Latest Ratios: P/E Ratio 8.2x · 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 | $397M | $240M | $340M | $153M | $134M | $210M | $177M | — |
| Enterprise Value | $386M | $228M | $432M | $255M | $199M | $152M | $237M | — |
| P/E Ratio → | 8.19 | 5.03 | — | — | — | — | — | — |
| P/S Ratio | 5.55 | 3.35 | 3.08 | 1.57 | 1.90 | 4.84 | 6.21 | — |
| P/B Ratio | 3.45 | 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% | -35.3% | -21.8% | -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% | -31.7% | -43.7% | -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 | 5.24 | 1.68 | 2.34 |
| Quick Ratio | 1.30 | 1.30 | 0.61 | 1.47 | 2.46 | 5.24 | 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 | 0.14 | 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 | 12.2% | 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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Quick answers to the most common questions about buying SPIR stock.
Spire Global, Inc.'s current P/E ratio is 8.2x. The historical average is 5.0x. This places it at the 100th percentile of its historical range.
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 8.2x. This is at the 100th percentile of its historical P/E range. 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
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Distorted Multiples Mask Operational Reality
According to recent market data, Spire Global trades at a P/S ratio of 7.63, a figure that appears artificially elevated when considering the company's ongoing revenue contraction and the significant, non-recurring accounting gains that have historically distorted traditional valuation metrics like the P/E ratio.
The current P/E of 10.93 is misleading, as it reflects one-time divestiture gains rather than sustainable earnings power. Investors should be cautious, as the lack of a forward P/E or PEG ratio suggests that the market struggles to price the company based on fundamental growth, likely due to the high uncertainty surrounding its path to operational profitability.
Operating Losses Outpace Gross Margins
As reported in financial statements, Spire's gross margin of 39.8% in 2026Q1 remains insufficient to cover the company's heavy R&D and SG&A burden, resulting in a deeply negative operating margin of -108.4% that highlights the structural challenges of scaling a capital-intensive satellite constellation.
While gross margins show some resilience, the persistent gap between these figures and operating profitability suggests that the company has yet to achieve the necessary economies of scale. The reliance on high fixed-cost infrastructure means that any volatility in data subscription growth directly threatens the company's ability to reach break-even status.
Capital Efficiency Remains Structurally Impaired
Based on historical figures, Spire's ROIC has remained consistently negative, reaching -0.0% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy investments in satellite manufacturing and ground station infrastructure.
The inability to generate a positive return on invested capital suggests that the capital deployed into the constellation is not yet yielding sufficient data-driven revenue. This trend warrants further investigation into whether the company's current satellite replacement cycle is fundamentally incompatible with its current pricing power in the DaaS market.
Working Capital Cycles Indicate Strain
As indicated by the reported DSO of 20,025 in 2026Q1, Spire's working capital efficiency appears severely compromised, suggesting significant friction in the collection of receivables that may be exacerbated by the company's reliance on long-term, lumpy government contracts.
The extreme volatility in DSO and DPO metrics suggests that the company lacks the leverage to manage its cash conversion cycle effectively. Investors should monitor these figures closely, as they may indicate that the company is forced to offer extended payment terms to secure or maintain its federal contract base.
Liquidity Buffers Remain Highly Volatile
According to quarterly balance sheet disclosures, Spire's current ratio of 0.94 in 2026Q1 reflects a precarious liquidity position, where the company's ability to meet short-term obligations is frequently threatened by its ongoing cash burn and the lack of a stable, self-funding operational core.
The fluctuation in the current ratio suggests that the company is highly dependent on external financing or asset divestitures to maintain its operations. This vulnerability implies that any delay in government procurement or a spike in launch costs could lead to immediate liquidity constraints.
Misapplication of P/E to Infrastructure
The most commonly misapplied ratio for Spire Global is the P/E ratio, which obscures the company's true financial health by incorporating non-recurring divestiture gains that do not represent the underlying, cash-burning reality of its space-as-a-service business model.
Analysts should instead focus on EV/Revenue or FCF-based metrics to better understand the company's valuation relative to its infrastructure-heavy cost base. Relying on P/E in this context is dangerous, as it ignores the massive, non-cash depreciation charges and the structural necessity of continuous capital reinvestment.