Spire Inc
Spire Inc., together with its subsidiaries, engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States. The company operates through three segments: Gas Utility, Gas Marketing, and Midstream. It is also involved in the marketing of natural gas and related services; and transportation and sto… Read more
Spire Inc (SR) - Net Assets
Latest net assets as of December 2025: $9.25 Billion USD
Based on the latest financial reports, Spire Inc (SR) has net assets worth $9.25 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($11.88 Billion) and total liabilities ($2.63 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $9.25 Billion |
| % of Total Assets | 77.89% |
| Annual Growth Rate | 9.62% |
| 5-Year Change | 27.27% |
| 10-Year Change | 92.03% |
| Growth Volatility | 26.96 |
Spire Inc - Net Assets Trend (1994–2025)
This chart illustrates how Spire Inc's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Spire Inc (1994–2025)
The table below shows the annual net assets of Spire Inc from 1994 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-09-30 | $3.40 Billion | +4.76% |
| 2024-09-30 | $3.24 Billion | +10.48% |
| 2023-09-30 | $2.93 Billion | +3.61% |
| 2022-09-30 | $2.83 Billion | +6.13% |
| 2021-09-30 | $2.67 Billion | +5.63% |
| 2020-09-30 | $2.53 Billion | -0.68% |
| 2019-09-30 | $2.54 Billion | -43.62% |
| 2018-09-30 | $4.51 Billion | +126.53% |
| 2017-09-30 | $1.99 Billion | +12.62% |
| 2016-09-30 | $1.77 Billion | +12.37% |
| 2015-09-30 | $1.57 Billion | +4.32% |
| 2014-09-30 | $1.51 Billion | +44.17% |
| 2013-09-30 | $1.05 Billion | +73.91% |
| 2012-09-30 | $601.61 Million | +4.93% |
| 2011-09-30 | $573.33 Million | +7.05% |
| 2010-09-30 | $535.58 Million | +3.59% |
| 2009-09-30 | $517.03 Million | +6.18% |
| 2008-09-30 | $486.95 Million | +13.52% |
| 2007-09-30 | $428.95 Million | +6.33% |
| 2006-09-30 | $403.42 Million | +9.78% |
| 2005-09-30 | $367.47 Million | +2.93% |
| 2004-09-30 | $357.02 Million | +18.88% |
| 2003-09-30 | $300.33 Million | +4.63% |
| 2002-09-30 | $287.03 Million | -0.91% |
| 2001-09-30 | $289.67 Million | +1.73% |
| 2000-09-30 | $284.75 Million | +0.16% |
| 1999-09-30 | $284.30 Million | +9.85% |
| 1998-09-30 | $258.80 Million | +2.54% |
| 1997-09-30 | $252.40 Million | +3.95% |
| 1996-09-30 | $242.80 Million | +5.89% |
| 1995-09-30 | $229.30 Million | +16.46% |
| 1994-09-30 | $196.90 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Spire Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 527.6% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (September 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.09 Billion | 32.09% |
| Common Stock | $59.00 Million | 1.74% |
| Other Comprehensive Income | $19.40 Million | 0.57% |
| Other Components | $2.22 Billion | 65.60% |
| Total Equity | $3.39 Billion | 100.00% |
Spire Inc Competitors by Market Cap
The table below lists competitors of Spire Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
China XD Electric Co Ltd
SHG:601179
|
$5.32 Billion |
|
CAR Group Ltd
AU:CAR
|
$5.32 Billion |
|
PNM Resources Inc
F:98P
|
$5.33 Billion |
|
Lithia Motors Inc
NYSE:LAD
|
$5.34 Billion |
|
LEG Immobilien SE
PINK:LEGIF
|
$5.31 Billion |
|
LG Chem Ltd
KO:051915
|
$5.31 Billion |
|
Federal Hme 6.55 Pf
OTCQB:FMCKI
|
$5.30 Billion |
|
Madrigal Pharmaceuticals Inc
NASDAQ:MDGL
|
$5.30 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Spire Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 3,232,700,000 to 3,389,400,000, a change of 156,700,000 (4.8%).
- Net income of 271,700,000 contributed positively to equity growth.
- Dividend payments of 197,000,000 reduced retained earnings.
- Share repurchases of 76,200,000 reduced equity.
- New share issuances of 76,200,000 increased equity.
- Other comprehensive income increased equity by 7,300,000.
- Other factors increased equity by 74,700,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $271.70 Million | +8.02% |
| Dividends Paid | $197.00 Million | -5.81% |
| Share Repurchases | $76.20 Million | -2.25% |
| Share Issuances | $76.20 Million | +2.25% |
| Other Comprehensive Income | $7.30 Million | +0.22% |
| Other Changes | $74.70 Million | +2.2% |
| Total Change | $- | 4.85% |
Book Value vs Market Value Analysis
This analysis compares Spire Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.60x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 7.31x to 1.60x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1994-09-30 | $12.59 | $92.11 | x |
| 1995-09-30 | $14.00 | $92.11 | x |
| 1996-09-30 | $13.88 | $92.11 | x |
| 1997-09-30 | $14.38 | $92.11 | x |
| 1998-09-30 | $14.71 | $92.11 | x |
| 1999-09-30 | $15.66 | $92.11 | x |
| 2000-09-30 | $15.08 | $92.11 | x |
| 2001-09-30 | $15.34 | $92.11 | x |
| 2002-09-30 | $15.20 | $92.11 | x |
| 2003-09-30 | $15.80 | $92.11 | x |
| 2004-09-30 | $18.42 | $92.11 | x |
| 2005-09-30 | $17.45 | $92.11 | x |
| 2006-09-30 | $18.95 | $92.11 | x |
| 2007-09-30 | $19.95 | $92.11 | x |
| 2008-09-30 | $22.37 | $92.11 | x |
| 2009-09-30 | $23.54 | $92.11 | x |
| 2010-09-30 | $24.30 | $92.11 | x |
| 2011-09-30 | $25.86 | $92.11 | x |
| 2012-09-30 | $26.98 | $92.11 | x |
| 2013-09-30 | $40.24 | $92.11 | x |
| 2014-09-30 | $42.02 | $92.11 | x |
| 2015-09-30 | $36.34 | $92.11 | x |
| 2016-09-30 | $39.91 | $92.11 | x |
| 2017-09-30 | $42.37 | $92.11 | x |
| 2018-09-30 | $45.75 | $92.11 | x |
| 2019-09-30 | $50.06 | $92.11 | x |
| 2020-09-30 | $49.17 | $92.11 | x |
| 2021-09-30 | $51.42 | $92.11 | x |
| 2022-09-30 | $54.10 | $92.11 | x |
| 2023-09-30 | $55.46 | $92.11 | x |
| 2024-09-30 | $57.42 | $92.11 | x |
| 2025-09-30 | $57.74 | $92.11 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Spire Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 8.02%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 10.97%
- • Asset Turnover: 0.21x
- • Equity Multiplier: 3.42x
- Recent ROE (8.02%) is below the historical average (9.62%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1994 | 11.27% | 4.24% | 0.86x | 3.09x | $2.51 Million |
| 1995 | 9.11% | 4.84% | 0.68x | 2.78x | $-2.03 Million |
| 1996 | 13.51% | 5.89% | 0.81x | 2.84x | $8.52 Million |
| 1997 | 12.88% | 5.28% | 0.85x | 2.86x | $7.26 Million |
| 1998 | 10.78% | 4.97% | 0.73x | 2.98x | $2.02 Million |
| 1999 | 9.18% | 5.31% | 0.59x | 2.93x | $-2.33 Million |
| 2000 | 9.12% | 4.59% | 0.61x | 3.27x | $-2.51 Million |
| 2001 | 10.52% | 3.04% | 1.03x | 3.37x | $1.50 Million |
| 2002 | 7.80% | 2.96% | 0.70x | 3.77x | $-6.32 Million |
| 2003 | 11.54% | 3.30% | 0.87x | 4.00x | $4.61 Million |
| 2004 | 10.12% | 2.89% | 0.99x | 3.54x | $415.70K |
| 2005 | 10.92% | 2.51% | 1.15x | 3.77x | $3.38 Million |
| 2006 | 12.16% | 2.67% | 1.17x | 3.89x | $8.69 Million |
| 2007 | 11.60% | 2.68% | 1.13x | 3.83x | $6.88 Million |
| 2008 | 16.01% | 3.53% | 1.25x | 3.64x | $29.26 Million |
| 2009 | 12.43% | 3.39% | 1.08x | 3.41x | $12.54 Million |
| 2010 | 10.09% | 3.11% | 0.94x | 3.44x | $482.30K |
| 2011 | 11.13% | 3.98% | 0.90x | 3.11x | $6.49 Million |
| 2012 | 10.41% | 5.57% | 0.60x | 3.13x | $2.48 Million |
| 2013 | 5.04% | 5.19% | 0.33x | 2.99x | $-51.87 Million |
| 2014 | 5.61% | 5.20% | 0.32x | 3.36x | $-66.24 Million |
| 2015 | 8.70% | 6.93% | 0.37x | 3.36x | $-20.46 Million |
| 2016 | 8.16% | 9.38% | 0.25x | 3.44x | $-32.62 Million |
| 2017 | 8.12% | 9.28% | 0.27x | 3.29x | $-37.53 Million |
| 2018 | 9.50% | 10.90% | 0.29x | 3.03x | $-11.34 Million |
| 2019 | 7.26% | 9.46% | 0.26x | 3.00x | $-69.70 Million |
| 2020 | 3.51% | 4.78% | 0.23x | 3.27x | $-163.63 Million |
| 2021 | 10.22% | 12.15% | 0.24x | 3.52x | $5.88 Million |
| 2022 | 7.83% | 10.04% | 0.22x | 3.58x | $-61.05 Million |
| 2023 | 7.46% | 8.16% | 0.26x | 3.54x | $-74.23 Million |
| 2024 | 7.76% | 9.68% | 0.24x | 3.36x | $-72.37 Million |
| 2025 | 8.02% | 10.97% | 0.21x | 3.42x | $-67.24 Million |
Industry Comparison
This section compares Spire Inc's net assets metrics with peer companies in the Utilities - Regulated Gas industry.
Industry Context
- Industry: Utilities - Regulated Gas
- Average net assets among peers: $9,591,711,655
- Average return on equity (ROE) among peers: 15.39%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Spire Inc (SR) | $9.25 Billion | 11.27% | 0.28x | $5.31 Billion |
| APA Group (APAJF) | $3.21 Billion | 8.05% | 4.14x | $6.28 Billion |
| Ascopiave S.p.A (ASCOF) | $409.67 Million | 8.69% | 1.12x | $220.54 Million |
| Atmos Energy Corporation (ATO) | $1.65 Billion | 8.96% | 2.47x | $30.35 Billion |
| Beijing Gas Blue Sky Holdings Limited (BJGBF) | $25.42 Million | 42.17% | 3.14x | $31.34 Million |
| Black Hills Corporation (BKH) | $205.40 Million | 15.77% | 1.48x | $5.29 Billion |
| CF Energy Corp (CGFEF) | $47.11 Million | 14.33% | 1.32x | $2.67 Million |
| China Gas Holdings Limited (CGHOF) | $45.80 Billion | 20.06% | 1.45x | $2.35 Billion |
| Chesapeake Utilities Corporation (CPK) | $561.58 Million | 11.60% | 2.18x | $3.05 Billion |
| China Resources Gas Group Limited (CRGGF) | $31.61 Billion | 14.08% | 1.33x | $2.74 Billion |
| China Suntien Green Energy Corporation Limited (CSGEF) | $12.40 Billion | 10.23% | 2.16x | $894.23 Million |