Quality Investor

SPX Technologies, Inc.

Rank #354Op. LeverageWatchlistCompare with other stocks

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

  • FAIL
    Operating margin declining

    Operating margin lower than prior year

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No 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 pass
GP / assets
0.19
Return on equity
10.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.98
Current ratio
1.84×
Net cash
$32.00M

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%

Operating 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.

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)

—

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

PASS

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).

WARN

Accruals healthy

Cash-backed earnings.

PASS

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.

PASS

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

Good
Share count trend
3.0%1/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
6.7%5/5 Strong

Lifecycle Phase History

20202025
Value
Op. Leverage

Price History

SPXC+214.5% · +25.7% CAGRSPY+82.9% · +12.8% CAGR