What is Spire's debt-to-equity?

Spire (SR) reported debt-to-equity of 2.3× in Q1 2026.

How has Spire's debt-to-equity changed year-over-year?

Spire's debt-to-equity increased by 81.6% year-over-year, from 1.2× to 2.3×.

What is the long-term trend for Spire's debt-to-equity?

Over 5 years (2020 to 2025), Spire's debt-to-equity has grown at a 6.8% compound annual growth rate (CAGR), from 1× to 1.4×.

What does debt-to-equity mean?

Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.

Spire SR Debt-to-equity

Debt-to-equity at other companies

Southern CompanySO

1.9×—

AmerenAEE

1.5×-0.1×

OGS

ONE GASOGS

0.7×0.0×

BKH

Black HillsBKH

1.1×0.0×

MDU Resources GroupMDU

0.9×+0.1×

Xcel EnergyXEL

1.6×0.0×

Other financials

Income statement

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Revenue$1.0B-3.0%

Gross profit$419.6M+12.7%

Operating income$303.5M+9.2%

Net income$282.2M+34.8%

EPS (diluted)$4.60+31.1%

Balance sheet

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Cash & equivalents$49.5M+226%

Total debt$7.7B+76.9%

Total equity$3.4B-2.6%

Total assets$14.7B+29.3%

Cash flow

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Operating cash flow$410.4M+10.1%

CapEx$192.2M-12.1%

Free cash flow$218.2M—

Valuation

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Market cap$4.55B+17.2%

Enterprise value$12.22B+46.0%

P/E7.5×-2.1×

P/S1.8×+0.2×

Profitability

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Operating margin22.6%+3.0pp

Net margin12.7%+3.2pp

FCF margin-8.8%—

Returns & leverage

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Return on equity10.6%+1.8pp

Current ratio0.5×+0.1×

Where this comes from

Calculated from Spire’s reported figures.

total debt/total stockholders equity=2.3×

Based on the most recent quarter.

The official record: Spire’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Spire's debt-to-equity?: Spire (SR) reported debt-to-equity of 2.3× in Q1 2026.
How has Spire's debt-to-equity changed year-over-year?: Spire's debt-to-equity increased by 81.6% year-over-year, from 1.2× to 2.3×.
What is the long-term trend for Spire's debt-to-equity?: Over 5 years (2020 to 2025), Spire's debt-to-equity has grown at a 6.8% compound annual growth rate (CAGR), from 1× to 1.4×.
What does debt-to-equity mean?: Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.