SPIRE INC SR
Spire Inc. ("Spire" or the "Company") was formed in 2000 and is the holding company for Spire Missouri Inc. ("Spire Missouri"), Spire Alabama Inc. ("Spire Alabama"), other gas utilities, and gas-related businesses. Spire Missouri was formed in 1857, and Spire Alabama was formed in 1948 by the merger of two gas companies. Spire is committed to transforming its business and pursuing growth through growing organically, investing in infrastructure, and advancing through innovation. The Company has three reportable business segments: Gas Utility, Gas Marketing and Midstream, which are further described below.
The Gas Utility segment includes the regulated operations of Spire Missouri, Spire Alabama, Spire Gulf Inc. ("Spire Gulf") and Spire Mississippi Inc. ("Spire Mississippi") (collectively, the "Utilities"). Due to the seasonal nature of the Utilities' business and the volumetric Spire Missouri rate design, earnings of Spire and each of the Utilities are typically concentrated during the heating season of November through April of each fiscal year.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.48B | $2.59B | $2.67B | $2.20B | $2.24B | $1.86B | $1.95B | — | — | — |
| Cost of revenue | $1.02B | $1.23B | $1.39B | — | — | — | — | — | — | — |
| Gross profit | $1.46B | $1.36B | $1.27B | — | — | — | — | — | — | — |
| Total operating expenses | $1.95B | $2.10B | $2.25B | $1.79B | $1.79B | $1.65B | $1.65B | $1.67B | $1.40B | $1.25B |
| Operating income | $523.9M | $488.3M | $418.6M | $408.2M | $450.2M | $206.4M | $302.3M | $294.1M | $340.9M | $282.3M |
| Interest expense | $204.1M | $201.1M | $185.7M | $119.8M | $106.6M | $105.5M | $104.4M | $98.4M | $89.1M | $77.2M |
| Pre-tax income | $331.4M | $309.6M | $256.3M | $279.7M | $340.2M | $101.0M | $219.1M | $187.7M | $239.2M | $213.7M |
| Income tax | $59.7M | $58.7M | $38.8M | $58.9M | $68.5M | $12.4M | $34.5M | $26.5M | $77.6M | $69.5M |
| Net income | $271.7M | $250.9M | $217.5M | $220.8M | $271.7M | $88.6M | $184.6M | $214.2M | $161.6M | $144.2M |
| EPS, basic | 4.39 | 4.20 | 3.86 | 3.96 | 4.97 | 1.44 | 3.53 | 4.35 | 3.44 | 3.26 |
| EPS, diluted | 4.37 | 4.19 | 3.85 | 3.95 | 4.96 | 1.44 | 3.52 | 4.33 | 3.43 | 3.24 |
| Shares, diluted (wtd. avg.) | $59 | $56 | $53 | $52.1M | $51.7M | $51.3M | $50.8M | $49.3M | $47.0M | $44.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.7M | $4.5M | $5.6M | $6.5M | $4.3M | $4.1M | $5.8M | $4.4M | $7.4M | $5.2M |
| Total current assets | $807.7M | $771.3M | $1.08B | $1.59B | $1.32B | $590.6M | $614.5M | $659.6M | $725.5M | $569.6M |
| Property, plant and equipment | $1.01B | $955.3M | $628.5M | $491.4M | $471.1M | $432.3M | $477.8M | $174.5M | $52.0M | $13.7M |
| Goodwill | $1.17B | $1.17B | $1.17B | $1.17B | $1.17B | $1.17B | $1.17B | $1.17B | $1.17B | $1.16B |
| Total assets | $11.58B | $10.86B | $10.31B | $10.08B | $9.36B | $8.24B | $7.62B | $6.84B | $6.55B | $6.06B |
| Accounts payable | $248.3M | $237.2M | $253.1M | $617.4M | $409.9M | $243.3M | $301.5M | $290.1M | $257.1M | $210.9M |
| Short-term debt | $487.5M | $42.0M | $156.6M | $281.2M | $55.8M | $60.4M | $40.0M | $175.5M | $477.3M | $398.7M |
| Total current liabilities | $2.55B | $1.70B | $1.76B | $2.35B | $1.61B | $1.45B | $1.47B | $1.32B | $1.10B | $1.16B |
| Long-term debt | $3.37B | $3.70B | $3.55B | $2.96B | $2.94B | $2.42B | $2.08B | $1.90B | $2.00B | $1.82B |
| Retained earnings | $1.09B | $1.02B | $958.0M | $905.5M | $843.0M | $720.7M | $775.5M | $715.6M | $614.2M | $550.9M |
| Total equity | $3.39B | $3.23B | $2.92B | $2.82B | $2.66B | $2.52B | $2.54B | $2.26B | $1.99B | $1.77B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $578.0M | $912.4M | $440.2M | $55.0M | $249.8M | $469.9M | $450.9M | $456.6M | $288.3M | $328.3M |
| Depreciation and amortisation | $298.2M | $278.4M | $254.8M | $237.3M | $213.1M | $197.3M | $181.7M | $168.4M | $154.1M | $137.5M |
| Capital expenditure | $922.4M | $861.3M | $662.5M | $552.2M | $624.8M | $638.4M | $823.3M | $499.4M | $438.1M | $293.3M |
| Investing cash flow | -$916.4M | -$1.03B | -$695.5M | -$546.7M | -$622.0M | -$631.6M | -$838.3M | -$531.7M | -$433.5M | -$612.7M |
| Financing cash flow | $344.7M | $123.9M | $260.6M | $500.9M | $379.4M | $160.0M | $371.8M | $89.1M | $147.4M | $275.8M |
| Dividends paid | $182.2M | $167.1M | $150.7M | $141.9M | $133.2M | $128.0M | $119.0M | $108.7M | $96.2M | $85.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-282583.
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