olivLaw · US equity research
Spok Holdings, Inc. SPOK
Radiotelephone Communications · SIC 4812 · Vertical: Radiotelephone Communications (SIC 4812)
Spok Holdings provides clinical communication solutions to hospitals, mainly in the United States, combining declining wireless messaging with software for contact centers and clinical alerting. In 2026 the company announced a strategic realignment, sold narrowband spectrum licenses and lowered its revenue estimate, while focusing on cash generation and returning capital to stockholders.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Spok Holdings, Inc. (SPOK) stock was 12.07 USD (+0.58% on the day), with market capitalisation 252.6 m USD, P/E 13.6 on diluted EPS of 0.89 USD over the last 12 months, dividend yield 10.36%, beta 0.28, 52-week range 10.11–13.94 USD. Latest reported quarter (Q3 2026): revenue of 33.0 m USD (−2.6% YoY), net income of 9.7 m USD (+203.4% YoY), diluted EPS 0.46 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 70.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 9.58 – 12.24
- in the upper half of the band · %B 0.94 · band width 24.3%
- SMA 50 / 200
- 10.72 / 11.25
- mixed trend
- MACD (12, 26, 9)
- 0.32 / 0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.0% | −1.1% | +11.1 pp | — |
| 3 months | +7.4% | −0.5% | +7.8 pp | — |
| 6 months | +13.7% | +4.4% | +9.3 pp | — |
| Year to date | −8.5% | +12.3% | −20.8 pp | — |
| 1 year | −12.3% | +13.5% | −25.9 pp | +18.3% |
| 3 years | −24.2% | +76.4% | −100.6 pp | +29.1% |
| 5 years | +14.4% | +63.7% | −49.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33.9 m | 36.3 m | 35.7 m | 33.9 m | 33.9 m | 33.2 m | 35.0 m | 33.0 m |
| Cost of revenue | 7.3 m | 7.3 m | 7.4 m | 7.4 m | 7.7 m | 7.7 m | 6.8 m | 6.7 m |
| Research & development | 2.7 m | 3.1 m | 3.1 m | 3.0 m | 3.0 m | 3.5 m | 3.3 m | 3.2 m |
| Operating income | 4.6 m | 6.0 m | 5.4 m | 4.4 m | 3.9 m | 2.4 m | 5.4 m | 5.6 m |
| Depreciation & amortisation | 938.0 k | 859.0 k | 854.0 k | 858.0 k | 858.0 k | 992.0 k | 929.0 k | 956.0 k |
| Pre-tax income | 4.9 m | 6.3 m | 6.4 m | 4.6 m | 4.2 m | 2.6 m | 5.6 m | 13.3 m |
| Income tax | 1.2 m | 1.1 m | 1.8 m | 1.4 m | 1.3 m | 636.0 k | 1.5 m | 3.6 m |
| Net income | 3.6 m | 5.2 m | 4.6 m | 3.2 m | 2.9 m | 2.0 m | 4.1 m | 9.7 m |
| Diluted EPS | 0.18 ≈ | 0.25 | 0.22 | 0.15 | 0.14 ≈ | 0.09 | 0.20 | 0.46 |
| Operating cash flow | 8.4 m | 2.3 m | 7.0 m ≈ | 8.1 m ≈ | 11.5 m | 2.4 m | 6.5 m ≈ | 13.0 m ≈ |
| Capex | 861.0 k | 745.0 k | 1.0 m ≈ | 557.0 k ≈ | 1.4 m | 604.0 k | 608.0 k ≈ | 738.0 k ≈ |
| Dividends paid | 6.3 m | 7.9 m | 6.5 m ≈ | 6.4 m ≈ | 6.4 m | 8.0 m | 6.5 m ≈ | 6.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 31 percentile of its own 16-quarter history (min 6.5, median 18.8, max 21.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 169.5 m | 160.3 m | 148.2 m | 142.2 m | 134.5 m | 139.0 m | 137.7 m | 139.7 m |
| Revenue YoY | −1.0% | −5.4% | −7.6% | −4.1% | −5.4% | +3.3% | −1.0% | +1.5% |
| Net income | -1.5 m | -10.8 m | -44.2 m | -22.2 m | 21.9 m | 15.7 m | 15.0 m | 15.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −28.3% | −4.5% | +6.1% |
| Diluted EPS | unavailable | -0.56 | -2.32 | -1.14 | 1.09 | 0.77 | 0.73 | 0.75 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −29.4% | −5.2% | +2.7% |
| net % | -0.9% | -6.7% | -29.8% | -15.6% | 16.2% | 11.3% | 10.9% | 11.4% |
| Free cash flow | 4.4 m | 6.9 m | 22.7 m | 3.6 m | 2.7 m | 22.8 m | 25.7 m | 25.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 25.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 146.4 m USD
- Total assets
- 206.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.18x
- ROE
- 10.5%
- ROA
- 7.5%
- FCF margin
- 18.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 148.2 m | 142.2 m | 134.5 m | 139.0 m | 137.7 m | 139.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 30.9 m | 32.5 m | 28.3 m | 27.1 m | 28.7 m | 29.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 117.2 m ≈ | 109.7 m ≈ | 106.3 m ≈ | 111.9 m ≈ | 108.9 m ≈ | 109.9 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Research & development | 15.7 m | 17.5 m | 13.6 m | 10.7 m | 11.7 m | 12.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -22.7 m | -27.7 m | 238.0 k | 21.2 m | 19.0 m | 19.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 9.1 m | 10.4 m | 3.6 m | 4.5 m | 4.1 m | 3.4 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -13.6 m ≈ | -17.3 m ≈ | 3.8 m ≈ | 25.7 m ≈ | 23.1 m ≈ | 23.1 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | -21.8 m | -27.3 m | 997.0 k | 22.3 m | 20.0 m | 21.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 22.5 m | -5.2 m | -20.9 m | 6.7 m | 5.1 m | 5.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -44.2 m | -22.2 m | 21.9 m | 15.7 m | 15.0 m | 15.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -2.32 | -1.14 | 1.09 | 0.77 | 0.73 | 0.75 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 19.0 m | 19.4 m | 20.0 m | 20.3 m | 20.6 m | 21.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.50 | 0.50 | 1.25 | 1.25 | 1.25 | 1.25 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 48.7 m | 44.6 m | 35.8 m | 32.0 m | 29.1 m | 25.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 29.9 m | 26.9 m | 26.9 m | 23.3 m | 22.0 m | 22.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 118.9 m | 94.1 m | 70.1 m | 63.9 m | 61.3 m | 57.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 7.8 m | 6.7 m | 8.2 m | 7.3 m | 6.0 m | 5.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 99.2 m | 99.2 m | 99.2 m | 99.2 m | 99.2 m | 99.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 417.0 k | 0 | 0 | 0 | — | — | SEC (XBRL)· 22 Feb 2024verified |
| Total assets | 277.3 m | 248.2 m | 244.5 m | 227.7 m | 217.1 m | 206.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 6.7 m | 5.3 m | 5.9 m | 6.0 m | 5.6 m | 4.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 57.4 m | 55.0 m | 54.4 m | 48.0 m | 48.8 m | 49.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 76.7 m | 74.5 m | 73.4 m | 63.9 m | 62.4 m | 59.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 199.6 m † | 172.7 m † | 171.1 m † | 163.8 m † | 154.7 m † | 146.4 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 26.2 m | 8.0 m | 6.5 m | 26.2 m | 28.9 m | 28.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 3.5 m | 4.4 m | 3.8 m | 3.4 m | 3.2 m | 3.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 22.7 m ≈ | 3.6 m ≈ | 2.7 m ≈ | 22.8 m ≈ | 25.7 m ≈ | 25.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -14.6 m | -225.0 k | 11.3 m | -3.4 m | -3.2 m | -3.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -10.4 m | -11.8 m | -26.2 m | -26.7 m | -28.5 m | -29.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 9.8 m | 10.0 m | 25.0 m | 25.6 m | 26.4 m | 27.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 0 | 0 | — | — | — | — | SEC (XBRL)· 17 Feb 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 252.6 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation84
- Balance sheet41
- Quality88
- Growth5
- Returns76
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.75 – 22.09 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E8.75 – 17.94 (Mid 13.64)5 companies used · median multiple 15.4x · quartiles 9.8x – 20.2xAD, IHS, KYIV, TIGO, TMUS
- Dividend discount (DDM)16.43 – 22.09 (Mid 18.84)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 13.9% | 75 (vs peers) | 10% |
| FCF conversion · Quality | 160.4% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 1.3% | 11 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -11.7% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 41 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 13.6x | 71 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11.9% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 10.9% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 91.2% | 41 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial41/100 · 1/3 factors with a value
- Growth5/100 · 2/2 factors with a value
- Quality88/100 · 2/3 factors with a value
- Returns76/100 · 2/2 factors with a value
- Valuation84/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SPOK HOLDINGS, INC. (SPOK). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 139.7 m USD in 2025; YoY growth 1.5%; net margin 13.9%; ROE 12.8%.
The estimated value range is 12.59–20.01 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 16.24 USD, the price of 12.07 USD leaves a potential of 34.6% (value / price − 1) and a margin of safety of 25.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 13.9%
- FCF conversion: 160.4%
- P/E (TTM): 13.6x
- FCF yield: 11.9%
- Shareholder yield (distributions): 10.9%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: 1.3%
- EPS CAGR 3Y: -11.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Radiotelephone Communications (SIC 4812) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CHTChunghwa Telecom Co., Ltd. | 380.0 bn | 326.5 | 9.4% | 16.2% | −3.8% | +17% / +29% |
| TMUST-Mobile Us, Inc. | 168.6 bn | 15.4 | 19.4% | 12.0% | +8.5% | −24% / +6% |
| VEONVEON Ltd. | 146.1 bn | 263.4 | 48.5% | 13.4% | +9.9% | +48% / +294% |
| TIGOMillicom International Cellular SA | 13.0 bn | 9.8 | 36.2% | 22.6% | +0.3% | +45% / +357% |
| KYIVKyivstar Group Ltd. | 3.1 bn | 23.9 | 10.4% | 10.7% | +25.9% | −4% / unavailable |
| ADArray Digital Infrastructure, Inc. | 2.9 bn | 5.4 | 18.3% | 250.8% | +58.3% | −32% / −27% |
| IHSIHS Holding Ltd | 2.8 bn | 20.2 | — | 9.1% | +3.6% | +19% / +82% |
| SPOKSpok Holdings, Inc. | 252.6 m | 13.6 | 12.8% | 13.9% | +1.5% | −12% / −24% |
| SIDUSidus Space, Inc. | 18.7 m | — | -27.0% | -970.3% | −27.6% | +49% / −82% |
| CHAICore Ai Holdings, Inc. | 3.6 m | — | -1,196.1% | -57.2% | +58.6% | −93% / −100% |
| SKMSK Telecom Co., Ltd. | — | — | 10.8% | 7.0% | +1.9% | +55% / +39% |
| TUTelus Corp | — | — | 7.1% | 5.4% | +0.6% | −30% / −49% |
| VODVodafone Group Public Ltd Co | — | — | -7.4% | -11.1% | +2.0% | +31% / +80% |
1- and 3-year price returns: for SPOK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.96 Total return -37% · Per year -37% | 12.33 Total return 10% · Per year 10% | 18.59 Total return 63% · Per year 63% |
| 3 years | 6.32 Total return -31% · Per year -12% | 12.64 Total return 28% · Per year 8% | 21.00 Total return 103% · Per year 27% |
| 5 years | 5.74 Total return -27% · Per year -6% | 12.96 Total return 46% · Per year 8% | 23.71 Total return 148% · Per year 20% |
- Exit P/E± 3.16
- Net margin± 2.21
- Annual revenue growth± 1.87
- Annual dilution± 0.19
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Spok Holdings provides clinical communication solutions to hospitals, mainly in the United States, combining declining wireless messaging with software for contact centers and clinical alerting. In 2026 the company announced a strategic realignment, sold narrowband spectrum licenses and lowered its revenue estimate, while focusing on cash generation and returning capital to stockholders.
SWOT
Strengths
- An installed base of hospital customers, the Care Connect software portfolio and the absence of financial debt provide operational stability.
- The company holds a paging network under FCC licenses and a history of cash generation used to return capital to stockholders.
- Encrypted pagers and compliance with healthcare security requirements differentiate the offering from other providers.
Weaknesses
- Wireless messaging revenue keeps declining, and units in service shrink from one quarter to the next.
- Software project revenue is volatile and depends on implementation timing, which makes quarterly forecasting difficult.
- Savings from network rationalization have slowed, and further cost reductions are becoming harder to achieve.
Opportunities
- Growth in software licenses and managed services could offset wireless decline if the second quarter 2026 trend holds.
- Integrating artificial intelligence into the Care Connect platform could speed product development and cut time to market.
- Selling assets such as spectrum licenses can generate extra cash for investment and dividends.
Threats
- Pressure from competitors and mobile communication technologies could reduce prices and market share.
- Hospital budget cuts and sector consolidation can delay contracts or lead to lost customers.
- Regulatory changes in healthcare and data security could raise compliance costs.
Risks
- Wireless subscriber declinehigh
If the subscriber cancellation rate outpaces the ability to cut wireless costs, wireless cash flow could turn negative, with effects on dividends 1.
- Network rationalizationmedium
Consolidating paging networks may affect service to customers and raise cancellation rates, while the economic benefit of the program may decline over time 1.
- Software sales pacemedium
Sales team productivity and staff retention affect software revenue growth, and new hires may need nine to 12 months to reach full productivity 1.
- Economic conditions and hospital spendingmedium
Recession, inflation and healthcare policy changes could slow customer spending decisions and limit the ability to raise prices 1.
- Acquisitions and integrationlow
If acquisitions cannot be completed on favorable terms, integration could bring unforeseen costs and dilution for stockholders 1.
Investment thesis
What would need to be true (bull case)
- If software and managed services keep growing and the realignment delivers lasting savings, the company could sustain cash generation and dividends over the medium term.
- Spectrum assets and the hospital customer base offer options for monetization and for expanding software sales.
- Integrating artificial intelligence could shorten development time and strengthen the position in clinical communication.
What would break the thesis
- If the wireless decline accelerates, total revenue could fall faster than cost savings, and dividends could come under pressure.
- The reduced revenue estimate for 2026 suggests that software demand may be slower than previously expected.
- Competition from mobile technologies and other paging providers could limit price increases and market share.
What to watch
- Trend in wireless revenue and units in serviceQ3 2026
- Completion of the workforce reduction and realization of announced savingsQ3 2026
- Software bookings level and backlogQ3 2026
- Revised full-year guidance for revenue and adjusted EBITDAnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Spok Holdings, Inc. (NASDAQ: SPOK), through its subsidiary Spok, Inc., presents itself as a global leader in healthcare communications, delivering clinical information to care teams with a focus on United States hospitals. Revenue comes from two lines: wireless messaging and paging services, which represented 52% of consolidated revenue in 2025 1, and software sales, including licenses, professional services, maintenance and subscriptions, for total revenue of 139.7 million USD in fiscal 2025 1. The company has recently extended its focus to smaller hospitals and academic medical centers, which have shorter sales cycles 2.
Segments
Wireless
The wireless segment includes one-way and two-way messaging, encrypted GenA and T52 pagers, and ancillary services. Units in service fell to 645 thousand at June 30, 2026 3, while ARPU stayed at 8.20 USD in the second quarter of 2026 3. Wireless revenue for the first half of 2026 declined 6.0% 2.
Market context
The target market is the United States healthcare sector, where costs are rising, reimbursements from Medicare and Medicaid are being reduced in some areas, and digitization and value-based purchasing increase pressure for more efficient communication tools 1. The company also serves government, large enterprises and public safety institutions 1. Demand for wireless messaging is expected to keep declining, while demand for clinical collaboration software could support growth over the medium term 12.
Trends
- Decline of wireless messagingheadwind
Demand for one-way and two-way messaging is declining, and the company believes this will continue for the foreseeable future 1. If replacement by other technologies accelerates, wireless revenue could fall faster than current estimates.
- Digitization and automation in hospitalstailwind
Hospitals are investing in workflow automation, messaging security and, in limited cases, artificial intelligence 1. These investments can support sales of Care Connect software, especially if contracting pace holds 3.
- Cost pressure on the healthcare systemmixed
Lower reimbursements and pressure for efficiency can delay hospital IT spending decisions and lengthen sales cycles 1. The company responded with a realignment that eliminated about 10% of its workforce 2.
- Hospital consolidationmixed
Large health systems keep acquiring smaller hospitals, which can create sales opportunities but also the risk of losing customers through mergers 1. The net effect depends on the retention rate of existing customers.
Competitive position
The company faces competition from other paging service providers and from alternate wireless providers such as mobile phone and mobile data operators 1. Competitors may offer better performance or additional features, and competitive pressure could reduce margins and market share 1. Software contracts are also exposed to competition in innovation speed 1.
- Paging service providers
Direct competitors in one-way and two-way messaging, cited in the risks on wireless subscribers 1.
- Mobile phone and mobile data providers
Alternative wireless communication providers that can replace paging services 1.
- Clinical software developers
Competitors that may innovate or partner faster in clinical communication 1.
- Other medical contact center system vendors
Competitors for contact center and alerting contracts in hospitals 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report03 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report22 Jul 2026Shareholder vote
- Current report30 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Quarterly report30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Spok Holdings, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Spok Holdings, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Spok Holdings, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.