SPX Technologies, Inc.SPXC
NYSE•Industrials•Building Products & Equipment
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. 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.
SPX Technologies, Inc. (SPXC) reported trailing twelve months revenue of $2.35B as of March 2026, a 17.4% increase year-over-year. Quarterly revenue reached $566.80M, reflecting continued top-line momentum.
SPX Technologies, Inc. generated $252.70M in TTM net income, with quarterly EBITDA of $119.80M. The operating margin expanded from 13.8% to 15.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (15.5%) and net margin (10.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 10.6% a year ago, reflecting increased costs or interest expense.
SPXC trades at a P/E of 39.5x (a premium multiple) and a P/S of 4.3x. The price-to-book ratio of 4.4x reflects a moderate premium to book value.
The company generated $12.10M in free cash flow over the trailing twelve months, a 173.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $3.88B in total assets with $643.70M in long-term debt against $2.29B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~15.6%, suggesting durable pricing power and cost discipline.
ROE is positive at ~12.0% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~24.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~15.8% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 8.0% — significant dilution, likely from stock compensation or capital raises.