Stock fact sheet · data as of
Spire Inc. (SR): fair value, margin of safety and Wheel Score
Utilities · Regulated Gas · United States · High Yield Income
Is SR undervalued?
SR has a margin of safety of 53%: the stock closed at 79.80 on 16 Oct 2026 against a GLS average fair value of 171.07. 5 of the 7 valuation models that produced a number sit above the price. Our screens 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.
The nightly engine files SR under High Yield Income: a dividend yield above 4%.
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 | +41% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 234.05 | +193% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 80.19 | +0% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 568.93 | +613% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 49.85 | -38% | 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 | -39% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 103.26 | +29% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -124.70 | -256% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 92.57 | +16% | 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 Sunday Scan's "6 or more" rule. 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. A GLS Moat score of 3.2/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
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 high at 4.14% (payout ratio 37%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. 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 | 3.2 / 10 | ROE | 8.0% |
| Debt / equity | 1.55 | ROA | 2.3% |
| Free-cash-flow yield | -4.3% | Payout ratio | 37% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 64: Fair
A Wheel Score of 64 puts Spire Inc. in the Fair band - below the 70 the Sunday Scan requires. Value 25/25, Health 9/20, Moat 5/15, Premium 11/20 and Stability 14/20; the weakest part is Moat (5/15).
Implied volatility is 26% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (11 of 20 points). Chain open interest is thin - 178 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 405k shares a day on a market cap of $4.7B, with a beta of 0.54 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 14 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 53% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 5 / 15 | moat 3.2/10 | |
| Premium | 11 / 20 | implied volatility 26% | |
| Stability | 14 / 20 | 405k shares/day, $4.7B cap, beta 0.54 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 13 Nov 2026 (before the open), 28 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
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. | 74.56 | 46.32 | -61% | 53Fair | $4.7B |
| BIPC Brookfield Infrastructure Corporation | 37.63 | 26.41 | -42% | 45Weak | $4.6B |
| NJR New Jersey Resources Corporation | 51.53 | 44.50 | -16% | 59Fair | $5.2B |
| MDU MDU Resources Group, Inc. | 18.61 | 11.63 | -60% | 49Weak | $3.9B |
| BKH Black Hills Corporation | 75.87 | 40.35 | -88% | 54Fair | $5.8B |
| SWX Southwest Gas Holdings, Inc. | 85.30 | 115.31 | +26% | 69Good | $6.2B |
| CPK Chesapeake Utilities Corporation | 130.66 | 82.95 | -58% | 47Weak | $3.1B |
| UGI UGI Corporation | 37.21 | 32.66 | -14% | 53Fair | $8.0B |
| NWN Northwest Natural Holding Company | 48.35 | 33.78 | -43% | 49Weak | $2.0B |
| CTRI Centuri Holdings, Inc. | 19.76 | 8.02 | -147% | 56Fair | $2.0B |
| NI NiSource Inc | 41.25 | 21.62 | -91% | 52Fair | $19.8B |
| ATO Atmos Energy Corporation | 163.95 | 105.99 | -55% | 49Weak | $27.7B |
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Start free See the Sunday ScanQuestions about SR
Is SR undervalued right now?
By the GLS models, yes: at 79.80 the stock is 53% below the average fair value of 171.07 (data as of 16 Oct 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 64 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for SR?
171.07 per share as of 16 Oct 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 13 Nov 2026 (before the open), 28 days from the data date of 16 Oct 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 128 listed contracts with 178 open interest across all expiries and implied volatility of 26% 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.