Health score, competitive moat, risk signals, and key metrics at a glance.
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.
Competitive analysis based on 63 quarters of fundamental data
Operating margins are under pressure, averaging 17.3%. The business may lack pricing power or face rising costs.'
ROE is positive at ~8.4% on average, adequate but below the threshold typically associated with wide moats.
Data-driven red flags and warnings across 63 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
Debt-to-equity has risen 50.9% recently — increasing financial risk even if the current ratio is manageable.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 5.7% — significant dilution, likely from stock compensation or capital raises.
as of March 2026
Revenue, EBITDA, operating income, net income, EPS, and shares
Gross, EBITDA, operating, and net margin trends
P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield
Total assets, cash, debt, book value, and leverage
Operating cash flow, free cash flow, FCF margin, and earnings quality
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has grown modestly overall (~8.2%) but trajectory is uneven, suggesting a competitive or cyclical business.
