Latest Ratios: P/E Ratio 14.0x · EV/EBITDA 8.6x · 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 | $217M | $278M | $330M | $315M | $164M | $181M | $212M | $233M | $261M | $316M | $427M |
| Enterprise Value | $199M | $260M | $310M | $294M | $144M | $154M | $178M | $203M | $177M | $209M | $301M |
| P/E Ratio → | 13.97 | 17.59 | 21.99 | 20.10 | 7.51 | — | — | — | — | — | 30.51 |
| P/S Ratio | 1.56 | 1.99 | 2.40 | 2.27 | 1.22 | 1.27 | 1.43 | 1.46 | 1.54 | 1.85 | 2.38 |
| P/B Ratio | 1.51 | 1.90 | 2.13 | 1.92 | 0.95 | 1.04 | 1.06 | 0.93 | 0.95 | 1.09 | 1.33 |
| P/FCF | 8.62 | 11.03 | 12.84 | 13.83 | 61.09 | — | 18.49 | 34.05 | 59.27 | 49.87 | 13.69 |
| P/OCF | 7.50 | 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 | 8.60 | 11.22 | 13.40 | 11.18 | 12.90 | — | 15.60 | 88.73 | 23.36 | 9.37 | 8.24 |
| EV / EBIT | 10.09 | 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 | 12.3% | 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 | 7.2% | 5.7% | 4.5% | 5.0% | 13.3% | — | — | — | — | — | 3.3% |
| FCF Yield | 11.6% | 9.1% | 7.8% | 7.2% | 1.6% | — | 5.4% | 2.9% | 1.7% | 2.0% | 7.3% |
| Buyback Yield | 1.3% | 1.0% | 0.7% | 0.4% | 0.7% | 1.0% | 0.4% | 3.3% | 5.5% | 3.2% | 1.5% |
| Total Shareholder Yield | 13.7% | 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 |
Secular paging subscriber decline
According to current market data, Spok trades at a P/E of 14.20 and an EV/EBITDA of 8.75, suggesting that investors are pricing the company as a terminal-value asset rather than a growth-oriented software provider, despite the high dividend yield of 12.1% currently offered to shareholders.
The valuation multiples appear to reflect a market consensus that the paging business is in a managed decline, with little expectation for significant top-line expansion. Investors should monitor whether the software segment can eventually command a higher multiple, as the current pricing suggests the market remains skeptical of the company's ability to pivot successfully.
Based on reported figures, ROIC has remained in a narrow range between 2.2% and 3.3% over the last ten quarters, indicating that the company is generating stable but modest returns on its capital base as it navigates the transition from legacy hardware to software-led services.
The low ROIC reflects the capital-intensive nature of maintaining a nationwide paging network alongside the R&D requirements of the software platform. This trend suggests that while the company is not destroying value, it is also not currently compounding capital at a rate that would typically attract high-growth institutional investors.
As reported in financial statements, Spok's DSO has fluctuated between 53 and 70 days over the past ten quarters, highlighting the inherent lumpiness in collecting on software implementation contracts compared to the more predictable, recurring nature of the legacy wireless paging subscription revenue streams.
The variability in DSO suggests that the company's working capital efficiency is heavily dependent on the timing of large-scale software project milestones. Investors should monitor these fluctuations, as they directly impact the company's ability to maintain its aggressive dividend payout policy without relying on external financing.
Market analysts frequently misapply standard SaaS valuation multiples to Spok, failing to account for the fact that the company's high-margin paging business acts as a structural subsidy for its software development, which obscures the true underlying profitability of the clinical communication platform itself.
Using pure-play SaaS metrics like EV/Sales ignores the unique 'melting ice cube' dynamic of the wireless segment, which provides the cash flow necessary to fund software operations. A more appropriate approach would involve a sum-of-the-parts valuation that separates the cash-generative legacy utility from the growth-oriented software business.
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 14.0x. 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 8.6x. 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 14.0x. 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 12.34% 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.