This should be obvious, but we’re going to say it anyway. Take a good, long look at the financial well-being of your company before you ask for a raise.
If things are good, revenue is up, and goals are being met across the board, then have at it. You stand a much better shot of getting what you want if everything else is falling into place. But, on the other hand, if the company is laying people off, losing money, and spiraling into ruin, asking for a raise is going to seem pretty tone deaf.
You might be able to get away with it if you’re truly a superstar high-performer, but tread carefully and gauge the atmosphere.