Loading…
Diversified industrial manufacturer making HVAC cooling equipment, heat-transfer products and detection/measurement instruments.
Diversified industrial manufacturer making HVAC cooling equipment, heat-transfer products and detection/measurement instruments.
Sells cooling towers, boilers and other heating and ventilation products to building owners and contractors, with replacement and aftermarket parts a steadier line behind new-build orders. Detection tools such as utility locators for finding buried pipes and cables serve a different customer base.
Moat: narrow (brand, installed base, distribution). Established brands in niche cooling/heat-transfer categories with long replacement cycles support recurring aftermarket demand.
Headquarters: Charlotte, North Carolina, US · Founded: 1912 · Employees: 4,700
Size SPX Technologies (SPXC) is a United States Industrials company (Building Products) with a market value of $7.15B, the 948th largest of 3,117 United States companies the cockpit tracks. Shares closed at $142.71 on 6 Nov 2026.
Performance Over six months the shares fell 29.6%, against +4.3% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 20.2% over the last twelve months (peer median +3.0%); the operating margin is 17.2% (peer median 14.0%).
Valuation It trades at 15.3× forward earnings against a peer median of 16.7× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.6 points below its cost of capital (10.2% WACC).
Backlog Backlog (remaining performance obligations) was $153M at 26 Sep 2026, down 55% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.60B | $2.27B | $1.98B | $1.74B | $1.46B |
| Revenue growth | — | +14% | +14% | +19% | — |
| Gross profit | $937M | $830M | $735M | $626M | $495M |
| EBITDA | $587M | $504M | $416M | $300M | $111M |
| Net income | $306M | $246M | $202M | $145M | $19.8M |
| Free cash flow | $227M | $241M | $248M | $185M | -$153M |
| Capital expenditure | $148M | $92.1M | $38.0M | $23.9M | $15.9M |
| Total debt | $1.33B | $577M | $670M | $598M | $291M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SPX Technologies SPXC | $7.15B | -30% | +20% | 17% | 15.3× | 15.7% |
| Trane Technologies TT | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% |
| Johnson Controls JCI | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% |
| Modine Manufacturing MOD | $5.14B | -65% | +35% | 11% | 12.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SPXC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.3% | +2.6% | 2nd lowest of 21 |
| 6-month return | -29.6% | +4.3% | 3rd lowest of 21 |
| Distance from 52-week high | -43.2% | -20.5% | 4th lowest of 21 |
| Revenue growth (TTM) | +20.2% | +3.0% | 4th highest of 21 |
| Operating margin | 17.2% | 14.0% | 8th highest of 20 |
| Forward P/E | 15.3× | 16.7× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.7% | 4.7% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +15.0% | +6.0% | 2nd highest of 19 |
| Hurdle (Req g minus delivered) | +0.7 pp | +1.1 pp | 10th least demanding of 19 |
| ROIC minus cost of capital | -0.6 pp | +5.5 pp | 3rd lowest of 20 |
| EV / EBITDA | 14.2× | 11.2× | 3rd most expensive of 16 |
| Net debt / EBITDA | 2.1× | 0.6× | 3rd most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SPX Technologies SPXC | United States | $7.15B | -30% | +20% | 17% | 15.3× | 15.7% | +15.0% |
| Simpson Manufacturing SSD | United States | $8.07B | +4% | +5% | 20% | 20.9× | 13.2% | +13.0% |
| A. O. Smith AOS | United States | $8.67B | +10% | -1% | 18% | 17.3× | 4.5% | +5.8% |
| Fortune Brands Innovations FBIN | United States | $5.74B | +27% | -3% | 14% | 19.7× | 5.3% | -6.0% |
| Toto 5332.T | Japan | $5.40B | -1% | +5% | 8% | 18.2× | 7.8% | +5.0% |
| Sanwa 5929.T | Japan | $5.10B | +8% | +2% | 11% | 14.8× | -2.6% | +9.1% |
| Griffon GFF | United States | $4.58B | +15% | -12% | 20% | 17.1× | 7.5% | +4.0% |
| Watsco WSO | United States | $12.7B | -28% | 0% | 9% | 24.3× | 13.2% | +7.4% |
| SPIC Industry-Finance 000958.SZ | China | $14.0B | -14% | +102% | n/a | 22.2× | n/a | n/a |
| Nichias 5393.T | Japan | $3.52B | -5% | +3% | 15% | 15.2× | 7.1% | +5.1% |
| Carlisle Companies CSL | United States | $14.5B | +4% | +4% | 20% | 15.9× | 3.7% | +4.8% |
| STO Express 002468.SZ | China | $3.40B | -8% | +26% | 5% | 10.2× | -12.5% | +20.8% |
| Masco MAS | United States | $15.8B | +15% | +1% | 18% | 18.0× | 4.9% | +1.0% |
| Rinnai 5947.T | Japan | $3.07B | -3% | +4% | 10% | 13.3× | -9.5% | +6.4% |
| Shanghai Mechanical & Electrical Industry 600835.SS | China | $2.34B | -27% | -2% | 2% | 22.5× | 0.6% | -3.8% |
| Reliance Worldwide RWC.AX | Australia | $2.33B | +47% | -5% | 12% | 16.3× | 9.9% | +7.5% |
| Qingdao East Steel Tower Stock 002545.SZ | China | $2.25B | -50% | +23% | 32% | 8.5× | -10.2% | +13.0% |
| Jangho 601886.SS | China | $2.01B | +26% | +14% | 5% | 15.0× | -0.1% | +3.9% |
| Kajaria Ceramics KAJARIACER.NS | India | $1.96B | +7% | +14% | 16% | 26.1× | 26.2% | +11.7% |
| Tecnoglass TGLS | United States | $1.95B | +10% | +10% | 18% | 13.8× | n/a | n/a |
| Hyundai Elevator 017800.KS | South Korea | $1.79B | -31% | -9% | 9% | 9.4× | -5.5% | +6.3% |
SPX Technologies reported $153M of remaining performance obligations at 26 Sep 2026, down 55% from a year earlier and down 13% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.97.