Spok Holdings, Inc

SPOKVertical SaaS

Spok keeps hospital teams connected when timing means everything.

Key figures

Data as of Jun 2026 · Pills compare vs Mar 2026

ARR Multiple

1.6x

+0.1x

ARR

$140M

+5.4%

YoY Growth

-1.9%

+6.6pp

Market Cap

$228M

+6.3%

Revenue (Q)

$35M

+5.4%

Gross Margin

80.5%

+3.7pp

Op. Margin

15.5%

+5.8pp

Rule of 40

13.6

+12.4

Magic Number

1.59

+2.16

Revenue, margins & ratios from SEC filings; market cap & ARR multiple from market data. Market cap & ARR multiple use the close of 2 Oct 2026; their pills compare vs the Jun 2026 quarter-end (1.5x).

Valuation by quarter

Current ARR Multiple: 1.5x

Calculated valuation

FRAMEWORK EST.

Valuation data is not available for this company.

Strategy recommendations

Levers ranked by valuation impact

No recommendations for this company.

AI Replacement RiskLOW

10/ 100

LowModerateElevatedHigh

Estimated likelihood that general-purpose AI replaces this product.

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Why this rating

From the AI Risk Calculator model

Structural moats (regulation, integration depth, or proprietary data) make AI-only replacement unlikely in the near term.

What's driving the score

Communication & collaborationCategory baseline

low base

Workflow complexity4/5

-6 risk

Data moat3/5

-1 risk

Integration depthHigh

-10 risk

SegmentEnterprise

-8 risk

IndustryHealthcare

-10 risk

Own AI integration1/5

+4.8 risk

Ways to reduce exposure

Embedding AI into your product is the cheapest way to ride the wave instead of being drowned by it. Even table-stakes copilots reframe the conversation with customers.

Company overview

Spok keeps hospital teams connected when timing means everything. The company is based in Virginia and serves healthcare as its main market. Its focus is clinical communication.

Hospitals are chaotic by nature. Doctors, nurses, and specialists must reach each other instantly, day and night. A delayed message during an emergency can cost a life. Spok builds the systems that route these critical alerts to the right person right away.

Its platform, Spok Care Connect, ties together messaging, on call schedules, and alerts from medical devices. When a patient monitor sounds an alarm, Spok can send it straight to the nurse responsible, not to a crowded group where it gets lost.

Picture a code blue on the fifth floor. The right team must assemble in seconds. Spok can page and message each member at once and confirm who is responding. That coordination is the product.

The company carries an unusual mix. Part of its business is modern software. Part is a legacy paging network, since pagers still work in hospitals where phones fail and reliability rules. That older revenue slowly declines while the software side grows.

Revenue runs around $130 million a year, and the company returns a lot of cash to shareholders through dividends. Spok is a niche player. It owns a life or death corner of healthcare communication and defends it carefully.