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Side-by-side financial comparison of IHS Holding Ltd (IHS) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $33.9M, roughly 7.5× Spok Holdings, Inc). On growth, IHS Holding Ltd posted the faster year-over-year revenue change (0.1% vs -0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $10.1M). Over the past eight quarters, Spok Holdings, Inc's revenue compounded faster (-1.5% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs SPOK — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $33.9M |
| Net Profit | — | $2.9M |
| Gross Margin | 83.6% | 76.7% |
| Operating Margin | — | 11.6% |
| Net Margin | — | 8.7% |
| Revenue YoY | 0.1% | -0.1% |
| Net Profit YoY | — | -19.6% |
| EPS (diluted) | — | $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 | $254.0M | $33.9M | ||
| Q3 25 | $455.1M | $33.9M | ||
| Q2 25 | $433.3M | $35.7M | ||
| Q1 25 | $439.6M | $36.3M | ||
| Q4 24 | $253.8M | $33.9M | ||
| Q3 24 | $420.3M | $34.9M | ||
| Q2 24 | $435.4M | $34.0M | ||
| Q1 24 | $417.7M | $34.9M |
| Q4 25 | — | $2.9M | ||
| Q3 25 | $147.4M | $3.2M | ||
| Q2 25 | $32.3M | $4.6M | ||
| Q1 25 | $30.7M | $5.2M | ||
| Q4 24 | — | $3.6M | ||
| Q3 24 | $-205.7M | $3.7M | ||
| Q2 24 | $-124.3M | $3.4M | ||
| Q1 24 | $-1.6B | $4.2M |
| Q4 25 | 83.6% | 76.7% | ||
| Q3 25 | 47.5% | 78.3% | ||
| Q2 25 | 51.3% | 79.5% | ||
| Q1 25 | 51.4% | 80.1% | ||
| Q4 24 | 72.1% | 78.5% | ||
| Q3 24 | 52.0% | 79.5% | ||
| Q2 24 | 52.5% | 78.9% | ||
| Q1 24 | 39.1% | 79.5% |
| Q4 25 | — | 11.6% | ||
| Q3 25 | 35.1% | 12.9% | ||
| Q2 25 | 33.8% | 15.1% | ||
| Q1 25 | 37.1% | 16.6% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | 29.9% | 14.2% | ||
| Q2 24 | 34.0% | 13.2% | ||
| Q1 24 | -1.7% | 14.0% |
| Q4 25 | — | 8.7% | ||
| Q3 25 | 32.4% | 9.5% | ||
| Q2 25 | 7.5% | 12.8% | ||
| Q1 25 | 7.0% | 14.3% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | -48.9% | 10.5% | ||
| Q2 24 | -28.5% | 10.1% | ||
| Q1 24 | -372.8% | 12.1% |
| Q4 25 | — | $0.13 | ||
| Q3 25 | $0.44 | $0.15 | ||
| Q2 25 | $0.10 | $0.22 | ||
| Q1 25 | $0.10 | $0.25 | ||
| Q4 24 | — | $0.17 | ||
| Q3 24 | $-0.61 | $0.18 | ||
| Q2 24 | $-0.36 | $0.17 | ||
| Q1 24 | $-4.67 | $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 | $825.7M | $25.3M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $146.4M |
| Total Assets | $4.5B | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $25.3M | ||
| Q3 25 | $647.6M | $21.4M | ||
| Q2 25 | $531.8M | $20.2M | ||
| Q1 25 | $629.0M | $19.9M | ||
| Q4 24 | $578.0M | $29.1M | ||
| Q3 24 | $397.5M | $27.8M | ||
| Q2 24 | $445.7M | $23.9M | ||
| Q1 24 | $333.2M | $23.3M |
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $-89.8M | $146.4M | ||
| Q3 25 | $38.1M | $148.7M | ||
| Q2 25 | $-98.4M | $150.9M | ||
| Q1 25 | $-184.4M | $151.7M | ||
| Q4 24 | $-314.4M | $154.7M | ||
| Q3 24 | $-284.7M | $156.3M | ||
| Q2 24 | $-308.3M | $158.2M | ||
| Q1 24 | $-163.2M | $160.2M |
| Q4 25 | $4.5B | $206.1M | ||
| Q3 25 | $4.7B | $209.7M | ||
| Q2 25 | $4.5B | $208.7M | ||
| Q1 25 | $4.4B | $204.5M | ||
| Q4 24 | $4.2B | $217.1M | ||
| Q3 24 | $4.6B | $216.8M | ||
| Q2 24 | $4.5B | $216.4M | ||
| Q1 24 | $4.6B | $215.0M |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $246.9M | $11.5M |
| Free Cash FlowOCF − Capex | $178.6M | $10.1M |
| FCF MarginFCF / Revenue | 70.3% | 29.9% |
| Capex IntensityCapex / Revenue | 26.9% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $11.5M | ||
| Q3 25 | $251.3M | $8.1M | ||
| Q2 25 | $237.7M | $7.0M | ||
| Q1 25 | $200.3M | $2.3M | ||
| Q4 24 | $344.4M | $8.4M | ||
| Q3 24 | $174.5M | $11.1M | ||
| Q2 24 | $134.7M | $7.4M | ||
| Q1 24 | $75.8M | $2.0M |
| Q4 25 | $178.6M | $10.1M | ||
| Q3 25 | $189.2M | $7.6M | ||
| Q2 25 | $197.7M | $6.0M | ||
| Q1 25 | $153.2M | $1.5M | ||
| Q4 24 | $282.9M | $7.5M | ||
| Q3 24 | $122.3M | $10.3M | ||
| Q2 24 | $74.2M | $6.8M | ||
| Q1 24 | $14.8M | $1.1M |
| Q4 25 | 70.3% | 29.9% | ||
| Q3 25 | 41.6% | 22.4% | ||
| Q2 25 | 45.6% | 16.8% | ||
| Q1 25 | 34.8% | 4.2% | ||
| Q4 24 | 111.5% | 22.3% | ||
| Q3 24 | 29.1% | 29.4% | ||
| Q2 24 | 17.0% | 20.0% | ||
| Q1 24 | 3.5% | 3.2% |
| Q4 25 | 26.9% | 4.1% | ||
| Q3 25 | 13.6% | 1.6% | ||
| Q2 25 | 9.2% | 2.9% | ||
| Q1 25 | 10.7% | 2.1% | ||
| Q4 24 | 24.2% | 2.5% | ||
| Q3 24 | 12.4% | 2.4% | ||
| Q2 24 | 13.9% | 1.9% | ||
| Q1 24 | 14.6% | 2.5% |
| Q4 25 | — | 3.93× | ||
| Q3 25 | 1.70× | 2.54× | ||
| Q2 25 | 7.36× | 1.55× | ||
| Q1 25 | 6.52× | 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
IHS
Segment breakdown not available.
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
