SPX Technologies, Inc.
Rank #309Op. LeverageSPXC · 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
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
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
2/3 passGrowth
1/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
15.6%
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 historyCost-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%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
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.
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)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
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
FCF / net income
-0.01
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.7%
Stock-based comp intensity.
Piotroski F-Score
F-Score
5 / 9
Fundamental-strength score (0-9).