Forensic Analysis · Communication Services / Telecom · as of Aug 11, 2026
Spire Global, Inc. (SPIR)
A forensic read on Spire Global, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-3.9
Distress distance
Watch
Earnings quality
5
Forensic signals
11.8
P / E (ttm)
45.4%
ROE
$561M
Market cap
-35.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Spire Global, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -3.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+26.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +26.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +28% against revenue -35%. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 143% of net operating assets.
-75.8%
FY2025
Return on invested capital.Return on invested capital is -75.8% in the latest fiscal year and slipping from -37% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+22.3%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +83% over the last 3 years to FY2025 (+22.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~22.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~45%.
26% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 26% of revenue in FY2025 — about $0.59 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 22.5% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
Key fundamentals
Latest Revenue$71.6M
Revenue Growth YoY-35.2%
Net Margin71.7%
Free Cash Flow-$92.6M
Return on Equity45.4%
Debt / Equity0.04x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Spire Global, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Spire Global, Inc. (SPIR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
41d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 36 to 41 days FY2024→FY2025 (receivables -65% vs revenue -35%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 58 → 62 → 44 → 36 → 41 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in.