Spire Global

SPIR

Specialty Business Services · Industrials

Price

$12.14

-0.01 (-0.08%)

Market Cap

$395.0M

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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)

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.

Winston Score History

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

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-1.3% 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

Insiders holding steady — not selling despite ability to

Cash Runway

~1 months

$16.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Spire Global grew revenue 66218% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Gross Margin

39.8%

Modest — 39.8% gross margin

Operating Margin

-0.2%

Losing money on operations — -0.2%

ROCE

-0.0%

Weak — -0.0% return on capital

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

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Growth

Sales YoY

+15861.2%

Fast-growing sales (15861.2% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-215.8%

Burning cash (-215.8%)

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

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Stability

Debt / Equity

0.09

Conservative — low debt load (0.09)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

7.4x

Attractive valuation — P/E 7.4

P/E under 10. The price tag is small relative to last year's profit.

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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