%	7.5%	7.8%	10.2%	3.5%	7.3%	9.5%
Return on invested capital	4.0%	3.9%	3.7%	3.6%	4.2%	2.4%	3.7%	4.7%
Return on assets	2.3%	2.3%	2.1%	2.2%	2.9%	1.1%	2.4%	3.1%
Free cash flow yield	-7.2%	1.4%	-7.5%	-15.3%	-11.9%	-6.2%	-8.4%	-1.2%
Earnings yield	5.7%	6.6%	7.3%	6.8%	8.6%	3.3%	4.2%	6.1%
Enterprise value	$10B	$8.5B	$7.7B	$7.6B	$6.9B	$5.9B	$7.3B	$6.2B
Net debt / EBITDA	6.28×	6.03×	6.8×	6.83×	5.64×	7.91×	5.66×	5.78×
Cash conversion cycle (days)	72	47	48	55	72	35	26	35