The business behind the dividend
| Measure | SPOK | Median | Formula |
|---|---|---|---|
| Return on equity | 10.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $15.56m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $25.20m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 14.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 11.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.18x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.82x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -6.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 10.8% | 9.7% | 9.6% | 12.8% | -12.8% | -22.2% | -4.3% | -0.5% | -5.3% | 4.3% | -0.5% |
| Operating margin | 14.1% | 13.8% | 15.3% | 0.2% | -19.5% | -15.3% | -9.9% | -1.9% | 6.3% | 12.3% | 0.2% |
| Net margin | 11.4% | 10.9% | 11.3% | 16.2% | -15.6% | -29.8% | -6.7% | -0.9% | -8.9% | 7.8% | -0.9% |
| Current ratio | 1.18x | 1.26x | 1.33x | 1.29x | 1.71x | 2.07x | 2.30x | 2.91x | 2.99x | 2.77x | 1.71x |
| Cash conversion | 1.82x | 1.93x | 1.67x | 0.30x | — | — | — | — | — | 2.69x | 1.82x |
How it compares in communications
Among the 33 communications companies here measured on free cash flow, Spok Holdings pays out less than 3 of them. The median for that group is 30.4%, against this company’s 108.2%.
Closest on free cash flow
- Townsquare Media (TSQ) 85.9%
- E.W. Scripps (SSP) 92.3%
- Optimum Communications (OPTU) 110.7%
- Qwest (CTGG) 149.2%
Same sector and same denominator, so the figures are comparable. All 43 in communications →