Is SPX Technologies a Better Buy Than AAON?
AAON fell -17% during the past Month. You may be tempted to buy more, or may want to reduce your exposure. But there is an entirely different perspective you might be missing. Is there a better alternative? Turns out, its peer SPX Technologies gives you more. SPX Technologies (SPXC) stock offers superior revenue growth across key periods, better profitability, and relatively lower valuation vs AAON (AAON) stock, suggesting you may be better off investing in SPXC
- SPXC’s quarterly revenue growth was 22.6%, vs. AAON’s 17.4%.
- In addition, its Last 12 Months revenue growth came in at 12.6%, ahead of AAON’s 8.8%.
- SPXC’s LTM margin is higher: 15.9% vs. AAON’s 10.3%.
These differences become even clearer when you look at the financials side by side. The table highlights how AAON’s fundamentals stack up against those of SPXC on growth, margins, momentum, and valuation multiples.
Valuation & Performance Overview
| AAON | SPXC | Preferred | |
|---|---|---|---|
| Valuation | |||
| P/EBIT Ratio | 46.0 | 28.1 | SPXC |
| Revenue Growth | |||
| Last Quarter | 17.4% | 22.6% | SPXC |
| Last 12 Months | 8.8% | 12.6% | SPXC |
| Last 3 Year Average | 20.7% | 16.2% | AAON |
| Operating Margins | |||
| Last 12 Months | 10.3% | 15.9% | SPXC |
| Last 3 Year Average | 16.4% | 13.1% | AAON |
| Momentum | |||
| Last 3 Year Return | 53.9% | 204.7% | SPXC |
Note: For “Last 3 Year Return” metric, preferred stock is one with higher returns unless the returns are too high (>300%) which creates risk of sell off.
See more revenue details: AAON Revenue Comparison | SPXC Revenue Comparison
See more margin details: AAON Operating Income Comparison | SPXC Operating Income Comparison
- Cleveland-Cliffs Stock: Can 2026 Mark a Turnaround Year?
- Why Is Nvidia’s 6 Year Old GPU Still Sold Out?
- How To Earn 8.2% Yield While Waiting to Buy SBUX 30% Cheaper
- 3 Forces That Could Shake Broadcom Stock
- Could Accenture Stock’s Cash Flow Spark the Next Rally?
- Should You Pay Attention To GE Aerospace Stock’s Momentum?
See detailed fundamentals on Buy or Sell SPXC Stock and Buy or Sell AAON Stock. Below we compare market return and related metrics across years.
Historical Market Performance
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | Avg | Best | |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| AAON Return | 36% | 20% | -5% | 48% | 60% | -33% | 146% | ||
| SPXC Return | 7% | 9% | 10% | 54% | 44% | 40% | 300% | <=== | |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% | ||
| Monthly Win Rates [3] | |||||||||
| AAON Win Rate | 67% | 58% | 42% | 67% | 75% | 50% | 60% | ||
| SPXC Win Rate | 58% | 67% | 42% | 58% | 58% | 58% | 57% | ||
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 67% | 64% | <=== | |
| Max Drawdowns [4] | |||||||||
| AAON Max Drawdown | -16% | -10% | -40% | -6% | -5% | -39% | -19% | ||
| SPXC Max Drawdown | -48% | -5% | -30% | -6% | -4% | -17% | -18% | ||
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | -12% | <=== | |
[1] Cumulative total returns since the beginning of 2020
[2] 2025 data is for the year up to 12/31/2025 (YTD)
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
No matter how good the numbers, stock investment is never a smooth ride. There is a risk you must factor in. Read SPXC Dip Buyer Analyses and AAON Dip Buyer Analyses to see how these stocks have fallen and recovered in the past.
Still not sure about AAON or SPXC? Consider portfolio approach.
Why Stock Pickers Win More With Multi Asset Portfolios
Markets move differently but a mix of assets smooths volatility. A multi asset portfolio keeps you invested and reduces the impact of sharp drops in any single area.
The asset allocation framework of Trefis’ Boston-based, wealth management partner yielded positive returns during the 2008-09 period when the S&P lost more than 40%. Our partner’ strategy now includes Trefis High Quality Portfolio, which has a track record of comfortably outperforming its benchmark that includes all 3 – the S&P 500, S&P mid-cap, and Russell 2000 indices