Forensic Analysis · Wireless · as of Nov 9, 2026

Spok Holdings, Inc (SPOK)

A forensic read on Spok Holdings, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality, not compounding

Forensic grade

Clean

Earnings quality

Forensic signals

10.5%

ROE

1.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Spok Holdings, Inc earns an A (High-quality, not compounding) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

10.8%

FY2025

Return on invested capital. Return on invested capital is 10.8% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.9-point range. After-tax operating profit was $15M in FY2023 and $15M in FY2025, with operating income at 15.3% of revenue in FY2023, 13.8% in FY2024 and 14.1% in FY2025. The capital base behind it went from $148M in FY2023 to $135M in FY2025 (-8%), while the revenue it carried went from $139M to $140M.

108% of FCF

FY2025

Shareholder returns. Returned $27M to shareholders (buybacks + dividends) in FY2025 — 108% of free cash flow. That is $2M (8%) more than free cash flow covered. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $4M over FY2025. Counting the $5M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 128%.

Key fundamentals

Latest Revenue$139.7M

Revenue Growth YoY+1.5%

Revenue CAGR (2yr)+0.2%

Net Margin11.4%

Free Cash Flow$25.2M

Return on Equity10.5%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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