Stock fact sheet · data as of
Spire Inc. 6.375% Junior Subord (SRJN): fair value, margin of safety and Wheel Score
Utilities · Regulated Gas · United States · High Yield Income
Is SRJN undervalued?
At 20.75 (close of 16 Oct 2026), SRJN trades 33% below the GLS average fair value of 31.15. That average comes from 6 models run on the latest filings, and 3 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Spire Inc. 6.375% Junior Subord the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
There is a wide gap between Lynch (9.09) and GLS Growth (78.96). 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 SRJN under High Yield Income: a dividend yield above 4%.
Nine valuation models for SRJN
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 | 41.09 | +98% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 28.49 | +37% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 9.09 | -56% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 78.96 | +281% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 14.91 | -28% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 14.33 | -31% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -921.51 | -4541% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Spire Inc. 6.375% Junior Subord scores 6 of 9 on the Piotroski F-score: a middling result that passes the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 3.4/10 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 1.56 times equity and negative free cash flow.
The dividend yield is high at 4.88% (payout ratio 198%) - a payout above 100% of earnings, which is not covered by profits. 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.
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 3.1% |
|---|---|---|---|
| GLS Moat | 3.4 / 10 | ROE | 8.0% |
| Debt / equity | 1.56 | ROA | 2.3% |
| Free-cash-flow yield | -265.5% | Payout ratio | 198% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 39: No options
No options are listed on Spire Inc. 6.375% Junior Subord in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 39) and the stock is left out of every options screen; the fair value and health figures above are still useful for a plain stock position.
Volume runs at 30k shares a day on a market cap of $166M, with a beta of 0.66 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 33% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 5 / 15 | moat 3.4/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 30k shares/day, $166M cap, beta 0.66 |
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 25 Nov 2026, 40 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. 6.375% Junior Subord 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 |
|---|---|---|---|---|---|
| ENO Entergy New Orleans, LLC | 19.68 | 105.04 | +81% | 39No options | $166M |
| ENJ Entergy New Orleans, LLC | 18.05 | 97.63 | +82% | 39No options | $162M |
| RGCO RGC Resources, Inc. | 23.01 | 15.14 | -52% | 48Weak | $240M |
| CTRI Centuri Holdings, Inc. | 19.76 | 8.02 | -147% | 56Fair | $2.0B |
| NWN Northwest Natural Holding Company | 48.35 | 33.78 | -43% | 49Weak | $2.0B |
| CPK Chesapeake Utilities Corporation | 130.66 | 82.95 | -58% | 47Weak | $3.1B |
| MDU MDU Resources Group, Inc. | 18.61 | 11.63 | -60% | 49Weak | $3.9B |
| BIPC Brookfield Infrastructure Corporation | 37.63 | 26.41 | -42% | 45Weak | $4.6B |
| OGS ONE Gas, Inc. | 74.56 | 46.32 | -61% | 53Fair | $4.7B |
| SR Spire Inc. | 79.80 | 171.07 | +53% | 64Fair | $4.7B |
| NJR New Jersey Resources Corporation | 51.53 | 44.50 | -16% | 59Fair | $5.2B |
| BKH Black Hills Corporation | 75.87 | 40.35 | -88% | 54Fair | $5.8B |
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Start free See the Sunday ScanQuestions about SRJN
Is SRJN undervalued right now?
By the GLS models, yes: at 20.75 the stock is 33% below the average fair value of 31.15 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of SRJN and what does it mean?
SRJN has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for SRJN?
31.15 per share as of 16 Oct 2026 - the simple average of the 6 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. 6.375% Junior Subord report earnings next?
The next earnings report is due on 25 Nov 2026, 40 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does SRJN have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on SRJN, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.