SR · CIK 0001126956 · FY2025 live · 2025-09-30
SPIRE INC
View as
Model
Z″
FY2025
0.06
Zone
Distress
Prior
—
Market DD
—
1y PD
—
0.06
Classic Z 0.35
Z″ 0.06 · distress below 1.10, grey to 2.60, safe above.
Z″ factor contributions
X1 Working capital / assets
Short-term liquidity. Carries more weight in Z″ than in classic Z.
−0.156.56 × = −0.99X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
0.093.26 × = 0.31X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
0.056.72 × = 0.30X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names are not punished for turnover.
0.411.05 × = 0.43
Five-year path
Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings rather than invent a series.
Overview
rule-v1
SPIRE INC is on Z″ at 0.06 (distress) for FY2025, from an SEC 10-K. Working capital / assets is the line that sets the print. This is the first live year on the desk. No market tape loaded. Z″ drops sales/assets so asset-light names are not punished for turnover. X4 is book equity on every name.
Book screen Distress; market PD —. Tape not priced — not a single default call.
Market DD · naive Merton
No market tape yet.
Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.
Sector peers
Closest Z″ scores · 20th percentile in Utilities.
- TLNDistressTalen Energy Corp0.06
- VSTDistressVistra Corp.0.04
- BIPCDistressBrookfield Infrastructure Corp0.10
- BEPDistressBrookfield Renewable Partners L.P.0.00
- BEPCDistressBrookfield Renewable Corp0.00
- OPALDistressOPAL Fuels Inc.0.14
- RNWDistressReNew Energy Global plc0.17
- SMCDistressSummit Midstream Corp−0.06
KPI widgets
Current assets
$808M
Total assets
$11.6B
Current liabilities
$2.5B
Total liabilities
$8.2B
Working capital
−$1.7B
Retained earnings
$1.1B
EBIT
$524M
Total sales
$0
Book equity
$3.4B
Accession 0001193125-25-282583. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-09-30). Z″ is the live score. View as does not rewrite the live rank. X4 is book equity. Pulled 13 Sept 2026.