Is Spire Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Spire Inc. has moved from fair to expensive, indicating that the stock may be overvalued. The company exhibits a P/E ratio of 17, an EV to EBITDA ratio of 11.44, and a Price to Book Value of 1.24, which suggests that it is trading at a premium compared to its peers. In comparison, New Jersey Resources Corp. has a more attractive P/E ratio of 11.53, while Southwest Gas Holdings, Inc. is considered very expensive with a P/E of 28.47.
The stock has performed well recently, with a year-to-date return of 25.83%, significantly outpacing the S&P 500's return of 13.30% over the same period. However, over longer periods, such as the 3-year and 5-year returns, Spire Inc. has underperformed the S&P 500, which raises concerns about its current valuation. Overall, Spire Inc. appears to be overvalued based on its current metrics and peer comparisons.