Latest Ratios: P/E Ratio -3.7x · EV/EBITDA N/A · ROE 101.4%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $281M | $240M | $340M | $153M | $134M | $210M | $177M | — |
| Enterprise Value | $270M | $228M | $432M | $255M | $199M | $152M | $237M | — |
| P/E Ratio → | -3.66 | 5.03 | — | — | — | — | — | — |
| P/S Ratio | 4.51 | 3.35 | 3.08 | 1.57 | 1.90 | 4.84 | 6.21 | — |
| P/B Ratio | 2.45 | 2.12 | — | 4.05 | 1.47 | 1.10 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.19 | 3.91 | 2.61 | 2.81 | 3.50 | 8.30 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 3.66 | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.8% | 40.8% | 36.1% | 39.5% | 24.2% | 56.8% | 63.9% | 19.6% |
| Operating Margin | -121.4% | -121.4% | -52.5% | -60.2% | -111.5% | -156.4% | -91.3% | -159.3% |
| Net Profit Margin | 71.7% | 71.7% | -93.1% | -79.5% | -139.9% | -87.8% | -114.1% | -174.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 101.4% | 101.4% | -788.0% | -120.3% | -70.4% | -53.8% | — | — |
| ROA | 25.4% | 25.4% | -47.5% | -31.3% | -36.3% | -22.8% | -71.2% | -68.9% |
| ROIC | -71.6% | -71.6% | -39.5% | -29.9% | -41.1% | -71.1% | -151.0% | -148.5% |
| ROCE | -96.1% | -96.1% | -50.0% | -28.8% | -32.7% | -45.8% | -79.5% | -85.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | — | 3.46 | 1.22 | 0.27 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.10 | — | 2.69 | 0.71 | -0.31 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | 8.40 | 8.40 | -4.04 | -3.08 | -6.07 | -2.29 | -3.74 | — |
Net cash position: cash ($25M) exceeds total debt ($13M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.30 | 1.30 | 0.61 | 1.47 | 2.46 | 5.28 | 1.68 | 2.34 |
| Quick Ratio | 1.30 | 1.30 | 0.61 | 1.47 | 2.46 | 5.28 | 1.62 | 2.34 |
| Cash Ratio | 1.13 | 1.13 | 0.13 | 0.83 | 1.84 | 4.38 | 1.17 | 1.90 |
| Asset Turnover | — | 0.34 | 0.57 | 0.41 | 0.28 | 0.15 | 0.64 | 0.39 |
| Inventory Turnover | — | — | — | — | — | — | 14.19 | — |
| Days Sales Outstanding | — | 43.41 | 44.15 | 81.75 | 92.16 | 114.81 | 64.06 | 70.69 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 19.9% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $32M | $24M | $20M | $17M | $8M | $2M | $1M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SPIR stock.
Spire Global, Inc.'s current P/E ratio is -3.7x. The historical average is 5.0x.
Spire Global, Inc.'s return on equity (ROE) is 101.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -35.8%.
Based on historical data, Spire Global, Inc. is trading at a P/E of -3.7x. Compare with industry peers and growth rates for a complete picture.
Spire Global, Inc. has 40.8% gross margin and -121.4% operating margin.
Key Metrics
Top Statement Risk
Cash burn against finite reserves
Metrics are mathematically derived from official filings.
Optical Cheapness Anchored by One-Off Gain
Spire Global trades at a trailing P/E of 6.13 and P/S of 4.16, according to current market data, a modest multiple versus peers such as BlackSky and AST SpaceMobile that screen with negative earnings, yet the low P/E is anchored by a single non-operating gain rather than sustainable earnings power.
The P/S of 4.16 and P/B of 2.59 sit below BlackSky's 6.31 and Satellogic's 8.22 book multiples, but SPIR's book value of roughly $144.3M rests on contributed capital against -$533.2M of accumulated retained losses, so the apparent discount on P/B may overstate asset quality. With forward P/E, EV/EBITDA, EV/Sales and P/FCF all unavailable, investors cannot triangulate a normalized multiple and should treat the headline P/E as non-informative for pricing decisions.
Gross Margin Swings Amid Operating Bleed
Gross margin of 34.1% in 2026Q2, as reported in Spire's quarterly statements, contrasts with an operating margin of -110.2%, meaning each dollar of revenue loses more than a dollar after operating costs, and the 14.8-point gross margin swing from 48.9% four quarters earlier signals unstable unit economics.
Operating margin deteriorated from -34.4% in 2024Q1 to -110.2% while R&D and SG&A held near $25.5M, suggesting fixed cost absorption, not gross margin alone, is the binding constraint on earning power. Net margin of -110.6% in the latest quarter, following the 6.2% printed in 2025Q2, indicates that reported net income is a poor proxy for underlying profitability and should be adjusted for the discrete item below the operating line.
Returns Decaying on Unproductive Asset Base
SPIR's ROIC has been negative in all ten reported quarters, averaging roughly -13.7% and most recently -15.0% in 2026Q2 per company filings, while ROE of -17.0% contrasts sharply with the 154.0% printed in 2025Q2, a distortion that reflects equity movements rather than operating recovery.
ROIC has shown no trend toward zero since 2024Q1's -6.6%, implying that the swelling fixed asset base of $93.0M and any goodwill remaining are not generating incremental returns, a pattern consistent with capital being deployed faster than revenue is being earned. ROE is additionally unreliable here because equity swung from -$11.7M to $144.3M on non-operating flows, so denominator volatility, not compounding, explains the sign flips.
Asset Productivity Erodes as Working Capital Data Fractures
Asset turnover of 0.09 in 2026Q2, per Spire's reported balance sheet figures, remains below the 0.14 recorded in 2024Q1, meaning the $93.0M fixed asset base is generating progressively less revenue, while reported DSO and DPO figures for recent quarters appear extreme and warrant verification.
The 36% decline in turnover over ten quarters, paired with CapEx of $72.9M against $49.9M of cumulative depreciation, suggests capital intensity is rising even as the revenue base halves, which typically precedes further ROIC pressure. Cash conversion cycle and DIO are unavailable for all periods, and the 17,764-day DSO and 61,149-day DPO readings in 2026Q2 are inconsistent with the 51-86 day range recorded earlier, so no efficiency conclusion should be drawn from the recent quarters' receivable and payable data until reconciled.
Deleveraging Improves Coverage Optics
D/E of 0.05 in 2026Q2, according to Spire's quarterly filings, marks a sharp reduction from 20.34 in 2025Q1 and 2.50 in 2024Q1, suggesting balance sheet risk has receded, though negative interest coverage readings in earlier quarters indicate debt service was previously uncomfortable.
With total debt down to $6.8M and the current ratio at 1.87 after touching 0.40 in 2024Q3, refinancing pressure appears limited relative to prior periods, and interest coverage of -9838.00 in 2025Q3 has since become unavailable rather than demonstrably improved. Because the $124.1M of debt reduction coincided with accumulated losses of -$533.2M, the deleveraging appears attributable to asset sales or equity issuance rather than operating cash generation, a distinction investors should weigh when judging balance sheet durability against continued burn.
P/E Misreads SPIR's Earnings Quality
The most commonly misapplied ratio for SPIR is the 6.13 trailing P/E, which, as Spire's own results show, is manufactured by a $119.2M non-operating gain in 2025Q2 against a $19.0M operating loss, making enterprise-value-to-sales a more reliable lens on valuation.
Using P/E implies Spire is cheaper than any peer, yet every comparable satellite operator screens with negative P/E precisely because they do not book such gains, so the ratio compares a distorted numerator against a sector where it is inapplicable. EV/Sales or EV/Gross Profit, adjusted for the $38.8M cash position and $6.8M of debt, would better isolate what the market pays per dollar of a revenue stream that has contracted 48% over ten quarters.