Only one of our models could value this stock with confidence, so use it as a guide.
Not used by alerts or posts.
Valued as a utility: P/E comparison and EV/EBITDA comparison.
ACCE opinionSpire Inc. Common Stock (SR)
Fair value (2 models)
Not available
ACCE price target
$81.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 11 Oct 2026, 00:00 CEST.
Price used: $85.24 at the close on 23 Oct 2026, 22:00 CEST.
Models: EV/EBITDA comparison and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
63
out of 100
Analysts
55% buy
11 covering
P/E
23.8x
forward 15.6x
1-year return
-3.6%
Dividend yield
3.86%
Spire Inc. Common Stock in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Spire Inc. operates regulated natural gas distribution utilities in Missouri, Alabama and Mississippi, serving roughly 1.7 million customers, and it also runs a gas storage and pipeline business that supplies its own and third-party systems. Its earnings are largely set by state commissions that allow a return on invested capital, so the moat is the monopoly franchise and the rate base it earns on. The growth driver is steady replacement of aging pipe, which expands the rate base year after year and lets management guide to a multi-year earnings path. At a forward P/E of 14.9 against a trailing 23.8, the market is pricing in a meaningful earnings recovery, and the 19.2% revenue growth figure reflects gas cost pass-throughs more than organic expansion, so margins (7.1% operating, 8.1% ROE) are the number to check. The score of 58 and absence from major indices point to a name worth a deeper look on the question of whether that earnings recovery is already in the price.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Free cash flow deeply negative
FCF of $-344.4M against a $4.8B market cap means the business is consuming cash to fund its build-out. Debt/Equity of 1.55 leaves little room if financing costs rise.
moderate
Thin operating margin
Operating margin of 7.1% sits well below the 20.6% net margin, so the headline profit depends on items outside core operations. Earnings growth of 1138.2% also flatters a low prior base.
moderate
Momentum score slipping
Momentum scores 31/100, the weakest pillar, and the overall ACCE score moved from 59 to 58 over 90 days. Trend support is fading even as fundamentals hold.
AI research notes
AI-assisted·How I use AIWritten Oct 20, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 19.2% year over year, well ahead of its 5.9% average annual pace over five years.
At 14.9x forward earnings the stock trades below the sector median of 18.4x, and it pays a 4.0% dividend yield.
Analysts' mean price target of $91.40 sits 12.6% above the current share price, and 55% of analysts rate it Buy or Strong Buy.
Why it could disappoint
Free cash flow over the last twelve months was negative at -$344M, and the yield on that cash flow is -7.1%.
Return on invested capital of 2.6% and return on equity of 8.1% are thin for the capital the business has tied up.
Debt is 1.55 times equity, and the diluted share count rose 4.3% last fiscal year, diluting existing holders.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 17, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where SR's valuation models land
Price
$85.24
Model fair valueConfidence: medium
$101
Model
Fair value
Upside
EV/EBITDA comparison
P/E comparison
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores