SRSPIRE INC

Natural Gas Distribution

Revenue: $2.5B; 4.5% YoY
Operating margin: 21.2%; 12% YoY
EBITDA: $822M; 7.2% YoY
Market cap: $5.2B
Employees: 3,497; $708K revenue each
Net debt / EBITDA: 1.1×; $926M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
213% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
32% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$708K · 19th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$57K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.2B	$2.2B	$2.7B	$2.6B	$2.5B	4.5%
Operating income	$450M	$408M	$419M	$488M	$524M	7.3%
Net income	$272M	$221M	$218M	$251M	$272M	8.3%
Operating cash flow	$250M	$55M	$440M	$912M	$578M	37%
Capex	$625M	$552M	$663M	$861M	$922M	7.1%
Stock-based comp	$14M	$6M	$10M	$6M	$7M	16%
Dividends	$133M	$142M	$151M	$167M	$182M	9.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $251K · 3
Open-market sells, 12 mo: $308K · 1
Net: −$57K

Pay vs performance

No pay-versus-performance disclosure yet.