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 appears overvalued based on its current P/E ratio of 17, which is higher than the peer average of approximately 15.53, and an EV to EBITDA of 11.44 compared to the peer average of 10.34. Additionally, the PEG ratio stands at 17.26, suggesting that the stock may not be justified at its current price given its growth prospects.
In comparison with its peers, New Jersey Resources Corp. is considered attractive with a P/E of 11.53, while ONE Gas, Inc. is also expensive with a P/E of 18.05. The recent performance of Spire Inc. has outpaced the S&P 500, with a year-to-date return of 31.06% compared to the index's 15.47%, but the long-term returns show a significant lag, particularly over three and five years. This discrepancy reinforces the view that Spire Inc. may be overvalued at its current price.