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Side-by-side financial comparison of ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Spok Holdings, Inc runs the higher net margin — 8.7% vs -2.3%, a 10.9% gap on every dollar of revenue. On growth, Spok Holdings, Inc posted the faster year-over-year revenue change (-0.1% vs -279.1%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M vs $-210.7M). Over the past eight quarters, Spok Holdings, Inc's revenue compounded faster (NaN% CAGR vs NaN%).
Array Digital Infrastructure, Inc. is a digital infrastructure provider that owns, operates and develops strategically located data center facilities. It primarily serves cloud providers, enterprise customers, and telecommunications firms, with main operations across North American markets.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
AD vs SPOK — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $-1.7B | $33.9M |
| Net Profit | $38.2M | $2.9M |
| Gross Margin | — | 76.7% |
| Operating Margin | — | 11.6% |
| Net Margin | -2.3% | 8.7% |
| Revenue YoY | -279.1% | -0.1% |
| Net Profit YoY | 664.4% | -19.6% |
| EPS (diluted) | $0.43 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $-1.7B | $33.9M | ||
| Q3 25 | $47.1M | $33.9M | ||
| Q2 25 | — | $35.7M | ||
| Q1 25 | — | $36.3M | ||
| Q4 24 | $944.0M | $33.9M | ||
| Q3 24 | $896.0M | $34.9M | ||
| Q2 24 | $902.0M | $34.0M | ||
| Q1 24 | $925.0M | $34.9M |
| Q4 25 | $38.2M | $2.9M | ||
| Q3 25 | $-38.5M | $3.2M | ||
| Q2 25 | — | $4.6M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | $5.0M | $3.6M | ||
| Q3 24 | $-79.0M | $3.7M | ||
| Q2 24 | $17.0M | $3.4M | ||
| Q1 24 | $18.0M | $4.2M |
| Q4 25 | — | 76.7% | ||
| Q3 25 | 55.5% | 78.3% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 80.1% | ||
| Q4 24 | — | 78.5% | ||
| Q3 24 | 98.0% | 79.5% | ||
| Q2 24 | — | 78.9% | ||
| Q1 24 | — | 79.5% |
| Q4 25 | — | 11.6% | ||
| Q3 25 | -113.1% | 12.9% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | -1.0% | 13.7% | ||
| Q3 24 | -10.0% | 14.2% | ||
| Q2 24 | 4.0% | 13.2% | ||
| Q1 24 | 5.5% | 14.0% |
| Q4 25 | -2.3% | 8.7% | ||
| Q3 25 | -81.6% | 9.5% | ||
| Q2 25 | — | 12.8% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | 0.5% | 10.8% | ||
| Q3 24 | -8.8% | 10.5% | ||
| Q2 24 | 1.9% | 10.1% | ||
| Q1 24 | 1.9% | 12.1% |
| Q4 25 | $0.43 | $0.13 | ||
| Q3 25 | $-0.44 | $0.15 | ||
| Q2 25 | — | $0.22 | ||
| Q1 25 | — | $0.25 | ||
| Q4 24 | $0.06 | $0.17 | ||
| Q3 24 | $-0.92 | $0.18 | ||
| Q2 24 | $0.20 | $0.17 | ||
| Q1 24 | $0.20 | $0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $113.4M | $25.3M |
| Total DebtLower is stronger | $670.3M | — |
| Stockholders' EquityBook value | $2.6B | $146.4M |
| Total Assets | $4.7B | $206.1M |
| Debt / EquityLower = less leverage | 0.26× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $113.4M | $25.3M | ||
| Q3 25 | $325.6M | $21.4M | ||
| Q2 25 | — | $20.2M | ||
| Q1 25 | — | $19.9M | ||
| Q4 24 | $144.0M | $29.1M | ||
| Q3 24 | $272.0M | $27.8M | ||
| Q2 24 | $195.0M | $23.9M | ||
| Q1 24 | $185.0M | $23.3M |
| Q4 25 | $670.3M | — | ||
| Q3 25 | $671.9M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $2.6B | $146.4M | ||
| Q3 25 | $2.5B | $148.7M | ||
| Q2 25 | — | $150.9M | ||
| Q1 25 | — | $151.7M | ||
| Q4 24 | $4.6B | $154.7M | ||
| Q3 24 | $4.6B | $156.3M | ||
| Q2 24 | $4.7B | $158.2M | ||
| Q1 24 | $4.7B | $160.2M |
| Q4 25 | $4.7B | $206.1M | ||
| Q3 25 | $4.9B | $209.7M | ||
| Q2 25 | — | $208.7M | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | $10.4B | $217.1M | ||
| Q3 24 | $10.5B | $216.8M | ||
| Q2 24 | $10.6B | $216.4M | ||
| Q1 24 | $10.7B | $215.0M |
| Q4 25 | 0.26× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.62× | — | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | 0.62× | — | ||
| Q1 24 | 0.65× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-202.1M | $11.5M |
| Free Cash FlowOCF − Capex | $-210.7M | $10.1M |
| FCF MarginFCF / Revenue | 12.5% | 29.9% |
| Capex IntensityCapex / Revenue | -0.5% | 4.1% |
| Cash ConversionOCF / Net Profit | -5.29× | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $-321.2M | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-202.1M | $11.5M | ||
| Q3 25 | $-82.1M | $8.1M | ||
| Q2 25 | — | $7.0M | ||
| Q1 25 | — | $2.3M | ||
| Q4 24 | $122.0M | $8.4M | ||
| Q3 24 | $245.0M | $11.1M | ||
| Q2 24 | $313.0M | $7.4M | ||
| Q1 24 | $203.0M | $2.0M |
| Q4 25 | $-210.7M | $10.1M | ||
| Q3 25 | $-210.5M | $7.6M | ||
| Q2 25 | — | $6.0M | ||
| Q1 25 | — | $1.5M | ||
| Q4 24 | $-16.0M | $7.5M | ||
| Q3 24 | $116.0M | $10.3M | ||
| Q2 24 | $176.0M | $6.8M | ||
| Q1 24 | $70.0M | $1.1M |
| Q4 25 | 12.5% | 29.9% | ||
| Q3 25 | -446.8% | 22.4% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | -1.7% | 22.3% | ||
| Q3 24 | 12.9% | 29.4% | ||
| Q2 24 | 19.5% | 20.0% | ||
| Q1 24 | 7.6% | 3.2% |
| Q4 25 | -0.5% | 4.1% | ||
| Q3 25 | 272.5% | 1.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | 14.6% | 2.5% | ||
| Q3 24 | 14.4% | 2.4% | ||
| Q2 24 | 15.2% | 1.9% | ||
| Q1 24 | 14.4% | 2.5% |
| Q4 25 | -5.29× | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | 24.40× | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | 18.41× | 2.17× | ||
| Q1 24 | 11.28× | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AD
Segment breakdown not available.
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
