Trim 1 inch off of bottom of asparagus; cut spears into 2-inch pieces.
Whisk together sherry vinegar, olive oil, minced shallot and dried thyme.
Place baby spinach in a large serving bowl; crumble goat cheese on top; set aside.
Cook bacon in a large nonstick skillet over medium-high heat for 8 minutes, flipping halfway through. Cool and crumble into serving bowl. Carefully wipe out skillet and return to medium heat. Add asparagus to skillet with water and cover; cook 4 minutes or until bright green and tender. Add to serving bowl. Drizzle salad with dressing and toss to combine.