Spire Inc Dossier
Qualitative Analysis
Business overview
Spire Inc. (NYSE: SR) is a public utility holding company headquartered in St. Louis, Missouri, and is one of the largest publicly traded natural gas companies in the United States. The company serves approximately 1.7 million homes and businesses across Alabama, Mississippi, and Missouri, and has recently expanded its footprint into Tennessee. Spire operates primarily through its Gas Utility segment, which delivers stable, regulated earnings. It also maintains Midstream operations, including pipeline transportation and natural gas storage assets. Spire is strategically transitioning toward a simplified, lower-risk, 90%+ regulated business mix, with plans to become fully regulated by fiscal year 2027.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Repositioning the business mix to be fully regulated by divesting non-core, volatile non-utility assets (Spire Marketing and Spire Storage) and smaller utility footprints (Spire Mississippi), while expanding major regulated utility operations.
Expected impact: Improves the company's risk profile, enhances long-term earnings visibility, and eliminates the need for common equity issuance to fund the Piedmont Tennessee acquisition.
A robust capital expenditure program focused on pipeline upgrades, infrastructure modernization, and new business development across regulated gas utilities.
Expected impact: Drives approximately 7% rate base growth and supports long-term adjusted EPS growth of 5-7%. Spire Tennessee is expected to represent approximately 20% of this capital plan.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Significantly expands Spire's regulated utility footprint, making Spire Tennessee the largest investor-owned natural gas utility in Tennessee. It adds over 200,000 customers in the fast-growing Nashville metro area and surrounding communities.
Financial impact: Expected to represent approximately 20% of Spire's capital investment plan through 2030 and support long-term adjusted EPS growth of 5-7%.