Spire Global, Inc. — Earnings Quality Grade F
SPIR · Industrials
Major red flags
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 21 days, change -18 days YoY
AR growth -65.0% vs revenue growth -35.2%
Revenue -35.2%, CFFO -224.2%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 23.3% is >2x revenue growth -35.2%
SG&A/Gross Profit = 272.1%, exceeds 70%
Gross margin 40.8%, change +4.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = 52.7%. Exceeds 10%
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 22% of equity. Manageable
Interest coverage = -11.7x (<2x). Financial stress
Other assets -48.6% vs revenue -35.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -0.70 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25