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Side-by-side financial comparison of Claros Mortgage Trust, Inc. (CMTG) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Claros Mortgage Trust, Inc. is the larger business by last-quarter revenue ($46.7M vs $33.9M, roughly 1.4× Spok Holdings, Inc). Spok Holdings, Inc runs the higher net margin — 8.7% vs -468.9%, a 477.6% gap on every dollar of revenue. On growth, Spok Holdings, Inc posted the faster year-over-year revenue change (-0.1% vs -22.4%). Over the past eight quarters, Spok Holdings, Inc's revenue compounded faster (-1.5% CAGR vs -10.9%).
Claros Mortgage Trust, Inc. is a U.S.-based real estate investment trust that invests in diversified mortgage-related assets, including residential and commercial mortgage loans and mortgage-backed securities. It pursues stable, risk-adjusted long-term returns for shareholders via rigorous asset evaluation and active portfolio management.
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.
CMTG vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $46.7M | $33.9M |
| Net Profit | $-219.2M | $2.9M |
| Gross Margin | — | 76.7% |
| Operating Margin | — | 11.6% |
| Net Margin | -468.9% | 8.7% |
| Revenue YoY | -22.4% | -0.1% |
| Net Profit YoY | -117.7% | -19.6% |
| EPS (diluted) | $-1.56 | $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 | $46.7M | $33.9M | ||
| Q3 25 | $46.1M | $33.9M | ||
| Q2 25 | $51.6M | $35.7M | ||
| Q1 25 | $43.4M | $36.3M | ||
| Q4 24 | $60.2M | $33.9M | ||
| Q3 24 | $64.9M | $34.9M | ||
| Q2 24 | $64.5M | $34.0M | ||
| Q1 24 | $58.8M | $34.9M |
| Q4 25 | $-219.2M | $2.9M | ||
| Q3 25 | $-9.5M | $3.2M | ||
| Q2 25 | $-181.7M | $4.6M | ||
| Q1 25 | $-78.6M | $5.2M | ||
| Q4 24 | $-100.7M | $3.6M | ||
| Q3 24 | $-56.2M | $3.7M | ||
| Q2 24 | $-11.6M | $3.4M | ||
| Q1 24 | $-52.8M | $4.2M |
| Q4 25 | — | 76.7% | ||
| Q3 25 | — | 78.3% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 80.1% | ||
| Q4 24 | — | 78.5% | ||
| Q3 24 | — | 79.5% | ||
| Q2 24 | — | 78.9% | ||
| Q1 24 | — | 79.5% |
| Q4 25 | — | 11.6% | ||
| Q3 25 | — | 12.9% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | — | 14.2% | ||
| Q2 24 | — | 13.2% | ||
| Q1 24 | — | 14.0% |
| Q4 25 | -468.9% | 8.7% | ||
| Q3 25 | -20.7% | 9.5% | ||
| Q2 25 | -351.9% | 12.8% | ||
| Q1 25 | -181.3% | 14.3% | ||
| Q4 24 | -167.2% | 10.8% | ||
| Q3 24 | -86.7% | 10.5% | ||
| Q2 24 | -17.9% | 10.1% | ||
| Q1 24 | -89.7% | 12.1% |
| Q4 25 | $-1.56 | $0.13 | ||
| Q3 25 | $-0.07 | $0.15 | ||
| Q2 25 | $-1.30 | $0.22 | ||
| Q1 25 | $-0.56 | $0.25 | ||
| Q4 24 | $-0.72 | $0.17 | ||
| Q3 24 | $-0.40 | $0.18 | ||
| Q2 24 | $-0.09 | $0.17 | ||
| Q1 24 | $-0.39 | $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 | $173.2M | $25.3M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $1.5B | $146.4M |
| Total Assets | $4.7B | $206.1M |
| Debt / EquityLower = less leverage | 2.06× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.2M | $25.3M | ||
| Q3 25 | $339.5M | $21.4M | ||
| Q2 25 | $209.2M | $20.2M | ||
| Q1 25 | $127.8M | $19.9M | ||
| Q4 24 | $99.1M | $29.1M | ||
| Q3 24 | $113.9M | $27.8M | ||
| Q2 24 | $148.2M | $23.9M | ||
| Q1 24 | $232.5M | $23.3M |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.5B | — |
| Q4 25 | $1.5B | $146.4M | ||
| Q3 25 | $1.7B | $148.7M | ||
| Q2 25 | $1.8B | $150.9M | ||
| Q1 25 | $1.9B | $151.7M | ||
| Q4 24 | $2.0B | $154.7M | ||
| Q3 24 | $2.1B | $156.3M | ||
| Q2 24 | $2.2B | $158.2M | ||
| Q1 24 | $2.2B | $160.2M |
| Q4 25 | $4.7B | $206.1M | ||
| Q3 25 | $5.4B | $209.7M | ||
| Q2 25 | $5.8B | $208.7M | ||
| Q1 25 | $6.7B | $204.5M | ||
| Q4 24 | $7.0B | $217.1M | ||
| Q3 24 | $7.3B | $216.8M | ||
| Q2 24 | $7.6B | $216.4M | ||
| Q1 24 | $7.8B | $215.0M |
| Q4 25 | 2.06× | — | ||
| Q3 25 | 2.09× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.42× | — | ||
| Q4 24 | 2.44× | — | ||
| Q3 24 | 2.44× | — | ||
| Q2 24 | 2.46× | — | ||
| Q1 24 | 2.47× | — |
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 | $-30.5M | $11.5M |
| Free Cash FlowOCF − Capex | — | $10.1M |
| FCF MarginFCF / Revenue | — | 29.9% |
| Capex IntensityCapex / Revenue | — | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-30.5M | $11.5M | ||
| Q3 25 | $8.8M | $8.1M | ||
| Q2 25 | $-5.8M | $7.0M | ||
| Q1 25 | $-35.8M | $2.3M | ||
| Q4 24 | $84.5M | $8.4M | ||
| Q3 24 | $39.2M | $11.1M | ||
| Q2 24 | $5.5M | $7.4M | ||
| Q1 24 | $21.5M | $2.0M |
| Q4 25 | — | $10.1M | ||
| Q3 25 | — | $7.6M | ||
| Q2 25 | — | $6.0M | ||
| Q1 25 | — | $1.5M | ||
| Q4 24 | — | $7.5M | ||
| Q3 24 | — | $10.3M | ||
| Q2 24 | — | $6.8M | ||
| Q1 24 | — | $1.1M |
| Q4 25 | — | 29.9% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 22.3% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 20.0% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | — | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMTG
| Real Estate Owned Portfolio | $34.2M | 73% |
| Other | $11.1M | 24% |
| Mixed Use Property Fixed Rents | $1.4M | 3% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
