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 P/E ratio of 17, which is higher than the peer average of 15.53, and an EV to EBITDA ratio of 11.44, compared to the peer average of 11.13. Additionally, the PEG ratio stands at 17.26, suggesting that the stock may be priced too high 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 also expensive at a P/E of 18.05. Spire Inc.'s recent stock performance has outpaced the S&P 500, with a year-to-date return of 31.06% compared to the S&P 500's 15.47%, but this strong performance does not necessarily justify its current valuation.