Spok Holdings, Inc.
SPOK Healthcare Health Information Services
Spok Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $139.7 million, up 1.49% from fiscal 2024. In the quarter to June 2026, revenue fell 1.89%, EPS fell 9.09% and free cash flow fell 2.00%, each against the same quarter a year earlier. Dividend growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Spok Holdings, Inc. (SPOK) Altman Z-score
Spok Holdings, Inc.'s Altman Z-score for fiscal 2025 is 4.04, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.04 | (0.41) |
| FY2024 | 4.44 | 0.16 |
| FY2023 | 4.29 | 1.92 |
| FY2022 | 2.37 | 0.07 |
| FY2021 | 2.29 | (0.45) |
| FY2020 | 2.74 | (0.57) |
| FY2019 | 3.32 | (1.22) |
| FY2018 | 4.54 | (0.46) |
| FY2017 | 5.00 | (0.63) |
| FY2016 | 5.63 | (0.32) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.04 | — | 0.05 | |
| Retained earnings / total assets | 0.19 | — | 0.27 | |
| EBIT / total assets | 0.10 | — | 0.32 | |
| Market value of equity / total liabilities | 4.54 | — | 2.72 | |
| Sales / total assets | 0.68 | — | 0.68 | |
| Altman Z-score | Safe zone | 4.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.13 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SPOK Spok Holdings, Inc. | 4.0× |
| OPRX OptimizeRx Corp. compare | 3.3× |
| CARL Carlsmed, Inc. compare | 2.9× |
| SY So-Young International Inc. Sponsored ADR compare | 1.0× |
| CTEV Claritev Corporation compare | −0.4× |
| DH Definitive Healthcare Corp. compare | −1.5× |
| HCAT Health Catalyst, Inc. compare | −3.7× |
| AMWL American Well Corporation compare | −8.0× |
| CSLT Castlight Health, inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets