SRNYSENatural Gas DistributionFiscal year ends September 30Also trades as SRJN
SPIRE INC
Financials through Q2 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Aug 5, 2026
$81.17−0.86 (-1.05%)
Close on Oct 19, 2026
- Market cap
- $4.81B
- P/E (TTM)
- 18.6
- Dividend yield
- 3.87%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
58.8%
Operating margin
21.2%+10.0 pts over 5 years
Net margin
11.0%+6.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -4.5% | +4.0% | +5.9% | +2.3% | |
| Gross profit | +6.9% | – | – | – | |
| Operating income | +7.3% | +8.7% | +20.5% | +6.8% | |
| Net income | +8.3% | +7.2% | +25.1% | +7.1% | |
| EPS, diluted | +4.3% | +3.4% | +24.9% | +3.3% | |
| Dividend per share | +4.0% | +4.6% | +4.7% | +5.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 8.6% | 3.5% | 8.2% | |
| Return on assets | 2.5% | 1.1% | 2.4% | |
| Current ratio | 0.49 | 0.41 | 0.32 | |
| Debt to equity | 1.26 | 0.98 | 1.53 | |
| Net debt to EBITDA | 5.27× | 6.14× | 6.29× | |
| Interest coverage | 3.7× | 2.0× | 2.6× | |
| Capex to revenue | 19.1% | 34.4% | 37.2% | |
| Diluted shares | 44M | 51M | 0M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Spire generated $2.24B from operations and spent $4.40B on capital expenditure, dividends and share buybacks. 82% of that went back into the business.
Generated
$2.24B
Used
$4.40B
Capital expenditure$3.62B82%Dividends$775.10M18%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin11.0%
×Asset turnover0.22×
×Equity multiplier3.39×
=Return on equity, FY20258.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 11.0% | 0.22× | 3.39× | 8.2% |
| FY2024 | 9.7% | 0.24× | 3.44× | 8.2% |
| FY2023 | 8.2% | 0.26× | 3.56× | 7.6% |
| FY2022 | 10.0% | 0.23× | 3.55× | 8.1% |
| FY2021 | 12.2% | 0.25× | 3.40× | 10.5% |
| FY2020 | 4.8% | 0.23× | 3.13× | 3.5% |
| FY2019 | 9.5% | 0.27× | 3.01× | 7.7% |
| FY2018 | 10.9% | 0.29× | 3.15× | 10.1% |
| FY2017 | 9.3% | 0.28× | 3.35× | 8.6% |
| FY2016 | 9.4% | 0.27× | 3.39× | 8.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$271.70M
- Cash generatingOperating cash flow above zero$578.00M
- Return on assets improvedROA up on the prior year2.4% → 2.5%
- Earnings backed by cashOperating cash flow above net income$578.00M vs $271.70M
- Less leverageLong-term debt to assets fell34.1% → 29.1%
- Better liquidityCurrent ratio rose0.45 → 0.32
- No dilutionShare count did not rise0M → 0M
- Gross margin improvedGross margin up on the prior year52.51% → 58.76%
- More efficientAsset turnover rose0.25 → 0.23