A Business at a Glance
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SPX Technologies, Inc.
SPXC
$10.7B
Mkt Cap
$220.07
+0.12%
SPX Technologies, Inc. (SPXC) has a current P/E ratio of 43.8, compared to its historical median P/E of 28.5. The stock is currently considered Expensive based on its historical valuation range.
SPX Technologies, Inc. (SPXC) has a 5-year average return on invested capital (ROIC) of 15.8%. This indicates strong capital allocation and a potential competitive advantage.
SPX Technologies, Inc. (SPXC) has a market capitalization of $11.0B. It is classified as a large-cap stock.
SPX Technologies, Inc. (SPXC) does not currently pay a regular dividend.
Based on historical P/E analysis, SPX Technologies, Inc. (SPXC) appears expensive. The current P/E of 43.8 is 53% above its historical median of 28.5. The estimated fair value CAGR (P/E method) is 7.4%.
SPX Technologies, Inc. (SPXC) operates in the Metalworkg Machinery & Equipment industry, within the Industrials sector.
SPX Technologies, Inc. (SPXC) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
SPX Corporation operates through two primary segments: HVAC and Detection & Measurement. The HVAC segment manufactures highly engineered heating, ventilation, and air conditioning solutions, including custom air handling units, dampers, and data center cooling products such as the OlympusMAX dry and adiabatic cooling system, serving customers in commercial, industrial, and data center end markets. The Detection & Measurement segment provides detection, measurement, and monitoring solutions across project-oriented and run-rate businesses, including underground utility locating equipment and drone detection technologies. The company operates a capital-intensive manufacturing model with production facilities in North America, including recent expansions in Tennessee, Kansas, and Alabama to support growing data center demand, and generates revenue through a mix of project-based and recurring product sales. SPX's competitive positioning is built on proprietary engineering capabilities, innovative product development, and an expanding manufacturing footprint that enables it to serve large-scale customers including hyperscale data center operators. The company pursues both organic growth through capacity expansion and new product launches, and inorganic growth through strategic acquisitions that strengthen its platforms and market positions.
【Data center momentum accelerating】 Management expects continued strong demand in data center cooling solutions, with production ramping at newly commissioned facilities in Tennessee and Kansas throughout 2026 and into 2027, supporting incremental revenue capacity of approximately $700 million once at full production. The company is raising full-year 2026 guidance to reflect robust Q1 performance and anticipated data center volume delivery in the second half, though near-term tariff headwinds are expected to impact HVAC margins primarily in Q2, with no anticipated tariff impact in 2027. Within core HVAC end markets outside data centers, demand remains resilient with mid-single-digit growth expected, while the Detection & Measurement segment is positioned to benefit from steady run-rate demand and a strong backlog of multiyear projects. Management remains confident in executing organic and inorganic value creation initiatives, supported by a robust M&A pipeline and a leverage ratio of approximately 0.9x, well below the long-term target range of 1.5x–2.5x, providing significant capacity to pursue accretive growth opportunities.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS | $7.80–$8.10 | FY2026 |
| Adjusted EBITDA growth | 21% at the midpoint | FY2026 |
| Data center revenue growth | 50% to 70% | FY2026 |
| HVAC capital expenditure | approximately $100 million | FY2026 |
| Incremental HVAC capacity | roughly $700 million | Full production (2027–2028) |
Adjusted EPS (FY2026): “We are increasing our adjusted EPS guidance by $0.15 to a midpoint of $7.95”
Adjusted EBITDA growth (FY2026): “Current market conditions support our 2026 outlook, which implies 21% adjusted EBITDA growth.”
Data center revenue growth (FY2026): “With the change in outlook this year, we moved our data center growth somewhere from the neighborhood of 50% to 70%.”
HVAC capital expenditure (FY2026): “We expect the expansion-related investments across all of our HVAC facilities to require approximately $100 million of capital in 2026, in addition to approximately $60 million invested in 2025.”
Incremental HVAC capacity (Full production (2027–2028)): “We anticipate these investments will enable nearly half of our HVAC segment's revenue growth in 2026 and add roughly $700 million of incremental capacity once at full production”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Package and process cooling equipment and services, and engineered air movement | — | — | $683M | $884M | $933M | 29% |
Operating Segments | — | $537M | $683M | $884M | $933M | 29% |
Hydronic heating, electrical heating, and ventilation | — | — | $439M | $481M | $585M | 18% |
Communication technologies, aids to navigation, and transportation systems | $211M | $285M | $355M | $358M | $491M | 15% |
Underground locators, inspection and rehabilitation equipment, and robotic systems | $257M | $262M | $264M | $261M | $256M | 8% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.3B | 2.3B | 2.0B | 1.7B | 1.5B | 1.2B |
| Net Income | 253M | 244M | 201M | 90M | 200K | 425M |
| EPS | $5.13 | $5.03 | $4.26 | $1.93 | $0.00 | $9.15 |
| Free Cash Flow | 270M | 241M | 248M | 185M | -153M | 165M |
| ROIC | 10.2% | 12.8% | 13.7% | 12.0% | 3.4% | 37.4% |
| Gross Margin | - | 40.5% | 40.3% | 38.5% | 35.9% | 35.4% |
| Debt/Equity | 0.29 | 0.26 | 0.48 | 0.50 | 0.27 | 0.26 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 372M | 350M | 308M | 222M | 51M | 74M |
| Operating Margin | 15.8% | 15.5% | 15.5% | 12.7% | 3.5% | 6.0% |
| ROE | 11.1% | 13.5% | 15.5% | 7.9% | 0.0% | 48.8% |
| Shares Outstanding | 50M | 49M | 47M | 47M | 45M | 46M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.7B | 1.6B | 1.5B | 1.4B | 1.5B | 1.1B | 1.1B | 1.2B | 1.5B | 1.7B | 2.0B | 2.3B | 2.3B |
| Gross Margin | 25.2% | 17.7% | 25.5% | 23.2% | 27.1% | 35.8% | 35.1% | 35.4% | 35.9% | 38.5% | 40.3% | 40.5% | N/A |
| R&D | 30M | 29M | 29M | 23M | 23M | 24M | 28M | 31M | 39M | 43M | 46M | 54M | 54M |
| SG&A | 511M | 388M | 286M | 277M | 289M | 276M | 273M | 310M | 356M | 394M | 415M | 478M | 488M |
| EBIT | -185M | -122M | 70M | 60M | 113M | 114M | 97M | 74M | 51M | 222M | 308M | 350M | 372M |
| Op. Margin | -10.9% | -7.8% | 4.8% | 4.2% | 7.4% | 10.1% | 8.6% | 6.0% | 3.5% | 12.7% | 15.5% | 15.5% | 15.8% |
| Net Income | 393M | -83M | -85M | 89M | 81M | 71M | 99M | 425M | 200K | 90M | 201M | 244M | 253M |
| Net Margin | 23.2% | -5.3% | -5.8% | 6.3% | 5.4% | 6.3% | 8.8% | 34.9% | 0.0% | 5.2% | 10.1% | 10.8% | 10.8% |
| Non-Recurring | 540M | 5.7M | 35M | 2.5M | 3.7M | 500K | 1.0M | 29M | 12M | 800K | 2.4M | 500K | 500K |
| Returns on Capital | |||||||||||||
| ROIC | 14.0% | -5.4% | 10.1% | 12.0% | 17.1% | 12.2% | 9.7% | 37.4% | 3.4% | 12.0% | 13.7% | 12.8% | 10.2% |
| ROE | 19.8% | -7.7% | -31.8% | 35.3% | 22.3% | 15.3% | 17.2% | 48.8% | 0.0% | 7.9% | 15.5% | 13.5% | 11.1% |
| ROA | 6.2% | -2.0% | -4.2% | 4.5% | 4.0% | 3.4% | 4.4% | 17.1% | 0.0% | 4.1% | 7.8% | 7.7% | 6.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 76M | -39M | -1.2M | 47M | 111M | 149M | 126M | 175M | -137M | 209M | 286M | 333M | 375M |
| Free Cash Flow | 57M | -55M | -13M | 36M | 98M | 135M | 111M | 165M | -153M | 185M | 248M | 241M | 270M |
| Owner Earnings | 3.1M | -109M | -41M | 5.9M | 67M | 112M | 81M | 120M | -194M | 132M | 179M | 194M | 230M |
| CapEx | 19M | 16M | 12M | 11M | 12M | 14M | 15M | 9.6M | 16M | 24M | 38M | 92M | 105M |
| Maint. CapEx | 41M | 37M | 27M | 25M | 28M | 24M | 32M | 42M | 46M | 63M | 92M | 123M | 128M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 41M | 37M | 27M | 25M | 28M | 24M | 32M | 42M | 46M | 63M | 92M | 123M | 128M |
| CapEx/OCF | 26.7% | N/A | 180.0% | 23.5% | 11.2% | 12.0% | 12.1% | 5.5% | N/A | 11.5% | 13.3% | 27.6% | 28.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 60M | 46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 5.7% | 6.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 489M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34M | 0 | 0 | 0 | 0 |
| Buyback Yield | 52.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.1% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 33M | 34M | 14M | 16M | 16M | 13M | 13M | 13M | 11M | 13M | 15M | 17M | 17M |
| Debt Repayment | 985M | 1.3B | 181M | 519M | 312M | 681M | 316M | 554M | 245M | 735M | 602M | 1.4B | 1.4B |
| Balance Sheet | |||||||||||||
| Net Debt | 501M | 275M | 257M | 233M | 313M | 368M | 387M | -103M | 143M | 499M | 513M | 213M | 518M |
| Cash & Equiv. | 232M | 97M | 100M | 124M | 69M | 51M | 64M | 388M | 148M | 99M | 157M | 364M | 157M |
| Long-Term Debt | 548M | 341M | 324M | 349M | 332M | 250M | 304M | 231M | 243M | 523M | 577M | 497M | 644M |
| Debt/Equity | 0.41 | 1.08 | 1.86 | 1.13 | 0.92 | 0.82 | 0.70 | 0.26 | 0.27 | 0.50 | 0.48 | 0.26 | 0.29 |
| Interest Coverage | -7.9 | -5.6 | 4.7 | 3.5 | 5.2 | 5.4 | 5.3 | 5.6 | 5.5 | 8.2 | 6.7 | 7.3 | 7.3 |
| Equity | 1.8B | 345M | 192M | 315M | 415M | 511M | 640M | 1.1B | 1.1B | 1.2B | 1.4B | 2.2B | 2.3B |
| Total Assets | 5.9B | 2.2B | 1.9B | 2.0B | 2.1B | 2.2B | 2.3B | 2.6B | 1.9B | 2.4B | 2.7B | 3.6B | 3.9B |
| Total Liabilities | 4.1B | 1.9B | 1.7B | 1.7B | 1.6B | 1.7B | 1.7B | 1.5B | 852M | 1.2B | 1.3B | 1.4B | -30M |
| Intangibles | 169M | 154M | 118M | 118M | 198M | 252M | 305M | 416M | 402M | 681M | 703M | 868M | 1.1B |
| Retained Earnings | 2.6B | 898M | -832M | -742M | -650M | -585M | -477M | -52M | -52M | 38M | 239M | 483M | 543M |
| Working Capital | 605M | 128M | 51M | 172M | 128M | 24M | 103M | 464M | 387M | 308M | 366M | 683M | 532M |
| Current Assets | 2.2B | 782M | 528M | 633M | 598M | 632M | 675M | 903M | 721M | 710M | 784M | 1.1B | 1.0B |
| Current Liabilities | 1.6B | 655M | 476M | 461M | 470M | 609M | 572M | 440M | 334M | 401M | 418M | 461M | 481M |
| Per Share Data | |||||||||||||
| EPS | 9.14 | -2.03 | -2.02 | 2.03 | 1.82 | 1.58 | 2.16 | 9.15 | 0.00 | 1.93 | 4.26 | 5.03 | 5.13 |
| Owner EPS | 0.07 | -2.69 | -0.98 | 0.13 | 1.51 | 2.49 | 1.77 | 2.57 | -4.29 | 2.83 | 3.81 | 4.00 | 4.60 |
| Book Value | 42.02 | 8.48 | 4.54 | 7.15 | 9.30 | 11.40 | 13.97 | 23.72 | 23.83 | 25.65 | 29.41 | 46.13 | 45.65 |
| Cash Flow/Share | 1.78 | -0.95 | -0.03 | 1.07 | 2.48 | 3.31 | 2.76 | 3.76 | -3.02 | 4.48 | 6.07 | 6.87 | 7.60 |
| Dividends/Share | 1.50 | 1.13 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 43.0M | 40.7M | 42.2M | 44.0M | 44.6M | 44.9M | 45.8M | 46.5M | 45.3M | 46.6M | 47.1M | 48.5M | 50.1M |
| Valuation | |||||||||||||
| P/E Ratio | 2.4 | N/A | N/A | 15.6 | 15.1 | 32.0 | 25.0 | 6.5 | N/A | 53.0 | 34.3 | 41.4 | 42.9 |
| P/FCF | 16.5 | N/A | N/A | 38.7 | 12.5 | 16.8 | 22.3 | 16.7 | N/A | 25.8 | 27.7 | 41.9 | 40.8 |
| EV/EBIT | N/A | N/A | 21.1 | 25.0 | 13.7 | 23.2 | 28.5 | 30.2 | 57.2 | 23.1 | 23.3 | 28.2 | 31.0 |
| Price/Book | 0.5 | 1.1 | 5.2 | 4.4 | 3.0 | 4.5 | 3.9 | 2.5 | 2.7 | 4.0 | 5.0 | 4.5 | 4.8 |
| Price/Sales | 0.5 | 0.4 | 0.5 | 0.8 | 0.9 | 1.1 | 1.8 | 2.3 | 1.7 | 2.1 | 3.3 | 3.6 | 4.7 |
| FCF Yield | 6.1% | -14.6% | -1.3% | 2.6% | 8.0% | 5.9% | 4.5% | 6.0% | -5.1% | 3.9% | 3.6% | 2.4% | 2.4% |
| Market Cap | 939M | 373M | 1.0B | 1.4B | 1.2B | 2.3B | 2.5B | 2.8B | 3.0B | 4.8B | 6.9B | 10.1B | 11.0B |
| Avg. Price | 24.54 | 16.82 | 16.46 | 26.54 | 32.53 | 37.02 | 43.71 | 59.85 | 55.71 | 77.91 | 138.37 | 169.66 | 220.07 |
| Year-End Price | 21.83 | 9.16 | 23.71 | 31.58 | 27.52 | 50.62 | 53.99 | 59.31 | 64.92 | 102.27 | 145.96 | 208.48 | 220.07 |
SPX Technologies, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
SPX Technologies, Inc. trades at 43.8x trailing earnings, compared to its 15-year median P/E of 28.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 45.5x vs a median of 24.0x. The company's 5-year average ROIC is 15.8% with a gross margin of 38.1%. At current prices, the estimated annualized return to fair value is +8.7%.
SPX Technologies, Inc. (SPXC) has a net profit margin of 10.8%. This is a healthy margin.
SPX Technologies, Inc. (SPXC) generated $241 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SPX Technologies, Inc. (SPXC) has a debt-to-equity ratio of 0.26. This indicates a conservatively financed balance sheet.
SPX Technologies, Inc. (SPXC) reported earnings per share (EPS) of $5.03 in its most recent fiscal year.
SPX Technologies, Inc. (SPXC) has a return on equity (ROE) of 13.5%. This indicates moderate shareholder returns.
SPX Technologies, Inc. (SPXC) has a 5-year average gross margin of 38.1%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for SPX Technologies, Inc. (SPXC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SPX Technologies, Inc. (SPXC) has a book value per share of $46.13, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong demand in data center cooling solutions, with production ramping at newly commissioned facilities in Tennessee and Kansas throughout 2026 and into 2027, supporting incremental revenue capacity of approximately $700 million once at full production. The company is raising full-year 2026 guidance to reflect robust Q1 performance and anticipated data center volume delivery in the second half, though near-term tariff headwinds are expected to impact HVAC margins primarily in Q2, with no anticipated tariff impact in 2027. Within core HVAC end markets outside data centers, demand remains resilient with mid-single-digit growth expected, while the Detection & Measurement segment is positioned to benefit from steady run-rate demand and a strong backlog of multiyear projects. Management remains confident in executing organic and inorganic value creation initiatives, supported by a robust M&A pipeline and a leverage ratio of approximately 0.9x, well below the long-term target range of 1.5x–2.5x, providing significant capacity to pursue accretive growth opportunities.
Based on recent SEC filings and earnings calls, SPX Technologies, Inc. (SPXC) has provided the following forward guidance: Adjusted EPS: $7.80–$8.10 (FY2026); Adjusted EBITDA growth: 21% at the midpoint (FY2026); Data center revenue growth: 50% to 70% (FY2026); HVAC capital expenditure: approximately $100 million (FY2026); Incremental HVAC capacity: roughly $700 million (Full production (2027–2028)).