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Spire Valuation Multiples

Discover revenue and EBITDA valuation multiples for Spire and similar public comparables like Royal Vopak, ADNOC, and NMDC Energy.

Spire Overview

About Spire

Spire Inc is a public utility holding company with three reportable business segments: Gas Utility, Gas Marketing and Midstream. The Gas Utility segment includes the regulated operations of Laclede Gas, Alabama Gas Corporation ('Alagasco') changed its name to Spire Alabama Inc. effective September 1, 2017, and Laclede Gas Company changed its name to Spire Missouri Inc. effective August 30, 2017. The Gas Utility segment generates a majority of the company's revenue but is subject to seasonal fluctuations. The Gas Marketing segment includes Laclede Energy Resources, Inc, whose operations include the marketing of natural gas and related activities on a non-regulated basis and the Midstream segment includes transportation and storage of natural gas. Maximum revenue from residential area.


Founded

2000

HQ

United States of America
Employees

3.5K+

Website

spireenergy.com

Financials

LTM Revenue $2.6B

LTM EBITDA $815M

EV

$9.4B

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Spire Financials

Spire has a last 12-month revenue (LTM) of $2.6B and a last 12-month EBITDA of $815M.

In the most recent fiscal year, Spire achieved revenue of $2.6B and an EBITDA of $789M.

Spire expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Spire P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $2.6B XXX $2.6B XXX XXX XXX
Gross Profit $1.5B XXX $982M XXX XXX XXX
Gross Margin 60% XXX 38% XXX XXX XXX
EBITDA $815M XXX $789M XXX XXX XXX
EBITDA Margin 31% XXX 30% XXX XXX XXX
EBIT $524M XXX $488M XXX XXX XXX
EBIT Margin 20% XXX 19% XXX XXX XXX
Net Profit $258M XXX $251M XXX XXX XXX
Net Margin 10% XXX 10% XXX XXX XXX
Net Debt XXX XXX $4.7B XXX XXX XXX

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Spire Stock Performance

As of May 30, 2025, Spire's stock price is $75.

Spire has current market cap of $4.4B, and EV of $9.4B.

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Spire Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$9.4B $4.4B XXX XXX XXX XXX $4.37

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Spire Valuation Multiples

As of May 30, 2025, Spire has market cap of $4.4B and EV of $9.4B.

Spire's trades at 3.6x EV/Revenue multiple, and 11.8x EV/EBITDA.

Equity research analysts estimate Spire's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Spire has a P/E ratio of 17.2x.

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Spire Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $4.4B XXX $4.4B XXX XXX XXX
EV (current) $9.4B XXX $9.4B XXX XXX XXX
EV/Revenue 3.6x XXX 3.6x XXX XXX XXX
EV/EBITDA 11.6x XXX 11.8x XXX XXX XXX
EV/EBIT 18.0x XXX 18.8x XXX XXX XXX
EV/Gross Profit 6.1x XXX n/a XXX XXX XXX
P/E 17.2x XXX 17.4x XXX XXX XXX
EV/FCF -338.5x XXX 9421.0x XXX XXX XXX

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Spire Margins & Growth Rates

Spire's last 12 month revenue growth is 4%

Spire's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.1M for the same period.

Spire's rule of 40 is 31% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Spire's rule of X is 41% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Spire Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 4% XXX 3% XXX XXX XXX
EBITDA Margin 31% XXX 31% XXX XXX XXX
EBITDA Growth 10% XXX 9% XXX XXX XXX
Rule of 40 31% XXX 35% XXX XXX XXX
Bessemer Rule of X XXX XXX 41% XXX XXX XXX
Revenue per Employee XXX XXX $0.7M XXX XXX XXX
Opex per Employee XXX XXX $0.1M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 19% XXX XXX XXX

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Spire Public Comps

See public comps and valuation multiples for Energy Services and Utilities comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ADNOC XXX XXX XXX XXX XXX XXX
NMDC Energy XXX XXX XXX XXX XXX XXX
Fastned XXX XXX XXX XXX XXX XXX
Fugro XXX XXX XXX XXX XXX XXX
Royal Vopak XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Spire M&A and Investment Activity

Spire acquired  XXX companies to date.

Last acquisition by Spire was  XXXXXXXX, XXXXX XXXXX XXXXXX . Spire acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Spire

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Spire

When was Spire founded? Spire was founded in 2000.
Where is Spire headquartered? Spire is headquartered in United States of America.
How many employees does Spire have? As of today, Spire has 3.5K+ employees.
Who is the CEO of Spire? Spire's CEO is Mr. Scott Edward Doyle.
Is Spire publicy listed? Yes, Spire is a public company listed on NYS.
What is the stock symbol of Spire? Spire trades under SR ticker.
When did Spire go public? Spire went public in 1950.
Who are competitors of Spire? Similar companies to Spire include e.g. ADNOC, NMDC Energy, Fastned, Fugro.
What is the current market cap of Spire? Spire's current market cap is $4.4B
What is the current revenue of Spire? Spire's last 12 months revenue is $2.6B.
What is the current revenue growth of Spire? Spire revenue growth (NTM/LTM) is 4%.
What is the current EV/Revenue multiple of Spire? Current revenue multiple of Spire is 3.6x.
Is Spire profitable? Yes, Spire is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Spire? Spire's last 12 months EBITDA is $815M.
What is Spire's EBITDA margin? Spire's last 12 months EBITDA margin is 31%.
What is the current EV/EBITDA multiple of Spire? Current EBITDA multiple of Spire is 11.6x.
What is the current FCF of Spire? Spire's last 12 months FCF is -$27.8M.
What is Spire's FCF margin? Spire's last 12 months FCF margin is -1%.
What is the current EV/FCF multiple of Spire? Current FCF multiple of Spire is -338.5x.

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