Spok Holdings Inc. Common Stock (SPOK)

FairStock Score: 48/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At the close on 2026-10-13, Spok Holdings traded at $10.83, for a market value of about $226.5 million. This is a small healthcare communications firm with 382 employees, selling messaging and paging workflows to hospitals. Switching costs can create a modest moat, but it is not a wide-moat compounder. The balance sheet is conservative: debt-to-equity is 0.04, the Piotroski F-Score is 8/9, and the Altman Z-Score is 2.99. Trailing free cash flow is $25.4 million, an 11.2% FCF yield by FairStock calculation, and the dividend yield is 12.03%. That cash return is the main attraction. But the growth picture is weak. FairStock classifies it as a SLOW GROWER — Shrinking: profit fell 10.1% a year over three years while revenue grew only 1.3%. The filed figures confirm recent softness: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $35.0 million and net income $4.1 million, versus fiscal Q2 2025, the quarter ended 2025-06-30, revenue of $35.7 million and net income of $4.6 million. For FY2025, the year ended 2025-12-31, revenue was $139.7 million and net income $15.9 million, only slightly above FY2024. At the 2026-10-13 close, FairStock calculations put the P/E at 19.00, P/B at 1.62, and the Graham Number at $9.26, leaving a negative 16.95% margin of safety. ROE is 8.42% and ROCE is 5.69%. I see a financially sound, cash-generative slow grower with a high dividend, but limited growth and no margin of safety. The key is whether free cash flow and the payout hold as revenue drifts.

In plain English: Spok Holdings provides communication tools for hospitals and healthcare groups, including messaging and paging. The business produces cash and pays a very high dividend, but sales and profits have been slipping recently. At the current price, the stock does not look cheap compared with its earnings and book value, even though its cash flow is attractive.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer