Spire vs Southwest Gas
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The short version
- Spire is the larger business, with $2.5B of revenue in fiscal 2025 against $1.9B for Southwest Gas.
- Spire grew revenue faster (−4.5%, against −21.6%).
- Southwest Gas kept more of each dollar of sales as operating profit (24.4% operating margin, against 21.2%).
- Southwest Gas turned more of its sales into free cash flow (−13.0% FCF margin, against −13.9%).
- Spire earned a higher return on the capital invested in it (5.2%, against 4.7%).
- Investors pay more for each dollar of Spire’s earnings: a P/E of 15.0x against 12.1x for Southwest Gas.
| Latest fiscal year | SR · FY25 | SWX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.0B | $6.6B |
| Revenue | $2.5B | $1.9B |
| Free cash flow | −$344M | −$252M |
| Net income | $272M | $440M |
| Growth | ||
| Revenue growth | −4.5% | −21.6% |
| 5-year growth | 5.9% | −10.1% |
| Share count change | 4.3% | 0.4% |
| Profitability | ||
| Gross margin | 58.8% | — |
| Operating margin | 21.2% | 24.4% |
| Net margin | 11.0% | 22.7% |
| FCF margin | −13.9% | −13.0% |
| Return on capital | 5.2% | 4.7% |
| Return on equity | 8.2% | 11.8% |
| Balance sheet | ||
| Net debt | $5.2B | $2.9B |
| Net debt / EBITDA | 6.3x | 3.6x |
| Dividends and buybacks | $182M | $179M |
| Valuation & quality | ||
| P/E | 15.0x | 12.1x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
SR $1.5B
SWX $2.5B
FY17
SR $1.7B
SWX $2.5B
FY18
SR $2.0B
SWX $2.9B
FY19
SR $2.0B
SWX $3.1B
FY20
SR $1.9B
SWX $3.3B
FY21
SR $2.2B
SWX $3.7B
FY22
SR $2.2B
SWX $5.0B
FY23
SR $2.7B
SWX $2.5B
FY24
SR $2.6B
SWX $2.5B
FY25
SR $2.5B
SWX $1.9B
SR
SWX
Operating margin
FY16
SR 18.4%
SWX 12.8%
FY17
SR 19.6%
SWX 13.5%
FY18
SR 15.0%
SWX 12.4%
FY19
SR 15.5%
SWX 11.9%
FY20
SR 11.1%
SWX 12.8%
FY21
SR 20.1%
SWX 10.0%
FY22
SR 18.6%
SWX −0.5%
FY23
SR 15.7%
SWX 11.6%
FY24
SR 18.8%
SWX 16.4%
FY25
SR 21.2%
SWX 24.4%
SR
SWX
Free cash flow
FY16
SR $35.0M
SWX $71.0M
FY17
SR −$150M
SWX −$254M
FY18
SR −$42.8M
SWX −$237M
FY19
SR −$372M
SWX −$438M
FY20
SR −$169M
SWX −$199M
FY21
SR −$375M
SWX −$604M
FY22
SR −$497M
SWX −$452M
FY23
SR −$222M
SWX −$257M
FY24
SR $51.1M
SWX $509M
FY25
SR −$344M
SWX −$252M
SR
SWX
Return on capital
FY16
SR 4.9%
SWX —
FY17
SR 5.0%
SWX 7.3%
FY18
SR 6.0%
SWX 6.5%
FY19
SR —
SWX 6.2%
FY20
SR —
SWX 6.3%
FY21
SR 10.1%
SWX 5.7%
FY22
SR 6.7%
SWX −0.4%
FY23
SR 5.2%
SWX 3.5%
FY24
SR 5.1%
SWX 4.4%
FY25
SR 5.2%
SWX 4.7%
SR
SWX
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.