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SPOK

Spok Holdings, Inc.

SPOK

Spok Holdings, Inc. • NASDAQ
$13.28 ▼ -0.15% (-0.02)
Market Cap $273.52 M
52w High $19.31
52w Low $12.26
Dividend Yield 1.25%
P/E 16.6
Volume 58.76K
Outstanding Shares 20.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $33.867M ▼ $22.149M ▲ $3.203M ▼ 9.458% ▼ $0.16 ▼ $6.293M ▼
Q2-2025 $35.686M ▼ $16.194M ▼ $4.552M ▼ 12.756% ▼ $0.22 ▼ $7.236M ▲
Q1-2025 $36.294M ▲ $16.298M ▲ $5.196M ▲ 14.316% ▲ $0.25 ▲ $7.118M ▲
Q4-2024 $33.892M ▼ $15.575M ▲ $3.644M ▼ 10.752% ▲ $0.18 $5.826M ▼
Q3-2024 $34.87M $15.293M $3.66M 10.496% $0.18 $6.225M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $21.379M ▲ $209.653M ▲ $60.956M ▲ $148.697M ▼
Q2-2025 $20.242M ▲ $208.67M ▲ $57.734M ▲ $150.936M ▼
Q1-2025 $19.873M ▼ $204.476M ▼ $52.738M ▼ $151.738M ▼
Q4-2024 $29.145M ▲ $217.103M ▲ $62.357M ▲ $154.746M ▼
Q3-2024 $27.83M $216.762M $60.474M $156.288M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.203M ▼ $8.135M ▲ $-557K ▼ $-6.437M ▼ $1.137M ▲ $7.578M ▲
Q2-2025 $4.552M ▼ $7.037M ▲ $-345K ▲ $-6.335M ▲ $369K ▲ $5.991M ▲
Q1-2025 $5.196M ▲ $2.253M ▼ $-745K ▲ $-10.79M ▼ $-9.272M ▼ $1.508M ▼
Q4-2024 $3.644M ▼ $8.407M ▼ $-861K ▼ $-6.194M ▲ $1.315M ▼ $7.546M ▼
Q3-2024 $3.66M $11.095M $-832K $-6.331M $3.955M $10.263M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Hardware
Hardware
 $0 ▲$0 ▲$0 ▲$0 ▲
License
License
 $0 ▲$0 ▲$0 ▲$0 ▲
License and Maintenance
License and Maintenance
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Paging
Paging
 $20.00M ▲$20.00M ▲$0 ▼$20.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Software Operations
Software Operations
 $20.00M ▲$0 ▼$20.00M ▲$20.00M ▲
Wireless Operations
Wireless Operations
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Maintenance
Maintenance
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
Software Product And Service
Software Product And Service
 $10.00M ▲$40.00M ▲$0 ▼$0 ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Spok’s income statement shows a business with very steady revenue but only modest growth, and a clear improvement in profitability versus a few years ago. Sales have hovered in a fairly tight range over the last five years, suggesting a mature, stable customer base rather than a fast‑growing story. The company moved from losses earlier in the period to consistent profits in the last three years, which indicates better cost control and a focus on margins. However, profits in the most recent year look a bit softer than the peak, hinting that while the turnaround from losses is real, earnings may be more about discipline and optimization than expanding demand. Overall, the business looks stable and profitable, but not particularly growth‑driven at the top line.

Balance Sheet

Balance Sheet The balance sheet reflects a conservative, relatively low‑risk financial profile with limited leverage. The company carries modest debt compared with its total assets and equity, which reduces financial strain and interest burden. Cash balances are healthy but have trended slightly lower over time, and total assets and equity have edged down as well. That pattern is consistent with a company returning cash to shareholders and running a mature business, rather than aggressively reinvesting for expansion. The financial foundation appears solid, but the gradual shrinkage of the asset base underscores the “harvest” phase of the strategy rather than a build‑out phase.

Cash Flow

Cash Flow Cash flow is one of Spok’s key strengths. The company has generated steady operating cash flow in recent years, and capital spending requirements are very low. That combination translates into consistently positive free cash flow, with only a brief dip several years ago when investment was temporarily higher. Today, the business looks like a cash generator: it doesn’t need to spend much to maintain operations, so a significant portion of earnings can flow through as cash. The trade‑off is that limited reinvestment may constrain future growth, but from a pure cash perspective, the model is robust and fits well with management’s stated focus on maximizing cash generation.

Competitive Edge

Competitive Edge Spok occupies a specialized niche in healthcare communications, with a strong foothold in hospitals where reliable, secure, and compliant messaging is mission‑critical. Its long history, embedded systems, and integration with hospital workflows create high switching costs; many hospitals rely on Spok for emergency codes, critical test results, and on‑call coordination, making the service “sticky.” A key differentiator is the combination of a dedicated paging network with an integrated software platform, something competitors typically do not match in full. That said, the company operates in a space where technology is evolving quickly, and it competes against larger players tied to major medical device and software ecosystems. The moat is meaningful today, but it will need ongoing reinforcement to keep pace with newer communication tools and hospital IT standards.

Innovation and R&D

Innovation and R&D Spok has chosen to scale back higher‑risk, large‑scale innovation efforts and instead focus on enhancing and monetizing its core platforms, especially Spok Care Connect and its wireless services. The earlier push into a new cloud‑native platform was dialed back, and the current approach emphasizes incremental improvements, better integrations, and feature upgrades rather than entirely new product families. This supports profitability and cash flow in the near term, but it also implies a more measured innovation pace, which could limit long‑term growth or make it easier for more aggressive competitors to leap ahead. Future innovation at Spok is likely to be about deepening its connections into hospital systems and refining existing workflows rather than disruptive new offerings.

Summary

Overall, Spok looks like a mature, niche healthcare communications company that has moved from a period of losses to one of steady profitability and strong cash generation. Revenue is stable but not rapidly growing, the balance sheet is conservative, and free cash flow is a standout feature. Its competitive strength comes from being deeply embedded in hospital workflows, combining legacy paging reliability with specialized software and strong regulatory know‑how. At the same time, the strategic pivot away from big new product bets toward optimizing existing lines suggests a company prioritizing stability and shareholder returns over ambitious growth. The key uncertainties revolve around how well Spok can maintain its entrenched position as hospital communication technologies evolve, and whether incremental innovation will be enough to preserve its moat over the long run.

NEWS

November 12, 2025 · 8:30 AM UTC

15th Annual Spok Survey Highlights Shifting Clinical Communication Opportunities and Obstacles

Read more

October 29, 2025 · 4:05 PM UTC

Spok Reports Third Quarter 2025 Results

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October 22, 2025 · 10:30 AM UTC

Spok Sets Date to Report Third Quarter 2025 Results

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October 9, 2025 · 8:30 AM UTC

U.S. News & World Report Names Spok-Powered Hospitals to Best Children's Hospitals Honor Roll

Read more