Spok Holdings, Inc. (SPOK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+467.4%

$68.54

vs $12.08 price

Levered DCF

$69.57

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.28

Safe zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.13×	21.69×	19.59×	7.38×	-8.18×	-4.8×	-21.84×	-176.33×
P/B	1.86×	2.1×	1.89×	0.94×	1.04×	1.06×	0.93×	0.95×
P/S	1.95×	2.36×	2.22×	1.2×	1.27×	1.43×	1.46×	1.54×
EV / EBITDA	10.19×	12.57×	10.74×	30.88×	-9.11×	-13.98×	-48.66×	20.67×
Gross margin	78.8%	79.3%	58.9%	56.0%	49.2%	74.6%	75.5%	56.0%
Operating margin	14.1%	13.8%	15.7%	5.6%	-8.5%	1.6%	-4.3%	-1.9%
Net margin	11.4%	10.9%	11.3%	16.2%	-15.6%	-29.8%	-6.7%	-0.9%
Current ratio	1.18×	1.26×	1.33×	1.31×	1.71×	2.07×	2.3×	2.91×
Debt / equity	0.05×	0.06×	0.07×	0.09×	0.1×	0.07×	0.07×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	10.0%	8.1%	8.3%	15.5%	5.5%	4.6%	4.2%	3.9%
Payout ratio	171.6%	176.3%	163.7%	114.4%	-45.2%	-22.1%	-91.2%	-680.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	9.7%	9.6%	12.7%	-12.8%	-22.0%	-4.3%	-0.5%
Return on invested capital	9.1%	8.3%	8.3%	3.9%	-4.9%	1.0%	-2.0%	-0.8%
Return on assets	7.7%	6.9%	6.9%	8.9%	-8.9%	-15.9%	-3.3%	-0.5%
Free cash flow yield	9.3%	7.9%	7.4%	1.7%	-4.0%	5.4%	2.9%	1.7%
Earnings yield	5.8%	4.6%	5.1%	13.6%	-12.3%	-20.9%	-4.6%	-0.6%
Enterprise value	$253.5M	$304.5M	$288M	$141.1M	$153.7M	$177.8M	$203.1M	$177.5M
Net debt / EBITDA	-0.74×	-0.84×	-0.78×	-4.39×	1.62×	2.67×	7.27×	-9.71×
Cash conversion cycle (days)	10	-14	23	79	76	96	44	68