Is Spire Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Spire Inc. moved from fair to expensive, indicating a shift towards overvaluation. The company appears overvalued based on its P/E ratio of 17, which is higher than the peer average of 15.53, and an EV to EBITDA ratio of 11.44, which also exceeds the peer average of 10.99. Additionally, the PEG ratio stands at 17.26, suggesting that the stock may not be a good value relative to its growth prospects.
In comparison to its peers, New Jersey Resources Corp. is considered attractive with a P/E of 11.53, while ONE Gas, Inc. is categorized as expensive with a P/E of 18.05. Notably, Spire Inc. has outperformed the S&P 500 with a year-to-date return of 25.83% compared to the index's 13.30%, but this strong performance does not mitigate the concerns regarding its current valuation.