What is Spire's free cash flow margin?

Spire (SR) reported free cash flow margin of -8.8% in Q1 2026.

What does free cash flow margin mean?

Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

Spire SR Free cash flow margin

Free cash flow margin at other companies

AmerenAEE

-18.1%-3.0pp

BKH

Black HillsBKH

-13.7%-14.0pp

MDU Resources GroupMDU

-20.2%-23.2pp

UGIUGI

-2.1%-7.3pp

CMS

CMS EnergyCMS

12.8%-8.1pp

Eversource EnergyES

1.7%+0.9pp

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

Returns & leverage

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Return on equity10.6%+1.8pp

Debt / equity2.3×+1.0×

Current ratio0.5×+0.1×

Where this comes from

Calculated from Spire’s reported figures.

free cash flow/total revenue=-8.8%

Based on trailing twelve months.

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 free cash flow margin?: Spire (SR) reported free cash flow margin of -8.8% in Q1 2026.
What does free cash flow margin mean?: Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.