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Side-by-side financial comparison of Spok Holdings, Inc (SPOK) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
Spok Holdings, Inc is the larger business by last-quarter revenue ($33.9M vs $18.6M, roughly 1.8× Zeo Energy Corp.). Spok Holdings, Inc runs the higher net margin — 8.7% vs -10.8%, a 19.5% gap on every dollar of revenue. On growth, Spok Holdings, Inc posted the faster year-over-year revenue change (-0.1% vs -0.4%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M vs $2.3M). Over the past eight quarters, Spok Holdings, Inc's revenue compounded faster (-1.5% CAGR vs -4.0%).
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.
SPOK vs ZEO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $33.9M | $18.6M |
| Net Profit | $2.9M | $-2.0M |
| Gross Margin | 76.7% | — |
| Operating Margin | 11.6% | -11.8% |
| Net Margin | 8.7% | -10.8% |
| Revenue YoY | -0.1% | -0.4% |
| Net Profit YoY | -19.6% | -360.9% |
| 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 | $33.9M | $18.6M | ||
| Q3 25 | $33.9M | $23.9M | ||
| Q2 25 | $35.7M | $18.1M | ||
| Q1 25 | $36.3M | $8.8M | ||
| Q4 24 | $33.9M | $18.6M | ||
| Q3 24 | $34.9M | $19.7M | ||
| Q2 24 | $34.0M | $14.8M | ||
| Q1 24 | $34.9M | $20.1M |
| Q4 25 | $2.9M | $-2.0M | ||
| Q3 25 | $3.2M | $-3.2M | ||
| Q2 25 | $4.6M | $-2.4M | ||
| Q1 25 | $5.2M | $-6.4M | ||
| Q4 24 | $3.6M | $-435.3K | ||
| Q3 24 | $3.7M | $-424.3K | ||
| Q2 24 | $3.4M | $-277.8K | ||
| Q1 24 | $4.2M | $-1.5M |
| Q4 25 | 76.7% | — | ||
| Q3 25 | 78.3% | 57.9% | ||
| Q2 25 | 79.5% | 59.8% | ||
| Q1 25 | 80.1% | 99.3% | ||
| Q4 24 | 78.5% | — | ||
| Q3 24 | 79.5% | 50.2% | ||
| Q2 24 | 78.9% | 52.3% | ||
| Q1 24 | 79.5% | — |
| Q4 25 | 11.6% | -11.8% | ||
| Q3 25 | 12.9% | -8.3% | ||
| Q2 25 | 15.1% | -15.8% | ||
| Q1 25 | 16.6% | -153.8% | ||
| Q4 24 | 13.7% | -6.0% | ||
| Q3 24 | 14.2% | -15.2% | ||
| Q2 24 | 13.2% | -18.0% | ||
| Q1 24 | 14.0% | -20.1% |
| Q4 25 | 8.7% | -10.8% | ||
| Q3 25 | 9.5% | -13.5% | ||
| Q2 25 | 12.8% | -13.3% | ||
| Q1 25 | 14.3% | -72.4% | ||
| Q4 24 | 10.8% | -2.3% | ||
| Q3 24 | 10.5% | -2.2% | ||
| Q2 24 | 10.1% | -1.9% | ||
| Q1 24 | 12.1% | -7.6% |
| Q4 25 | $0.13 | — | ||
| Q3 25 | $0.15 | — | ||
| Q2 25 | $0.22 | — | ||
| Q1 25 | $0.25 | $-0.48 | ||
| Q4 24 | $0.17 | $1.11 | ||
| Q3 24 | $0.18 | $-0.08 | ||
| Q2 24 | $0.17 | $0.03 | ||
| Q1 24 | $0.21 | $-1.54 |
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 | $6.1M |
| Total DebtLower is stronger | — | $79.1K |
| Stockholders' EquityBook value | $146.4M | $5.3M |
| Total Assets | $206.1M | $56.9M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.3M | $6.1M | ||
| Q3 25 | $21.4M | $3.9M | ||
| Q2 25 | $20.2M | $68.7K | ||
| Q1 25 | $19.9M | $2.9M | ||
| Q4 24 | $29.1M | $5.6M | ||
| Q3 24 | $27.8M | $4.3M | ||
| Q2 24 | $23.9M | $5.3M | ||
| Q1 24 | $23.3M | — |
| Q4 25 | — | $79.1K | ||
| Q3 25 | — | $84.6K | ||
| Q2 25 | — | $642.8K | ||
| Q1 25 | — | $715.4K | ||
| Q4 24 | — | $787.7K | ||
| Q3 24 | — | $858.6K | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $748.8K |
| Q4 25 | $146.4M | $5.3M | ||
| Q3 25 | $148.7M | $-1.7M | ||
| Q2 25 | $150.9M | $-59.4M | ||
| Q1 25 | $151.7M | $-23.1M | ||
| Q4 24 | $154.7M | $-88.9M | ||
| Q3 24 | $156.3M | $-39.3M | ||
| Q2 24 | $158.2M | $-53.0M | ||
| Q1 24 | $160.2M | $-173.0M |
| Q4 25 | $206.1M | $56.9M | ||
| Q3 25 | $209.7M | $58.5M | ||
| Q2 25 | $208.7M | $46.2M | ||
| Q1 25 | $204.5M | $47.4M | ||
| Q4 24 | $217.1M | $61.0M | ||
| Q3 24 | $216.8M | $47.1M | ||
| Q2 24 | $216.4M | $49.1M | ||
| Q1 24 | $215.0M | $50.1M |
| Q4 25 | — | 0.01× | ||
| Q3 25 | — | — | ||
| 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 | $11.5M | $2.4M |
| Free Cash FlowOCF − Capex | $10.1M | $2.3M |
| FCF MarginFCF / Revenue | 29.9% | 12.2% |
| Capex IntensityCapex / Revenue | 4.1% | 0.9% |
| Cash ConversionOCF / Net Profit | 3.93× | — |
| TTM Free Cash FlowTrailing 4 quarters | $25.2M | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.5M | $2.4M | ||
| Q3 25 | $8.1M | $-6.6M | ||
| Q2 25 | $7.0M | $-2.3M | ||
| Q1 25 | $2.3M | $-2.3M | ||
| Q4 24 | $8.4M | $3.5M | ||
| Q3 24 | $11.1M | $162.2K | ||
| Q2 24 | $7.4M | $-2.2M | ||
| Q1 24 | $2.0M | $-10.2M |
| Q4 25 | $10.1M | $2.3M | ||
| Q3 25 | $7.6M | $-6.8M | ||
| Q2 25 | $6.0M | $-2.7M | ||
| Q1 25 | $1.5M | $-2.6M | ||
| Q4 24 | $7.5M | $3.4M | ||
| Q3 24 | $10.3M | $116.5K | ||
| Q2 24 | $6.8M | $-2.3M | ||
| Q1 24 | $1.1M | $-10.4M |
| Q4 25 | 29.9% | 12.2% | ||
| Q3 25 | 22.4% | -28.6% | ||
| Q2 25 | 16.8% | -15.0% | ||
| Q1 25 | 4.2% | -30.0% | ||
| Q4 24 | 22.3% | 18.2% | ||
| Q3 24 | 29.4% | 0.6% | ||
| Q2 24 | 20.0% | -15.6% | ||
| Q1 24 | 3.2% | -51.5% |
| Q4 25 | 4.1% | 0.9% | ||
| Q3 25 | 1.6% | 1.0% | ||
| Q2 25 | 2.9% | 2.4% | ||
| Q1 25 | 2.1% | 4.2% | ||
| Q4 24 | 2.5% | 0.5% | ||
| Q3 24 | 2.4% | 0.2% | ||
| Q2 24 | 1.9% | 0.7% | ||
| Q1 24 | 2.5% | 1.1% |
| 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
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
