Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Spok Holdings, Inc.SPOK · telecom | |
|---|---|
| Grade |  Bsecond fifth of 558 graded peers; percentile 27.8, sampling error 2.1 points; lower is stronger |
| Rank | 147 of 558 |
| Profitability | Bpercentile 30.2 |
| Solvency | Cpercentile 48.8 |
| Growth and financing | Cpercentile 49.8 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $206.1M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active · fortress balance sheetnot computable: distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Feb 26, 2026225 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $11.052026-10-08; market equity $231.1M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 26, 2026; the document on sec.gov.
Spok, Inc., a wholly owned subsidiary of Spok Holdings, Inc. (NASDAQ: SPOK), is proud to be a global leader in healthcare communications. We deliver clinical information to care teams when and where it matters most to improve patient outcomes. Top hospitals rely on Spok products and services to enhance workflows for clinicians, support administrative compliance, and provide a better experience for patients. Our headquarters is located at 3000 Technology Drive, Suite 400, Plano, Texas 75074, and our telephone number is 800-611-8488. We maintain a website at http://www.spok.com.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 30.2 | |||||||
| Gross profitability | 53.3% | [1-2,5] | 28.0% | 13.7 | 594 | 2025-12-31 | |
| Return on invested capital | not computable | 8.9% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (6.2%) | [1,6-8] | (7.3%) | 59.0 | 703 | 2025-12-31 | |
| Gross margin stability, five years | 1.1 pts | [2,5,9-16] | 2.4 pts | 17.9 | 453 | 2025-12-31 | |
| Solvency, sleeve percentile 48.8 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 4.13 | [1,17-22] | 1.93 | 26.6 | 625 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.71x | |||||
| latest aligned inputs end 2015-12-31; latest annual assets end 2025-12-31 | |||||||
| Interest coverage | not computable | 2.81x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 1.18x | [17-18] | 1.96x | 71.0 | 756 | 2025-12-31 | |
| Growth and financing, sleeve percentile 49.8 | |||||||
| Revenue growth, three-year compound | 1.3% | [2,9,11,13] | 5.1% | 61.6 | 615 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 111.1% | [7,23-29] | 12.4% | 5.1 | 314 | 2025-12-31 | |
| Reinvestment rate | not computable | 15.1% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | (5.5%) | [1,8,30-31] | 3.4% | 72.2 | 641 | 2025-12-31 | |
| Net share issuance, one year | 1.5% | [32-33] | 0.5% | 60.5 | 434 | 2026-02-20 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.161; sampling error 2.1 percentile points on 558 peers.
Among 558 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 142 | Inspired Entertainment, Inc. (INSE) Inspired Entertainment, Inc. (INSE) Bsecond fifth; percentile 27.0 Nasdaq · Services-Prepackaged Software market equity $92.8M; last close $3.51 Warnings: late filer; 7 of 14 inputs | 27.0 | B | late filer |
| 143 | IonQ, Inc. (IONQ) IonQ, Inc. (IONQ) Bsecond fifth; percentile 27.2 NYSE · Services-Computer Integrated Systems Design market equity $15.0B; last close $39.46 Warnings: dilution; 7 of 14 inputs | 27.2 | B | dilution |
| 144 | Alkami Technology, Inc. (ALKT) Alkami Technology, Inc. (ALKT) Bsecond fifth; percentile 27.4 Nasdaq · Services-Prepackaged Software market equity $1.5B; last close $14.33 Warnings: fortress balance sheet; 8 of 14 inputs | 27.4 | B | fortress balance sheet |
| 145 | Trane Technologies plc (TT) Trane Technologies plc (TT) Bsecond fifth; percentile 27.6 NYSE · Auto Controls For Regulating Residential & Comml Environments market equity $103.4B; last close $470.23 No active warnings; 11 of 14 inputs | 27.6 | B | |
| 146 | Intellicheck, Inc. (IDN) Intellicheck, Inc. (IDN) Bsecond fifth; percentile 27.8 Nasdaq · Services-Prepackaged Software market equity $46.4M; last close $2.29 No active warnings; 9 of 14 inputs | 27.8 | B | |
| 147 | Spok Holdings, Inc. (SPOK) Spok Holdings, Inc. (SPOK) Bsecond fifth; percentile 27.8 Nasdaq · Radiotelephone Communications market equity $231.4M; last close $11.05 Warnings: fortress balance sheet; 9 of 14 inputs | 27.8 | B | fortress balance sheet |
| 148 | Keysight Technologies, Inc. (KEYS) Keysight Technologies, Inc. (KEYS) Bsecond fifth; percentile 28.0 NYSE · Industrial Instruments For Measurement, Display, and Control market equity $63.8B; last close $374.61 No active warnings; 13 of 14 inputs | 28.0 | B | |
| 149 | PTC Inc. (PTC) PTC Inc. (PTC) Bsecond fifth; percentile 28.2 Nasdaq · Services-Prepackaged Software market equity $21.0B; last close $193.74 No active warnings; 13 of 14 inputs | 28.2 | B | |
| 150 | Ceva Inc. (CEVA) Ceva Inc. (CEVA) Bsecond fifth; percentile 28.4 Nasdaq · Services-Computer Programming, Data Processing, Etc. market equity $947.7M; last close $33.68 No active warnings; 7 of 14 inputs | 28.4 | B | |
| 151 | Macom Technology Solutions Holdings, Inc. (MTSI) Macom Technology Solutions Holdings, Inc. (MTSI) Bsecond fifth; percentile 28.6 Nasdaq · Semiconductors & Related Devices market equity $24.6B; last close $322.31 No active warnings; 10 of 14 inputs | 28.6 | B | |
| 152 | Power Integrations Inc. (POWI) Power Integrations Inc. (POWI) Bsecond fifth; percentile 28.8 Nasdaq · Semiconductors & Related Devices market equity $2.8B; last close $49.87 No active warnings; 10 of 14 inputs | 28.8 | B |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | B | 28.3 | 2204 |
| sector peers, equal sleeves (the grade) | B | 27.8 | 558 |
| same exchange, equal sleeves | B | 28.6 | 1219 |
| sector peers, equal inputs | B | 27.6 | 558 |
Each letter is one fifth of the 558 graded peers, about 111 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (32.1%) | (0.3%) | 22 | hotter than 22 of 100 peers |
| Distance from 52-week high | (32.6%) | (29.7%) | 45 | closer to its high than 45 of 100 peers |
| EBIT to enterprise value | 9.2% | 1.4% | 92 | pricier than 8 of 100 peers |
| Free cash flow yield | 10.9% | 2.7% | 88 | pricier than 12 of 100 peers |
| Book value to price | 0.60 | 0.24 | 78 | pricier than 22 of 100 peers |
| Sales to price | 0.60 | 0.33 | 66 | pricier than 34 of 100 peers |
| Composite equity issuance, five years | (47.0%) | 3.2% | 3 | more equity-funded than 3 of 100 peers |
| Relative strength against the sector, log excess return | (0.33) | (0.23) | 43 | ahead of 43 of 100 peers |
Inputs: market equity $231.4M; EBIT $19.7M; free cash flow $25.2M; book equity $139.9M; sales $139.7M; debt $0; cash $16.6M[34].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 7.3% | ✓ pass[6,8] |
| Operating cash flow above zero | $28.9M | ✓ pass[7] |
| Return on assets improved | 0.7 pts | ✓ pass[6,8,30,35] |
| Operating cash flow exceeds net income | $13.1M | ✓ pass[6-7] |
| Long-term leverage fell | n/a[1,8,30] | |
| Current ratio improved | (7.8 pts) | ✗ fail[17-18,36-37] |
| No new shares issued | 1.5% | ✗ fail[32-33] |
| Gross margin improved | (0.5 pts) | ✗ fail[2,5,9-10] |
| Asset turnover improved | 3.9 pts | ✓ pass[2,8-9,30] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $16.6M[38] |
| Operating cash flow, four quarters | $28.6M[7,38-42] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 71 |
| 10-Q received Jul 30, 2026 | |
| Median daily dollar volume | $1.5M |
| 63 sessions | |
| Days since newest grade input | 225 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $206.1M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $139.7M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $109.3M | 2015-12-31 | 2019-02-28 | 10-K | filing · viewer · series |
| 4 | total debt | us-gaap:LongTermDebt | $0 | 2015-12-31 | 2016-02-25 | 10-K | filing · viewer · series |
| 5 | cost of revenue | us-gaap:CostOfRevenue | $29.8M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 6 | net income | us-gaap:NetIncomeLoss | $15.9M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 7 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $28.9M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 8 | assets | us-gaap:Assets | $217.1M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 9 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $137.7M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 10 | cost of revenue | us-gaap:CostOfRevenue | $28.7M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $139.0M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 12 | cost of revenue | us-gaap:CostOfRevenue | $27.1M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $134.5M | 2022-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 14 | cost of revenue | us-gaap:CostOfRevenue | $28.3M | 2022-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $142.2M | 2021-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 16 | cost of revenue | us-gaap:CostOfRevenue | $32.5M | 2021-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 17 | current assets | us-gaap:AssetsCurrent | $57.9M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 18 | current liabilities | us-gaap:LiabilitiesCurrent | $49.1M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 19 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $39.9M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 20 | operating income | us-gaap:OperatingIncomeLoss | $19.7M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 21 | book equity | us-gaap:StockholdersEquity | $146.4M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 22 | liabilities | us-gaap:Liabilities | $59.7M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $3.8M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $28.9M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 25 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $3.2M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $26.2M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 27 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $3.4M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $6.5M | 2022-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 29 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $3.8M | 2022-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 30 | assets | us-gaap:Assets | $227.7M | 2023-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 31 | assets | us-gaap:Assets | $244.5M | 2022-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 32 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 20,730,353 | 2026-02-20 | 2026-02-26 | 10-K | filing · viewer · series |
| 33 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 20,419,025 | 2025-02-21 | 2025-02-27 | 10-K | filing · viewer · series |
| 34 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 20,918,137 | 2026-07-24 | 2026-07-30 | 10-Q | filing · viewer · series |
| 35 | net income | us-gaap:NetIncomeLoss | $15.0M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 36 | current assets | us-gaap:AssetsCurrent | $61.3M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 37 | current liabilities | us-gaap:LiabilitiesCurrent | $48.8M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 38 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $16.6M | 2026-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $8.9M | 2026-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.4M | 2026-03-31 | 2026-04-30 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $17.4M | 2025-09-30 | 2025-10-30 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $9.3M | 2025-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 27.8 is 7.8 points from the nearest band edge; sampling error is 2.1 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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