Does SPOK HOLDINGS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores SPOK HOLDINGS, INC. (SPOK) 58.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 11, balance-sheet safety 100, capital discipline 27.

Is SPOK stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $8.57 per share versus a recent price of $10.64 — 24% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has SPOK's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 58.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

SPOK HOLDINGS, INC.

SPOK · Communications · $219.3M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 79.4% over 10y, very stable.

Returns on capital11

Median ROIC 1.9%, above the 9% hurdle in 30% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline27

Owner earnings -2.9%/yr, share count flat.

Margin of safety

Above valueOn sale

24% above value

Owner earnings (normalized): $15.9M
Est. intrinsic value / share: $8.57
Recent price: $10.64
Discount to value: 24% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for SPOK yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — SPOK has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Communications context

#11 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

#9CTGG QWEST CORP62.7 out of 100, Narrow moatNarrow moat
#10VZ VERIZON COMMUNICATIONS INC59.6 out of 100, Shallow moatShallow moat
#12ZD ZIFF DAVIS, INC.57.9 out of 100, Shallow moatShallow moat
#13WMG Warner Music Group Corp.57.9 out of 100, Shallow moatShallow moat

Compare SPOK with its nearest peers →All Communications companies on the Index →

Common questions about SPOK

Does SPOK HOLDINGS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores SPOK HOLDINGS, INC. (SPOK) 58.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 11, balance-sheet safety 100, capital discipline 27.
Is SPOK stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $8.57 per share versus a recent price of $10.64 — 24% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has SPOK's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 58.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SPOK. See the disclaimer.