Forensic Analysis · Satellite & Other Communications · as of Nov 9, 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
Watch
Earnings quality
4
Forensic signals
101.4%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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. 4 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +28% against revenue -35%. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 143% of net operating assets, against an accruals ratio of 26.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
-74.9%
FY2025
Return on invested capital.Return on invested capital is -74.9% in the latest fiscal year and slipping across FY2023–FY2025 from -28.9%. After-tax operating profit was ($46M) in FY2023 and ($86M) in FY2025, with operating income at -60.2% of revenue in FY2023, -62.7% in FY2024 and -134.1% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: long-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. $57M of the $115M base at FY2025 is short-term investments (49.4%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
+27.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +63% over the last 2 years to FY2025 (+27.7%/yr). The count is growing — 19.6M shares in FY2023, 32.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~27.7% 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 FY2023 has been diluted ~39%.
26% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 26% of revenue in FY2025 — about $0.59 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 27.7% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$71.6M
Revenue Growth YoY-35.2%
Revenue CAGR (2yr)-14.4%
Net Margin71.7%
Free Cash Flow-$92.6M
Return on Equity101.4%
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?