Quality Investor

SPX Technologies, Inc.

Rank #309Op. Leverage

SPXC · NYSE · Industrials

SPX Technologies, Inc. (SPXC) — Rank #309 by gross profitability (GP/assets 0.23) · ROE 10.4% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · 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 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

Price History

SPXC+213.2% · +25.6% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$8.93B

P/E (annual)

35.4

P/S (annual)

3.9

P/B

3.8

P/OCF (annual)

26.8

Shareholder Yield

-3.0%

Employees

4,700

Industry

Building Products & Equipment

Exchange

NYSE

Signal Flags

3 green1 yellow1 red
Revenue growth acceleratingGrowth rate increasing year over year
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass
GP / assets
0.23
Return on equity
10.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.68
Current ratio
1.82×
Net cash
$82.20M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
0.7%

Growth

1/2 pass
Revenue growth
14.2%
Piotroski F-Score
5 / 9
Share dilution
3.0%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

15.6%

fairly valued

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 3.0% — per-share value needs a total required return of 18.7% once share-count change is priced in.

vs. own 6-year median revenue growth: 14.1%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

10.9%

r = 10% (base)

15.6%

r = 12%

19.8%

Net debt / market cap: -1.0%

Base FCF: $241.2M3Y mean FCF: $224.6M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

45.1xExpensive
5.5xmed 29.6x56.3x

P / S

Price / revenue per share

4.9xExpensive
1.0xmed 1.8x4.9x

P / B

Price / book value per share

4.9xFair
2.1xmed 4.5x7.9x

P / GP

Price / gross profit per share

12.0xExpensive
3.9xmed 5.4x12.0x

P / FCF

Price / free cash flow per share

45.6xExpensive
14.2xmed 25.9x45.6x

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.23

Primary signal (Novy-Marx).

34th pctl of 36 SIC 35 peers

Return on equity

10.4%

Gross margin

40.5%

51st pctl of 36 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.

PASS

Operating Leverage

2022202320242025
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)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.68

74th pctl of 36 SIC 35 peers (best = lowest)

Current ratio

1.82×

37th pctl of 36 SIC 35 peers

Quick ratio

1.01×

Net cash

$82.20M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$241.20M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.01

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.7%

Stock-based comp intensity.

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Value
Op. Leverage