SPXC · NYSE · Industrials
SPX Technologies, Inc. (SPXC) — Rank #354 by gross profitability (GP/assets 0.19) · ROE 10.0% · Piotroski F-Score 5 / 9.
As-of 2026-10-30 · CIK 0000088205 · all metrics point-in-time as of the filing date.
About
SPX Technologies, Inc. engages in the supply of engineered solutions serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, Canada, China, the United Kingdom, and internationally.
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The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement and handling solutions for the industrial, institutional, and commercial HVAC markets, as well as hydronic and electrical heating and ventilation products for the residential, industrial, institutional, and commercial markets. It offers cooling products and engineered air movement and handling solutions under the Marley, Recold, SGS, Cincinnati Fan, TAMCO, Ingénia, Air Enterprises, and Rahn Industries brand names; hydronics and electrical heating and ventilation products under the Berko, Qmark, Fahrenheat, Leading Edge, Patterson-Kelley, Weil-McLain, Sigma, Omega, Skypeak, Thermolec, Williamson-Thermoflo, INDEECO, Heatrex, AccuTherm, Brasch, Spectrum, BannerDay PipeHeating, and Solar Products brands. The Detection and Measurement segment offers underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems under the Radiodetection, Pearpoint, Schonstedt, Dielectric, Cues, ULC Robotics, and Sensors & Software brands; transportation systems under the Genfare brand; communication technologies under the TCI, ECS, and KTS brands; and aids to navigation products under the Flash Technology, ITL, Sabik Marine, Sealite, and Avlite brands. The company markets its products through consumers, independent manufacturing representatives, third-party distributors, and retailers. The company was formerly known as SPX Corporation and changed its name to SPX Technologies, Inc. in August 2022. SPX Technologies, Inc.
is headquartered in Charlotte, North Carolina.
- Industry
- Building Products & Equipment
- Sector
- Industrials
- State
- DE
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- spx.com
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
4,700
Industry
Building Products & Equipment
Exchange
NYSE
10/12
Flags passed
SPXC fails 1 critical flag
Passes 10 of 12 quality flags, 1 caution
- FAILOperating margin declining
Operating margin lower than prior year
- CAUTIONDilution above 2%
Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
- PASSGross margin holding
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSRevenue not declining
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo valuation convergence
Strengths Revenue growth accelerating · Deferred revenue growing · Sequential beat (rev + EPS)
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
2/3 passGrowth
1/2 passOperating margin expansion and free cash flow are the primary reads at this stage.
Profitability
Does it make money well?
Warning: Operating margin declining · GP/assets 16th percentile of 26 SIC 35 peers
Gross profitability (GP / assets)
0.19
Primary signal (Novy-Marx).
16th pctl of 26 SIC 35 peers
Return on equity
10.0%
Gross margin
40.5%
40th pctl of 26 SIC 35 peers
Revenue growth (YoY)
14.2%
RPO growth (YoY)
2.9%
Remaining performance obligations growth — RPO > revenue = forward demand building.
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
15.7%
Revenue CAGR (5Y)
15.0%
Earnings CAGR (3Y)
968.5%
FCF CAGR (3Y)
—
Cash Flow Health
Is the cash real?
No warning flags · FCF 1% below net income
Free cash flow
$241.20M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
-1.1%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.7%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
Caution: Dilution above 2% · net cash $32.00M, F-Score 5/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.98
36th pctl of 26 SIC 35 peers (best = lowest)
Current ratio
1.84×
44th pctl of 26 SIC 35 peers
Quick ratio
0.95×
Net cash
$32.00M
Cash & equivalents minus total debt.
Piotroski F-Score
5 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
No warning flags
Capital allocation quality
Composite score
3.0 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports