Spire Inc (SR)

Debt-to-equity ratio

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Long-term debt	US$ in thousands	3,554,000	2,958,500	2,939,100	2,423,700	2,082,600
Total stockholders’ equity	US$ in thousands	2,917,300	2,818,500	2,658,200	2,522,300	2,543,000
Debt-to-equity ratio		1.22	1.05	1.11	0.96	0.82

September 30, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $3,554,000K ÷ $2,917,300K
= 1.22

The debt-to-equity ratio of Spire Inc., a measure of its financial leverage, has shown a gradual increase over the past five years. In September 2023, the ratio stood at 1.59, up from 1.51 in 2022 and showing a consistent upward trend since 2019. This indicates that the company has been increasingly reliant on debt to finance its operations and growth, compared to its equity. A higher debt-to-equity ratio may imply higher financial risk and potential challenges in meeting debt obligations. It is important for investors and stakeholders to monitor the trend and assess the company's ability to manage its debt levels effectively.