Spire Inc. (SRJN) intrinsic value & 10-year financials
Spire Inc. (SRJN) has a Graham intrinsic value of $57.53 per share. Over the last 10 fiscal years revenue grew 4.7% a year to $2.5B, with an average return on invested capital of 5.5%.
- Graham intrinsic value
- $57.53
- Revenue (FY2025)
- $2.5B
- Revenue growth (10-yr CAGR)
- 4.7%
- ROIC (10-yr avg)
- 5.5%
- Free cash flow (FY2025)
- -$344.4M
SRJN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.5B | $271.7M | $4.37 | -$344.4M | 21.2% | 6.0% |
| FY2024 | $2.6B | $250.9M | $4.19 | $51.1M | 18.8% | 5.8% |
| FY2023 | $2.7B | $217.5M | $3.85 | -$222.3M | 15.7% | 5.6% |
| FY2022 | $2.2B | $220.8M | $3.95 | -$497.2M | 18.6% | 5.5% |
| FY2021 | $2.2B | $271.7M | $4.96 | -$375.0M | 20.1% | 6.7% |
| FY2020 | $1.9B | $88.6M | $1.44 | -$168.5M | 11.1% | 3.7% |
| FY2019 | $2.0B | $184.6M | $3.52 | -$372.4M | 15.5% | 5.7% |
| FY2018 | $2.0B | $214.2M | $4.33 | -$42.8M | 14.2% | 6.4% |
| FY2017 | $1.7B | $161.6M | $3.43 | -$149.8M | 18.5% | 5.1% |
| FY2016 | $1.6B | $144.2M | $3.24 | $35.0M | 17.3% | 4.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SPIRE INC has demonstrated mature, steady growth, with revenue compounding at 4.7% annually over the past decade.
SPIRE INC has historically struggled to out-earn its cost of capital, averaging just 5.5% ROIC.
Over the decade, SPIRE INC shows that management has aggressively returned capital to shareholders by retiring 100.0% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SPIRE INC is modeled at 3.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $57.53 per share.