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Side-by-side financial comparison of Spok Holdings, Inc (SPOK) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Velocity Financial, Inc. is the larger business by last-quarter revenue ($51.6M vs $33.9M, roughly 1.5× Spok Holdings, Inc). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 8.7%, a 58.7% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -0.1%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $10.1M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs -1.5%).
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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
SPOK vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $33.9M | $51.6M |
| Net Profit | $2.9M | $34.8M |
| Gross Margin | 76.7% | — |
| Operating Margin | 11.6% | 97.0% |
| Net Margin | 8.7% | 67.3% |
| Revenue YoY | -0.1% | 32.8% |
| Net Profit YoY | -19.6% | 67.0% |
| EPS (diluted) | $0.13 | $0.90 |
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 | $33.9M | $51.6M | ||
| Q3 25 | $33.9M | $49.1M | ||
| Q2 25 | $35.7M | $47.6M | ||
| Q1 25 | $36.3M | $37.5M | ||
| Q4 24 | $33.9M | $38.9M | ||
| Q3 24 | $34.9M | $35.1M | ||
| Q2 24 | $34.0M | $32.4M | ||
| Q1 24 | $34.9M | $29.5M |
| Q4 25 | $2.9M | $34.8M | ||
| Q3 25 | $3.2M | $25.4M | ||
| Q2 25 | $4.6M | $26.0M | ||
| Q1 25 | $5.2M | $18.9M | ||
| Q4 24 | $3.6M | $20.8M | ||
| Q3 24 | $3.7M | $15.8M | ||
| Q2 24 | $3.4M | $14.8M | ||
| Q1 24 | $4.2M | $17.3M |
| 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% | 97.0% | ||
| Q3 25 | 12.9% | 72.1% | ||
| Q2 25 | 15.1% | 71.3% | ||
| Q1 25 | 16.6% | 71.7% | ||
| Q4 24 | 13.7% | 82.5% | ||
| Q3 24 | 14.2% | 60.6% | ||
| Q2 24 | 13.2% | 61.3% | ||
| Q1 24 | 14.0% | 78.8% |
| Q4 25 | 8.7% | 67.3% | ||
| Q3 25 | 9.5% | 51.7% | ||
| Q2 25 | 12.8% | 54.6% | ||
| Q1 25 | 14.3% | 50.4% | ||
| Q4 24 | 10.8% | 53.5% | ||
| Q3 24 | 10.5% | 45.1% | ||
| Q2 24 | 10.1% | 45.6% | ||
| Q1 24 | 12.1% | 58.5% |
| Q4 25 | $0.13 | $0.90 | ||
| Q3 25 | $0.15 | $0.65 | ||
| Q2 25 | $0.22 | $0.69 | ||
| Q1 25 | $0.25 | $0.51 | ||
| Q4 24 | $0.17 | $0.56 | ||
| Q3 24 | $0.18 | $0.44 | ||
| Q2 24 | $0.17 | $0.42 | ||
| Q1 24 | $0.21 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $146.4M | $672.5M |
| Total Assets | $206.1M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.3M | $92.1M | ||
| Q3 25 | $21.4M | $99.0M | ||
| Q2 25 | $20.2M | $79.6M | ||
| Q1 25 | $19.9M | $51.7M | ||
| Q4 24 | $29.1M | $49.9M | ||
| Q3 24 | $27.8M | $44.1M | ||
| Q2 24 | $23.9M | $47.4M | ||
| Q1 24 | $23.3M | $34.8M |
| Q4 25 | $146.4M | $672.5M | ||
| Q3 25 | $148.7M | $634.3M | ||
| Q2 25 | $150.9M | $597.9M | ||
| Q1 25 | $151.7M | $563.2M | ||
| Q4 24 | $154.7M | $516.9M | ||
| Q3 24 | $156.3M | $484.6M | ||
| Q2 24 | $158.2M | $471.3M | ||
| Q1 24 | $160.2M | $452.9M |
| Q4 25 | $206.1M | $7.4B | ||
| Q3 25 | $209.7M | $7.0B | ||
| Q2 25 | $208.7M | $6.5B | ||
| Q1 25 | $204.5M | $6.0B | ||
| Q4 24 | $217.1M | $5.5B | ||
| Q3 24 | $216.8M | $5.2B | ||
| Q2 24 | $216.4M | $4.9B | ||
| Q1 24 | $215.0M | $4.6B |
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 | $11.5M | $18.2M |
| Free Cash FlowOCF − Capex | $10.1M | $17.9M |
| FCF MarginFCF / Revenue | 29.9% | 34.6% |
| Capex IntensityCapex / Revenue | 4.1% | 0.5% |
| Cash ConversionOCF / Net Profit | 3.93× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $25.2M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.5M | $18.2M | ||
| Q3 25 | $8.1M | $11.5M | ||
| Q2 25 | $7.0M | $7.7M | ||
| Q1 25 | $2.3M | $3.5M | ||
| Q4 24 | $8.4M | $37.8M | ||
| Q3 24 | $11.1M | $-17.6M | ||
| Q2 24 | $7.4M | $11.5M | ||
| Q1 24 | $2.0M | $10.6M |
| Q4 25 | $10.1M | $17.9M | ||
| Q3 25 | $7.6M | $11.4M | ||
| Q2 25 | $6.0M | $7.6M | ||
| Q1 25 | $1.5M | $3.5M | ||
| Q4 24 | $7.5M | $37.5M | ||
| Q3 24 | $10.3M | $-17.6M | ||
| Q2 24 | $6.8M | $11.4M | ||
| Q1 24 | $1.1M | $10.5M |
| Q4 25 | 29.9% | 34.6% | ||
| Q3 25 | 22.4% | 23.2% | ||
| Q2 25 | 16.8% | 15.9% | ||
| Q1 25 | 4.2% | 9.2% | ||
| Q4 24 | 22.3% | 96.4% | ||
| Q3 24 | 29.4% | -50.3% | ||
| Q2 24 | 20.0% | 35.1% | ||
| Q1 24 | 3.2% | 35.8% |
| Q4 25 | 4.1% | 0.5% | ||
| Q3 25 | 1.6% | 0.1% | ||
| Q2 25 | 2.9% | 0.2% | ||
| Q1 25 | 2.1% | 0.2% | ||
| Q4 24 | 2.5% | 0.7% | ||
| Q3 24 | 2.4% | 0.2% | ||
| Q2 24 | 1.9% | 0.3% | ||
| Q1 24 | 2.5% | 0.1% |
| Q4 25 | 3.93× | 0.52× | ||
| Q3 25 | 2.54× | 0.45× | ||
| Q2 25 | 1.55× | 0.29× | ||
| Q1 25 | 0.43× | 0.19× | ||
| Q4 24 | 2.31× | 1.81× | ||
| Q3 24 | 3.03× | -1.11× | ||
| Q2 24 | 2.17× | 0.78× | ||
| Q1 24 | 0.47× | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
