MeritValue

Spok Holdings, Inc

SPOKdata completeness 88%17 fiscal years on file
The thesis, from the filings

Spok Holdings, Inc earns about 4% on invested capital, below its ~9% cost of capital, but has diluted owners by 9% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $7.71 and $72.57 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$142.2M1$134.5M2$139M3$137.7M3$139.7M3
Net income−$22.2M4$21.9M5$15.7M6$15M6$15.9M6
Operating cash flow$7.97M7$6.46M8$26.2M9$28.9M9$28.9M9
Capital expenditure$4.39M10$3.78M11$3.42M12$3.21M12$3.75M12
Free cash flow (derived)$3.58M7$2.68M8$22.8M9$25.7M9$25.2M9
Total debt—————
Cash & equivalents$44.6M13$35.8M14$32M15$29.1M16$25.3M16
Diluted shares19.4M20.0M20.3M20.6M21.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$69.52
your share of equity
Profit it earned you last year
$7.54
Free cash flow it threw off
$11.97
Debt you’d be carrying
—

10 shares is a claim on $69.52 of net worth that earned you $7.54 and generated $11.97 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 -17%FY22 1%FY23 12%FY24 12%FY25 13%

It earned about 4% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+9% shares · 5y

Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $7.71 and $72.57 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$72.57
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$25.2M
DCF · Growth Exit 5Y
$40.22
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$25.2M
Earnings Power Value
$7.71
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$15.7M
  • growthAssumed0.0%
Graham Number
$10.83
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $40.22
The three cases
Bear0.0%$18.3
Base20.0%$40.22
Bull20.0%$40.22

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001289945-24-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001289945-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001289945-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001289945-24-000010 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001289945-25-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001289945-26-000010 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001289945-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001289945-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001289945-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001289945-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001289945-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001289945-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001289945-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001289945-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001289945-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001289945-26-000010 (CashAndCashEquivalentsAtCarryingValue)