vs
Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $33.9M, roughly 1.7× Spok Holdings, Inc). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -0.1%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M vs $-167.0M).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
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.
PHAT vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $33.9M |
| Net Profit | — | $2.9M |
| Gross Margin | 86.7% | 76.7% |
| Operating Margin | — | 11.6% |
| Net Margin | — | 8.7% |
| Revenue YoY | 94.1% | -0.1% |
| Net Profit YoY | 71.6% | -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 | $57.6M | $33.9M | ||
| Q3 25 | $49.5M | $33.9M | ||
| Q2 25 | $39.5M | $35.7M | ||
| Q1 25 | $28.5M | $36.3M | ||
| Q4 24 | $29.7M | $33.9M | ||
| Q3 24 | $16.4M | $34.9M | ||
| Q2 24 | $7.3M | $34.0M | ||
| Q1 24 | — | $34.9M |
| Q4 25 | — | $2.9M | ||
| Q3 25 | $-30.0M | $3.2M | ||
| Q2 25 | $-75.8M | $4.6M | ||
| Q1 25 | $-94.3M | $5.2M | ||
| Q4 24 | — | $3.6M | ||
| Q3 24 | $-85.6M | $3.7M | ||
| Q2 24 | $-91.4M | $3.4M | ||
| Q1 24 | — | $4.2M |
| Q4 25 | 86.7% | 76.7% | ||
| Q3 25 | 87.5% | 78.3% | ||
| Q2 25 | 87.2% | 79.5% | ||
| Q1 25 | 86.9% | 80.1% | ||
| Q4 24 | 87.1% | 78.5% | ||
| Q3 24 | 85.6% | 79.5% | ||
| Q2 24 | 81.2% | 78.9% | ||
| Q1 24 | — | 79.5% |
| Q4 25 | — | 11.6% | ||
| Q3 25 | -30.8% | 12.9% | ||
| Q2 25 | -151.7% | 15.1% | ||
| Q1 25 | -276.5% | 16.6% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | -433.0% | 14.2% | ||
| Q2 24 | -1055.4% | 13.2% | ||
| Q1 24 | — | 14.0% |
| Q4 25 | — | 8.7% | ||
| Q3 25 | -60.5% | 9.5% | ||
| Q2 25 | -191.9% | 12.8% | ||
| Q1 25 | -330.7% | 14.3% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | -523.3% | 10.5% | ||
| Q2 24 | -1248.6% | 10.1% | ||
| Q1 24 | — | 12.1% |
| Q4 25 | — | $0.13 | ||
| Q3 25 | $-0.41 | $0.15 | ||
| Q2 25 | $-1.05 | $0.22 | ||
| Q1 25 | $-1.31 | $0.25 | ||
| Q4 24 | — | $0.17 | ||
| Q3 24 | $-1.32 | $0.18 | ||
| Q2 24 | $-1.56 | $0.17 | ||
| Q1 24 | — | $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 | $130.0M | $25.3M |
| Total DebtLower is stronger | $209.1M | — |
| Stockholders' EquityBook value | $-438.2M | $146.4M |
| Total Assets | $259.1M | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $25.3M | ||
| Q3 25 | $135.2M | $21.4M | ||
| Q2 25 | $149.6M | $20.2M | ||
| Q1 25 | $212.3M | $19.9M | ||
| Q4 24 | $297.3M | $29.1M | ||
| Q3 24 | $334.7M | $27.8M | ||
| Q2 24 | $276.2M | $23.9M | ||
| Q1 24 | — | $23.3M |
| Q4 25 | $209.1M | — | ||
| Q3 25 | $207.1M | — | ||
| Q2 25 | $205.1M | — | ||
| Q1 25 | $203.2M | — | ||
| Q4 24 | $201.4M | — | ||
| Q3 24 | $175.7M | — | ||
| Q2 24 | $174.4M | — | ||
| Q1 24 | — | — |
| Q4 25 | $-438.2M | $146.4M | ||
| Q3 25 | $-422.5M | $148.7M | ||
| Q2 25 | $-405.8M | $150.9M | ||
| Q1 25 | $-338.4M | $151.7M | ||
| Q4 24 | $-253.6M | $154.7M | ||
| Q3 24 | $-187.1M | $156.3M | ||
| Q2 24 | $-233.8M | $158.2M | ||
| Q1 24 | — | $160.2M |
| Q4 25 | $259.1M | $206.1M | ||
| Q3 25 | $240.3M | $209.7M | ||
| Q2 25 | $250.2M | $208.7M | ||
| Q1 25 | $294.2M | $204.5M | ||
| Q4 24 | $378.3M | $217.1M | ||
| Q3 24 | $387.0M | $216.8M | ||
| Q2 24 | $319.4M | $216.4M | ||
| Q1 24 | — | $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 | $-166.8M | $11.5M |
| Free Cash FlowOCF − Capex | $-167.0M | $10.1M |
| FCF MarginFCF / Revenue | -290.0% | 29.9% |
| Capex IntensityCapex / Revenue | 0.4% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $11.5M | ||
| Q3 25 | $-14.1M | $8.1M | ||
| Q2 25 | $-62.7M | $7.0M | ||
| Q1 25 | $-84.9M | $2.3M | ||
| Q4 24 | $-266.8M | $8.4M | ||
| Q3 24 | $-63.6M | $11.1M | ||
| Q2 24 | $-70.7M | $7.4M | ||
| Q1 24 | — | $2.0M |
| Q4 25 | $-167.0M | $10.1M | ||
| Q3 25 | $-14.1M | $7.6M | ||
| Q2 25 | $-62.8M | $6.0M | ||
| Q1 25 | $-84.9M | $1.5M | ||
| Q4 24 | $-266.9M | $7.5M | ||
| Q3 24 | $-63.6M | $10.3M | ||
| Q2 24 | $-70.8M | $6.8M | ||
| Q1 24 | — | $1.1M |
| Q4 25 | -290.0% | 29.9% | ||
| Q3 25 | -28.6% | 22.4% | ||
| Q2 25 | -159.0% | 16.8% | ||
| Q1 25 | -297.9% | 4.2% | ||
| Q4 24 | -899.8% | 22.3% | ||
| Q3 24 | -389.0% | 29.4% | ||
| Q2 24 | -966.2% | 20.0% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | 0.4% | 4.1% | ||
| Q3 25 | 0.1% | 1.6% | ||
| Q2 25 | 0.2% | 2.9% | ||
| Q1 25 | 0.1% | 2.1% | ||
| Q4 24 | 0.5% | 2.5% | ||
| Q3 24 | 0.3% | 2.4% | ||
| Q2 24 | 0.6% | 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
PHAT
Segment breakdown not available.
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
