Spok Holdings, Inc.
- Open
- 10.50
- Day high
- 10.50
- Day low
- 10.21
- Prev close
- 10.45
- Volume
- 189K
- Mkt cap
- $214M
- P/E (TTM)
- 16.6
- EPS (TTM)
- $0.62
- P/B
- 1.5
- P/S
- 1.6
- Yield
- 6.10%
- Per share
- $0.63
- ▲Insiders net buying $310K over the last 3 months (4 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
Spok Holdings, Inc. (SPOK) is a Healthcare company listed on NASDAQ. The stock is down 43% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 2 sales (SEC Form 4).
Spok Holdings, Inc. (SPOK) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SPOK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.18 | $0.09 | -50.0% | $33M | -5.1% |
| Feb 25, 2026 | $0.18 | $0.14 | -22.7% | $34M | -3.3% |
| Oct 29, 2025 | $0.19 | $0.15 | -21.1% | $34M | -2.1% |
| Jul 30, 2025 | $0.18 | $0.22 | +22.2% | $36M | +2.0% |
| Apr 30, 2025 | $0.18 | $0.25 | +38.9% | $36M | +6.7% |
| Feb 26, 2025 | $0.20 | $0.18 | -10.0% | $34M | -4.5% |
| Oct 30, 2024 | $0.18 | $0.18 | +0.0% | $35M | -2.4% |
| Jul 24, 2024 | $0.19 | $0.17 | -10.5% | $34M | -1.0% |
| May 1, 2024 | $0.26 | $0.21 | -19.2% | $35M | +0.2% |
| Feb 21, 2024 | $0.13 | $0.17 | +30.8% | $34M | +4.0% |
| Oct 25, 2023 | $0.18 | $0.22 | +22.2% | $35M | +5.1% |
| Jul 26, 2023 | $0.23 | $0.23 | +0.0% | $36M | +8.2% |
SPOK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Stein Todd Jdirector | Buy | 0 | — |
| Jun 17, 2026 | Stein Todd Jdirector | Buy | 35,211 | $10.41 |
| May 12, 2026 | KELLY VINCENT Ddirector, officer: President & CEO | Buy | 0 | — |
| May 12, 2026 | KELLY VINCENT Ddirector, officer: President & CEO | Buy | 5,000 | $10.67 |
| May 6, 2026 | Woods-Keisling Sharonofficer: Corporate Secretary, Treasurer | Sell | 10,000 | $11.00 |
| May 6, 2026 | Woods-Keisling Sharonofficer: Corporate Secretary, Treasurer | Sell | 0 | — |
| Apr 14, 2026 | Rice Calvinofficer: Chief Financial Officer & CAO | Grant | 0 | — |
| Apr 1, 2026 | Byrne Barbara Petersondirector | Grant | 0 | — |
| Apr 1, 2026 | Byrne Barbara Petersondirector | Grant | 2,294 | $10.90 |
| Mar 4, 2026 | Woods-Keisling Sharonofficer: Corporate Secretary, Treasurer | Grant | 3,434 | $12.14 |
| Mar 4, 2026 | Rice Calvinofficer: Chief Financial Officer & CAO | Option | 13,736 | $12.14 |
| Mar 4, 2026 | Rice Calvinofficer: Chief Financial Officer & CAO | Tax | 8,759 | $12.14 |
| Mar 4, 2026 | KELLY VINCENT Ddirector, officer: President & CEO | Option | 48,840 | $12.14 |
| Mar 4, 2026 | Woods-Keisling Sharonofficer: Corporate Secretary, Treasurer | Tax | 4,469 | $12.14 |
| Mar 4, 2026 | WALLACE MICHAEL Wofficer: Chief Operating Officer | Grant | 9,157 | $12.14 |
Source: SPOK SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full SPOK insider & 13F page →Spok Holdings, Inc. company profile
Overview
Spok Holdings, Inc. (NASDAQ:SPOK) is a healthcare communications technology company founded in 1986 and headquartered in Alexandria, Virginia. Originally known as USA Mobility, Inc., the company rebranded to Spok Holdings in July 2014 to reflect its focus on healthcare-specific communication solutions. The company has evolved from a traditional paging service provider into a specialized healthcare communications platform operator, serving over 2,200 healthcare facilities across the United States and internationally. Spok operates the largest paging network in the United States while simultaneously developing and deploying advanced software solutions designed to enhance clinical workflows and patient care coordination.
Business
Spok operates in the healthcare information technology sector, specifically focusing on clinical communication and collaboration platforms. The company provides mission-critical communication solutions that enable healthcare professionals to coordinate patient care, respond to emergencies, and manage clinical workflows efficiently. The company operates through two primary business segments that generate roughly equal revenue shares: Wireless Communications (approximately 53% of revenue): This segment operates the largest paging network in the United States, providing one-way and two-way messaging services primarily to healthcare facilities. Paging remains essential in healthcare environments because it works reliably in areas where cellular coverage is poor, such as hospital basements, elevator shafts, and areas with electromagnetic interference from medical equipment. The service includes traditional pagers, advanced GenA pagers with enhanced features, voicemail services, and equipment protection plans. Healthcare professionals rely on these devices for critical communications during emergencies and routine patient care. Software Solutions (approximately 47% of revenue): This segment centers around the Spok Care Connect platform, a comprehensive clinical communication and collaboration system. Care Connect integrates with hospital information systems to automate nurse call responses, alert management, and care team coordination. The platform includes operator console software for hospital switchboard operations, contact center solutions, reporting and analytics tools, and mobile applications. The software helps hospitals comply with regulatory requirements while improving response times to patient needs and reducing communication errors that could impact patient safety. The company also provides professional services including implementation, training, and managed services, along with ongoing maintenance and support for both wireless and software solutions.
Revenue model
Spok generates revenue through multiple complementary business models that create recurring income streams: Subscription-based wireless services form the foundation of the business model, with healthcare facilities paying monthly fees for paging devices and messaging services. This creates predictable recurring revenue, though the subscriber base experiences annual churn of approximately 4-5% as some facilities transition to alternative communication methods. The company has implemented pricing initiatives and introduced higher-value GenA pagers to increase average revenue per unit (ARPU) and offset subscriber losses. Software licensing and maintenance represents the growth engine, with hospitals purchasing multi-year licenses for the Care Connect platform and paying annual maintenance fees typically ranging from 15-20% of the initial license cost. The company has shifted focus toward larger, multi-year engagements that provide revenue stability and improved customer retention. Professional and managed services generate additional revenue through implementation, training, and ongoing managed services contracts. The company has increasingly moved toward three-year managed services agreements that provide predictable revenue streams while improving customer stickiness. Several factors influence the company's margins and profitability. Positive margin drivers include the high-margin nature of wireless services once infrastructure is deployed, increasing software license sales which carry higher margins than hardware, growing managed services revenue with predictable costs, and pricing power in the wireless segment due to the mission-critical nature of the service. Margin pressures come from ongoing infrastructure maintenance costs for the wireless network, competitive pricing pressure in software sales, the need for continuous R&D investment (approximately $11.5 million annually) to keep pace with healthcare technology evolution, and customer concentration risk as healthcare systems consolidate.
Competitive moat
Spok possesses a moderate economic moat built primarily on switching costs and network effects, though this moat faces ongoing erosion from technological disruption. The company's strongest competitive advantage lies in mission-critical infrastructure dependency. Healthcare facilities have deeply integrated Spok's wireless and software solutions into their daily operations, creating substantial switching costs. Replacing these systems requires significant staff retraining, workflow redesign, and integration with existing hospital information systems. The wireless paging network provides reliable communication in areas where cellular service fails, making it difficult for hospitals to completely eliminate paging services despite the availability of smartphone alternatives. Customer entrenchment strengthens the moat, as Spok serves 18 of the top 20 adult hospitals and 9 of the top 10 children's hospitals according to U.S. News & World Report rankings. These relationships, built over decades, create institutional knowledge and trust that competitors must overcome. The company's extensive intellectual property portfolio and regulatory compliance expertise in healthcare communications add additional barriers to entry. However, the moat faces significant long-term challenges. Smartphone adoption and improved cellular coverage in healthcare facilities threaten the core paging business. Newer communication platforms from companies like Microsoft Teams, Slack, and specialized healthcare communication startups offer more modern user interfaces and integration capabilities. Cloud-based solutions from larger technology companies with greater resources pose competitive threats to Spok's software offerings. The company's moat is gradually weakening as evidenced by the steady 4-5% annual churn in wireless subscribers and the need for continuous pricing increases to maintain revenue. While switching costs provide near-term protection, the long-term trend toward modern communication platforms presents an existential challenge that the company is attempting to address through its Care Connect software evolution.
Risks & safety
Spok maintains a strong financial position with minimal solvency risk but faces declining business fundamentals: Liquidity and Debt: • Cash and short-term investments: $19.9 million (Q1 2025) • Current ratio: 1.24x indicating adequate short-term liquidity • Debt-to-equity ratio: 0.054x representing minimal leverage • No significant debt burden or solvency concerns Cash Generation: • Free cash flow: $25.7 million (2024) demonstrating strong cash generation • Operating cash flow: $28.9 million (2024) showing operational efficiency • Consistent dividend payments and share repurchases totaling $26.4 million returned to shareholders in 2024 Valuation Metrics: • P/E ratio: 16.2x (Q1 2025) suggesting reasonable valuation • EV/EBITDA: 11.7x indicating moderate valuation • Price-to-book: 2.21x showing premium to book value Other Considerations: • Revenue declining from $139 million (2023) to $137.7 million (2024) • Wireless segment experiencing structural decline offset partially by software growth • Strong balance sheet provides runway for strategic investments and shareholder returns
Recent development
Over the past few years, Spok has executed a strategic transformation from a traditional paging company to a healthcare-focused software solutions provider while maintaining its wireless infrastructure as a cash-generating foundation. The company's most significant pivot involved discontinuing the Spok Go product in 2022, which was an attempt to modernize communication services but failed to gain market traction. This decision led to a 30% workforce reduction and streamlined operations focused on core competencies. Management shifted strategy toward maximizing cash flow generation from existing assets while investing selectively in growth opportunities. Product development has centered on enhancing the Care Connect platform with new capabilities including upgraded operator consoles, contact center solutions for universal interoperability, enhanced enterprise reporting and dashboard services, expanded soft phone and SMS support, and broader HL7 standards compliance for better integration with hospital information systems. The company has maintained R&D investment at approximately $11.5 million annually despite overall cost reduction efforts. Market expansion initiatives include launching a hosted Care Connect solution targeting smaller hospitals under 200 beds, establishing a dedicated sales team for this market segment, creating a new business development team focused on acquiring new customer logos, and expanding internationally through partnerships, particularly in the Asia-Pacific region via collaboration with InTechnology in Australia. Wireless segment optimization has involved introducing GenA pagers with enhanced features and higher ARPU, implementing pricing increases for disconnected pagers expected to generate $1 million in annual benefits, and shifting toward longer-term managed services contracts to improve customer retention and revenue predictability. The company has also relocated its headquarters from Alexandria, Virginia to Plano, Texas as a cost-saving measure while maintaining operational effectiveness.
SPOK company profile · for informational purposes only — not investment advice.
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