The business behind the dividend
| Measure | SR | Median | Formula |
|---|---|---|---|
| Return on equity | 8.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 7.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-352.50m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-344.40m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 21.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 11.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.14x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.57x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.32x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.13x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -2.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 8.0% | 7.8% | 7.5% | 7.8% | 10.2% | 3.5% | 7.3% | 9.5% | 8.1% | 8.2% | 7.8% |
| Return on capital employed | 7.2% | 7.0% | 6.3% | 6.7% | 8.0% | 4.1% | 6.5% | 6.8% | 8.6% | 7.9% | 6.8% |
| Operating margin | 21.2% | 18.8% | 15.7% | 18.6% | 20.1% | 11.1% | 15.5% | — | — | — | 18.6% |
| Net margin | 11.0% | 9.7% | 8.2% | 10.0% | 12.2% | 4.8% | 9.5% | — | — | — | 9.7% |
| Debt to equity | 1.14x | 1.16x | 1.27x | 1.15x | 1.13x | 0.98x | 0.83x | 0.92x | 1.00x | 1.03x | 1.03x |
| Current ratio | 0.32x | 0.45x | 0.61x | 0.68x | 0.82x | 0.41x | 0.42x | 0.50x | 0.66x | 0.49x | 0.49x |
| Cash conversion | 2.13x | 3.64x | 2.02x | 0.25x | 0.92x | 5.30x | 2.44x | 2.13x | 1.78x | 2.28x | 2.13x |
How it compares in utilities
Among the 76 utilities companies here measured on GAAP earnings, Spire pays out less than 21 of them. The median for that group is 60.7%, against this company’s 71.9%.
Closest on GAAP earnings
- Northwest Natural Holding (NWN) 70.8%
- Pinnacle West Capital (PNW) 71.5%
- OGE Energy (OGE) 73.0%
- Evergy (EVRG) 73.7%
Same sector and same denominator, so the figures are comparable. All 80 in utilities →