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SPX Technologies, Inc. (SPXC) stock

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NYSE: SPXC NYSE Building Products Next results ~January 28, 2027

C+ Fundamentals grade

SPX Technologies, Inc. is a US-listed company in the building products industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$210

Cash-flow model

Base case. Range ~$150–$280 across our lower- and higher-growth cases (12.7%–22.7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 23% below our base value.

Price used: $161.73, November 2, 2026

SPX Technologies, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter SPX Technologies files

10-Q filed October 30: SPX Technologies

Rating: Buy to Hold

SPX Technologies delivered revenue of $2.60bn for the twelve months to September 2026, up 20.2% on a year earlier and little changed from the pace set a quarter earlier. Among the 40 building products companies we cover, that growth ranks fourth. Margins tell a different story: free-cash-flow margin slipped to 8.7%, down from 12.5% a year earlier. Existing holders have also seen some dilution, with the diluted share count up 6.2% on a year earlier. Our model value sits at $221 a share, barely changed, against a share price of $167. We are moving the rating from Buy to Hold. At the current price, the market appears to be pricing in cash-flow growth of about 12.7% a year over five years, slower than the 16.3% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where SPX Technologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.48bn, up 20.6% on a year earlier, faster than 17.4% a quarter earlier. That growth ranks 171 of 931 among all the companies we cover. Free-cash-flow margin rose to 12.3% from 10.7% a year earlier. The diluted share count is up 6.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $203 a share, against a share price of $164. At that price, our model says the market is pricing in about 13.9% a year of cash-flow growth for five years, close to the 15.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

SPX Technologies, Inc.'s trailing-twelve-month revenue grew 20.2% year on year, with a free-cash-flow margin of 8.7%. Where it stands out: revenue growth of 20.2% ranks 5 of 46 building products companies we cover. Where it lags: change in share count of 6.2% ranks 40 of 44 building products companies we cover.

Our discounted-cash-flow model values the business at ~$210 per share in the base case (~$150–$280 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 16.4% while net income grew 33.6%: a 50pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $161.73 is 29% below our value per share of $210.
  • Fast growth. Revenue grew 20.2% over the last 12 months, against a median of 4.0% for building products companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.9% over 90 days.

Things to watch

  • Share dilution. Diluted shares rose 6.2% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 40% and a beta of 1.7 against the S&P 500.
  • Insiders selling. 3 insiders sold $20M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 76% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 67 days ranks 27 of 34 building products companies we cover (median 53 days).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$2.21 against an average estimate of $2.09: beat by 5.6%
Revenue
$715m, up 20.5% on a year earlier
Share reaction
-3.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $2.71bn to $2.77bn (full year 2026); adjusted EBITDA $630m to $660m (full year 2026)
Next report
October 29, 2026; average EPS estimate $2.49

SPX Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.1%
  • 1 week-0.0%
  • 1 month-6.6%
  • This year-19.2%
  • 1 year-27.8%
  • 5 years+160.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.6B
Operating margin
16.1%
Net margin
11.5%
EPS (TTM, diluted)
$5.89

Growth

Revenue growth
+20.2%
Change in growth rate
−0.5 pts
Share count change
+6.2%

Cash

Free cash flow (TTM)
$227M
FCF margin
8.7%
Stock pay % of revenue
0.7%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Results
  13. Guidance
  14. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

SPX Technologies, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 13.4% a year of cash-flow growth for five years.That is close to the 16.3% a year revenue growth SPX Technologies has delivered.

  • Priced in13.4%
  • Last 12 months20.2%
  • 3 years a year15.2%
  • 5 years a year16.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($163.84, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$210
Price used
$163.84close November 3, 2026
Implied change
▲ +27%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of SPX Technologies, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($297M, FY2026 Q3 TTM), growing 17.6% and 16.6% in the next two years (forecasts, guidance and its record), then back to 17.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$150–~$280 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of SPX Technologies, Inc.'s free cash flow after stock-based pay ( $297M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value SPX Technologies, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$210 ~$150–$280 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$140–$200 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$45 ~$33–$62 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$43 ~$38–$50 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$43–$210 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare SPX Technologies, Inc. with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▼ −30%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $61$92$133$186$256$346
8.5% $41$63$93$131$181$245
10% $29$46$69$98$136$185

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.33$23.72$31.39$28.01$50.88$54.54$59.68$65.65$101.01$145.52$200.06$161.73
Market value$380m$1.0bn$1.4bn$1.3bn$2.3bn$2.5bn$2.8bn$3.0bn$4.7bn$6.9bn$9.7bn$8.2bn
+ Net debt (− = net cash)$275m$257m$233m$313m$343m$348m−$142m$99m$459m$458m$138m$1.2bn
Enterprise value$655m$1.3bn$1.6bn$1.6bn$2.6bn$2.8bn$2.6bn$3.1bn$5.2bn$7.3bn$9.8bn$9.4bn
Multiples
Price / sales 0.2x0.7x1.0x0.8x2.0x2.2x2.3x2.1x2.7x3.5x4.3x3.2x
Price / earnings ——15.4x15.4x35.0x25.2x6.5xn/m52.4x34.2x39.8x27.5x
Price / free cash flow ——38.4x12.7x16.9x22.5x16.8x—25.5x27.6x40.2x36.1x
EV / EBITDA —13.0x18.9x11.1x19.0x22.1x22.7x32.2x18.1x18.3x20.8x16.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

46 /100

Moderate moat

How hard SPX Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.6% of total assets over 10 years.

  • Pricing power 9 / 20

    Gross margin has been a median 35.3%, moving by 5.8 percentage points (standard deviation) across 10 years.

  • Durability 9 / 20

    Operating margin has been a median 8.2%; its worst year was 4.1%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 9 of 10 years, at a median 9.3% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 9.1% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (51 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.26 +22% $2.8bn +22%
Next $9.64 +17% $3.2bn +15%

Next year's EPS estimate has moved +5.9% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.0% on 90 days ago. In the last 30 days, 2 analysts raised SPX Technologies, Inc.'s forecast and 3 cut it.

Consensus EPS forecast SPX Technologies, Inc., last 90 days
$8.00 $8.50 $9.00 $9.50 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.02 Current fiscal year, 60 days ago: $8.48 Current fiscal year, 30 days ago: $8.36 Current fiscal year, 7 days ago: $8.34 Current fiscal year, Now: $8.26 $8.26 Next fiscal year, 90 days ago: $9.10 Next fiscal year, 60 days ago: $9.78 Next fiscal year, 30 days ago: $9.51 Next fiscal year, 7 days ago: $9.77 Next fiscal year, Now: $9.64 $9.64

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.02$9.10
60 days ago $8.48$9.78
30 days ago $8.36$9.51
7 days ago $8.34$9.77
Now $8.26$9.64

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.09 $2.21 +5.6%
Jun 2026 $1.85 $2.02 +9.3%
Mar 2026 $1.56 $1.69 +8.3%
Dec 2025 $1.87 $1.88 +0.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Revenue full year 2026 $2.705bn to $2.765bn Raised
    “Revenue range of $2.705 to $2.765 billion, up ~21% year-on-year at the midpoint (prior range: $2.575 to $2.645 billion).” source
  • Adjusted EPS full year 2026 $8.20 to $8.60 Non-GAAP Raised
    “Adjusted EPS* range of $8.20 to $8.60, up ~24% year-on-year at the midpoint (prior range: $7.75 to $8.15).” source
  • Segment Income Margin % · HVAC full year 2026 24.5% to 25% Raised
    “HVAC $1,955-$1,995 million ($1,840-$1,880 million prior) 24.50%-25.00% (24.25%-24.75% prior)” source
  • Segment Income Margin % · Detection & Measurement full year 2026 26.25% to 26.75% Raised
    “Detection & Measurement $750-$770 million ($735-$765 million prior) 26.25%-26.75% (25.50%-26.00% prior)” source
  • Total SPX Adjusted Margin % full year 2026 25% to 25.5% Raised
    “Total SPX Adjusted $2.705-$2.765 billion ($2.575-$2.645 billion prior) 25.00%-25.50% (24.60%-25.10% prior) $8.20-$8.60 ($7.75-$8.15 prior) $630-$660 million / 23.30%-23.80% ($600-$625 million / 23.25%-23.75% prior)” source
  • Adjusted EBITDA full year 2026 $630m to $660m Non-GAAP Raised
    “Adjusted EBITDA* range of $630 to $660 million, up ~27% year-on-year at the midpoint (prior range: $600 to $625 million).” source
Show 3 more items
  • Revenue · HVAC full year 2026 $1,955m to $1,995m Raised
    “HVAC $1,955-$1,995 million ($1,840-$1,880 million prior) 24.50%-25.00% (24.25%-24.75% prior)” source
  • Revenue · Detection & Measurement full year 2026 $750m to $770m Raised
    “Detection & Measurement $750-$770 million ($735-$765 million prior) 26.25%-26.75% (25.50%-26.00% prior)” source
  • Adjusted EBITDA Margin % full year 2026 23.3% to 23.8% Non-GAAP Raised
    “Total SPX Adjusted $2.705-$2.765 billion ($2.575-$2.645 billion prior) 25.00%-25.50% (24.60%-25.10% prior) $8.20-$8.60 ($7.75-$8.15 prior) $630-$660 million / 23.30%-23.80% ($600-$625 million / 23.25%-23.75% prior)” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows SPX Technologies, Inc.'s revenue by +17.6% next year and +16.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+17.9%, weight 54%) , management guidance (+16.7%, weight 20%) and the company's own record (+17.7%, weight 26%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy1393%
Hold17%
Sell00%

Monthly trend

  1. Oct 2026112114
  2. Sep 2026111113
  3. Aug 2026110112
  4. Jul 2026110112

Counts of recommendations published by analysts covering SPX Technologies, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.8%
of tradable shares
Days to cover
2.5
at average volume
Short interest, 1 month
+9%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
3.1%
of shares
Employees
4,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −27.8%

$223.89 on October 31, 2025 to $161.73

ThenNowEffect
Revenue (last 12 months) $2.1bn $2.5bn +20.6%
Net margin 10.3% 11.3% +9.7%
P/E multiple 50.2x 29.1x −42.0%
Share count 47m 50m −5.8%

Biggest factor: p/e multiple.

Last 3 years +96.0%

$82.51 on November 3, 2023 to $161.73

ThenNowEffect
Revenue (last 12 months) $1.6bn $2.5bn +52.6%
Net margin 3.4% 11.3% +234.8%
P/E multiple 70.0x 29.1x −58.4%
Share count 46m 50m −7.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SPXC+9%+10%+54%+44%+38%−19%
Industry peers (median)+24%−24%+44%+10%−12%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SPXC67%42%58%58%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SPXC−20%−30%−20%−21%−22%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 50% from January 16, 2020 to March 23, 2020. Getting back needed a 101% gain, reached on December 1, 2020, 253 days after the low.

Price behaviour

52-week range
$159.95 – $246.41
From 52-week high
−34.4%
vs 50-day average
−9.0%
vs 200-day average
−21.9%
Volatility (1 year)
40%
Beta vs S&P 500
1.73

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±7.3%
After a week
9 up, 2 down
typical move ±7.7%
After a month
10 up, 1 down
typical move ±8.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −3.2% −2.1% — —
July 30, 2026 +17.0% +2.4% +14.1% +5.9%
April 30, 2026 −1.5% +1.3% −2.9% +4.5%
February 24, 2026 −4.4% +1.6% −7.4% −15.1%
October 30, 2025 +11.9% −0.8% +8.8% +4.3%
July 31, 2025 +8.3% −2.0% +12.7% +3.2%
May 1, 2025 +7.9% +2.2% +11.3% +15.6%
February 25, 2025 +13.2% −0.4% +2.7% +1.9%
October 30, 2024 −9.9% −2.3% +3.2% +10.8%
August 1, 2024 −2.0% −3.3% +0.2% +10.6%
May 2, 2024 +7.5% +2.2% +14.2% +12.0%
February 22, 2024 −0.9% +2.1% +6.9% +9.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How SPX Technologies, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

SPX Technologies, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) SPX Technologies, Inc.
$1.5B $2B $2.5B $3B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.7B Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $1.9B Revenue (TTM), FY24 Q3: $1.9B Revenue (TTM), FY24 Q4: $2B Revenue (TTM), FY25 Q1: $2B Revenue (TTM), FY25 Q2: $2.1B Revenue (TTM), FY25 Q3: $2.2B Revenue (TTM), FY25 Q4: $2.3B Revenue (TTM), FY26 Q1: $2.3B Revenue (TTM), FY26 Q2: $2.5B Revenue (TTM), FY26 Q3: $2.6B $2.6B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.7B
FY24 Q1 $1.8B
FY24 Q2 $1.9B
FY24 Q3 $1.9B
FY24 Q4 $2B
FY25 Q1 $2B
FY25 Q2 $2.1B
FY25 Q3 $2.2B
FY25 Q4 $2.3B
FY26 Q1 $2.3B
FY26 Q2 $2.5B
FY26 Q3 $2.6B
Revenue growth, TTM YoY SPX Technologies, Inc.
5% 10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 19.2% Revenue growth, TTM YoY, FY24 Q1: 16.3% Revenue growth, TTM YoY, FY24 Q2: 16.1% Revenue growth, TTM YoY, FY24 Q3: 12.8% Revenue growth, TTM YoY, FY24 Q4: 13.9% Revenue growth, TTM YoY, FY25 Q1: 10.8% Revenue growth, TTM YoY, FY25 Q2: 8.9% Revenue growth, TTM YoY, FY25 Q3: 12.6% Revenue growth, TTM YoY, FY25 Q4: 14.2% Revenue growth, TTM YoY, FY26 Q1: 17.4% Revenue growth, TTM YoY, FY26 Q2: 20.6% Revenue growth, TTM YoY, FY26 Q3: 20.2% 20.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 19.2%
FY24 Q1 16.3%
FY24 Q2 16.1%
FY24 Q3 12.8%
FY24 Q4 13.9%
FY25 Q1 10.8%
FY25 Q2 8.9%
FY25 Q3 12.6%
FY25 Q4 14.2%
FY26 Q1 17.4%
FY26 Q2 20.6%
FY26 Q3 20.2%
Operating margin (TTM) SPX Technologies, Inc.
12% 13% 14% 15% 16% 17% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 12.7% Operating margin (TTM), FY24 Q1: 13.1% Operating margin (TTM), FY24 Q2: 13.8% Operating margin (TTM), FY24 Q3: 14.6% Operating margin (TTM), FY24 Q4: 15.5% Operating margin (TTM), FY25 Q1: 15.5% Operating margin (TTM), FY25 Q2: 15.7% Operating margin (TTM), FY25 Q3: 15.8% Operating margin (TTM), FY25 Q4: 15.5% Operating margin (TTM), FY26 Q1: 15.8% Operating margin (TTM), FY26 Q2: 16.2% Operating margin (TTM), FY26 Q3: 16.1% 16.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 12.7%
FY24 Q1 13.1%
FY24 Q2 13.8%
FY24 Q3 14.6%
FY24 Q4 15.5%
FY25 Q1 15.5%
FY25 Q2 15.7%
FY25 Q3 15.8%
FY25 Q4 15.5%
FY26 Q1 15.8%
FY26 Q2 16.2%
FY26 Q3 16.1%
FCF margin (TTM) SPX Technologies, Inc.
8% 9% 10% 11% 12% 13% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.6% FCF margin (TTM), FY24 Q1: 10.7% FCF margin (TTM), FY24 Q2: 9.2% FCF margin (TTM), FY24 Q3: 11.0% FCF margin (TTM), FY24 Q4: 12.5% FCF margin (TTM), FY25 Q1: 11.5% FCF margin (TTM), FY25 Q2: 10.7% FCF margin (TTM), FY25 Q3: 12.5% FCF margin (TTM), FY25 Q4: 10.6% FCF margin (TTM), FY26 Q1: 11.5% FCF margin (TTM), FY26 Q2: 12.3% FCF margin (TTM), FY26 Q3: 8.7% 8.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.6%
FY24 Q1 10.7%
FY24 Q2 9.2%
FY24 Q3 11.0%
FY24 Q4 12.5%
FY25 Q1 11.5%
FY25 Q2 10.7%
FY25 Q3 12.5%
FY25 Q4 10.6%
FY26 Q1 11.5%
FY26 Q2 12.3%
FY26 Q3 8.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar SPX Technologies took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.3B
  2. Cost of revenue $1.3B · 59.5%
  3. Gross profit $918M · 40.5%
  4. Research and development $54M · 2.4%
  5. Selling, general and admin $478M · 21.1%
  6. Other operating costs $35.7M · 1.6%
  7. Operating income $350M · 15.5%
  8. Income tax $68.6M · 3.0%
  9. Interest and other $37.8M · 1.7%
  10. Net income $244M · 10.8%

Shares of revenue. Source: SPX Technologies's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 4,175 4,099 4,273 4,895 1,969 1,694 1,559 1,472 1,426 1,513 1,124 1,128 1,220 1,461 1,741 1,984 2,265 2,598
Gross profit 1,264 1,232 1,207 1,340 483 426 276 376 330 410 402 396 432 524 670 799 918 1,036
EBITDA 450 402 320 −16 62 −145 −85 97 85 140 138 129 116 97 285 400 473 558
Operating income 375 320 237 −124 16 −185 −122 70 60 113 114 97 74 51 222 308 350 418
Net income 32 206 181 180 210 393 −83 −67 89 81 65 99 425 0 90 201 244 298
Diluted EPS $0.64 $4.08 $3.36 $3.61 $4.56 $9.14 −$2.03 −$2.02 $2.03 $1.82 $1.58 $2.16 $9.15 $0.00 $1.93 $4.26 $5.03 $5.89
Growth (year on year)
Revenue −28.3% −1.8% +4.2% +14.5% −59.8% −13.9% −8.0% −5.6% −3.2% +6.1% −25.7% +0.4% +8.1% +19.8% +19.2% +13.9% +14.2% +20.2%
EBITDA −21.9% −10.6% −20.5% −105.0% — −335.3% — — −11.8% +65.0% −1.4% −6.9% −9.9% −16.0% +192.7% +40.3% +18.3% +22.3%
Operating income −20.6% −14.5% −26.0% −152.3% — — — — −14.4% +87.8% +1.3% −15.0% −23.9% −30.8% +335.1% +38.9% +13.7% +22.8%
Net income −87.2% — −12.2% −0.1% +16.4% +87.4% −121.0% — — −9.1% −19.6% +51.6% +329.7% −100.0% — +123.0% +21.7% +33.6%
Diluted EPS −86.0% — −17.6% +7.4% +26.3% +100.4% −122.2% — — −10.3% −13.2% +36.7% +323.6% −100.0% — +120.7% +18.1% +25.8%
Margins
Gross margin 30.3% 30.0% 28.2% 27.4% 24.6% 25.2% 17.7% 25.5% 23.2% 27.1% 35.8% 35.1% 35.4% 35.9% 38.5% 40.3% 40.5% 39.9%
EBITDA margin 10.8% 9.8% 7.5% −0.3% 3.1% −8.5% −5.5% 6.6% 6.0% 9.3% 12.3% 11.4% 9.5% 6.7% 16.4% 20.2% 20.9% 21.5%
Operating margin 9.0% 7.8% 5.5% −2.5% 0.8% −10.9% −7.8% 4.8% 4.2% 7.4% 10.1% 8.6% 6.0% 3.5% 12.7% 15.5% 15.5% 16.1%
Net margin 0.8% 5.0% 4.2% 3.7% 10.7% 23.2% −5.3% −4.6% 6.3% 5.4% 5.8% 8.8% 34.9% 0.0% 5.2% 10.1% 10.8% 11.5%
Free-cash-flow margin — 4.5% 4.2% −0.2% 3.7% 3.4% −3.5% −0.9% 2.5% 6.5% 12.0% 9.8% 13.5% −10.5% 10.6% 12.5% 10.6% 8.7%
Cash flow
Cash from operations 471 254 323 70 105 76 −39 −1 47 111 149 126 175 −137 209 286 333 375
Capital spending — 71 145 82 32 19 16 12 11 12 14 15 10 16 24 38 92 148
Free cash flow — 183 177 −12 73 57 −55 −13 36 98 135 111 165 −153 185 248 241 227
Stock-based pay 27 30 39 39 27 33 34 14 16 16 13 13 13 11 13 15 17 17
Free cash flow after stock pay — 153 139 −51 47 24 −88 −27 20 83 123 98 152 −164 171 233 225 209
Balance sheet
Cash 523 455 551 984 575 232 97 100 124 69 51 64 388 148 99 157 364 119
Total debt 1,279 1,198 2,001 1,692 1,676 1,370 372 356 357 382 394 412 246 247 558 615 502 1,335
Net debt (negative = net cash) 756 742 1,450 708 1,100 1,138 275 257 233 313 343 348 −142 99 459 458 138 1,216
Diluted shares 50m 50m 51m 50m 46m 43m 41m 42m 44m 45m 45m 46m 46m 46m 47m 47m 49m 51m
Returned to shareholders
Dividends 50 — — 64 35 60 46 0 0 — — — — — — — — —
Buybacks 113 — — 246 260 489 0 0 — — — 0 0 34 0 0 — —
Total returned 164 — — 309 295 549 46 0 0 — — 0 0 34 0 0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 26, 2026
What it owns · $4.9bn
Short-term assets $1.2bnLonger-term assets $3.7bn
What it owes, and who funded it · $3.1bn
Short-term liabilities $627mShareholders' equity $2.4bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $627m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $119m of cash against $1.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 52% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 20% to 52% over five years.
  • A year's operating cash flow covers at least 20% of debt $375m of operating cash flow against $1.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $418m against $36m of interest.

From SPX Technologies, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+6.2%
year over year
Sales & admin spending
19.8%
of revenue
Days sales outstanding
67 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated SPXC WTS MBC SSD JELD WMS Median
Revenue, last 12 months $2.6bn $2.7bn $2.8bn $2.4bn $3.2bn $3.2bn $1.8bn
Revenue growth, last 12 months 20.2% 17.1% −0.0% 6.5% −8.1% 10.4% 3.7%
Revenue growth, 3-year average 15.2% 10.3% −2.7% 3.9% −11.4% 3.2% 3.6%
Revenue growth, latest quarter 20.5% 18.6% 11.5% 6.3% −0.7% 20.6% 8.0%
Gross margin 39.9% 48.9% 26.9% 45.7% 15.5% 38.6% 32.0%
Operating margin 16.1% 19.1% −1.1% 20.6% −8.8% 20.7% 7.0%
Operating margin, 3-year average 15.5% 17.9% 5.7% 20.0% −5.6% 22.3% 10.7%
Net margin 11.5% 14.3% −3.5% 15.6% −16.4% 14.0% 5.1%
Cash from operations / revenue 14.4% 14.9% 5.3% 23.7% −1.8% 25.0% 12.4%
Free-cash-flow margin 8.7% 13.1% 2.7% 19.3% −5.1% 17.1% 8.9%
Free-cash-flow margin, 3-year average 10.7% 13.6% 5.8% 10.9% −2.5% 16.2% 8.5%
Stock pay / revenue 0.7% 0.9% 0.8% 0.9% 0.5% 1.2% 0.7%
Change in share count 6.2% 0.0% 3.0% −1.4% 1.1% −0.1% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth 20.2% 4.0% 5 of 46
Change in growth rate Growth -0.5pp +0.8pp 30 of 46
Gross margin Profitability 39.9% 32.1% 10 of 43
Operating margin Profitability 16.1% 7.2% 16 of 45
Net margin Profitability 11.5% 5.6% 17 of 46
Free-cash-flow margin Cash generation 8.7% 9.1% 24 of 46
Stock pay as % of revenue Cash generation 0.7% 0.7% 15 of 41
Long-term debt as % of assets Balance sheet 25.7% 25.7% 19 of 37
Change in share count Balance sheet 6.2% -0.6% 40 of 44
Days sales outstanding Balance sheet 67 days 53 days 27 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Package and Process Cooling Equipment and Services and Engineered Air Movement and Handling Solutions $933M 41.2% ▲ 5.5%
Hydronic Heating Electrical Heating and Ventilation $585M 25.8% ▲ 21.8%
Communication Technologies Aids To Navigation and Transportation Systems $491M 21.7% ▲ 37.0%
Underground Locators Inspections and Rehabilitation Equipment and Robotic Systems $256M 11.3% ▼ 1.9%
Geography
Region Revenue Share YoY
United States $1.8B 80.0% ▲ 10.5%
Canada $193M 8.5% ▲ 73.8%
United Kingdom $95.5M 4.2% ▲ 5.1%
Other Foreign Countries $91.9M 4.1% ▲ 20.9%
China $71.7M 3.2% ▲ 10.5%

From SPX Technologies, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$11.5B
Institutions reporting
506
Shares held vs prior quarter
▼ 1.7%
Positions opened / closed
89 / 62

Top buyers and sellers, Q2 2026: 260 institutions bought and 230 sold ; the biggest buyer was Jane Street Group, LLC (+764K shares) and the biggest seller Blackrock, Inc (−1.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.2B 4.9M 10.3% ▼ 22.1%
Capital International Investors $629M 2.6M 5.5% ▼ 11.3%
Capital World Investors $573M 2.3M 5.0% ▲ 33.9%
Vanguard Portfolio Management LLC $555M 2.3M 4.8% ▼ 9.0%
Vanguard Capital Management LLC $554M 2.3M 4.8% ▲ 1.2%
Jupiter Topco LLC $466M 1.9M 4.0% —
Invesco Ltd. $391M 1.6M 3.4% ▼ 16.5%
State Street Corp $382M 1.6M 3.3% ▼ 12.7%
FMR LLC $250M 1.0M 2.2% ▲ 3.7%
Geode Capital Management, LLC $232M 945K 2.0% ▼ 24.7%
Dimensional Fund Advisors LP $211M 860K 1.8% ▲ 1.3%
First Trust Advisors LP $205M 837K 1.8% ▼ 38.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not SPX Technologies, Inc.'s complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $19.9M 11 trades by 3 insiders · 0% under pre-set plans
Net ▼ $19.9M net selling
Insider Date Trade Shares Price Value
Lowe Eugene Joseph Iii PRESIDENT AND CEO March 2, 2026 Sell 6,508 $224.36 $1.5M
Lowe Eugene Joseph Iii PRESIDENT AND CEO March 2, 2026 Sell 29,830 $225.23 $6.7M
Lowe Eugene Joseph Iii PRESIDENT AND CEO March 2, 2026 Sell 5,078 $225.85 $1.1M
Data J Randall PRES., HEATING AND GLOBAL OPER December 11, 2025 Sell 500 $216.11 $108,055
Data J Randall PRES., HEATING AND GLOBAL OPER December 11, 2025 Sell 10,486 $215.25 $2.3M
Data J Randall PRES., HEATING AND GLOBAL OPER December 11, 2025 Sell 314 $217.20 $68,201
Data J Randall PRES., HEATING AND GLOBAL OPER December 11, 2025 Sell 300 $218.51 $65,553
Data J Randall PRES., HEATING AND GLOBAL OPER December 11, 2025 Sell 400 $213.89 $85,556
Swann John William Iii PRES., DETECTION & MEASUREMENT November 19, 2025 Sell 2,944 $207.10 $609,702
Swann John William Iii PRES., DETECTION & MEASUREMENT November 19, 2025 Sell 17,891 $206.51 $3.7M
Swann John William Iii PRES., DETECTION & MEASUREMENT November 19, 2025 Sell 17,920 $205.47 $3.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 16 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of SPX Technologies, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded July 16, 2026, filed September 4, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded November 6, 2025, filed December 15, 2025
  • Josh Gottheimer(D-NJ 5):Sale (partial), $1,001 - $15,000, traded April 9, 2025, filed May 14, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 24, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on SPX Technologies, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

SPX Technologies, Inc. in brief

What does SPX Technologies, Inc. do?
SPX Technologies, Inc. is a US-listed company in the building products industry. Its financial year ends in December.
What is SPX Technologies, Inc.'s stock ticker?
SPX Technologies, Inc. trades under the ticker SPXC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is SPX Technologies, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, SPX Technologies, Inc. reported revenue of $2.6B, 20.2% higher than a year earlier, according to its SEC filings.
What is SPX Technologies, Inc.'s free cash flow?
SPX Technologies, Inc.'s free-cash-flow margin is 8.7% of revenue over the trailing twelve months, ranking 24 of the 46 building products companies we cover.
What is SPX Technologies, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of SPX Technologies, Inc.'s free cash flow after stock-based pay gives ~$210 per share in the base case, and ~$150–$280 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are SPX Technologies, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Capital International Investors and Capital World Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is SPX Technologies, Inc.'s market cap?
On November 2, 2026, SPX Technologies, Inc.'s market capitalisation was about $8.2B, with a price-to-earnings ratio of 27.5 and net debt of $1.2B. Market figures come from third-party market data and may be delayed.
How much debt does SPX Technologies, Inc. have?
SPX Technologies, Inc.'s debt-to-equity ratio is 51.5%, from its latest balance sheet (20.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are SPX Technologies, Inc.'s competitors?
In our Building Products peer group, the companies closest to SPX Technologies, Inc. are Watts Water Technologies Inc, Masterbrand, Inc., Simpson Manufacturing Co., Inc., Jeld-wen Holding, Inc. and Advanced Drainage Systems, Inc. The side-by-side comparison below sets their revenue, margins and growth against SPX Technologies, Inc.'s.
Are insiders buying or selling SPX Technologies, Inc. stock?
Over the last 12 months, SPX Technologies, Inc.'s directors and officers reported 0 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is SPX Technologies, Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — SPX Technologies, Inc. announces its own schedule.