Latest Ratios: P/E Ratio 13.3x · EV/EBITDA 9.9x · ROE 10.5%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $246M | $278M | $330M | $315M | $164M | $181M | $212M | $233M | $261M | $316M | $427M |
| Enterprise Value | $227M | $260M | $310M | $294M | $144M | $154M | $178M | $203M | $177M | $209M | $301M |
| P/E Ratio → | 13.30 | 17.59 | 21.99 | 20.10 | 7.51 | — | — | — | — | — | 30.51 |
| P/S Ratio | 1.82 | 1.99 | 2.40 | 2.27 | 1.22 | 1.27 | 1.43 | 1.46 | 1.54 | 1.85 | 2.38 |
| P/B Ratio | 1.69 | 1.90 | 2.13 | 1.92 | 0.95 | 1.04 | 1.06 | 0.93 | 0.95 | 1.09 | 1.33 |
| P/FCF | 8.17 | 11.03 | 12.84 | 13.83 | 61.09 | — | 18.49 | 34.05 | 59.27 | 49.87 | 13.69 |
| P/OCF | 8.48 | 9.60 | 11.41 | 12.03 | 25.36 | 22.72 | 8.10 | 19.97 | 25.28 | 20.33 | 11.40 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.86 | 2.25 | 2.11 | 1.07 | 1.08 | 1.20 | 1.27 | 1.05 | 1.22 | 1.68 |
| EV / EBITDA | 9.89 | 11.22 | 13.40 | 11.18 | 12.90 | — | 15.60 | 88.73 | 23.36 | 9.37 | 8.24 |
| EV / EBIT | 11.53 | 12.11 | 15.43 | 13.17 | 144.11 | — | — | — | — | 18.09 | 13.12 |
| EV / FCF | — | 10.30 | 12.04 | 12.91 | 53.61 | — | 15.52 | 29.63 | 40.33 | 32.98 | 9.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.8% | 78.8% | 79.3% | 58.9% | 56.0% | 49.2% | 74.6% | 75.5% | 56.0% | 58.2% | 57.5% |
| Operating Margin | 14.1% | 14.1% | 13.8% | 15.7% | 5.6% | -8.5% | 1.6% | -4.3% | -1.9% | 6.3% | 13.1% |
| Net Profit Margin | 11.4% | 11.4% | 10.9% | 11.3% | 16.2% | -15.6% | -29.8% | -6.7% | -0.9% | -8.9% | 7.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | 9.4% | 9.3% | 12.6% | -11.9% | -19.6% | -4.1% | -0.5% | -5.0% | 4.3% |
| ROA | 7.5% | 7.5% | 6.7% | 6.6% | 8.9% | -8.4% | -14.7% | -3.3% | -0.4% | -4.1% | 3.6% |
| ROIC | 11.3% | 11.3% | 10.3% | 11.1% | 3.8% | -5.8% | 0.9% | -2.5% | -1.3% | 4.2% | 8.4% |
| ROCE | 12.1% | 12.1% | 10.9% | 11.8% | 3.9% | -5.8% | 1.0% | -2.5% | -1.1% | 3.4% | 7.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.06 | 0.07 | 0.09 | 0.10 | 0.07 | 0.07 | — | — | — |
| Debt / EBITDA | 0.30 | 0.30 | 0.38 | 0.42 | 1.41 | — | 1.29 | 7.43 | — | — | — |
| Net Debt / Equity | — | -0.13 | -0.13 | -0.13 | -0.12 | -0.16 | -0.17 | -0.12 | -0.30 | -0.37 | -0.39 |
| Net Debt / EBITDA | -0.79 | -0.79 | -0.88 | -0.79 | -1.80 | — | -2.98 | -13.26 | -10.97 | -4.80 | -3.44 |
| Debt / FCF | — | -0.73 | -0.79 | -0.92 | -7.48 | — | -2.97 | -4.43 | -18.94 | -16.90 | -4.03 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($25M) exceeds total debt ($7M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.18 | 1.18 | 1.26 | 1.33 | 1.31 | 1.71 | 2.07 | 2.30 | 2.91 | 2.89 | 2.77 |
| Quick Ratio | 1.18 | 1.18 | 1.26 | 1.33 | 1.18 | 1.59 | 1.91 | 2.28 | 2.88 | 2.85 | 2.73 |
| Cash Ratio | 0.51 | 0.51 | 0.60 | 0.67 | 0.67 | 1.08 | 1.37 | 1.51 | 1.94 | 2.11 | 2.23 |
| Asset Turnover | — | 0.68 | 0.63 | 0.61 | 0.55 | 0.57 | 0.53 | 0.50 | 0.52 | 0.49 | 0.46 |
| Inventory Turnover | — | — | — | — | 8.65 | 10.88 | 4.20 | 39.16 | 43.64 | 42.79 | 38.25 |
| Days Sales Outstanding | — | 59.16 | 58.20 | 61.21 | 72.88 | 69.09 | 73.73 | 68.71 | 69.75 | 63.38 | 48.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 11.0% | 9.8% | 8.0% | 8.1% | 15.3% | 5.5% | 4.6% | 4.2% | 3.9% | 4.8% | 2.4% |
| Payout Ratio | 171.6% | 171.6% | 176.3% | 163.7% | 114.4% | — | — | — | — | — | 73.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | 5.7% | 4.5% | 5.0% | 13.3% | — | — | — | — | — | 3.3% |
| FCF Yield | 12.2% | 9.1% | 7.8% | 7.2% | 1.6% | — | 5.4% | 2.9% | 1.7% | 2.0% | 7.3% |
| Buyback Yield | 1.2% | 1.0% | 0.7% | 0.4% | 0.7% | 1.0% | 0.4% | 3.3% | 5.5% | 3.2% | 1.5% |
| Total Shareholder Yield | 12.2% | 10.8% | 8.7% | 8.5% | 16.0% | 6.6% | 5.0% | 7.5% | 9.4% | 8.0% | 3.9% |
| Shares Outstanding | — | $21M | $21M | $20M | $20M | $19M | $19M | $19M | $20M | $20M | $21M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying SPOK stock.
Spok Holdings, Inc.'s current P/E ratio is 13.3x. The historical average is 19.2x. This places it at the 47th percentile of its historical range.
Spok Holdings, Inc.'s current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.4x.
Spok Holdings, Inc.'s return on equity (ROE) is 10.5%. The historical average is 6.6%.
Based on historical data, Spok Holdings, Inc. is trading at a P/E of 13.3x. This is at the 47th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Spok Holdings, Inc.'s current dividend yield is 11.00% with a payout ratio of 171.6%.
Spok Holdings, Inc. has 78.8% gross margin and 14.1% operating margin. Operating margin between 10-20% is typical for established companies.
Spok Holdings, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Persistent top-line erosion pressure
Metrics are mathematically derived from official filings.
Modest Multiples Reflect Shrinking Revenue Base
Spok trades at a trailing P/E of 15.68 and EV/EBITDA of 9.82, which appears undemanding against its own history and peers, according to the supplied valuation data.
A trailing P/E near 15.7 paired with a forward P/E of 17.8 implies that near-term earnings are expected to soften rather than recover, which the market appears to be pricing in given the contracting revenue trend. The P/S of 1.76 and P/B of 1.69 are not stretched in absolute terms, but these multiples may simply reflect a business whose top line is declining rather than a clear value opportunity. Investors should monitor whether the 11.0% dividend yield is sustainable against weakening operating earnings before treating the discount as mispricing.
Volatile Margins Obscure True Earning Power
Operating margin swung from 2.3% in 2026Q2 to 17.1% in 2026Q3, while gross margin reached 117.1% in 2025Q4, suggesting reported profitability is distorted by accounting items.
The operating margin range of roughly 2% to 17% over the period indicates that SG&A and other discretionary costs are doing much of the work in determining quarterly profit, rather than a stable gross profit base. The 117.1% gross margin reading in 2025Q4 appears to reflect a negative cost of revenue figure rather than operating performance, so it should be excluded from any run-rate assessment. Operating margin on a trailing basis is a more defensible earning power proxy than net margin, which has been inflated in certain quarters by non-operating items.
Thin Returns Signal Capital Base Erosion
ROIC has remained between 0.5% and 3.4% across the ten quarters shown, while ROE moved from 3.4% in 2025Q1 to 6.8% in 2026Q3, based on the supplied ratio data.
Returns on invested capital in the low single digits suggest the company is not compounding value on its capital base, and the shrinking asset and equity base described in the balance sheet findings appears to be compressing the return denominator. The recent ROE improvement to 6.8% is more plausibly explained by a single strong quarter and a smaller equity base than by a durable improvement in capital efficiency. The trend warrants monitoring rather than an assumption of sustained recovery.
Minimal Debt Load Limits Solvency Concern
Debt-to-equity of 0.04 and debt-to-EBITDA of 0.80 in 2026Q3 indicate low leverage, although interest coverage data is largely unavailable for most recent quarters.
Reported leverage is modest, with total debt declining from roughly $9.7M to $5.3M over the period, which reduces refinancing and covenant pressure in the near term. Interest coverage is unavailable for most quarters, so the debt service picture cannot be fully assessed from the supplied data and should not be inferred as comfortable. The more relevant solvency question is whether shrinking operating earnings will continue to support the dividend alongside any debt service obligations.
Current Ratio Recovery Rests on Thin Cash
The current ratio recovered from 1.09 in 2026Q1 to 1.29 in 2026Q3, with cash of $30.1M providing a modest buffer against total liabilities of $53.8M according to reported filings.
A current ratio above 1.2 indicates that short-term assets exceed short-term obligations, but the margin is narrow and depends partly on deferred revenue classified as a current liability. Cash covers only about 56% of total liabilities, so under a severe revenue stress scenario the liquidity cushion would rely on continued collection of receivables and sustained cash generation. The position appears adequate for the near term but would be tested by any further revenue decline.
Ratio Recovery May Mask Structural Decline
The most commonly misapplied metric for Spok is the trailing P/E, which appears to flatter the stock when reported net income is inflated by non-operating items relative to operating income.
Trailing P/E of 15.68 rests on net income that, in 2026Q3, exceeded operating income by a wide margin, so the multiple may understate the true price paid for recurring operating earnings. A cash-based measure such as P/FCF, or EV/EBITDA adjusted for non-recurring items, would better reflect earning power for an asset-light business with volatile working capital. Investors should treat the apparent valuation discount as conditional on the durability of the 2026Q3 earnings rebound, which rests on a single quarter against a declining revenue base.