Atmos Energy Corp (ATO) is slightly overvalued and Spire Inc (SR) is fairly valued.
Against our estimates of intrinsic value, SR trades at the wider discount: a margin of safety of +0%, against -9% for ATO.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.8% (average of 2 methods) values the shares at $143.75; the price of $157.34 is 9% above that value.
Leak Score 37/100 on 10 of 12 signals
Discounting its cash flows at 6.5% (average of 3 methods) values the shares at $78.79; the price of $78.50 sits right on that value, and 85% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
| Metric | ATO | SR |
|---|---|---|
| Verdict | Slightly overvalued | Fairly valued |
| Price | $157.34 | $78.50 |
| Intrinsic value | $143.75 | $78.79 |
| Margin of safety | -9% | +0% |
| Leak Score | 37/100 (10/12) | 14/100 (3/12) |
| Market cap | $26.6B | $4.6B |
| Revenue growth, 5 years | 10.8% | 5.9% |
| Operating margin | 37.0% | 19.7% |
| Net margin | 28.5% | 20.9% |
| Return on equity | 9.8% | 6.5% |
| Debt to equity | 0.68 | 2.03 |
| P/E | 18.7x | 8.8x |
| Forward P/E | 17.4x | 14.3x |
| P/B | 1.7x | 1.3x |
| Dividend yield | 2.5% | 4.2% |