One Gas vs Spire
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The short version
- Spire is the larger business, with $2.5B of revenue in fiscal 2025 against $2.4B for One Gas.
- One Gas grew revenue faster (16.5%, against −4.5%).
- Spire kept more of each dollar of sales as operating profit (21.2% operating margin, against 18.9%).
- One Gas turned more of its sales into free cash flow (−5.3% FCF margin, against −13.9%).
- One Gas earned a higher return on the capital invested in it (6.2%, against 5.2%).
- Investors pay more for each dollar of One Gas’s earnings: a P/E of 16.8x against 15.0x for Spire.
| Latest fiscal year | OGS · FY25 | SR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | $5.0B |
| Revenue | $2.4B | $2.5B |
| Free cash flow | −$128M | −$344M |
| Net income | $264M | $272M |
| Growth | ||
| Revenue growth | 16.5% | −4.5% |
| 5-year growth | 9.7% | 5.9% |
| Share count change | 6.1% | 4.3% |
| Profitability | ||
| Gross margin | 58.9% | 58.8% |
| Operating margin | 18.9% | 21.2% |
| Net margin | 10.9% | 11.0% |
| FCF margin | −5.3% | −13.9% |
| Return on capital | 6.2% | 5.2% |
| Return on equity | 8.1% | 8.2% |
| Balance sheet | ||
| Net debt | $3.4B | $5.2B |
| Net debt / EBITDA | — | 6.3x |
| Dividends and buybacks | $161M | $182M |
| Valuation & quality | ||
| P/E | 16.8x | 15.0x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
OGS $1.4B
SR $1.5B
FY17
OGS $1.5B
SR $1.7B
FY18
OGS $1.6B
SR $2.0B
FY19
OGS $1.7B
SR $2.0B
FY20
OGS $1.5B
SR $1.9B
FY21
OGS $1.8B
SR $2.2B
FY22
OGS $2.6B
SR $2.2B
FY23
OGS $2.4B
SR $2.7B
FY24
OGS $2.1B
SR $2.6B
FY25
OGS $2.4B
SR $2.5B
OGS
SR
Operating margin
FY16
OGS 20.3%
SR 18.4%
FY17
OGS 20.6%
SR 19.6%
FY18
OGS 17.7%
SR 15.0%
FY19
OGS 17.9%
SR 15.5%
FY20
OGS 19.8%
SR 11.1%
FY21
OGS 17.2%
SR 20.1%
FY22
OGS 13.6%
SR 18.6%
FY23
OGS 15.9%
SR 15.7%
FY24
OGS 19.2%
SR 18.8%
FY25
OGS 18.9%
SR 21.2%
OGS
SR
Free cash flow
FY16
OGS −$18.5M
SR $35.0M
FY17
OGS −$103M
SR −$150M
FY18
OGS $73.2M
SR −$42.8M
FY19
OGS −$107M
SR −$372M
FY20
OGS −$107M
SR −$169M
FY21
OGS −$2.0B
SR −$375M
FY22
OGS $961M
SR −$497M
FY23
OGS $273M
SR −$222M
FY24
OGS −$335M
SR $51.1M
FY25
OGS −$128M
SR −$344M
OGS
SR
Return on capital
FY16
OGS 5.9%
SR 4.9%
FY17
OGS 6.5%
SR 5.0%
FY18
OGS 6.8%
SR 6.0%
FY19
OGS 7.1%
SR —
FY20
OGS 6.9%
SR —
FY21
OGS 5.3%
SR 10.1%
FY22
OGS 5.1%
SR 6.7%
FY23
OGS 5.9%
SR 5.2%
FY24
OGS 6.2%
SR 5.1%
FY25
OGS 6.2%
SR 5.2%
OGS
SR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.