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what it is
Spok sells hospital alert software and paging services that keep doctors, nurses, and public safety teams connected.
how it gets paid
Last year Spok made $140M in revenue. Wireless paging and messaging was the main engine at $45M, or 32% of sales.
why it's growing
Revenue grew 1.5% last year. Revenue rose 213% vs. prior year and EPS rose 313% vs. prior year.
what just happened
Spok posted $106M of latest-quarter revenue and $0.62 of EPS, both way above last year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
20/100 earnings predictability — expect surprises
16.7x trailing p/e — the market's not buying it — or you found a deal
10.6% dividend yield — cash in your pocket every quarter
9.7% return on capital — nothing to write home about
xvary composite: 44/100 — below average
What they do
Spok sells hospital alert software and paging services that keep doctors, nurses, and public safety teams connected.
Customers send over 100 million messages each month through Spok systems. That is not casual usage. That is the kind of traffic that makes leaving painful. If your hospital runs on alerts, call centers, and paging, ripping it out takes real time and real money.
How they make money
$140M
annual revenue · their business grew +1.5% last year
Wireless paging and messaging
$45M
5.0%
Call center operations
$28M
+4.0%
Clinical alerting and notifications
$32M
+6.0%
Mobile communications
$18M
+3.0%
Public safety solutions
$17M
+2.0%
The products that matter
healthcare communication software
Spok Care Connect
~$71M segment revenue · 51% of total
This roughly $71M software business is now 51% of revenue and grew 8.5% in 2025. If Spok is going to re-rate, it starts here.
growth engine
paging and messaging services
Wireless Services
$69M segment revenue · 49% of total
This $69M legacy segment still makes up 49% of revenue, but it fell 4.5% in 2025 and management expects more pressure next. It's shrinking, but it still funds much of the dividend story.
cash source, for now
Key numbers
$140M
annual revenue
That is the business that has to support the dividend and the software transition.
10.6%
dividend yield
You are paid 10.6% to wait. That is high for a company with $140M of revenue.
18.1%
operating margin
For every $100 of sales, Spok keeps $18.10 after operating costs. That is decent for a legacy communications business.
$5M
long-term debt
Debt is only 2% of capital. That gives the balance sheet room if revenue holds up.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $5M (2% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SPOK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Spok posted $106M of latest-quarter revenue and $0.62 of EPS, both way above last year.
Revenue rose 213% vs. prior year and EPS rose 313% vs. prior year. The math says the quarter was clean, even if the business is still small.
$106M
revenue
$0.62
eps
n/a
n/a
the number that mattered
The key number was $0.62 of EPS. That is the quarter where a small revenue base stopped looking fragile.
source: company earnings report, 2026
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What could go wrong
the #1 risk is wireless paging revenue shrinking faster than software can replace it.
med
wireless decline still matters
Wireless Services produced $69M of revenue in 2025, or 49% of the business, and that segment fell 4.5%.
When nearly half your revenue base is shrinking, software growth has to do more than look good. It has to outrun gravity.
med
the dividend can crowd out reinvestment
The 10.6% yield costs about $13M annually against projected 2026 adjusted EBITDA of $27.5M–$32.5M.
That is a meaningful slice of operating cash generation for a company still trying to grow software. High yield is nice until it becomes an operating decision.
med
guidance still says flat to down
2026 revenue guidance of $136M–$143M implies a 2.5% decline at the midpoint from 2025.
If revenue keeps slipping, the market is unlikely to pay a higher multiple just because one segment looks better than the rest.
med
the numbers are not especially predictable
Earnings predictability sits at 20 / 100, which is low for a stock many investors may own for income.
Income investors usually want boring. A 20 / 100 predictability score is the opposite of boring.
A $13M annual dividend against $27.5M–$32.5M of projected EBITDA leaves a narrow buffer if the $69M wireless segment keeps shrinking.
source: institutional data · regulatory filings · risk analysis
Pay attention to
software
Can software stay above 8.5% growth
Software grew 8.5% in 2025. You want that number rising, because flat software growth will not cover a 4.5% wireless decline forever.
dividend
Dividend coverage versus EBITDA
The payout costs about $13M a year against $27.5M–$32.5M of projected 2026 adjusted EBITDA. That ratio is the number that matters if you own SPOK for income.
wireless
How fast the legacy business keeps shrinking
Wireless Services still produced $69M of revenue in 2025. A decline materially worse than 4.5% would put more pressure on the whole story.
next report
The next earnings print
You need the next quarter to show the same pattern getting stronger: software up, wireless down less, and total revenue stabilizing.
Analyst rankings
earnings predictability
20 / 100
In human-speak, analysts do not think this business produces smooth, easy-to-model quarters.
risk rank
3
That puts it around the middle of the pack on overall risk. Safer than the wild stuff, but not exactly a bunker.
source: institutional data
Institutional activity
institutional ownership data for SPOK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$13
current price
n/a
target midpoint · n/a from current
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