Spire Global

SPIR

Specialty Business Services · Industrials

Price

$13.94

+0.05 (+0.36%)

Market Cap

$453.6M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+311.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 7.8M (2021) → 32.0M (2025)

Winston Score History

The full picture

Spire Global is a space-data company that operates a network of small satellites orbiting Earth. These satellites collect information about weather patterns, ship locations, and aircraft movements, which Spire then sells to governments, airlines, shipping companies, and weather forecasters. It is one of the larger commercial operators of nanosatellites, with over 100 small satellites in orbit.

Spire makes money by charging customers subscription fees to access its data and analytics services. The company operates globally, serving clients across maritime, aviation, and weather markets, and generates most of its revenue from multi-year government and commercial contracts. With a market cap near $0.7 billion and an operating margin of negative 122%, Spire is still burning significant cash, and its main challenge is scaling revenue fast enough to reach profitability before it needs to raise additional funding.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-5.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-113.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$37M/ year

↑ Rising (+26% vs prior year)

51.3% of revenue

12.8x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

17.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~10 months

$92M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

Spire Global is putting 51% of revenue into R&D and that number is rising. That's 12.8x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

34.1%

Modest — 34.1% gross margin

Profit after running costs

Operating Margin

-110.2%

Losing money on operations — -110.2%

Return on the money invested

ROCE

-54.3%

Weak — -54.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-33.1%

Shrinking sales (-33.1% YoY)

Profit growth

EPS YoY

-508.8%

Earnings shrinking (-508.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-174.2%

Burning cash (-174.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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