Spire Inc. 6.375% Junior Subord (SRJN)

Spire Inc. 6.375% Junior Subord (SRJN) — VMCI valuation read

Across 120 indicators, Spire Inc. 6.375% Junior Subord (SRJN) lands at VMCI 51/100. The Utilities sector median is 50, so the 1-point above-median read is the active comparison. Pillar weighting on the score: Value 35%, Quality 30%, Integrity 15%, Growth 12%, Risk 8%.

No material Form 4 disclosures landed on SRJN in the past 30 days. Quiet insider tape removes one signal source; the active reads stay with the trailing-twelve-month financials and the next 10-Q.

**Investor frame.** On Value, SRJN trades at 21.0x earnings, 17% above the Utilities median of 18.0x; the EV/EBITDA delta of -2.0x reinforces that single line. On Quality, ROIC of 9.0% trails the Utilities median (10.0%) by 1.0pp. On Risk, net debt to EBITDA of -0.7x leaves covenant headroom for SRJN on the trailing balance sheet.

SRJN rose 1.8% over the trailing 7 days, with a -9.2% read on a 30-day basis.