Is Spire Inc. overvalued or undervalued?

As of 24 October 2025, the valuation grade for Spire Inc. has moved from fair to expensive, indicating a shift towards overvaluation. The company is currently overvalued, with a P/E ratio of 17, an EV to EBITDA of 11.44, and a Price to Book Value of 1.24. In comparison to peers, Spire Inc. has a higher P/E ratio than New Jersey Resources Corp., which stands at 11.53, and is also more expensive than ONE Gas, Inc., which has an EV to EBITDA of 10.34.
Despite Spire Inc.'s strong recent performance, with a year-to-date return of 31.06% compared to the S&P 500's 15.47%, the valuation metrics suggest that the stock is not a bargain at its current price. The elevated ratios and the peer comparison reinforce the conclusion that Spire Inc. is overvalued in the current market.