Spire Global, Inc.
SPIRAbout the company
Spire Global, Inc. provides subscription-based data, insights, predictive analytics, and related project-based services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
Investment snapshot
Positive
2
BUY / PASS
Neutral / negative
2 / 12
NEUTRAL / FAIL
Median fair value
$11.44
+24.2% vs price
Models with upside
3 / 17
Positive margin of safety
Strongest signal
SPIR undervalued: all 3 models price fair value above $9.21 (median $11.44)
Key risk
No clean pass — all 8 investors flag at least one growth criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #2712 (Top 87.6%) | PASS | FAIL | PASS | NEUTRAL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL |
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| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||
| Margin of Safety | +15.4% | +19.5% | N/A | N/A | N/A | N/A | N/A | +58.3% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-19 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 |
Where It Passes
- Valuation models100% pass✓ 3▾
SPIR undervalued: all 3 models price fair value above $9.21 (median $11.44)
Graham fair value$10.89✓Graham+15.4% margin vs $9.21Buffett fair value$11.44✓Buffett+19.5% margin vs $9.21Pabrai fair value$22.07✓Pabrai+58.3% margin vs $9.21
Where It Falls Short
- Growth0% pass✓ 3✗ 10▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)P/E 6.2x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency1/6 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth13.2%✓Ackman>= 5%Positive EPS Growth Frequency✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 39.5% -> 40.8%, operating margin -60.2% -> -134.1%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR20.2%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio1.49✗Graham>= 2.0ROIC (3-5 yr avg)-57.8%✗Buffett> 10%ROIC - WACC-67.8%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-123.9%✗Greenblatt> 25%Current Ratio Change YoY0.61 -> 1.30✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.57x -> 0.34x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities1.49✗Dreman> 1.5Return on Invested Capital-67.1%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-30.6%; FY2024: ROIC=-63.0%; FY2025: ROIC=-67.1%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC-67.1% (RR=100% x ROIC=-67.1%)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -67.1%)✗SleepROIC > 12% in a majority of years - Profitability6% pass✓ 6✗ 29▾
15 of 16 flag SPIR's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)1/7 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)1/7 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-72.1%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-134.1% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy$30.9M✓BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)P/E 6.2x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-71.7%✗Lynch> 15%EBIT / Enterprise Value-28.5%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-28.5%, ROC=-123.9%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets24.32%✓PiotroskiROA > 0ROA Change YoY-53.39% -> 24.32% (delta: +77.71%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-28.36%, ROA=24.32%✗PiotroskiCFO/Assets > ROAGross Margin Change YoY36.1% -> 40.8%✓PiotroskiImproved YoYPre-Tax Income / Revenue-131.4%✗Dreman>= 8%Net Income / Shareholders' Equity-71.7%✗Dreman> 12%Margin of SafetyP/E=6.2x, P/B=2.6x✓PabraiP/B < 1.5 or P/E < 15Return on Equity-89.5% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePositive Net Income Frequency1/6 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-129.6%✗Ackman>= 15%Net Income / Shareholders Equity-71.7%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-60.2% (2023) -> -134.1% (2025)✗TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 39.5% -> 40.8%, operating margin -60.2% -> -134.1%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-25.21%; #4701/6340 (top 74.1%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+12.90%; #2579/3702 (top 69.7%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity-71.72%; #4419/5226 (top 84.6%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.2681; #4513/5884 (top 76.7%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years1/6 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Verdicts13% pass✓ 2✗ 13▾
Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL
Overall verdict✗GrahamFAIL (0/9)✗BuffettFAIL (2/9)✗LynchFAIL (2/7)✗GreenblattRank #2712✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1794/2370 (Top 75.7%))✗NeffFAIL (2/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked) - Valuation15% pass✓ 6✗ 22▾
11 of 13 flag SPIR's valuation — Graham, Lynch, Greenblatt +8 more
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio2.6x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)P/E 6.2x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-28.5%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-28.5%, ROC=-123.9%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS6.2x✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xPrice / Book Value per Share2.6x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessP/E=6.2x, OE Yield=10.5%✓MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldP/E=6.2x, FCF Yield=-25.6%✓PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/E=6.2x, P/B=2.6x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low123% of trailing low ($7.50)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-25.21%; #4701/6340 (top 74.1%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.3515; #3457/6449 (top 53.6%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS6.2x✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share3.33x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.1872; #3837/5247 (top 73.1%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-25.73%; #3607/4519 (top 79.8%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-57.28%; #5341/6202 (top 86.1%)✗OshaughnessyTop 10% of eligible cross-section - Cash Flow20% pass✓ 2✗ 10▾
8 of 10 flag SPIR's cash flow — Lynch, Piotroski, Dreman +5 more
Free Cash Flow Proxy$30.9M✓BuffettPositive and growingFCF Positive and Growing$-93.1M✗LynchPositive and growingOperating Cash Flow$-59.8M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-28.36%, ROA=24.32%✗PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldP/E=6.2x, FCF Yield=-25.6%✓PabraiP/E < 15 or FCF Yield > 10%FCF Positive0/6 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-31.6%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency0/6 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-93.1M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-25.73%; #3607/4519 (top 79.8%)✗OshaughnessyTop 10% of eligible cross-section - Debt & Leverage50% pass✓ 9✗ 6▾
6 of 12 pass — Graham, Buffett, Lynch +3 more object
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.00, IC: -12.9x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change2.39% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities1.49✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-12.9x, D/EBITDA=0.0x (no debt)✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)✓AsnessTop 30% of eligible cross-section
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 32.2% of shares last year, 63.2% issued over two.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $361.6Mcurrent | -- | -- | -- | $365.8Mest. | $414.3Mest. | $139.2Mest. | $1.3Best. | $1.2Best. |
| Revenue | $67.7M↓13% | $18.0M↑42% | $18.0M↓6% | $15.8M↓34% | $71.6M↓35% | $110.5M↑13% | $97.6M↑38% | $70.8M↑63% | $43.4M |
| Operating Income | -$87.7M↑13% | -$20.2M↑4% | -$19.9M↑15% | -$24.6M↑3% | -$96.0M↓39% | -$69.3M↓18% | -$58.8M↑25% | -$78.9M↓16% | -$67.8M |
| Net Income | -$91.2M↓394% | -$20.3M↓3% | -$20.0M↓117% | -$25.8M↓25% | $51.3M↑150% | -$103.4M↓33% | -$77.6M↑22% | -$99.0M↓160% | -$38.1M |
| EPS (Diluted) | -- | $-0.52↑15% | $-0.52↓114% | $-0.78↓1% | $1.49↑135% | $-4.26↓30% | $-3.27↓411% | $-0.64↓5% | $-0.61 |
| Gross Margin | 40.2%↑4% | 46.1%↑26% | 34.1%↓30% | 39.8%↑8% | 40.8%↑13% | 36.1%↓9% | 39.5%↑63% | 24.2%↓57% | 56.8% |
| Operating Margin | -129.6% | -112.0%↑33% | -110.2%↑10% | -155.2%↓46% | -134.1%↓114% | -62.7%↓4% | -60.2%↑46% | -111.5%↑29% | -156.4% |
| ROE | -71.7%↓408% | — | — | — | 45.4%↓95% | 884.4%↑531% | -205.3%↓89% | -108.6%↓443% | -20.0% |
| Total Debt | -- | -- | -- | -- | $0↓100% | $98.6M↓14% | $114.1M↑16% | $98.5M↑93% | $51.1M |
| Shareholders' Equity | $127.1M↓5% | $127.1M↓5% | $144.3M↓3% | $91.2M↑1542% | $112.9M↑1066% | -$11.7M↓131% | $37.8M↓59% | $91.1M↓52% | $190.2M |
| Current Ratio | 1.49↓22% | 1.49↓22% | 1.87↓23% | 0.94↑40% | 1.30↑113% | 0.61↓59% | 1.47↓40% | 2.46↓53% | 5.28 |
| Debt / Equity | — | — | — | — | 0.00↑100% | -8.43↓379% | 3.02↑179% | 1.08↑302% | 0.27 |
| Operating Cash Flow | -$58.8M↑21% | -$5.0M↑59% | -$23.4M↑33% | -$26.2M↓211% | -$59.8M↓224% | -$18.5M↑49% | -$36.3M↑21% | -$45.7M↑21% | -$58.0M |
| Free Cash Flow | -$93.1M↑8% | -$13.9M↑32% | -$28.8M↑25% | -$34.2M↓97% | -$92.6M↓106% | -$45.0M↑16% | -$53.7M↑20% | -$66.7M↑9% | -$73.4M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Communication
SPIR vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VERIZON COMMUNICATIONS INCVZ | $192.1B | $46.36 | $138.2B | $17.2B | 16.2% | 1.50 | 21.2% | 0.91 | 4/9 | 3/9 | 2/7 | 1/3 | F-Score 5 | 6/11 |
| AT&T INC.T | $149.4B | $22.18 | $125.6B | $22.0B | 17.4% | 1.08 | 19.2% | 0.91 | 5/9 | 2/9 | 3/7 | 0/3 | F-Score 6 | 6/11 |
| NIPPON TELEGRAPH & TELEPHONE CORPNTTYY | $85.0B | $26.32 | — | — | — | — | — | — | 2/9 | 1/9 | 2/7 | 1/3 | F-Score 7 | 6/11 |
| AMERICA MOVIL SAB DE CV/AMX | $76.0B | $25.47 | $42.1B | $1.1B | 6.2% | 1.54 | 20.7% | 0.72 | 1/9 | 5/9 | 1/7 | 1/3 | F-Score 6 | 2/11 |
| VODAFONE GROUP PUBLIC LTD COVOD | $35.6B | $15.37 | $40.5B | $4.5B | -7.9% | 1.01 | -1.1% | — | 1/9 | 2/9 | 0/7 | 0/3 | F-Score 5 | 2/11 |
| CHARTER COMMUNICATIONS, INC. /MO/CHTR | $24.8B | $138.39 | $54.8B | $5.0B | 31.1% | 5.90 | 23.6% | 0.39 | 4/9 | 3/9 | 3/7 | 0/3 | F-Score 6 | 5/11 |
| BCE INCBCE | $20.0B | $21.43 | $17.9B | $4.8B | 28.3% | 1.52 | — | 0.58 | 4/9 | 1/9 | 5/7 | 1/3 | F-Score 6 | 9/11 |
| ROGERS COMMUNICATIONS INCRCI | $18.0B | $33.24 | $15.9B | $5.0B | 38.8% | 2.25 | 45.2% | 0.61 | 5/9 | 5/9 | 5/7 | 1/3 | F-Score 4 | 8/11 |