SPOK
Spok Holdings, Inc.
SPOK offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has a slight edge over SPOK overall, supported by stronger modeled upside and lower modeled downside.
SPOK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
SPOK's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
UNH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Healthy |
UNH's cash flow and balance sheet are currently healthy, and its revenue and profitability are stable.
SPOK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.6x | $7.56 | -35% |
| Current | 13x | $11.62 | — |
| Fair | 18x | $15.91 | +37% |
| Expensive | 22x | $19.16 | +65% |
Historical ranges are pointers, not guarantees.
SPOK has the edge over UNH in the historical PE scenario, which offers more potential upside but is not a forecast.
UNH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 18x | $405 | — |
| Cheap | 19x | $325 | -20% |
| Fair | 23x | $410 | +1.2% |
| Current | 23x | $405 | — |
| Expensive | 30x | $526 | +30% |
Historical ranges are pointers, not guarantees.
UNH's PE is in its fair range at 23x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
SPOK Forward outlook
There aren't enough analyst estimates for SPOK to show an outlook.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
Analysts expect UNH's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
SPOK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.88 | +11% |
| Q2 2026 | $0.57 | -30% |
| Q1 2026 | $0.59 | -23% |
| Q4 2025 | $0.75 | +2.7% |
| Q3 2025 | $0.79 | +8.2% |
| Q2 2025 | $0.82 | +6.5% |
| Q1 2025 | $0.77 | -7.2% |
| Q4 2024 | $0.73 | -5.2% |
SPOK has the edge over UNH on earnings, with more consistent year-over-year improvement.
UNH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $22.65 | +29% |
| Q3 2026 | $17.55 | -8.5% |
| Q2 2026 | $15.58 | -33% |
| Q1 2026 | $13.28 | -44% |
| Q4 2025 | $13.23 | -15% |
| Q3 2025 | $19.17 | +25% |
| Q2 2025 | $23.09 | +53% |
| Q1 2025 | $23.89 | +46% |
| Q4 2024 | $15.51 | -35% |
UNH's earnings per share have fallen from their peak: $17.55 over the past year, against $23.89 in early 2025.
SPOK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $33M | -2.6% |
| Q2 2026 | $35M | -1.9% |
| Q1 2026 | $33.2M | -8.5% |
| Q4 2025 | $33.9M | -0.1% |
| Q3 2025 | $33.9M | -2.9% |
| Q2 2025 | $35.7M | +5% |
| Q1 2025 | $36.3M | +4% |
| Q4 2024 | $33.9M | -0.2% |
SPOK's revenue fell from its 2019 peak and has held roughly level since: $33M last quarter, down 2.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +4.2 points |
| Q2 2026 | 16% | +0.4 points |
| Q1 2026 | 7.4% | -9.2 points |
| Q4 2025 | 12% | -2 points |
| Q3 2025 | 13% | -1.4 points |
| Q2 2025 | 15% | +1.9 points |
| Q1 2025 | 17% | +2.6 points |
| Q4 2024 | 14% | +1.7 points |
SPOK has the edge over UNH on profitability, with a higher operating margin.
UNH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $112.7B | -0.4% |
| Q2 2026 | $112B | +0.4% |
| Q1 2026 | $111.7B | +2% |
| Q4 2025 | $113.2B | +12% |
| Q3 2025 | $113.2B | +12% |
| Q2 2025 | $111.6B | +13% |
| Q1 2025 | $109.6B | +9.8% |
| Q4 2024 | $100.8B | +6.8% |
UNH has the edge over SPOK on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.8% | +2 points |
| Q2 2026 | 7.1% | +2.5 points |
| Q1 2026 | 8.1% | -0.3 points |
| Q4 2025 | 0.3% | -7.4 points |
| Q3 2025 | 3.8% | -4.8 points |
| Q2 2025 | 4.6% | -3.4 points |
| Q1 2025 | 8.3% | +0.4 points |
| Q4 2024 | 7.7% | -0.4 points |
UNH's operating margin was 5.8% last quarter, up 2 points from the same quarter a year ago.
SPOK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $12.2M | +62% |
| Q2 2026 | $5.9M | -2% |
| Q1 2026 | $1.8M | +22% |
| Q4 2025 | $10.1M | +34% |
| Q3 2025 | $7.6M | -26% |
| Q2 2025 | $6M | -12% |
| Q1 2025 | $1.5M | +34% |
| Q4 2024 | $7.5M | -30% |
SPOK generated $30M in free cash flow over the past year, up 33% from the year before.
UNH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $4.3B | -16% |
| Q2 2026 | $10.3B | +63% |
| Q1 2026 | $8.1B | +79% |
| Q4 2025 | $160M | -89% |
| Q3 2025 | $5.1B | -61% |
| Q2 2025 | $6.3B | +6.9% |
| Q1 2025 | $4.6B | +1037% |
| Q4 2024 | $1.5B | +$7.6B |
UNH has the edge over SPOK on cash flow, with more consistent year-over-year improvement.
SPOK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +128K shares |
| 1 year | +0.9% | +184K shares |
| 3 years | +4.5% | +909K shares |
| 5 years | +9% | +1.7M shares |
| Available history | +11% | +2.1M shares |
SPOK has 21M diluted shares, up 0.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | — |
UNH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -4M shares |
| 1 year | -0.7% | -6M shares |
| 3 years | -3.6% | -34M shares |
| 5 years | -5.5% | -53M shares |
| Available history | -6.6% | -64M shares |
UNH has the edge over SPOK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3.4B |
| Q2 2026 | $1.6B |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $2.5B |
| Q1 2025 | $3B |
| Q4 2024 | $5B |
UNH spent $5B buying back its own shares over the past year, down 52% from the year before.
SPOK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.4x | Net Cash |
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | -0.9x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -0.9x | Net Cash |
| Q2 2025 | -0.8x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -1.3x | Net Cash |
SPOK has the edge over UNH on leverage, with a lower net debt burden relative to earnings.
UNH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.7x | Healthy |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.4x | Healthy |
UNH's net debt is about 1.7 years of its operating earnings (EBITDA), about the same as a year ago.
SPOK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.2 | Neutral |
| Stochastic | 76.0 | Neutral |
SPOK's weekly RSI is 55 (neutral) and its Stochastic is 76 (neutral).
UNH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.4 | Neutral |
| Stochastic | 60.0 | Neutral |
UNH's weekly RSI is 56 (neutral) and its Stochastic is 60 (neutral).
SPOK PE vs Healthcare Sector
| Metric | SPOK | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 26x | 49% below |
| PE % | 27 | 29 | 2 pts below |
SPOK has the edge over UNH on valuation relative to its sector.
UNH PE vs Healthcare Sector
| Metric | UNH | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 26x | 11% below |
| PE % | 47 | 29 | 18 pts above |
UNH is trading at 23x earnings, a 11% discount to the Healthcare sector's median of 26x.
SPOK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.0 | 5.3% above |
| 20 week MA | $10.8 | 7.3% above |
| 50 week MA | $11.5 | 0.9% above |
| 100 week MA | $13.9 | 17% below |
| 200 week MA | $14.1 | 17% below |
SPOK has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 17% below its 200-week average.
UNH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $394.2 | 2.8% above |
| 20 week MA | $400.5 | 1.2% above |
| 50 week MA | $361.2 | 12% above |
| 100 week MA | $376.0 | 7.8% above |
| 200 week MA | $446.6 | 9.3% below |
UNH has the edge over SPOK on trend strength, trading above more of its moving averages.
SPOK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.1 | $11.0 | -9% |
| 2021 | $11.0 | $8.72 | -21% |
| 2022 | $8.72 | $8.24 | -5.5% |
| 2023 | $8.24 | $15.5 | +88% |
| 2024 | $15.5 | $16.2 | +4.8% |
| 2025 | $16.2 | $13.0 | -20% |
| 2026 YTD | $13.0 | $11.6 | -10% |
SPOK has finished lower in four of the last six years. It's down 10% so far in 2026.
UNH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $296.0 | $340.8 | +15% |
| 2021 | $340.8 | $495.4 | +45% |
| 2022 | $495.4 | $531.3 | +7.3% |
| 2023 | $531.3 | $526.5 | -0.9% |
| 2024 | $526.5 | $510.0 | -3.1% |
| 2025 | $510.0 | $331.8 | -35% |
| 2026 YTD | $331.8 | $405.1 | +22% |
UNH has the edge over SPOK on returns for 2026, with the stronger performance.