One Gas vs Spire
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KIRA’s take AI analyst
I put One Gas and Spire side by side, using each one’s latest annual report. Here is what stands out:
- 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 16.9x against 15.1x for Spire.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
One Gas
OGS
5/10
Revenue growth5-year growthGross marginFCF marginReturn on capital
Spire
SR
4/10
Operating marginNet marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | OGS FY25 | SR FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.0B | $5.1B |
| 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 | 16.9x | 15.1x |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.