Spire Inc (SR) is fairly valued and Southwest Gas Holdings Inc (SWX) is overvalued.
Against our estimates of intrinsic value, SR trades at the wider discount: a margin of safety of +0%, against -178% for SWX.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $30.00; the price of $83.49 is 178% above that value, and 81% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
| Metric | SR | SWX |
|---|---|---|
| Verdict | Fairly valued | Overvalued |
| Price | $78.50 | $83.49 |
| Intrinsic value | $78.79 | $30.00 |
| Margin of safety | +0% | -178% |
| Leak Score | 14/100 (3/12) | 14/100 (3/12) |
| Market cap | $4.6B | $6.0B |
| Revenue growth, 5 years | 5.9% | -10.1% |
| Operating margin | 19.7% | 28.7% |
| Net margin | 20.9% | 29.8% |
| Return on equity | 6.5% | 6.6% |
| Debt to equity | 2.03 | 0.85 |
| P/E | 8.8x | 11.7x |
| Forward P/E | 14.3x | 16.9x |
| P/B | 1.3x | 1.5x |
| Dividend yield | 4.2% | 3.0% |