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Side-by-side financial comparison of Forward Industries, Inc. (FWDI) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Spok Holdings, Inc is the larger business by last-quarter revenue ($33.9M vs $21.4M, roughly 1.6× Forward Industries, Inc.). Spok Holdings, Inc runs the higher net margin — 8.7% vs -2732.2%, a 2740.8% gap on every dollar of revenue. On growth, Forward Industries, Inc. posted the faster year-over-year revenue change (224.0% vs -0.1%). Over the past eight quarters, Forward Industries, Inc.'s revenue compounded faster (74.6% CAGR vs -1.5%).
Melrose Industries plc is a British aerospace manufacturing company based in Birmingham, England. It is the parent company of GKN Aerospace. The company's shares are listed on the London Stock Exchange as a constituent of the FTSE 100 Index.
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.
FWDI vs SPOK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.4M | $33.9M |
| Net Profit | $-585.7M | $2.9M |
| Gross Margin | 78.6% | 76.7% |
| Operating Margin | -2722.8% | 11.6% |
| Net Margin | -2732.2% | 8.7% |
| Revenue YoY | 224.0% | -0.1% |
| Net Profit YoY | -82611.5% | -19.6% |
| EPS (diluted) | $-5.91 | $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 | $21.4M | $33.9M | ||
| Q3 25 | $7.9M | $33.9M | ||
| Q2 25 | $2.5M | $35.7M | ||
| Q1 25 | $3.1M | $36.3M | ||
| Q4 24 | $6.6M | $33.9M | ||
| Q3 24 | — | $34.9M | ||
| Q2 24 | $7.8M | $34.0M | ||
| Q1 24 | $5.1M | $34.9M |
| Q4 25 | $-585.7M | $2.9M | ||
| Q3 25 | $-164.0M | $3.2M | ||
| Q2 25 | $-850.0K | $4.6M | ||
| Q1 25 | $-1.5M | $5.2M | ||
| Q4 24 | $-708.1K | $3.6M | ||
| Q3 24 | — | $3.7M | ||
| Q2 24 | $-399.6K | $3.4M | ||
| Q1 24 | $-553.2K | $4.2M |
| Q4 25 | 78.6% | 76.7% | ||
| Q3 25 | 61.1% | 78.3% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | -5.7% | 80.1% | ||
| Q4 24 | 17.1% | 78.5% | ||
| Q3 24 | — | 79.5% | ||
| Q2 24 | 16.8% | 78.9% | ||
| Q1 24 | 26.2% | 79.5% |
| Q4 25 | -2722.8% | 11.6% | ||
| Q3 25 | -39.2% | 12.9% | ||
| Q2 25 | -102.6% | 15.1% | ||
| Q1 25 | -58.3% | 16.6% | ||
| Q4 24 | -13.6% | 13.7% | ||
| Q3 24 | — | 14.2% | ||
| Q2 24 | -5.9% | 13.2% | ||
| Q1 24 | -12.2% | 14.0% |
| Q4 25 | -2732.2% | 8.7% | ||
| Q3 25 | -2063.6% | 9.5% | ||
| Q2 25 | -34.1% | 12.8% | ||
| Q1 25 | -46.5% | 14.3% | ||
| Q4 24 | -10.7% | 10.8% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | -5.1% | 10.1% | ||
| Q1 24 | -10.9% | 12.1% |
| Q4 25 | $-5.91 | $0.13 | ||
| Q3 25 | $-21.86 | $0.15 | ||
| Q2 25 | $-0.77 | $0.22 | ||
| Q1 25 | $-1.32 | $0.25 | ||
| Q4 24 | $-0.64 | $0.17 | ||
| Q3 24 | — | $0.18 | ||
| Q2 24 | $-0.36 | $0.17 | ||
| Q1 24 | $-0.50 | $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 | — | $25.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $880.9M | $146.4M |
| Total Assets | $892.9M | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $25.3M | ||
| Q3 25 | — | $21.4M | ||
| Q2 25 | — | $20.2M | ||
| Q1 25 | — | $19.9M | ||
| Q4 24 | — | $29.1M | ||
| Q3 24 | — | $27.8M | ||
| Q2 24 | — | $23.9M | ||
| Q1 24 | — | $23.3M |
| Q4 25 | $880.9M | $146.4M | ||
| Q3 25 | $1.5B | $148.7M | ||
| Q2 25 | $3.4M | $150.9M | ||
| Q1 25 | $3.6M | $151.7M | ||
| Q4 24 | $2.3M | $154.7M | ||
| Q3 24 | — | $156.3M | ||
| Q2 24 | $1.4M | $158.2M | ||
| Q1 24 | $1.8M | $160.2M |
| Q4 25 | $892.9M | $206.1M | ||
| Q3 25 | $1.5B | $209.7M | ||
| Q2 25 | $8.3M | $208.7M | ||
| Q1 25 | $12.3M | $204.5M | ||
| Q4 24 | — | $217.1M | ||
| Q3 24 | — | $216.8M | ||
| Q2 24 | $15.2M | $216.4M | ||
| Q1 24 | $15.2M | $215.0M |
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 | $-7.9M | $11.5M |
| Free Cash FlowOCF − Capex | — | $10.1M |
| FCF MarginFCF / Revenue | — | 29.9% |
| Capex IntensityCapex / Revenue | 0.0% | 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 | $-7.9M | $11.5M | ||
| Q3 25 | $-4.5M | $8.1M | ||
| Q2 25 | $-1.2M | $7.0M | ||
| Q1 25 | $-537.6K | $2.3M | ||
| Q4 24 | $-434.3K | $8.4M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | $436.0K | $7.4M | ||
| Q1 24 | — | $2.0M |
| Q4 25 | — | $10.1M | ||
| Q3 25 | $-4.5M | $7.6M | ||
| Q2 25 | $-1.2M | $6.0M | ||
| Q1 25 | $-539.0K | $1.5M | ||
| Q4 24 | $-439.7K | $7.5M | ||
| Q3 24 | — | $10.3M | ||
| Q2 24 | $426.8K | $6.8M | ||
| Q1 24 | — | $1.1M |
| Q4 25 | — | 29.9% | ||
| Q3 25 | -57.0% | 22.4% | ||
| Q2 25 | -50.0% | 16.8% | ||
| Q1 25 | -17.3% | 4.2% | ||
| Q4 24 | -6.6% | 22.3% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | 5.5% | 20.0% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | 0.0% | 4.1% | ||
| Q3 25 | 0.3% | 1.6% | ||
| Q2 25 | 0.8% | 2.9% | ||
| Q1 25 | 0.0% | 2.1% | ||
| Q4 24 | 0.1% | 2.5% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | 0.1% | 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
FWDI
| CODM | $17.4M | 81% |
| Design Segment | $4.1M | 19% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
