Tearsheet

SPX Technologies (SPXC)

Market Price (12/29/2025): $208.6 | Market Cap: $10.0 Bil
Sector: Industrials | Industry: Industrial Machinery & Supplies & Components

SPX Technologies (SPXC)

Market Price (12/29/2025): $208.6
Market Cap: $10.0 Bil
Sector: Industrials
Industry: Industrial Machinery & Supplies & Components

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x
1	Low stock price volatility Vol 12M is 38%	Key risks SPXC key risks include [1] high leverage and negative free cash flow and [2] financial and operational challenges tied to its acquisition and disposition strategy.
2	Megatrend and thematic drivers Megatrends include Electrification of Everything, Smart Grids & Grid Modernization, and Smart Buildings & Proptech. Themes include Heat Pump Technology, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
1	Low stock price volatility Vol 12M is 38%
2	Megatrend and thematic drivers Megatrends include Electrification of Everything, Smart Grids & Grid Modernization, and Smart Buildings & Proptech. Themes include Heat Pump Technology, Show more.
3	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x
4	Key risks SPXC key risks include [1] high leverage and negative free cash flow and [2] financial and operational challenges tied to its acquisition and disposition strategy.

Valuation, Metrics & Events

	12/29/25	2024	2023	2022	2021
Share Price CYE	$208.60	$145.52	$101.01	$65.65	$59.68
Market Cap CYE ($ Bil)	10.0	6.7	4.6	3.0	2.7
Total Debt ($ Bil)	0.5	0.6	0.6	0.2	0.2
Total Cash ($ Bil)	0.2	0.2	0.1	0.1	0.4
Enterprise Value ($ Bil)	10.3	7.3	5.2	3.2	2.9
Valuation Ratios
P/S TTM	4.6	3.4	2.6	2.0	2.2
P/EBIT TTM	29.7	22.3	21.5	81.8	32.6
P/E TTM	45.0	33.5	51.2	14,884.5	6.4
P/FCF TTM	37.1	27.1	24.9	-19.5	16.4
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	13.0	11.8	11.2	9.1	12.3
P/E TTM (Sector)	17.3	16.5	15.4	12.1	16.3
P/FCF TTM (Sector)	13.6	13.4	12.1	8.5	14.1

	12/29/25	2024	2023
Share Price CYE	$208.60	$145.52	$101.01
Market Cap CYE ($ Bil)	10.0	6.7	4.6
Total Debt ($ Bil)	0.5	0.6	0.6
Total Cash ($ Bil)	0.2	0.2	0.1
Enterprise Value ($ Bil)	10.3	7.3	5.2
Valuation Ratios
P/S TTM	4.6	3.4	2.6
P/EBIT TTM	29.7	22.3	21.5
P/E TTM	45.0	33.5	51.2
P/FCF TTM	37.1	27.1	24.9
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4
P/EBIT TTM (Sector)	13.0	11.8	11.2
P/E TTM (Sector)	17.3	16.5	15.4
P/FCF TTM (Sector)	13.6	13.4	12.1

	SPXC	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	2.2
Rev Chg Q	22.6%	7.3%
Rev Chg LTM	12.6%	6.1%
Rev Chg 3Y Avg	16.2%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	15.9%	18.8%
CFO/Rev LTM	14.1%	20.4%
Net Inc Mgn	10.3%	13.1%
VALUATION	HIGH
P/S	4.6	3.3
P/CFO	33.0	15.8
P/FCF	37.1	20.7
P/E	45.0	23.7
STABILITY	GOOD
Debt/Equity	0.05	0.21
Cash/Assets	0.07	0.07

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Metric	Value	Date	Source
HVAC Segment Backlog	578.5M	9272025	Link
Detection & Measurement Segment Backlog	366.1M	9272025	Link
Total Backlog	944.6M	9272025	Link
Number of Employees	approximately 4,400	2252024	Link
Number of Countries with Operations	16	2252024	Link

Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

SPXC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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I am unable to provide the requested information. The specified time period (August 31, 2025, to December 29, 2025) is in the future, and I do not have access to future market data or events. Show more

Stock Movement Drivers

Fundamental Drivers

The 14.0% change in SPXC stock from 9/28/2025 to 12/28/2025 was primarily driven by a 10.9% change in the company's P/E Multiple.

	9282025	12282025	Change
Stock Price ($)	182.95	208.48	13.95%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2052.40	2161.50	5.32%
Net Income Margin (%)	10.27%	10.33%	0.59%
P/E Multiple	40.56	44.99	10.92%
Shares Outstanding (Mil)	46.72	48.17	-3.11%
Cumulative Contribution			13.84%

LTM = Last Twelve Months as of date shown

Market Drivers

9/28/2025 to 12/28/2025

	Return	Correlation
SPXC	14.0%
Market (SPY)	4.3%	42.3%
Sector (XLI)	3.0%	51.0%

Fundamental Drivers

The 24.7% change in SPXC stock from 6/29/2025 to 12/28/2025 was primarily driven by a 17.5% change in the company's P/E Multiple.

	6292025	12282025	Change
Stock Price ($)	167.15	208.48	24.73%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2001.30	2161.50	8.00%
Net Income Margin (%)	10.13%	10.33%	1.95%
P/E Multiple	38.31	44.99	17.46%
Shares Outstanding (Mil)	46.45	48.17	-3.70%
Cumulative Contribution			24.56%

LTM = Last Twelve Months as of date shown

Market Drivers

6/29/2025 to 12/28/2025

	Return	Correlation
SPXC	24.7%
Market (SPY)	12.6%	30.5%
Sector (XLI)	7.5%	44.0%

Fundamental Drivers

The 42.8% change in SPXC stock from 12/28/2024 to 12/28/2025 was primarily driven by a 16.4% change in the company's P/E Multiple.

	12282024	12282025	Change
Stock Price ($)	145.96	208.48	42.83%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1919.60	2161.50	12.60%
Net Income Margin (%)	9.11%	10.33%	13.33%
P/E Multiple	38.64	44.99	16.43%
Shares Outstanding (Mil)	46.30	48.17	-4.03%
Cumulative Contribution			42.60%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2024 to 12/28/2025

	Return	Correlation
SPXC	42.8%
Market (SPY)	17.0%	61.1%
Sector (XLI)	19.2%	63.6%

Fundamental Drivers

The 211.8% change in SPXC stock from 12/29/2022 to 12/28/2025 was primarily driven by a 320.8% change in the company's Net Income Margin (%).

	12292022	12282025	Change
Stock Price ($)	66.86	208.48	211.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1381.60	2161.50	56.45%
Net Income Margin (%)	2.45%	10.33%	320.84%
P/E Multiple	89.04	44.99	-49.47%
Shares Outstanding (Mil)	45.14	48.17	-6.70%
Cumulative Contribution			210.41%

LTM = Last Twelve Months as of date shown

Market Drivers

12/29/2023 to 12/28/2025

	Return	Correlation
SPXC	106.4%
Market (SPY)	48.4%	61.7%
Sector (XLI)	41.4%	66.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SPXC Return	7%	9%	10%	54%	44%	43%	310%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
SPXC Win Rate	58%	67%	42%	58%	58%	58%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
SPXC Max Drawdown	-48%	-5%	-30%	-6%	-4%	-17%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See SPXC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	SPXC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-38.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	62.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	192 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-50.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	101.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	253 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-32.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	48.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	238 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-81.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	430.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	3,490 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

SPX Technologies's stock fell -38.3% during the 2022 Inflation Shock from a high on 11/9/2021. A -38.3% loss requires a 62.1% gain to breakeven.

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About SPX Technologies (SPXC)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

SPX Corporation supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, China, the United Kingdom, and internationally. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services cooling products and engineered air quality solutions for the HVAC, and industrial markets; and heating and ventilation products for the residential and commercial markets. It offers its products under the Marley, Recold, SGS, Cincinnati Fan, Berko, Qmark, Fahrenheat, Leading Edge, Patterson-Kelley, Weil-McLain, and Williamson-Thermoflo brands. The Detection and Measurement segment offers underground pipe and cable locators, inspection and rehabilitation equipment, and robotic systems under the Radiodetection, Pearpoint, Schonstedt, Dielectric, Riser Bond, Warren G-V, Cues, ULC Robotics, and Sensors & Software brands; and bus fare collection systems, communication technologies, and obstruction lighting products under the Genfare, TCI, Flash Technology, Sabik Marine, Sealite, Avlite, and ECS brand names. The company markets its products through independent manufacturing representatives, third-party distributors, and retailers, as well as direct to customers. SPX Corporation was founded in 1912 and is headquartered in Charlotte, North Carolina.

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A bit like Johnson Controls for industrial HVAC systems and essential building infrastructure components.
Similar to a more specialized Honeywell or Siemens, providing critical infrastructure products for utilities and industrial processes.
Imagine a company with the industrial HVAC infrastructure focus of Carrier combined with the utility and industrial measurement tools of Fluke.

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Cooling Towers: Equipment designed to remove heat from a building or industrial process by spraying water into a controlled airflow.
Heat Exchangers: Devices that efficiently transfer thermal energy between two or more fluids, without the fluids directly mixing.
Boilers: Closed vessels that heat fluid, typically water, to generate steam or hot water for heating or industrial applications.
Chillers: Machines that remove heat from a liquid coolant through a vapor-compression or absorption refrigeration cycle, for cooling systems.
Radiodetection Products: Equipment used for locating and mapping underground utilities such as cables and pipes.
CUES Products: Advanced robotic and video inspection systems specifically designed for wastewater and stormwater pipelines.
US Radar Products: Ground penetrating radar (GPR) systems used for locating buried objects, utilities, and analyzing geological features.

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SPX Technologies (SPXC) primarily sells its highly engineered products and technologies to **other companies and governmental entities (B2B)**, rather than directly to individuals. Due to the diversified nature of its industrial business and its sales channels (which can include direct sales, distributors, and OEMs), SPXC does not publicly disclose the names of its specific major customers.

However, based on its product portfolio across its HVAC and Detection & Measurement segments, its major customer base consists of companies and organizations operating within the following key industries and sectors:

Utility and Telecommunication Companies: These customers utilize SPXC's advanced detection and measurement solutions for maintaining critical infrastructure. This includes locating underground pipes, cables, and inspecting gas, water, and electrical systems. While specific customer names are not disclosed, this segment includes major public and private utility providers and telecommunication infrastructure companies. (Examples of the type of entities in this sector, not confirmed SPXC customers, include companies like Duke Energy (NYSE: DUK), American Electric Power (NYSE: AEP), and various telecom providers.)
Commercial and Industrial Facilities & Original Equipment Manufacturers (OEMs): This broad category encompasses a wide range of businesses and manufacturers that require SPXC's HVAC products. These products (such as cooling towers, boilers, and heat exchangers) are critical for operations in data centers, power generation plants, food & beverage processing facilities, chemical processing plants, and large commercial buildings. SPXC also supplies components to OEMs who integrate these into larger systems for various industries. (Specific customer names are not disclosed by SPXC; examples of industries served include companies involved in data center operations, industrial manufacturing, and large-scale facility management across various sectors.)
Transportation and Public Sector Agencies: Customers in this segment include various governmental bodies and agencies. This can involve transit authorities for fare collection systems and other public safety or infrastructure management departments that utilize specialized detection equipment and communication technologies. (Specific customer names are not disclosed by SPXC; examples include metropolitan transit agencies or public works departments within city, state, or federal governments.)

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Gene J. Lowe, III President and Chief Executive Officer

Gene J. Lowe, III has served as President and Chief Executive Officer of SPX Technologies since 2015, having joined the company in 2008. Prior to his tenure at SPX, he held positions with Milliken & Company, Bain & Company, and Lazard Technology Partners. Lazard Technology Partners is noted as a venture capital subsidiary. He also currently serves as an independent director of Federal Signal Corporation.

Mark A. Carano Vice President, Chief Financial Officer and Treasurer

Mark A. Carano was appointed Vice President, Chief Financial Officer and Treasurer of SPX Technologies in 2023. Before joining SPX, he served as Senior Vice President, Chief Financial Officer, and Treasurer at Insteel Industries, Inc. Notably, he was Chief Financial Officer of Big River Steel LLC from 2019 until its sale to U.S. Steel in 2020. Big River Steel LLC was a private equity-owned manufacturer. Prior to that, he held senior management roles with Babcock & Wilcox.

Eric Kaled President, Communication Technologies and Transportation

Eric Kaled became an officer of SPX Technologies in 2025, having joined the company in 2019 as President of its Transportation platform. In 2020, his role expanded to include President of SPX's Communications Technologies platform. He is recognized for driving significant growth, both organically and through strategic acquisitions, and for building high-performing teams focused on product innovation and efficient execution.

Michael Daly Chief Strategy and Corporate Development Officer

Michael Daly was appointed Chief Strategy and Corporate Development Officer of SPX Technologies in 2025. He joined the company in 2022 as Vice President and Global Head of Strategy and Business Development. Mr. Daly brings over two decades of global M&A leadership experience and expertise in organic growth strategy across numerous regulated industries. In his role, he is crucial in defining and advancing SPX's corporate strategy and expanding its footprint and capabilities through strategic deal making.

Darnell Smith Vice President, Chief Information Officer

Darnell Smith was appointed Vice President and Chief Information Officer of SPX Technologies in 2025. He joined SPX in 2022 as CIO, bringing over 30 years of Information Technology experience from various industries and organizations. Mr. Smith is responsible for driving SPX's information technology strategy, focusing on efficiency, security, user experience, acquisition integrations, software development, cybersecurity, and AI adoption. Before joining SPX, Darnell served as Vice President and CIO at Standard Textiles.

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SPX Technologies (SPXC) faces several key risks to its business operations and financial performance.

Cyclical Nature of Markets and Exposure to General Economic and Geopolitical Conditions: Many of the markets in which SPX Technologies operates are cyclical or subject to broader industry events, which can cause fluctuations in revenues and profits. Economic downturns, industry-specific challenges, and global macroeconomic factors such as geopolitical conflicts and currency fluctuations can adversely affect sales and overall financial performance. The company is exposed to risks related to the price and availability of raw materials and components, which can be exacerbated by these conditions.
High Leverage and Negative Free Cash Flow: SPX Technologies exhibits high leverage, with net debt/EBITDA well above the market average, which increases risk if borrowing costs rise or if refinancing becomes challenging. The company has also experienced negative free cash flow, pressured by recent acquisitions and working capital requirements. This constrains financial flexibility for activities such as share repurchases or debt reduction.
Acquisition and Disposition Risks: SPX Technologies pursues growth through strategic acquisitions. These acquisitions inherently present financial and operational challenges, including potential difficulties with integration and the possibility of disputes. Similarly, dispositions of assets or businesses may involve retaining liabilities and can carry associated financial risks.

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The rapid advancement and adoption of autonomous inspection and monitoring solutions, including AI-powered drones, robotics, and advanced IoT sensor networks, pose a clear emerging threat to SPX Technologies' Detection & Measurement segment. These technologies offer potentially more efficient, safer, and cost-effective methods for critical infrastructure inspection, such as pipeline integrity, utility locating, and sewer line diagnostics. This could disrupt demand for SPXC's traditional specialized detection equipment and services by offering alternative solutions that may bypass or reduce the need for their current offerings.

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SPX Technologies (SPXC) operates primarily in two main segments: HVAC (Heating, Ventilation, and Air Conditioning) and Detection and Measurement. The addressable markets for their main products and services are as follows:

HVAC Segment

Global HVAC Systems Market: The global HVAC systems market was estimated at approximately USD 241.52 billion in 2024 and is projected to reach around USD 445.73 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.0% from 2025 to 2033. Other estimates place the 2024 market size at around USD 289.99 billion, growing to USD 407.77 billion by 2030 (CAGR of 6.4% from 2025 to 2030), or USD 219.44 billion in 2024, expected to reach USD 403.06 billion by 2034 (CAGR of 6.27% from 2025 to 2034).
U.S. HVAC Systems Market: This market was estimated at USD 29.89 billion in 2024 and is projected to reach USD 54.02 billion by 2033, with a CAGR of 6.9% from 2025 to 2033. Other reports indicate a market size of USD 31.20 billion in 2024, expected to grow to USD 53.80 billion by 2034 (CAGR of 5.60%), or USD 30.43 billion in 2023, projected to hit USD 62.25 billion by 2033 (CAGR of 7.42% from 2024 to 2033).
Global Boiler Market: The global boiler market was valued at USD 100.3 billion in 2024 and is expected to expand at a CAGR of 7% between 2025 and 2034. Another projection estimates growth from USD 107.3 billion in 2025 to USD 211.1 billion by 2035 (CAGR of 7.0%).
U.S. Boiler Market: Valued at USD 4.5 billion in 2024, this market is expected to register a CAGR of 5.7% from 2025 to 2034, reaching USD 7.9 billion by 2034.
Global Cooling Tower Market: The global cooling tower market size was valued at USD 3.0 billion in 2024 and is projected to reach USD 3.9 billion by 2029, growing at a 5.3% CAGR. Another source estimates the market size at USD 4.23 billion in 2024, projected to grow to USD 6.21 billion by 2032 (CAGR of 5.1%).
U.S. Cooling Tower Market: This market generated a revenue of USD 750.0 million in 2024 and is expected to reach USD 1,400.7 million by 2033, at a CAGR of 7.4% from 2025 to 2033.
Global Air Management System Market: The global air management system market was valued at USD 4.65 billion in 2024 and is projected to expand to USD 8.53 billion by 2035, at a CAGR of 5.67% from 2025 to 2035.
Global Ventilation System Market: The global ventilation system market size was valued at USD 31.87 billion in 2024. It is projected to grow from USD 34.29 billion in 2025 to USD 59.06 billion by 2032, exhibiting a CAGR of 8.08%.

Detection and Measurement Segment

Global Utility Locator Market: The global utility locator market size was estimated at USD 842.5 million in 2023 and is projected to reach USD 1,252.3 million by 2030, growing at a CAGR of 6.1% from 2024 to 2030. Another estimate for 2024 is USD 1.2 billion, forecasted to hit USD 2.4 billion by 2033, growing at a robust CAGR of 7.8%.
Global Automated Fare Collection System Market: This market was valued at USD 10.6 billion in 2023 and is projected to reach USD 33.3 billion by 2033, growing at a CAGR of 12.3% from 2024 to 2033. Other estimates for 2024 range from approximately USD 11.6 billion to USD 14.00 billion.
U.S. Automated Fare Collection System Market: The value of the automated fare collection (AFC) system industry in the United States for 2024 is estimated to be US$ 2,704.1 million. The market is expected to register a CAGR of 13.4%, reaching US$ 9,513.3 million by 2034.

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Here are 3-5 expected drivers of future revenue growth for SPX Technologies (SPXC) over the next 2-3 years:

1. Strategic Acquisitions: SPX Technologies is expected to continue driving revenue growth through strategic and accretive mergers and acquisitions. Recent examples include the Ingenia acquisition within the HVAC segment and Kranze Technology Solutions (KTS) in Detection & Measurement, both of which have contributed to increased revenue and expanded market footprint. The company maintains a robust M&A pipeline, anticipating further revenue and earnings expansion from ongoing bolt-on deals.

2. New Product Innovation and Market Expansion: The launch of innovative products, particularly the OlympusV Max for data center cooling, is a significant driver. This product addresses the rapidly growing demand for energy-efficient, large-scale data center infrastructure, allowing SPX to meaningfully expand its addressable market and achieve top-line growth as hyperscale projects accelerate into 2026. Such differentiated offerings enable price premiums and support revenue and margin improvement.

3. Strong Organic Growth in Core HVAC Segment: SPX Technologies anticipates continued organic revenue growth, especially within its HVAC segment, driven by robust demand for cooling solutions and energy-efficient technologies. Market demand for decarbonization and energy-efficient solutions is pushing the company into premium pricing territory, sustaining durable demand and earnings momentum. This growth is further supported by solid project volumes and operational momentum.

4. Capacity Expansions: Investments in capacity expansions, specifically in Canadian and U.S. facilities for engineered air movement and air handling units, are expected to deliver incremental production. These expansions are crucial for meeting increasing demand and supporting the growth trajectory of the HVAC segment, directly contributing to higher sales volumes.

5. Enhanced Project Backlog and Pipeline Visibility: A robust backlog and strong project pipeline visibility through 2026 across both the HVAC and Detection & Measurement divisions indicate sustained strong end-market demand. This healthy backlog provides a solid foundation for future revenue recognition and reflects ongoing customer demand for SPX Technologies' products and services.

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Share Repurchases

SPX Technologies announced a share repurchase program in August 2023, authorizing the repurchase of up to $100 million of its shares over a year.
As of June 2025, the 5-year share buyback ratio was -0.80%, which indicates potential share issuance rather than significant repurchases over that period.

Share Issuance

In August 2025, SPX Technologies priced an underwritten public offering of 2,659,575 shares of its common stock at $188.00 per share, expecting to generate approximately $500 million in gross proceeds.
The company also granted underwriters a 30-day option to purchase up to an additional 398,936 shares, potentially raising an additional $75 million.
A portion of the net proceeds from the August 2025 offering was used to repay outstanding amounts under its revolving credit facility, increasing the company's liquidity by over $1 billion without dilutive impact to 2025 EPS.

Outbound Investments

SPX Technologies has been actively pursuing strategic acquisitions, completing more than 15 since 2018.
In April 2025, the company acquired Sigma Heating and Cooling and Omega Heat Pump ("Sigma & Omega") for approximately $144 million (CAD 200 million), integrating it into its HVAC segment.
Other significant acquisitions include Kranze Technology Solutions for $350 million, Ingenia Technologies in February 2024, ASPEQ Heating Group for $418 million in May 2023, and TAMCO for $126 million in April 2023.

Capital Expenditures

Capital expenditures for continuing operations were $21.5 million for the full year 2020.
Total capital expenditures were $23.6 million for the nine months ended September 27, 2025, and $28.2 million for the nine months ended September 28, 2024.
SPX Technologies aims for future capital expenditures to be approximately 1.5% of revenue, with a focus on return-driven investments to facilitate organic growth.

Better Bets than SPX Technologies (SPXC)

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Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPXC: 16.2% | 29.2x)

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Higher Rev Chg LTM (Value for SPXC: 12.6%)

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IR (19.8%)

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Higher CFO/Rev LTM (Value for SPXC: 14.1%)

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Illinois Tool Works

PH (19.0%)

Parker Hannifin

IR (18.5%)

Ingersoll Rand

HUBB (17.8%)

Hubbell

XYL (14.3%)

Xylem

Higher FCF/Rev LTM (Value for SPXC: 12.5%)

SNA (20.1%)

Snap-on

ITW (17.9%)

Illinois Tool Works

PH (16.9%)

Parker Hannifin

IR (16.8%)

Ingersoll Rand

HUBB (15.0%)

Hubbell

Higher Total Yield (Value for SPXC: 2.2%)

ITW (6.5%)

Illinois Tool Works

OTIS (5.8%)

Otis Worldwide

PH (4.0%)

Parker Hannifin

GWW (4.0%)

W.W. Grainger

XYL (3.9%)

Xylem

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPXC: 16.2% | 4.6x)

UBER (19.6% | 3.4x)

Uber Technologies

CP (22.2% | 4.5x)

Canadian Pacific Kansas City

PWR (17.9% | 2.4x)

Quanta Services

FIX (29.0% | 4.1x)

Comfort Systems USA

XYL (18.9% | 3.8x)

Xylem

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPXC: 16.2% | 29.2x)

TDG (17.7% | 18.2x)

TransDigm

CP (22.2% | 12.2x)

Canadian Pacific Kansas City

XYL (18.9% | 27.4x)

Xylem

RBA (43.6% | 25.3x)

RB Global

FTAI (66.9% | 24.5x)

FTAI Aviation

Higher Rev Chg LTM (Value for SPXC: 12.6%)

VRT (28.8%)

Vertiv

PWR (18.7%)

Quanta Services

UBER (18.2%)

Uber Technologies

GE (17.7%)

GE Aerospace

WM (15.9%)

Waste Management

Higher Rev Chg 3Y Avg (Value for SPXC: 16.2%)

CP (22.2%)

Canadian Pacific Kansas City

VRT (21.4%)

Vertiv

UBER (19.6%)

Uber Technologies

PWR (17.9%)

Quanta Services

TDG (17.7%)

TransDigm

Higher Op Mgn LTM (Value for SPXC: 15.9%)

UNP (40.6%)

Union Pacific

GE (20.5%)

GE Aerospace

HON (18.9%)

Honeywell International

DE (18.8%)

Deere

CAT (17.7%)

Caterpillar

Higher CFO/Rev LTM (Value for SPXC: 14.1%)

UNP (39.6%)

Union Pacific

UBER (18.1%)

Uber Technologies

CAT (17.8%)

Caterpillar

GE (17.2%)

GE Aerospace

DE (16.7%)

Deere

Higher FCF/Rev LTM (Value for SPXC: 12.5%)

UNP (24.5%)

Union Pacific

UBER (17.5%)

Uber Technologies

PH (16.9%)

Parker Hannifin

HON (15.2%)

Honeywell International

GE (14.7%)

GE Aerospace

Higher Total Yield (Value for SPXC: 2.2%)

UBER (9.8%)

Uber Technologies

UNP (7.4%)

Union Pacific

CAT (4.4%)

Caterpillar

RTX (4.0%)

RTX

GE (2.4%)

GE Aerospace

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPXC: 16.2% | 4.6x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

PGR (20.6% | 1.6x)

Progressive

MELI (39.5% | 3.9x)

MercadoLibre

APO (89.3% | 3.2x)

Apollo Asset Management

RCL (37.7% | 4.5x)

Royal Caribbean

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPXC: 16.2% | 29.2x)

META (17.3% | 20.4x)

Meta Platforms

MU (28.3% | 23.3x)

Micron Technology

BKNG (17.8% | 19.6x)

Booking

NEM (23.9% | 12.4x)

Newmont

AEM (26.0% | 17.6x)

Agnico Eagle Mines

Higher Rev Chg LTM (Value for SPXC: 12.6%)

NVDA (65.2%)

NVIDIA

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

Higher Rev Chg 3Y Avg (Value for SPXC: 16.2%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

LLY (23.4%)

Eli Lilly

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

Higher Op Mgn LTM (Value for SPXC: 15.9%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for SPXC: 14.1%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for SPXC: 12.5%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for SPXC: 2.2%)

META (3.8%)

Meta Platforms

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

AAPL (2.8%)

Apple

		Best Bets In Industrials Sector
	SPXC	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	45.0	19.9	33.4	25.7	10.4	37.5	37.9	36.7	30.6	70.3	35.9
P/EBIT	29.7	9.6	22.8	17.7	5.2	37.6	27.2	18.1	14.9	20.8	27.7
What You Get
Rev Chg Q	22.6%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	12.6%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	16.2%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	8.5%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	SPX Technologies Earnings Notes
2	SPX Technologies Earnings Notes
3	SPX Technologies Earnings Notes
4	Would You Still Hold SPX Technologies Stock If It Fell Another 30%?	Return
5	Better Bet Than SPXC Stock: Pay Less Than SPX Technologies To Get More From GTLS	Actionable
6	SPXC Dip Buy Analysis
7	SPX Technologies Total Shareholder Return (TSR): 44.1% in 2024 and ...% 3-yr compounded annual returns (below peer average)
8	SPX Technologies (SPXC) Operating Cash Flow Comparison	Financials
9	SPX Technologies (SPXC) Net Income Comparison	Financials
10	SPX Technologies (SPXC) Operating Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to SPXC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.3%	18.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.5%	5.5%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.9%	2.9%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	5.7%	5.7%	-0.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for SPX Technologies

Peers to compare with:

Financials

	SPXC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	SPX Tech.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	208.48	23.26	24.49	305.09	78.16	273.40	143.32
Mkt Cap	10.0	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	2,162	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	343	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	271	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	172	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	305	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	202	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	SPXC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	SPX Tech.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	12.6%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	16.2%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	22.6%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	5.3%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	15.9%	6.6%	4.8%	17.7%	22.5%	31.9%	16.8%
Op Mgn 3Y Avg	13.1%	7.4%	7.2%	16.4%	24.2%	30.8%	14.7%
QoQ Delta Op Mgn LTM	0.0%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.0%
CFO/Rev LTM	14.1%	6.7%	8.5%	20.6%	23.8%	26.6%	17.4%
CFO/Rev 3Y Avg	10.1%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	12.5%	5.1%	1.8%	18.1%	22.1%	23.5%	15.3%
FCF/Rev 3Y Avg	8.5%	5.5%	4.6%	18.6%	24.6%	25.6%	13.6%

Valuation

	SPXC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	SPX Tech.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	10.0	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	4.6	0.4	1.0	4.4	5.4	10.0	4.5
P/EBIT	29.7	6.8	19.9	25.1	22.5	31.3	23.8
P/E	45.0	8.6	572.7	36.0	29.9	41.0	38.5
P/CFO	33.0	5.9	11.2	21.1	22.5	37.5	21.8
Total Yield	2.2%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	2.3%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.0	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	0.0	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	SPXC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	SPX Tech.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-3.1%	-3.6%	12.7%	-1.1%	1.6%	-2.0%	-1.5%
3M Rtn	14.0%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.5%
6M Rtn	24.7%	-4.0%	34.5%	6.6%	15.2%	36.3%	20.0%
12M Rtn	42.8%	-27.0%	16.2%	40.5%	34.5%	7.5%	25.3%
3Y Rtn	211.8%	-3.7%	67.3%	141.3%	79.6%	114.1%	96.9%
1M Excs Rtn	-5.8%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	9.6%	-16.2%	-1.7%	3.6%	12.7%	2.8%	3.2%
6M Excs Rtn	12.5%	-16.3%	22.3%	-5.7%	3.0%	24.0%	7.7%
12M Excs Rtn	27.1%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	9.6%
3Y Excs Rtn	139.6%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	13.6%

Comparison Analyses

	Title
0	SPX vs. Eaton: With Return Forecast Of -8.2%, SPX Is A Better Bet
1	PNR or SPXC - With 37% Return Forecast, SPXC Probably Deserves Your Money
2	With 37% Gains On The Table, SPXC May Outshine ITT
3	SPX vs. Verisign CA: With Return Forecast Of 6.8%, Verisign CA Is A Better Bet
4	SPX vs. Enphase Energy: Neither Seems Like A Good Bet
5	SPX vs. The Trade Desk: With Return Forecast Of 133%, The Trade Desk Is A Better Bet
6	SPX vs Rambus: Similar Market Cap; Which Stock Is A Better Bet?
7	SPX vs Terex: Similar Market Cap; Which Stock Is A Better Bet?
8	SPX vs ABM Industries: Similar Market Cap; Which Stock Is A Better Bet?
9	SPX vs Ansys, Inc: Similar Revenue; Which Stock Is A Better Bet?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/27/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/31/2025	2/26/2025	2/23/2024	2/24/2023	2/25/2022	2/26/2021	2/14/2020
Key Financials
Total Revenue	2,162	1,984	1,741	1,461	1,220	1,128	1,124
EBITDA	454	393	277	83	125	129	134
Operating Income	343	312	223	65	105	100	116
Net Income	223	200	90	0	425	99	71
EPS	4.75	4.34	1.97	0.00	9.39	2.22	1.61
Growth Rates
Total Revenue Growth	12.6%	13.9%	19.2%	19.8%	8.1%	0.4%	-25.7%
EBITDA Growth	30.4%	41.9%	234.2%	-33.9%	-2.8%	-3.9%	0.2%
Operating Income Growth	21.4%	40.1%	243.7%	-38.1%	4.7%	-13.4%	-1.1%
Net Income Growth	27.6%	123.0%	44850.0%	-100.0%	329.7%	39.6%	-12.7%
Margins
EBITDA Margin	21.0%	19.8%	15.9%	5.7%	10.3%	11.4%	11.9%
Operating Income Margin	15.9%	15.7%	12.8%	4.4%	8.6%	8.9%	10.3%
Net Income Margin	10.3%	10.1%	5.2%	0.0%	34.9%	8.8%	6.3%
Cash & Debt
Total Cash	229	157	99	148	388	64	55
Total Debt	502	615	558	247	246	412	394
Net Debt / (Cash)	272	458	459	99	-142	348	339
Cash Flows
Net Cash from Operations	305	286	208	-137	175	126	149
Free Cash from Operations	271	248	185	-153	165	111	135
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	34	-0	-0	16

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/27/2025	6/28/2025	3/29/2025	12/31/2024	9/28/2024	6/29/2024	3/30/2024	12/31/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022
Filing Date	10/31/2025	8/1/2025	5/2/2025	2/26/2025	10/31/2024	8/2/2024	5/3/2024	2/23/2024	11/3/2023	8/3/2023	5/5/2023	2/24/2023
Key Financials Quarterly
Total Revenue	593	552	483	534	484	501	465	469	449	423	400	429
Ebitda	126	118	97	113	102	97	82	68	78	68	64	-10
Operating Income	97	87	67	93	79	74	65	64	58	51	50	-11
Net Income	63	52	51	57	50	44	49	32	-20	36	43	-27
EPS	1.30	1.12	1.10	1.23	1.08	0.96	1.05	0.69	-0.45	0.79	0.92	-0.60
Key Financials TTM
Total Revenue TTM	2,162	2,052	2,001	1,984	1,920	1,885	1,807	1,741	1,701	1,623	1,554	1,461
Ebitda TTM	454	429	408	393	348	324	295	277	198	144	114	83
Operating Income TTM	343	326	313	312	283	261	238	223	148	127	103	65
Net Income TTM	223	211	203	200	175	104	96	90	31	55	32	0
Growth Rates Quarterly
Total Revenue Growth	22.6%	10.2%	3.7%	13.7%	7.8%	18.4%	16.4%	9.3%	21.1%	19.6%	30.2%	22.7%
EBITDA Growth	23.9%	22.2%	18.7%	66.3%	30.3%	43.1%	29.0%	744.8%	226.4%	80.5%	98.4%	-165.6%
Operating Income Growth	22.4%	16.4%	2.3%	45.4%	37.6%	45.0%	30.9%	670.5%	54.7%	87.9%	336.8%	-156.3%
Net Income Growth	24.9%	18.1%	4.5%	81.3%	346.1%	22.8%	14.5%	215.4%	-758.1%	176.9%	275.4%	-526.6%
Margins Quarterly
EBITDA Margin	21.2%	21.4%	20.1%	21.1%	21.0%	19.3%	17.6%	14.4%	17.4%	15.9%	15.9%	-2.4%
Operating Income Margin	16.4%	15.7%	13.8%	17.4%	16.4%	14.8%	14.0%	13.6%	12.9%	12.1%	12.5%	-2.6%
Net Income Margin	10.6%	9.4%	10.6%	10.7%	10.4%	8.8%	10.5%	6.7%	-4.5%	8.5%	10.7%	-6.4%
Cash & Debt
Total Cash	229	133	178	157	125	128	100	99	101	87	205	148
Total Debt	502	1,019	960	615	738	790	854	558	674	676	314	247
Net Debt / (Cash)	272	886	782	458	613	662	754	459	573	588	109	99
Cash Flows Quarterly
FCF from Operations	106	42	-11	166	51	58	10	126	14	72	-4	-26
Cash Flows TTM
FCF from Operations TTM	305	250	264	286	246	209	223	208	56	27	-84	-137
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	19.2%	15.9%	16.0%	23.4%	18.3%	16.3%	17.3%	16.8%	13.7%	13.4%	19.7%	-5.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	17.0%	15.5%	16.4%	21.4%	17.1%	15.4%	13.6%	15.0%	8.5%	7.7%	9.8%	6.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Heating, ventilation and cooling (HVAC) reportable segment	1,122	914	752	741	593
Detection and Measurement reportable segment	619	547	467	387	385
Engineered Solutions reportable segment					549
Other					-6
Total	1,741	1,461	1,220	1,128	1,521

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Heating, ventilation and cooling (HVAC) reportable segment	234	136	108	103	95
Detection and Measurement reportable segment	119	114	93	69	82
Impairment of goodwill and intangible assets	0	-13	-30	-1
Special charges, net	-1	-0	-1	-2	-4
Acquisition-related and other costs	-6	-2	-5
Other operating expense, net	-9	-75	4	-9	-2
Long-term incentive compensation expense	-13	-11	-13	-13	-14
Amortization of acquired intangible assets	-44	-28	-22
Corporate expense	-58	-69	-60	-50	-47
Engineered Solutions reportable segment					43
Other					-44
Total	222	51	74	97	110

Price Behavior

Price Behavior

Market Price	$208.48
Market Cap ($ Bil)	10.0
First Trading Date	07/01/1985
Distance from 52W High	-7.3%
	50 Days	200 Days
DMA Price	$207.97	$175.36
DMA Trend	up	up
Distance from DMA	0.2%	18.9%
	3M	1YR
Volatility	40.2%	38.4%
Downside Capture	145.90	137.04
Upside Capture	179.71	151.53
Correlation (SPY)	42.2%	61.3%

SPXC Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.92	1.15	1.21	0.95	1.19	1.34
Up Beta	1.06	0.13	0.46	0.78	1.10	1.37
Down Beta	1.67	1.32	1.06	0.43	1.00	1.19
Up Capture	288%	187%	175%	160%	183%	394%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	22	33	69	130	400
Down Capture	176%	102%	131%	96%	121%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	20	29	55	117	348

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of SPXC With Other Asset Classes (Last 1Y)
	SPXC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	45.2%	19.3%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	38.1%	18.8%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	1.06	0.80	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		63.7%	61.3%	2.1%	9.7%	43.2%	28.0%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of SPXC With Other Asset Classes (Last 5Y)
	SPXC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	31.1%	13.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	34.5%	17.2%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.86	0.65	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		66.6%	58.7%	6.7%	15.6%	46.1%	23.5%

Based On 10-Year Data

		Comparison of SPXC With Other Asset Classes (Last 10Y)
	SPXC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	36.8%	13.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	38.8%	19.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.93	0.60	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		65.6%	59.7%	0.6%	26.2%	49.6%	14.9%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	1,315,681
Short Interest: % Change Since 11302025	23.9%
Average Daily Volume	390,674
Days-to-Cover Short Interest	3.37
Basic Shares Quantity	48,170,000
Short % of Basic Shares	2.7%

Returns Analyses

	Title
0	Would You Still Hold SPX Technologies Stock If It Fell Another 30%?
1	SPX Technologies Stock Return Comparison
2	SPX Technologies (SPXC) Stock Movement Probability: AI Predicts SPXC Stock Price To Move Up 0.5% In A Week
3	SPX Technologies Total Shareholder Return (TSR): ...% in 2022 and 5.5% 3-yr returns (below peer average)
4	SPX (SPXC) Stock Return: AI Predicts SPXC Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	12.6%	9.4%	5.2%
7/31/2025	7.7%	12.0%	2.6%
2/25/2025	10.9%	0.6%	-0.2%
10/30/2024	-9.7%	3.3%	11.0%
8/1/2024	0.9%	3.2%	13.9%
5/2/2024	7.4%	14.1%	11.8%
2/22/2024	-2.5%	5.2%	7.3%
11/2/2023	-0.6%	0.4%	8.8%
...
SUMMARY STATS
# Positive	14	14	14
# Negative	9	9	9
Median Positive	4.0%	4.8%	8.1%
Median Negative	-2.0%	-1.8%	-4.8%
Max Positive	20.1%	17.9%	31.0%
Max Negative	-9.7%	-5.0%	-39.1%

	Forward Returns
10/30/2025	12.6%	9.4%	5.2%
7/31/2025	7.7%	12.0%	2.6%
2/25/2025	10.9%	0.6%	-0.2%
10/30/2024	-9.7%	3.3%	11.0%
8/1/2024	0.9%	3.2%	13.9%
5/2/2024	7.4%	14.1%	11.8%
2/22/2024	-2.5%	5.2%	7.3%
11/2/2023	-0.6%	0.4%	8.8%
8/2/2023	6.7%	-3.7%	-4.8%
5/4/2023	20.1%	17.9%	31.0%
2/23/2023	-2.0%	-1.2%	-8.9%
11/3/2022	5.5%	15.0%	5.8%
8/5/2022	0.5%	4.4%	-5.6%
5/4/2022	-0.2%	-1.8%	14.2%
2/23/2022	-1.7%	0.2%	-4.5%
11/3/2021	0.1%	9.0%	-4.3%
8/5/2021	0.1%	-0.2%	-5.7%
5/6/2021	2.5%	-0.3%	0.3%
2/23/2021	1.0%	-2.0%	-0.2%
10/29/2020	-5.5%	-1.2%	14.1%
7/30/2020	1.7%	2.1%	1.9%
4/30/2020	-4.9%	-2.1%	5.7%
2/13/2020	-1.5%	-5.0%	-39.1%
SUMMARY STATS
# Positive	14	14	14
# Negative	9	9	9
Median Positive	4.0%	4.8%	8.1%
Median Negative	-2.0%	-1.8%	-4.8%
Max Positive	20.1%	17.9%	31.0%
Max Negative	-9.7%	-5.0%	-39.1%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2025	10/31/2025	10-Q (09/30/2025)
06/30/2025	08/01/2025	10-Q (06/30/2025)
03/31/2025	05/02/2025	10-Q (03/31/2025)
12/31/2024	02/26/2025	10-K (12/31/2024)
09/30/2024	10/31/2024	10-Q (09/30/2024)
06/30/2024	08/02/2024	10-Q (06/30/2024)
03/31/2024	05/03/2024	10-Q (03/31/2024)
12/31/2023	02/23/2024	10-K (12/31/2023)
09/30/2023	11/03/2023	10-Q (09/30/2023)
06/30/2023	08/03/2023	10-Q (06/30/2023)
03/31/2023	05/05/2023	10-Q (03/31/2023)
12/31/2022	02/24/2023	10-K (12/31/2022)
09/30/2022	11/04/2022	10-Q (09/30/2022)
06/30/2022	08/05/2022	10-Q (06/30/2022)
03/31/2022	05/05/2022	10-Q (03/31/2022)
12/31/2021	02/25/2022	10-K (12/31/2021)

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	PUCKETT RICK D		5302025	Sell	153.01	6,823	1,043,987	5,167,148	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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SPX Technologies (SPXC)

Market Price (12/29/2025): $208.6 | Market Cap: $10.0 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components

SPX Technologies (SPXC)

Market Price (12/29/2025): $208.6Market Cap: $10.0 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

SPXC Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About SPX Technologies (SPXC)

HVAC Segment

Detection and Measurement Segment

Interactive Breakdown

Better Bets than SPX Technologies (SPXC)

INDUSTRY: Industrial Machinery & Supplies & Components

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPXC: 16.2% | 4.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPXC: 16.2% | 29.2x)

Higher Rev Chg LTM (Value for SPXC: 12.6%)

Higher Rev Chg 3Y Avg (Value for SPXC: 16.2%)

Higher Op Mgn LTM (Value for SPXC: 15.9%)

Higher CFO/Rev LTM (Value for SPXC: 14.1%)

Higher FCF/Rev LTM (Value for SPXC: 12.5%)

Higher Total Yield (Value for SPXC: 2.2%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPXC: 16.2% | 4.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPXC: 16.2% | 29.2x)

Higher Rev Chg LTM (Value for SPXC: 12.6%)

Higher Rev Chg 3Y Avg (Value for SPXC: 16.2%)

Higher Op Mgn LTM (Value for SPXC: 15.9%)

Higher CFO/Rev LTM (Value for SPXC: 14.1%)

Higher FCF/Rev LTM (Value for SPXC: 12.5%)

Higher Total Yield (Value for SPXC: 2.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SPXC: 16.2% | 4.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SPXC: 16.2% | 29.2x)

Higher Rev Chg LTM (Value for SPXC: 12.6%)

Higher Rev Chg 3Y Avg (Value for SPXC: 16.2%)

Higher Op Mgn LTM (Value for SPXC: 15.9%)

Higher CFO/Rev LTM (Value for SPXC: 14.1%)

Higher FCF/Rev LTM (Value for SPXC: 12.5%)

Higher Total Yield (Value for SPXC: 2.2%)

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Market Price (12/29/2025): $208.6 | Market Cap: $10.0 Bil
Sector: Industrials | Industry: Industrial Machinery & Supplies & Components

Market Price (12/29/2025): $208.6
Market Cap: $10.0 Bil
Sector: Industrials
Industry: Industrial Machinery & Supplies & Components