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Strong institutional distribution: ownership decreased -3.32% quarter-over-quarter.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $10.40 today, the market must believe free cash flow compounds -5.6%/yr for a decade (off $25M normalized FCF).
The market's -5.6% is more conservative than its 9-yr track record.
2-stage DCF · 0.02B shares · net debt -$25M
mean 92.0% · volatility σ 264% · implied rate exceeded in 5/9 yrs
Central path = implied -5.6%/yr growth; shaded band = ±1σ (264%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (108%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $27M dividends + $0 buybacks = $27M returned on $25M FCF.
5 consecutive years of dividend increases · 11%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 11%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $139.7M 100.0% | $137.7M 100.0% | $139.0M 100.0% | $134.5M 100.0% | $142.2M 100.0% | $148.2M 100.0% | $160.3M 100.0% | $169.5M 100.0% | $171.2M 100.0% | $179.6M 100.0% |
| Cost of Revenue | $29.8M 21.3% | $28.7M 20.9% | $27.1M 19.5% | $28.3M 21.0% | $32.5M 22.8% | $30.9M 20.9% | $32.6M 20.3% | $32.4M 19.1% | $28.4M 16.6% | $30.6M 17.1% |
| Research & Development | $12.2M 8.7% | $11.7M 8.5% | $10.7M 7.7% | $13.6M 10.1% | $17.5M 12.3% | $15.7M 10.6% | $27.5M 17.2% | $24.5M 14.4% | $18.7M 10.9% | $13.5M 7.5% |
| Selling, General & Admin | $31.8M 22.8% | $31.2M 22.7% | $31.1M 22.3% | $37.8M 28.1% | $43.5M 30.6% | $39.6M 26.7% | $43.3M 27.0% | $49.1M 29.0% | $47.4M 27.7% | $42.8M 23.9% |
| Total Operating Expenses | $120.0M 85.9% | $118.7M 86.2% | $117.8M 84.7% | $134.3M 99.8% | $169.9M 119.5% | $170.8M 115.3% | $176.1M 109.9% | $172.6M 101.9% | $160.5M 93.7% | $157.4M 87.7% |
| Operating Income | $19.7M 14.1% | $19.0M 13.8% | $21.2M 15.3% | $238K 0.2% | -$27.7M -19.5% | -$22.7M -15.3% | -$15.8M -9.9% | -$3.2M -1.9% | $10.7M 6.3% | $22.2M 12.3% |
| Interest & Investment Income | $820K 0.6% | $1.2M 0.8% | $1.1M 0.8% | $592K 0.4% | — | — | — | — | — | — |
| Other Income (Expense), net | $912K 0.7% | -$86K -0.1% | -$2K -0.0% | $167K 0.1% | $66K 0.0% | $208K 0.1% | $735K 0.5% | -$650K -0.4% | $134K 0.1% | $543K 0.3% |
| Pretax Income | $21.4M 15.3% | $20.0M 14.6% | $22.3M 16.1% | $997K 0.7% | -$27.3M -19.2% | -$21.8M -14.7% | -$13.4M -8.4% | -$2.2M -1.3% | $11.6M 6.8% | $23.0M 12.8% |
| Income Tax Expense | $5.6M 4.0% | $5.1M 3.7% | $6.7M 4.8% | -$20.9M -15.5% | -$5.2M -3.6% | $22.5M 15.2% | -$2.7M -1.7% | -$706K -0.4% | $26.9M 15.7% | $9.0M 5.0% |
| Net Income | $15.9M 11.4% | $15.0M 10.9% | $15.7M 11.3% | $21.9M 16.2% | -$22.2M -15.6% | -$44.2M -29.8% | -$10.8M -6.7% | -$1.5M -0.9% | -$15.3M -8.9% | $14.0M 7.8% |
| Per Share | ||||||||||
| EPS (Basic) | $0.77 | $0.74 | $0.79 | $1.11 | $-1.14 | $-2.32 | $-0.56 | — | — | — |
| EPS (Diluted) | $0.75 | $0.73 | $0.77 | $1.09 | $-1.14 | $-2.32 | $-0.56 | — | — | — |
| Weighted Avg Shares (Basic) | 20.6M | 20.2M | 20.0M | 19.7M | 19.4M | 19.0M | 19.1M | — | — | — |
| Weighted Avg Shares (Diluted) | 21.1M | 20.6M | 20.3M | 20.0M | 19.4M | 19.0M | 19.1M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| SPOK | $220M | 14.2× | — | 1.6× | 1.5% | 78.7% | 11.4% | 10.8% | 10.8% | — | 134 |
Peers = companies sharing SPOK's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-17
Where each multiple sits in its own 14-yr range · 73th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 19.1 | 20.3 | 20.9 | 22.8 | 21.0 | 19.5 | 20.9 | 21.3 |
| R&D | 14.4 | 17.2 | 10.6 | 12.3 | 10.1 | 7.7 | 8.5 | 8.7 |
| SG&A | 29.0 | 27.0 | 26.7 | 30.6 | 28.1 | 22.3 | 22.7 | 22.8 |
| Operating Income | -1.9 | -9.9 | -15.3 | -19.5 | 0.2 | 15.3 | 13.8 | 14.1 |
| Income Tax | -0.4 | -1.7 | 15.2 | -3.6 | -15.5 | 4.8 | 3.7 | 4.0 |
| Net Income | -0.9 | -6.7 | -29.8 | -15.6 | 16.2 | 11.3 | 10.9 | 11.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SPOK: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.