Spire Inc. (SR-PA) Margin Analysis - Discounting Cash Flows

Spire Inc.

SR-PA (NYSE)

(%)

Models
Spire Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Apr 19	2025 Sep 30	2024 Sep 30	2023 Sep 30	2022 Sep 30
Revenue	2,570	2,476	2,593	2,666	2,198
Revenue Growth Rate	3.76%	-4.5%	-2.75%	21.28%	-1.65%
Cost of Revenue	1,505	542.1	1,611	1,778	1,374
Gross Profit	1,065	1,934	982.3	887.9	825
Gross Margin	41.43%	78.11%	37.88%	33.3%	37.53%
Operating Income	548.6	523.9	488.3	418.6	408.2
Operating Margin	21.35%	21.16%	18.83%	15.7%	18.57%
Net Income	285.4	271.7	250.9	217.5	220.8
Net Margin	11.11%	10.97%	9.68%	8.16%	10.04%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Apr 19	2025 Sep 30	2024 Sep 30	2023 Sep 30	2022 Sep 30
Revenue	2,570	2,476	2,593	2,666	2,198
Cash from Operating Activities	577.9	578	912.4	440.2	55
Cash from Operating Activities Margin	22.49%	23.34%	35.19%	16.51%	2.5%
Free Cash Flow	-267.2	-344.4	51.1	-222.3	-497.2
Free Cash Flow Margin	-10.4%	-13.91%	1.97%	-8.34%	-22.62%
Depreciation and Amortization	307.3	298.2	278.4	254.8	237.3
Depreciation and Amortization Margin	11.96%	12.04%	10.74%	9.56%	10.79%
Capital Expenditure	-845.1	-922.4	-861.3	-662.5	-552.2
Capital Expenditure Margin	-32.89%	-37.25%	-33.22%	-24.85%	-25.12%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 37.53}, {"l": "2023", "x": "2023-09-30", "y": 33.3}, {"l": "2024", "x": "2024-09-30", "y": 37.88}, {"l": "2025", "x": "2025-09-30", "y": 78.11}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 18.57}, {"l": "2023", "x": "2023-09-30", "y": 15.7}, {"l": "2024", "x": "2024-09-30", "y": 18.83}, {"l": "2025", "x": "2025-09-30", "y": 21.16}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 10.04}, {"l": "2023", "x": "2023-09-30", "y": 8.16}, {"l": "2024", "x": "2024-09-30", "y": 9.68}, {"l": "2025", "x": "2025-09-30", "y": 10.97}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": -22.62}, {"l": "2023", "x": "2023-09-30", "y": -8.34}, {"l": "2024", "x": "2024-09-30", "y": 1.97}, {"l": "2025", "x": "2025-09-30", "y": -13.91}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2026 (Q1) Dec 31	2025 (Q4) Sep 30	2025 (Q3) Jun 30	2025 (Q2) Mar 31	2025 (Q1) Dec 31	2024 (Q4) Sep 30
Revenue	762.2	334.1	421.9	1,051	669.1	293.8
Revenue Growth Rate	128.1%	-20.81%	-59.87%	57.12%	127.7%
Cost of Revenue	534	142.8	233.8	594.3	399.3	166.8
Gross Profit	228.2	191.3	188.1	457	269.8	127
Gross Margin	29.94%	57.26%	44.58%	43.47%	40.32%	43.23%
Operating Income	173.5	-0.5	69.2	306.4	148.8	19.8
Operating Margin	22.76%	-0.15%	16.4%	29.14%	22.24%	6.74%
Net Income	95	-39.8	20.9	209.3	81.3	-25.9
Net Margin	12.46%	-11.91%	4.95%	19.91%	12.15%	-8.82%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2026 (Q1) Dec 31	2025 (Q4) Sep 30	2025 (Q3) Jun 30	2025 (Q2) Mar 31	2025 (Q1) Dec 31	2024 (Q4) Sep 30
Revenue	762.2	334.1	421.9	1,051	669.1	293.8
Cash from Operating Activities	81	-4.9	129.1	372.7	81.1	82.9
Cash from Operating Activities Margin	10.63%	-1.47%	30.6%	35.45%	12.12%	28.22%
Free Cash Flow	-121.8	-208.1	-91.4	154.1	-179.5	-146.9
Free Cash Flow Margin	-15.98%	-62.29%	-21.66%	14.66%	-26.83%	-50%
Depreciation and Amortization	81.4	76.5	75.7	73.7	72.3	71.1
Depreciation and Amortization Margin	10.68%	22.9%	17.94%	7.01%	10.81%	24.2%
Capital Expenditure	-202.8	-203.2	-220.5	-218.6	-260.6	-229.8
Capital Expenditure Margin	-26.61%	-60.82%	-52.26%	-20.79%	-38.95%	-78.22%

Quarterly Chart

Monetary values in USD

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