Stock fact sheet · data as of
Spok Holdings, Inc. (SPOK): fair value, margin of safety and Wheel Score
Healthcare · Medical - Healthcare Information Services · United States · High Yield Income
Is SPOK undervalued?
At 10.74 (close of 16 Oct 2026), SPOK trades 49% below the GLS average fair value of 21.09. That average comes from 9 models run on the latest filings, and 5 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Spok Holdings, Inc. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
There is a wide gap between Lynch (2.35) and DCF (62.29). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files SPOK under High Yield Income: a dividend yield above 4%.
Nine valuation models for SPOK
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 62.29 | +480% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 9.42 | -12% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 9.48 | -12% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 2.35 | -78% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 14.80 | +38% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 29.93 | +179% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 36.60 | +241% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 18.39 | +71% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 6.53 | -39% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -0.0885 | -101% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 15.00 | +40% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Spok Holdings, Inc. scores 6 of 9 on the Piotroski F-score: a middling result that passes the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 4.6/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are moderate - ROIC 10.4%, ROE 10.8%, ROA 7.7% - with debt at 0.05 times equity and a free-cash-flow yield of 11.3%.
The dividend yield is high at 11.64% (payout ratio 223%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Software Operations 27%, Wireless Operations 27%, Paging 25% (quarter Q2 FY2026).
Institutional ownership scores 7/10, insider activity 8/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 10.4% |
|---|---|---|---|
| GLS Moat | 4.6 / 10 | ROE | 10.8% |
| Debt / equity | 0.05 | ROA | 7.7% |
| Free-cash-flow yield | 11.3% | Payout ratio | 223% |
| Institutions | 7 / 10 | Insiders · Congress | 8 · 5 / 10 |
Wheel Score 71: Good
With a Wheel Score of 71 - the Good band - Spok Holdings, Inc. clears the Sunday Scan's "70 or higher" rule. The parts: Value 25/25, Health 13/20, Moat 7/15, Premium 20/20, Stability 6/20; Stability (6/20) scores lowest.
Implied volatility is 54% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 530 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 84k shares a day on a market cap of $224M, with a beta of 0.45 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 49% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 7 / 15 | moat 4.6/10 | |
| Premium | 20 / 20 | implied volatility 54% | |
| Stability | 6 / 20 | 84k shares/day, $224M cap, beta 0.45 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 4 Nov 2026 (after the close), 19 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Medical - Healthcare Information Services
The 12 companies below are the closest to Spok Holdings, Inc. by market cap within the Medical - Healthcare Information Services industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| AMWL American Well Corporation | 12.38 | - | - | 38Weak | $211M |
| OPRX OptimizeRx Corp. | 8.85 | 9.80 | +10% | 62Fair | $167M |
| SY So-Young International Inc. | 2.45 | - | - | 45Weak | $320M |
| LFMDP LifeMD, Inc. | 22.41 | - | - | 24No options | $153M |
| HCAT Health Catalyst, Inc. | 1.80 | 4.95 | +64% | 45Weak | $135M |
| CARL Carlsmed, Inc. | 13.95 | 71.80 | +81% | 39No options | $381M |
| CTEV Claritev Corporation | 23.86 | 120.21 | +80% | 45Weak | $404M |
| LFMD LifeMD, Inc. | 2.46 | - | - | 45Weak | $119M |
| NRC NRC Health | 21.11 | 8.64 | -144% | 47Weak | $467M |
| DH Definitive Healthcare Corp. | 0.9961 | 5.68 | +82% | 45Weak | $106M |
| EVH Evolent Health, Inc. | 4.87 | 4.93 | +1% | 45Weak | $548M |
| RVRC Revium Recovery Inc. | 1.43 | 0.0234 | -6006% | 10No options | $87M |
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Start free See the Sunday ScanQuestions about SPOK
Is SPOK undervalued right now?
By the GLS models, yes: at 10.74 the stock is 49% below the average fair value of 21.09 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of SPOK and what does it mean?
SPOK scores 71 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for SPOK?
21.09 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Spok Holdings, Inc. report earnings next?
The next earnings report is due on 4 Nov 2026 (after the close), 19 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does SPOK have listed options, and how liquid are they?
Yes. The nightly snapshot found 84 listed contracts with 530 open interest across all expiries and implied volatility of 54% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.