Stock fact sheet · data as of
Spire Inc. (SR): fair value, margin of safety and Wheel Score
Ticker symbol SR · Utilities · Regulated Gas · United States · Blend
Is SR undervalued?
SR has a margin of safety of 47%: the stock closed at 90.31 on 5 Nov 2026 against a GLS average fair value of 171.00. 4 of the 7 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
There is a wide gap between DDM (48.56) and GLS Growth (568.93). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for SR, so the nightly engine files it under Blend (value score 67, growth score 49, out of 100).
Nine valuation models for SR
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 112.69 | +25% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 233.71 | +159% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 80.02 | -11% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 568.93 | +530% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 49.85 | -45% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 48.56 | -46% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 103.26 | +14% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -124.70 | -238% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 92.57 | +3% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Spire Inc. scores only 4 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. On durability SR scores 5.3/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are thin or negative - ROIC 3.1%, ROE 8.0%, ROA 2.3% - with debt at 1.55 times equity and negative free cash flow.
The dividend yield is 3.65% at a payout ratio of 37%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Gas Utility 100% (quarter Q3 FY2026).
Institutional ownership scores 10/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | 3.1% |
|---|---|---|---|
| GLS Moat | 5.3 / 10 | ROE | 8.0% |
| Debt / equity | 1.55 | ROA | 2.3% |
| Free-cash-flow yield | -3.8% | Payout ratio | 37% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 36: Weak
With a Wheel Score of 36 Spire Inc. sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (1,002 open interest, 84 a day); and filter 4, financially healthy - Piotroski 4/9 (under 6); and filter 6, no serious red flags - Red Flags score 47 (under 60); Red Flags (weak) is its weakest part.
Implied volatility is 29% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is thin - 1,002 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 730k shares a day on a market cap of $5.3B, with a beta of 0.52 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (1,002 open interest, 84 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Fails | Red Flags score 47 (under 60) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 47% below fair value | |
| Premium | Fair | implied volatility 29% | |
| Moat | Fair | moat 5.3/10 | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Weak | Red Flags score 47/100 | |
| Option trading | Weak | 84 contracts a day, 1,002 open interest | |
| Stability | Good | beta 0.52, $5.3B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Spire Inc. reports earnings on 17 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Regulated Gas
The 12 companies below are the closest to Spire Inc. by market cap within the Regulated Gas industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| OGS ONE Gas, Inc. | 82.22 | 47.74 | -72% | 23Weak | $5.2B |
| NJR New Jersey Resources Corporation | 55.06 | 44.64 | -23% | 28Weak | $5.6B |
| BIPC Brookfield Infrastructure Corporation | 38.39 | 26.41 | -45% | 29Weak | $4.7B |
| BKH Black Hills Corporation | 84.27 | 38.57 | -118% | 30Weak | $6.4B |
| SWX Southwest Gas Holdings, Inc. | 92.33 | 65.84 | -40% | 25Weak | $6.7B |
| MDU MDU Resources Group, Inc. | 19.82 | 11.44 | -73% | 35Weak | $4.2B |
| UGI UGI Corporation | 38.11 | 32.46 | -17% | 29Weak | $8.2B |
| CPK Chesapeake Utilities Corporation | 141.70 | 83.37 | -70% | 29Weak | $3.4B |
| NWN Northwest Natural Holding Company | 51.32 | 33.82 | -52% | 31Weak | $2.2B |
| CTRI Centuri Holdings, Inc. | 20.54 | 8.04 | -155% | 31Weak | $2.1B |
| NI NiSource Inc | 45.29 | 25.42 | -78% | 20Weak | $21.7B |
| AILIP Ameren Illinois Company PFD 4.20% | 66.48 | 35.90 | -85% | 16No options | $29.1B |
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Start free See the Sunday ScanQuestions about SR
Is SR undervalued right now?
By the GLS models, yes: at 90.31 the stock is 47% below the average fair value of 171.00 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of SR and what does it mean?
SR scores 36 out of 100 (Weak) - it fails Wheel Trade Filters 1, 4, 6. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for SR?
171.00 per share as of 5 Nov 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Spire Inc. report earnings next?
The next earnings report is due on 17 Nov 2026 (before the open), 12 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does SR have listed options, and how liquid are they?
Yes. The nightly snapshot found 50 listed contracts with 1,002 open interest across all expiries and implied volatility of 29% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.