SPX Technologies (SPXC)
Market Price (7/6/2026): $227.795 | Market Cap: $11.4 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
SPX Technologies (SPXC)
Market Price (7/6/2026): $227.795Market Cap: $11.4 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Low stock price volatilityVol 12M is 38% Megatrend and thematic driversMegatrends include Electrification of Everything, Smart Grids & Grid Modernization, and Smart Buildings & Proptech. Themes include Heat Pump Technology, Show more. | Key risksSPXC key risks include [1] high leverage and negative free cash flow and [2] financial and operational challenges tied to its acquisition and disposition strategy. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Electrification of Everything, Smart Grids & Grid Modernization, and Smart Buildings & Proptech. Themes include Heat Pump Technology, Show more. |
| Key risksSPXC key risks include [1] high leverage and negative free cash flow and [2] financial and operational challenges tied to its acquisition and disposition strategy. |
Qualitative Assessment
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SPX Technologies (SPXC) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance and Raised Full-Year Guidance.
SPX Technologies reported robust financial results for its fiscal Q1 2026, which were released on April 30, 2026. The company's adjusted Earnings Per Share (EPS) of $1.69 surpassed analysts' estimates of $1.56 by 8.33%. Revenue also exceeded expectations, reaching $566.8 million against an estimated $557.6 million, representing a 17.4% year-over-year increase. Following this strong performance, SPX Technologies raised its full-year fiscal 2026 guidance, projecting revenue growth of approximately 15%, adjusted EBITDA growth of around 21%, and adjusted EPS growth of about 18% at the midpoint.
2. Accelerated Demand for Data Center Cooling Solutions.
A significant driver for the stock's appreciation was the accelerating demand for SPX Technologies' data center cooling solutions within its HVAC segment. The company increased its full-year data center cooling revenue target from $300 million to $350 million for fiscal 2026, up from $200 million in fiscal 2025. In fiscal Q1 2026, the HVAC segment's revenue grew 22% year-over-year, with 10% organic volume growth largely attributed to strong data center cooling orders. The HVAC backlog reached $755 million by the end of the quarter, an organic increase of 38% year-over-year, further signaling sustained demand in this high-growth market.
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SPX Technologies (SPXC) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance and Raised Full-Year Guidance.
SPX Technologies reported robust financial results for its fiscal Q1 2026, which were released on April 30, 2026. The company's adjusted Earnings Per Share (EPS) of $1.69 surpassed analysts' estimates of $1.56 by 8.33%. Revenue also exceeded expectations, reaching $566.8 million against an estimated $557.6 million, representing a 17.4% year-over-year increase. Following this strong performance, SPX Technologies raised its full-year fiscal 2026 guidance, projecting revenue growth of approximately 15%, adjusted EBITDA growth of around 21%, and adjusted EPS growth of about 18% at the midpoint.
2. Accelerated Demand for Data Center Cooling Solutions.
A significant driver for the stock's appreciation was the accelerating demand for SPX Technologies' data center cooling solutions within its HVAC segment. The company increased its full-year data center cooling revenue target from $300 million to $350 million for fiscal 2026, up from $200 million in fiscal 2025. In fiscal Q1 2026, the HVAC segment's revenue grew 22% year-over-year, with 10% organic volume growth largely attributed to strong data center cooling orders. The HVAC backlog reached $755 million by the end of the quarter, an organic increase of 38% year-over-year, further signaling sustained demand in this high-growth market.
3. Strategic Acquisitions Bolstering HVAC Capabilities.
SPX Technologies completed two key acquisitions in early fiscal 2026 that expanded its HVAC portfolio and contributed to revenue growth. The acquisition of Thermolec, a Canadian electric duct heating leader, was finalized on January 20, 2026, for approximately CA$195 million (approximately US$140 million). Shortly after, on February 6, 2026, SPX Technologies completed the acquisition of Crawford United's commercial air-handling equipment segment (Air Enterprises and Rahn Industries) for approximately $300 million. These acquisitions collectively contributed 10.0% to the fiscal Q1 2026 revenue growth.
4. Positive Analyst Sentiment and Upgraded Price Targets.
The period saw overwhelmingly positive sentiment from Wall Street analysts, contributing to the stock's upward trend. SPX Technologies holds a consensus rating of "Strong Buy" or "Buy" from a majority of analysts covering the stock. Following the strong fiscal Q1 2026 results, several firms raised their price targets for SPXC, with JP Morgan lifting its target to $270, Truist Securities to $261, and Wells Fargo to $240. Additionally, earlier in fiscal 2026, B of A Securities upgraded SPXC to "Buy" from "Neutral" with a $280 target, and Truist Securities upgraded it to "Buy" from "Hold" in late March 2026, reflecting increasing conviction in the company's growth trajectory.
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Stock Movement Drivers
Fundamental Drivers
The 13.9% change in SPXC stock from 3/31/2026 to 7/5/2026 was primarily driven by a 9.9% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 199.94 | 227.74 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,265 | 2,349 | 3.7% |
| Net Income Margin (%) | 10.8% | 10.8% | -0.1% |
| P/E Multiple | 40.9 | 45.0 | 9.9% |
| Shares Outstanding (Mil) | 50 | 50 | 0.1% |
| Cumulative Contribution | 13.9% |
Market Drivers
3/31/2026 to 7/5/2026| Return | Correlation | |
|---|---|---|
| SPXC | 13.9% | |
| Market (SPY) | 14.5% | 65.6% |
| Sector (XLI) | 13.7% | 77.0% |
Fundamental Drivers
The 13.8% change in SPXC stock from 12/31/2025 to 7/5/2026 was primarily driven by a 8.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 200.06 | 227.74 | 13.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,162 | 2,349 | 8.7% |
| Net Income Margin (%) | 10.3% | 10.8% | 4.2% |
| P/E Multiple | 43.2 | 45.0 | 4.2% |
| Shares Outstanding (Mil) | 48 | 50 | -3.5% |
| Cumulative Contribution | 13.8% |
Market Drivers
12/31/2025 to 7/5/2026| Return | Correlation | |
|---|---|---|
| SPXC | 13.8% | |
| Market (SPY) | 9.5% | 55.9% |
| Sector (XLI) | 18.9% | 73.0% |
Fundamental Drivers
The 35.8% change in SPXC stock from 6/30/2025 to 7/5/2026 was primarily driven by a 17.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 167.68 | 227.74 | 35.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,001 | 2,349 | 17.4% |
| Net Income Margin (%) | 10.1% | 10.8% | 6.2% |
| P/E Multiple | 38.4 | 45.0 | 17.1% |
| Shares Outstanding (Mil) | 46 | 50 | -7.0% |
| Cumulative Contribution | 35.8% |
Market Drivers
6/30/2025 to 7/5/2026| Return | Correlation | |
|---|---|---|
| SPXC | 35.8% | |
| Market (SPY) | 21.6% | 45.9% |
| Sector (XLI) | 26.0% | 62.5% |
Fundamental Drivers
The 168.0% change in SPXC stock from 6/30/2023 to 7/5/2026 was primarily driven by a 428.8% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 84.97 | 227.74 | 168.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,554 | 2,349 | 51.2% |
| Net Income Margin (%) | 2.0% | 10.8% | 428.8% |
| P/E Multiple | 122.0 | 45.0 | -63.1% |
| Shares Outstanding (Mil) | 45 | 50 | -9.1% |
| Cumulative Contribution | 168.0% |
Market Drivers
6/30/2023 to 7/5/2026| Return | Correlation | |
|---|---|---|
| SPXC | 168.0% | |
| Market (SPY) | 74.0% | 57.8% |
| Sector (XLI) | 78.5% | 65.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SPXC Return | 9% | 10% | 54% | 44% | 37% | 16% | 325% |
| Peers Return | 22% | -8% | 38% | 27% | 3% | 157% | 425% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| SPXC Win Rate | 67% | 42% | 58% | 58% | 58% | 57% | |
| Peers Win Rate | 50% | 23% | 50% | 57% | 43% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| SPXC Max Drawdown | -20% | -30% | -20% | -21% | -22% | -23% | |
| Peers Max Drawdown | -15% | -28% | -15% | -13% | -22% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ETN, ITT, PNR, EPAC, EROC. 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] 2026 data is for the year up to 7/2/2026 (YTD)
How Low Can It Go
| Event | SPXC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.1% | -18.8% |
| % Gain to Breakeven | 23.6% | 23.1% |
| Time to Breakeven | 29 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.7% | -6.7% |
| % Gain to Breakeven | 20.0% | 7.1% |
| Time to Breakeven | 1 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.9% | -24.5% |
| % Gain to Breakeven | 40.6% | 32.4% |
| Time to Breakeven | 91 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.2% | -33.7% |
| % Gain to Breakeven | 89.2% | 50.9% |
| Time to Breakeven | 200 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.0% | -19.2% |
| % Gain to Breakeven | 29.9% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -54.1% | -12.2% |
| % Gain to Breakeven | 118.1% | 13.9% |
| Time to Breakeven | 101 days | 62 days |
In The Past
SPX Technologies's stock fell -19.1% during the 2025 US Tariff Shock. Such a loss loss requires a 23.6% gain to breakeven.
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| Event | SPXC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.9% | -24.5% |
| % Gain to Breakeven | 40.6% | 32.4% |
| Time to Breakeven | 91 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.2% | -33.7% |
| % Gain to Breakeven | 89.2% | 50.9% |
| Time to Breakeven | 200 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.0% | -19.2% |
| % Gain to Breakeven | 29.9% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -54.1% | -12.2% |
| % Gain to Breakeven | 118.1% | 13.9% |
| Time to Breakeven | 101 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -70.9% | -6.8% |
| % Gain to Breakeven | 243.4% | 7.3% |
| Time to Breakeven | 409 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -49.3% | -17.9% |
| % Gain to Breakeven | 97.1% | 21.8% |
| Time to Breakeven | 522 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.1% | -15.4% |
| % Gain to Breakeven | 35.3% | 18.2% |
| Time to Breakeven | 99 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -74.5% | -53.4% |
| % Gain to Breakeven | 292.2% | 114.4% |
| Time to Breakeven | 1820 days | 1085 days |
In The Past
SPX Technologies's stock fell -19.1% during the 2025 US Tariff Shock. Such a loss loss requires a 23.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SPX Technologies (SPXC)
SPX Technologies (SPXC) is a global supplier of infrastructure equipment, operating primarily through two distinct segments: HVAC and Detection and Measurement. The company engineers, manufactures, and services a wide range of products essential for various industries and markets worldwide, with a presence in the United States, China, the UK, and other international regions.
The HVAC segment focuses on heating, ventilation, and cooling solutions. It designs and produces cooling products, engineered air quality solutions for industrial and HVAC markets, and heating and ventilation products for both residential and commercial applications. Key brands in this segment include Marley, Weil-McLain, Patterson-Kelley, and Cincinnati Fan, serving a broad customer base from homeowners to large industrial facilities.
The Detection and Measurement segment provides specialized equipment for critical infrastructure management and public services. This includes underground pipe and cable locators, inspection and rehabilitation equipment, and robotic systems under brands like Radiodetection and Cues. Additionally, it offers bus fare collection systems (Genfare), communication technologies, and obstruction lighting products for aviation and marine applications (Flash Technology, Sabik Marine). This segment primarily serves utilities, municipalities, transportation authorities, and other specialized industrial customers.
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Here are 1-2 brief analogies for SPX Technologies (SPXC):
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A focused Honeywell or Johnson Controls, providing essential HVAC systems and detection tools for infrastructure.
-
Think of Carrier for commercial heating and cooling, combined with the specialized tools that utility companies and transit systems use to maintain critical infrastructure.
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- Cooling Products: These products are engineered for HVAC and industrial markets, providing essential cooling solutions.
- Engineered Air Quality Solutions: The company offers solutions designed to improve and maintain air quality for HVAC and industrial applications.
- Heating Products: This category includes heating solutions tailored for both residential and commercial market needs.
- Ventilation Products: SPX Technologies provides ventilation solutions for residential and commercial applications to manage airflow.
- Underground Pipe and Cable Locators: Equipment designed to accurately locate buried pipes and cables.
- Inspection and Rehabilitation Equipment: Tools and systems used for the inspection and repair of various infrastructure.
- Robotic Systems: Advanced robotic solutions for diverse applications, including infrastructure inspection and rehabilitation.
- Bus Fare Collection Systems: Integrated systems for efficient collection and management of bus fares.
- Communication Technologies: Various communication solutions, often specialized for specific industrial or public service needs.
- Obstruction Lighting Products: Lighting equipment used to mark potential obstructions for safety, particularly in aviation and marine environments.
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SPX Technologies (SPXC) primarily sells its products and services to other businesses (B2B) and government entities (B2G) rather than directly to individual consumers. The company does not publicly disclose the names of specific major customer companies. Based on its product offerings and target markets, SPX Technologies serves the following categories of customers:
- HVAC and Industrial Market Customers: This category includes independent manufacturing representatives, third-party distributors, HVAC contractors, commercial building operators, industrial facilities, and residential developers. These customers purchase a wide range of cooling products, engineered air quality solutions, heating products, and ventilation products under brands like Marley, Weil-McLain, and Cincinnati Fan.
- Utility, Telecommunications, and Municipal Infrastructure Customers: This segment comprises utility companies (e.g., gas, water, electric), telecommunications providers, and public works departments within municipalities. These customers utilize SPX Technologies' specialized underground pipe and cable locators, inspection and rehabilitation equipment, and robotic systems from brands such as Radiodetection, Cues, and ULC Robotics.
- Transportation and Public Safety Sector Customers: This category includes public transit authorities (for bus fare collection systems), airports, seaports, and other entities that require obstruction lighting products and specialized communication technologies for safety and operational purposes. Brands like Genfare, Flash Technology, and Sabik Marine serve these customers.
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Eugene J. Lowe, III, President and Chief Executive Officer
Eugene J. Lowe, III was appointed President and Chief Executive Officer of SPX Technologies in 2015. He joined SPX in 2008 and has held multiple strategic leadership positions, including President of the former Thermal Equipment and Services segment, where he led the Evaporative Cooling business and focused on technology innovation and operational initiatives within the Thermal segment. Prior to joining SPX, Mr. Lowe held positions with Milliken & Company, Bain & Company, and Lazard Technology Partners. Lazard Technology Partners is a venture capital firm that invests in various stages of companies and takes minority positions. He earned his MBA from Dartmouth's Tuck School of Business and his B.S. in management science from Virginia Polytechnic Institute and State University. Mr. Lowe currently serves as a 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, Mr. Carano served as Senior Vice President, Chief Financial Officer, and Treasurer at Insteel Industries. Notably, he previously served as Chief Financial Officer of Big River Steel, a private equity-owned manufacturer of steel products, from 2019 until its sale to U.S. Steel in 2020. His career also includes senior management roles with Babcock & Wilcox, where he was Senior Vice President, Finance and Controller of their Industrial Segment and Senior Vice President, Corporate Development and Treasurer. Mr. Carano spent 14 years in investment banking with firms such as Deutsche Bank, Merrill Lynch, and BofA Merrill Lynch. He holds a bachelor's degree from Vanderbilt University and an MBA from Northwestern University's Kellogg Business School.
Jennifer Carpenter, Vice President, Chief Human Resources Officer
Jennifer Carpenter was named Vice President and Chief Human Resources Officer of SPX Technologies in 2024. She brings over 20 years of leadership experience in human resources. Prior to SPX, Ms. Carpenter held multiple senior roles at Honeywell International Inc., including most recently as Vice President, Human Resources for Digital IT. She has experience in building strong business partnerships, developing talent, and managing human resources across diverse businesses and global teams, and played a significant role in the integration and growth of a $3 billion+ acquisition.
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 has over two decades of global M&A leadership experience and expertise in organic growth strategy across numerous regulated industries. In his role, he is responsible for defining and advancing SPX's corporate strategy and expanding its footprint and capabilities through strategic deal-making.
Daniel Whitman, Vice President, General Counsel & Secretary
Daniel Whitman was named Vice President, General Counsel & Secretary of SPX Technologies in 2026. He brings over 30 years of experience in both engineering and legal aspects of business. Before joining SPX Technologies, Mr. Whitman had a 20-year career at Parker Hannifin, with his last 14 years as Vice President, Law, Deputy General Counsel, and Assistant Secretary, where he was the legal team's principal deputy with responsibility for all commercial and operational support activities. He earned his Juris Doctor from the University of Akron School of Law and his bachelor's degree in Mechanical Engineering from Purdue University.
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Key Business Risks for SPX Technologies (SPXC)
- Cyclical Markets and Macroeconomic Headwinds: SPX Technologies operates in markets, particularly HVAC and Detection & Measurement, that are inherently cyclical and sensitive to broader economic conditions. Fluctuations in revenues and profits can result from economic downturns, industry-specific events, and housing market volatility. Macroeconomic uncertainties, including elevated interest rates, shifts in consumer and developer spending patterns, geopolitical conflicts, and currency fluctuations, can impact capital investment and maintenance expenditures by customers, leading to delayed or canceled projects and affecting the company's global operations.
- Supply Chain Disruptions and Raw Material Cost Volatility: The company is exposed to risks related to the price and availability of raw materials and components essential for its products. Supply chain disruptions, reliance on third-party suppliers, and volatility in raw material costs, particularly metals, can significantly impact manufacturing schedules, delivery capabilities, and overall profitability. Additionally, new or increased U.S. government tariffs and potential retaliatory tariffs, especially on components sourced from countries like China, can directly increase the cost of goods and reduce profit margins.
- Intense Competition and Regulatory/Technological Changes: SPX Technologies faces significant competition across its markets, which can exert pressure on profit margins and hinder its ability to maintain or expand market share. The need for continuous investment in manufacturing, marketing, customer service, and distribution networks is crucial to remain competitive against rivals with substantial technological and financial resources. Furthermore, changes in laws and regulations, including those pertaining to environmental standards, energy efficiency, and data privacy, can lead to increased compliance costs and necessitate product adaptations. Rapid technological advancements also pose a risk by potentially introducing new competitors or disruptive solutions.
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The clear emerging threat for SPX Technologies is the ongoing shift in public transportation towards mobile ticketing, contactless payment systems (open-loop payments), and account-based ticketing. This trend directly challenges the traditional bus fare collection systems offered under SPXC's Genfare brand, as these new technologies reduce the reliance on proprietary fare cards and physical fareboxes, potentially marginalizing hardware-centric providers in favor of software and payment processing specialists.
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SPX Technologies (SPXC) operates in diverse markets with the following addressable market sizes for its main products and services:
HVAC Segment
- Global HVAC Systems Market: The global HVAC systems market was estimated at approximately USD 258.96 billion in 2025 and is projected to reach USD 445.73 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.0% from 2026 to 2033. Other estimates include USD 328.6 billion in 2025, projected to reach USD 577.5 billion by 2035 with a CAGR of 5.8%.
- Global Residential HVAC Market: This market was valued at around USD 104.50 billion in 2024, is projected to rise to USD 122.47 billion in 2025, and reach USD 154.22 billion by 2030, with a CAGR of 5.16% from 2025 onward. Another source indicated USD 82.93 billion in 2025, growing to USD 119.26 billion by 2031.
- Global Commercial HVAC Market: The global commercial HVAC market size was approximately USD 61.88 billion in 2023 and is projected to reach USD 120.63 billion by 2032, exhibiting a CAGR of roughly 7.70% between 2024 and 2032. Another report estimated the market at USD 72.03 billion in 2025, growing to USD 119.76 billion by 2034.
- Global Industrial HVAC Market: This market is forecasted to grow by USD 6.80 billion during 2024-2029, accelerating at a CAGR of 7.9%.
- Global Cooling Towers Market: The global cooling towers market size was valued at USD 4.40 billion in 2025 and is projected to grow to USD 6.98 billion by 2034, with a CAGR of 5.40%. Another estimate places the market at USD 3.6 billion in 2025, expected to reach USD 6.2 billion by 2035.
Detection and Measurement Segment
- Global Underground Pipe and Cable Locators Market: The utility locator market 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. The underground pipe locator market was valued at US$ 154 million in 2025 and is anticipated to reach US$ 208 million by 2032.
- Global Inspection and Rehabilitation Equipment Market (Pipe Inspection and General Inspection Equipment): The global pipe inspection robot market was valued at USD 5.5 billion in 2025 and is projected to reach USD 23.6 billion by 2035, with a CAGR of 17.6%. The global inspection equipment market was estimated at USD 1.65 billion in 2024 and is expected to reach USD 3.10 billion by 2035, growing at a CAGR of 5.9%.
- Bus Fare Collection Systems: null
- Global Communication Technologies Market (Telecom Test and Measurement): The global communication test & measurement market was valued at USD 9.3 billion in 2024 and is estimated to reach USD 20.4 billion by 2034, registering a CAGR of 8.4% between 2025 and 2034. Another report indicates the telecom testing equipment market is projected to grow from USD 4.8 billion in 2025 to USD 9.7 billion by 2035.
- Global Obstruction Lighting Products Market: The global obstruction lighting market expanded from USD 512.95 million in 2025 to USD 536.85 million in 2026 and is projected to reach USD 838.26 million by 2032, growing at a CAGR of 7.26%. The global aviation obstruction lights market size was valued at USD 2.56 billion in 2024 and is poised to grow to USD 3.17 billion by 2033.
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SPX Technologies (SPXC) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, expansion in its HVAC segment fueled by data center demand, new product introductions, and sustained organic growth across its core markets.
- Strategic Acquisitions: SPX Technologies has a history of and continues to pursue strategic acquisitions to expand its market position and revenue base. Recent examples include the acquisitions of KTS, Sigma & Omega, Ingénia, Thermolec, and Crawford United, which are projected to contribute significantly to annualized revenue. The company maintains an active M&A pipeline to support this growth strategy.
- HVAC Segment Expansion, Driven by Data Center Demand: A critical driver for the HVAC segment is the robust demand from data centers. SPX Technologies is making substantial capacity investments, including a $700 million program expected to reach full production by 2028, with some facilities coming online in 2026 and 2027, specifically to meet this demand. Management anticipates data center revenue to grow approximately 50% in 2026, increasing its share to roughly 12% of total company sales.
- New Product Introductions and Innovation: The company is fostering organic growth through the launch and traction of new products. A prime example is the OlympusMAX cooling solution, which targets large-scale data centers. This product generated $50 million in bookings in its first full year and is converting to revenue in 2026, with one customer already committing to multi-year demand.
- Organic Growth in Core HVAC and Detection & Measurement Markets: Beyond the specific data center focus, SPX Technologies expects continued healthy demand across other key markets for its HVAC products, including healthcare, power, heavy industrial aftermarket, and institutional/higher education. The Detection & Measurement segment is also anticipating significant project activity, contributing to overall organic revenue expansion.
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Share Repurchases
- SPX Technologies announced a share repurchase program in August 2024, authorizing the repurchase of up to $100 million worth of its shares.
Outbound Investments
- In February 2024, SPX Technologies acquired Ingenia Technologies for approximately $300 million, a move aimed at strengthening its HVAC business segment.
- The company acquired Sigma Heating and Cooling and Omega Heat Pump in April 2025 for approximately US$144 million.
- In early 2025, SPX Technologies announced a $350 million deal to acquire Kranze Technology Solutions.
- In January 2026, SPX Technologies completed the acquisition of Montreal-based Thermolec Ltd. for approximately US$140 million in cash.
- In January 2026, the company announced a definitive agreement to acquire Crawford United Corporation for approximately $300 million.
Capital Expenditures
- SPX Technologies reported capital expenditures of $68.5 million in Q4 2025.
- For the twelve months ending in late 2025/early 2026, capital expenditures were -$92.10 million.
- SPX Technologies plans to invest approximately $100 million in 2026 to strategically expand its HVAC manufacturing capacity, particularly to capture an estimated $550 million directly from data center demand.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 131.76 |
| Mkt Cap | 12.5 |
| Rev LTM | 4,202 |
| Op Inc LTM | 675 |
| FCF LTM | 484 |
| FCF 3Y Avg | 467 |
| CFO LTM | 595 |
| CFO 3Y Avg | 583 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.7% |
| Rev Chg 3Y Avg | 10.1% |
| Rev Chg Q | 16.8% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Inc Chg LTM | 6.9% |
| Op Inc Chg 3Y Avg | 18.0% |
| Op Mgn LTM | 18.2% |
| Op Mgn 3Y Avg | 18.2% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 16.6% |
| CFO/Rev 3Y Avg | 15.8% |
| FCF/Rev LTM | 13.2% |
| FCF/Rev 3Y Avg | 12.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 12.5 |
| P/S | 3.8 |
| P/Op Inc | 24.1 |
| P/EBIT | 23.3 |
| P/E | 35.6 |
| P/CFO | 27.4 |
| Total Yield | 3.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.4% |
| 3M Rtn | 4.5% |
| 6M Rtn | 9.9% |
| 12M Rtn | 14.1% |
| 3Y Rtn | 108.7% |
| 1M Excs Rtn | 3.7% |
| 3M Excs Rtn | -10.6% |
| 6M Excs Rtn | 0.5% |
| 12M Excs Rtn | -4.6% |
| 3Y Excs Rtn | 40.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Heating, ventilation and cooling (HVAC) reportable segment | 1,518 | 1,365 | 1,122 | 914 | 752 |
| Detection and Measurement reportable segment | 747 | 619 | 619 | 547 | 467 |
| Total | 2,265 | 1,984 | 1,741 | 1,461 | 1,220 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Heating, ventilation and cooling (HVAC) reportable segment | 373 | 324 | 234 | 136 | 108 |
| Detection and Measurement reportable segment | 176 | 137 | 119 | 114 | 93 |
| Other operating expense | -0 | -8 | -9 | -75 | 4 |
| Impairment of goodwill and intangible assets | -1 | 0 | 0 | -13 | -30 |
| Special charges, net | -1 | -4 | -1 | -0 | -1 |
| Long-term incentive compensation expense | -17 | -15 | -13 | -11 | -13 |
| Acquisition-related and other costs | -29 | -7 | -6 | -2 | -5 |
| Corporate expense | -59 | -54 | -58 | -69 | -60 |
| Amortization of acquired intangible assets | -91 | -64 | -44 | -28 | -22 |
| Total | 350 | 308 | 222 | 51 | 74 |
| $ Mil | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| Detection and Measurement reportable segment | 920 | 835 | 772 | 609 | 479 |
| Heating, ventilation and cooling (HVAC) reportable segment | 853 | 808 | 632 | 611 | 778 |
| General corporate and eliminations | 115 | 406 | 46 | 17 | 295 |
| Discontinued operations | 43 | 52 | 387 | 2 | |
| Insurance recovery assets | 526 | 496 | 510 | ||
| Engineered Solutions reportable segment | 356 | 422 | |||
| Other | 29 | 82 | |||
| Total | 1,931 | 2,629 | 2,334 | 2,134 | 2,058 |
Price Behavior
| Market Price | $227.74 | |
| Market Cap ($ Bil) | 11.4 | |
| First Trading Date | 07/01/1985 | |
| Distance from 52W High | -7.6% | |
| 50 Days | 200 Days | |
| DMA Price | $177.19 | $189.37 |
| DMA Trend | up | up |
| Distance from DMA | 28.5% | 20.3% |
| 3M | 1YR | |
| Volatility | 44.8% | 38.1% |
| Downside Capture | 287.17 | 155.46 |
| Upside Capture | 207.30 | 155.44 |
| Correlation (SPY) | 65.3% | 45.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.81 | 1.90 | 2.03 | 1.63 | 1.38 | 1.35 |
| Up Beta | 0.90 | 1.76 | 2.46 | 2.17 | 1.63 | 1.31 |
| Down Beta | 1.64 | 0.90 | 0.86 | 0.93 | 0.84 | 1.13 |
| Up Capture | 335% | 272% | 225% | 207% | 204% | 474% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 14 | 22 | 33 | 66 | 132 | 401 |
| Down Capture | 134% | 208% | 220% | 147% | 127% | 108% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 7 | 19 | 30 | 59 | 117 | 346 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPXC | |
|---|---|---|---|---|
| SPXC | 37.0% | 38.1% | 0.91 | - |
| Sector ETF (XLI) | 25.7% | 16.5% | 1.20 | 62.5% |
| Equity (SPY) | 21.7% | 12.5% | 1.29 | 45.8% |
| Gold (GLD) | 23.1% | 27.7% | 0.73 | 16.6% |
| Commodities (DBC) | 21.3% | 18.6% | 0.90 | -22.8% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 23.7% |
| Bitcoin (BTCUSD) | -42.0% | 42.7% | -1.15 | 10.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPXC | |
|---|---|---|---|---|
| SPXC | 31.2% | 35.4% | 0.84 | - |
| Sector ETF (XLI) | 14.1% | 17.6% | 0.63 | 66.6% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 57.9% |
| Gold (GLD) | 17.9% | 18.3% | 0.79 | 9.6% |
| Commodities (DBC) | 6.9% | 19.5% | 0.25 | 8.9% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 43.6% |
| Bitcoin (BTCUSD) | 12.2% | 53.8% | 0.41 | 20.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPXC | |
|---|---|---|---|---|
| SPXC | 30.8% | 37.5% | 0.83 | - |
| Sector ETF (XLI) | 14.6% | 20.1% | 0.64 | 68.3% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 61.6% |
| Gold (GLD) | 12.1% | 16.1% | 0.61 | 3.7% |
| Commodities (DBC) | 5.7% | 18.0% | 0.25 | 20.8% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 50.7% |
| Bitcoin (BTCUSD) | 59.0% | 66.2% | 0.99 | 13.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/22/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -4.9% | -6.2% | 0.9% |
| 2/24/2026 | -6.7% | -9.7% | -17.2% |
| 10/30/2025 | 12.6% | 9.4% | 5.2% |
| 7/31/2025 | 7.7% | 12.0% | 2.6% |
| 5/1/2025 | 5.9% | 9.3% | 13.5% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 15 |
| # Negative | 9 | 9 | 9 |
| Median Positive | 5.5% | 5.2% | 8.8% |
| Median Negative | -2.5% | -1.8% | -4.8% |
| Max Positive | 20.1% | 17.9% | 31.0% |
| Max Negative | -9.7% | -9.7% | -17.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -4.9% | -6.2% | 0.9% |
| 2/24/2026 | -6.7% | -9.7% | -17.2% |
| 10/30/2025 | 12.6% | 9.4% | 5.2% |
| 7/31/2025 | 7.7% | 12.0% | 2.6% |
| 5/1/2025 | 5.9% | 9.3% | 13.5% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 15 |
| # Negative | 9 | 9 | 9 |
| Median Positive | 5.5% | 5.2% | 8.8% |
| Median Negative | -2.5% | -1.8% | -4.8% |
| Max Positive | 20.1% | 17.9% | 31.0% |
| Max Negative | -9.7% | -9.7% | -17.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
| 06/30/2019 | 08/02/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 2.58 Bil | 2.61 Bil | 2.65 Bil | 1.6% | Raised | Guidance: 2.57 Bil for 2026 | |
| 2026 Adjusted EPS | 7.75 | 7.95 | 8.15 | 1.9% | Raised | Guidance: 7.8 for 2026 | |
| 2026 Adjusted EBITDA | 600.00 Mil | 612.50 Mil | 625.00 Mil | 1.2% | Raised | Guidance: 605.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 2.54 Bil | 2.57 Bil | 2.60 Bil | 14.2% | Higher New | Actual: 2.25 Bil for 2025 | |
| 2026 Adjusted EBITDA | 590.00 Mil | 605.00 Mil | 620.00 Mil | 19.8% | Higher New | Actual: 505.00 Mil for 2025 | |
| 2026 Adjusted EPS | 7.6 | 7.8 | 8 | 16.0% | Higher New | Actual: 6.72 for 2025 | |
Insider Activity
Updated 5/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lowe, Eugene Joseph Iii | PRESIDENT AND CEO | Direct | Sell | 3032026 | 225.17 | 41,416 | 9,325,612 | 180,539,626 | Form |
| 2 | Data, J Randall | PRES., HEATING AND GLOBAL OPER | Direct | Sell | 12152025 | 215.37 | 12,000 | 2,584,476 | 8,188,482 | Form |
| 3 | Swann, John William Iii | PRES., DETECTION & MEASUREMENT | Direct | Sell | 11212025 | 206.07 | 38,755 | 7,986,395 | 13,243,547 | Form |
| 4 | Puckett, Rick D | Direct | Sell | 5302025 | 153.01 | 6,823 | 1,043,987 | 5,167,148 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lowe, Eugene Joseph Iii | PRESIDENT AND CEO | Direct | Sell | 3032026 | 225.17 | 41,416 | 9,325,612 | 180,539,626 | Form |
| 2 | Data, J Randall | PRES., HEATING AND GLOBAL OPER | Direct | Sell | 12152025 | 215.37 | 12,000 | 2,584,476 | 8,188,482 | Form |
| 3 | Swann, John William Iii | PRES., DETECTION & MEASUREMENT | Direct | Sell | 11212025 | 206.07 | 38,755 | 7,986,395 | 13,243,547 | Form |
| 4 | Puckett, Rick D | Direct | Sell | 5302025 | 153.01 | 6,823 | 1,043,987 | 5,167,148 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Industrial Machinery & Supplies & Components Resources |
| Machine Design |
| Modern Machine Shop |
| Industrial Equipment News (IEN) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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