SPX Technologies, Inc.
- Open
- 196.00
- Day high
- 196.00
- Day low
- 191.06
- Prev close
- 193.27
- Volume
- 45K
- Mkt cap
- $9.7B
- P/E (TTM)
- 34.3
- EPS (TTM)
- $5.63
- P/B
- 4.1
- P/S
- 3.9
- Yield
- —
- Per share
- —
SPX Technologies, Inc. (SPXC) is a Industrials company listed on NYSE. The stock is up 6% over the past year. Drillr has 1 published research article covering SPXC.
SPX Technologies, Inc. (SPXC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SPXC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.85 | $2.02 | +9.2% | $679M | +6.1% |
| Apr 30, 2026 | $1.55 | $1.69 | +9.0% | $567M | +1.6% |
| Feb 24, 2026 | $1.86 | $1.88 | +1.1% | $637M | +15.2% |
| Oct 30, 2025 | $1.60 | $1.84 | +15.0% | $593M | -5.3% |
| Jul 31, 2025 | $1.45 | $1.65 | +13.8% | $552M | -2.4% |
| May 1, 2025 | $1.16 | $1.38 | +19.0% | $483M | +0.3% |
| Aug 1, 2024 | $1.26 | $1.42 | +12.5% | $501M | +1.9% |
| May 2, 2024 | $1.04 | $1.25 | +19.6% | $465M | +2.2% |
| Feb 22, 2024 | $1.26 | $1.25 | -0.8% | $469M | -3.1% |
| Nov 2, 2023 | $0.96 | $1.06 | +10.6% | $449M | +4.1% |
| Aug 2, 2023 | $0.84 | $1.06 | +26.6% | $423M | -1.6% |
| May 4, 2023 | $0.60 | $0.93 | +55.5% | $400M | +20.7% |
SPXC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 28, 2026 | Deck Brian Adirector | Grant | 542 | — |
| May 14, 2026 | OLEARY PATRICK Jdirector | Grant | 754 | — |
| May 14, 2026 | Willis Angel Sdirector | Grant | 754 | — |
| May 14, 2026 | PUCKETT RICK Ddirector | Grant | 754 | — |
| May 14, 2026 | SHAW RUTH Gdirector | Grant | 754 | — |
| May 14, 2026 | Sethna Meenaldirector | Grant | 754 | — |
| May 14, 2026 | Utley Tana Leighdirector | Grant | 754 | — |
| May 14, 2026 | ROBERTS DAVID Adirector | Grant | 754 | — |
| May 14, 2026 | Toth Robert Bdirector | Grant | 754 | — |
| Mar 4, 2026 | McClenaghan Seanofficer: PRESIDENT, HVAC SEGMENT | Tax | 278 | $225.02 |
| Mar 4, 2026 | McClenaghan Seanofficer: PRESIDENT, HVAC SEGMENT | Grant | 3,141 | $225.02 |
| Mar 4, 2026 | Whitman Daniel Jayofficer: VP, GEN. COUNSEL & SECRETARY | Grant | 1,389 | $225.02 |
| Mar 4, 2026 | Carpenter Jenniferofficer: VP AND CHRO | Grant | 1,208 | $225.02 |
| Mar 4, 2026 | Carano Mark Aofficer: VP, CFO & TREASURER | Grant | 3,363 | — |
| Mar 4, 2026 | Swann John William IIIofficer: PRES., DETECTION & MEASUREMENT | Tax | 196 | $225.02 |
Source: SPXC SEC Form 4 filings, latest Jul 28, 2026. For informational purposes only — not investment advice.
See the full SPXC insider & 13F page →SPX Technologies, Inc. company profile
Overview
SPX Technologies, Inc. (NYSE:SPXC) is an industrial equipment manufacturer founded in 1912 and headquartered in Charlotte, North Carolina. The company has evolved from its origins as a diversified industrial conglomerate into a focused provider of specialized infrastructure equipment serving critical markets. Following a strategic transformation that included the spinoff of various business units, SPX Technologies emerged in its current form and went public in 1980. Today, the company operates as a pure-play industrial equipment provider with two distinct business segments serving the heating, ventilation, and air conditioning (HVAC) markets and the detection and measurement markets globally.
Business
SPX Technologies operates in the industrial machinery sector, providing specialized infrastructure equipment through two primary business segments that serve fundamentally different but equally critical markets. The HVAC segment represents the larger portion of the business, generating approximately 65-70% of total revenues. This division engineers, designs, manufactures, installs, and services cooling and heating equipment for industrial, commercial, and residential applications. The segment's products include package and process cooling systems (such as cooling towers and evaporative condensers), engineered air movement solutions (industrial fans and blowers), boilers, and comfort heating and ventilation products. These products serve diverse end markets including data centers, healthcare facilities, pharmaceutical plants, power generation facilities, and commercial buildings. The segment operates under well-established brands including Marley (cooling towers), Patterson-Kelley and Weil-McLain (boilers), Cincinnati Fan (air movement), and Berko/Qmark (comfort heating). The Detection and Measurement segment accounts for approximately 30-35% of revenues and provides sophisticated underground infrastructure location and inspection equipment, along with specialized communication and safety technologies. This segment offers underground pipe and cable locators, inspection and rehabilitation equipment for utilities and municipalities, robotic systems for infrastructure assessment, bus fare collection systems, communication technologies for transit and military applications, and obstruction lighting products for aviation and marine safety. The segment serves utility companies, municipalities, transportation authorities, military organizations, and infrastructure contractors through brands like Radiodetection (utility locating), Pearpoint (pipeline inspection), Genfare (transit fare systems), and Flash Technology (obstruction lighting). Both segments benefit from the critical nature of infrastructure maintenance and the regulatory requirements that drive demand for their specialized equipment and services.
Revenue model
SPX Technologies generates revenue primarily through product sales and service fees across both business segments, with different customer bases and market dynamics driving each segment's performance. The HVAC segment operates on a traditional manufacturing business model, selling engineered equipment directly to end customers, through distributors, and via independent representatives. Revenue comes from both new equipment sales and replacement/service business. The segment benefits from long equipment lifecycles (typically 15-25 years) that create predictable replacement demand, while also capturing growth from new construction and facility expansions. Key paying customers include mechanical contractors, building owners, industrial facility operators, and original equipment manufacturers. The business model generates higher margins on engineered, custom solutions compared to standard products. The Detection and Measurement segment combines product sales with recurring service revenue streams. This segment sells sophisticated equipment to utility companies, municipalities, transportation authorities, and government agencies, often through multi-year contracts or framework agreements. Many products in this segment benefit from regulatory mandates (such as utility marking requirements and aviation safety regulations) that create non-discretionary demand. The segment also generates recurring revenue through software subscriptions, maintenance contracts, and consumable components. Several factors influence the company's margins and profitability. Positive margin drivers include the specialized, engineered nature of many products that command premium pricing, the replacement-driven demand in HVAC that provides pricing stability, regulatory requirements in detection and measurement that reduce price sensitivity, and the company's continuous improvement initiatives that drive operational efficiency. Margin pressures can arise from commodity price volatility (steel, copper, and other raw materials), labor cost inflation, competitive pricing in standard product categories, foreign exchange fluctuations on international sales, and tariff impacts on imported components. The company actively manages these pressures through pricing strategies, supply chain optimization, and operational improvements.
Competitive moat
SPX Technologies possesses a moderate competitive moat built primarily on specialized engineering capabilities, established brand recognition, and customer relationships, though the strength varies significantly between its two business segments. In the HVAC segment, the company's moat stems from its engineering expertise in custom cooling solutions, particularly for mission-critical applications like data centers and pharmaceutical facilities where reliability is paramount. The segment benefits from strong brand recognition built over decades (Marley cooling towers have been industry standards since the 1920s), established relationships with mechanical contractors and consulting engineers who specify equipment, and the high switching costs associated with replacing large industrial cooling systems. However, this moat faces pressure from larger, well-capitalized competitors like Johnson Controls and Carrier, as well as emerging technologies in cooling and heating that could disrupt traditional approaches. The Detection and Measurement segment exhibits a stronger competitive position due to the highly specialized nature of its products and the regulatory requirements that govern many applications. The segment's underground utility locating equipment requires sophisticated technology and regulatory approvals that create barriers to entry, while the mission-critical nature of infrastructure inspection creates customer stickiness. Government and utility customers often prefer working with established, proven suppliers due to the consequences of equipment failure. However, this segment faces potential disruption from advancing sensor technologies, drone-based inspection methods, and software-driven solutions that could commoditize certain product categories. The company's overall moat is strengthened by its focus on niche, specialized applications rather than competing in broad commodity markets, but it remains vulnerable to technological disruption and competition from larger, better-capitalized industrial conglomerates that could enter these markets with superior resources.
Risks & safety
SPX Technologies demonstrates a moderate margin of safety with solid financial fundamentals but elevated valuation metrics that warrant caution. **Financial Strength:** • Strong balance sheet with $178 million cash and current ratio of 1.88 • Manageable debt levels with debt-to-equity ratio of 0.67 and leverage ratio of 1.9x • Positive free cash flow generation of $248 million in 2024 (108% of adjusted net income) • No immediate solvency concerns given strong cash position and credit facility **Valuation Concerns:** • High P/E ratio of 29.4x based on current earnings • EV/EBITDA of 25.5x appears elevated for an industrial equipment company • Price-to-book ratio of 4.2x suggests premium valuation relative to tangible assets • Graham number of $27.76 indicates potential overvaluation at current price of $144.73 **Other Considerations:** • Strong earnings growth trajectory with 36% EBITDA growth in 2024 provides some justification for premium • Cyclical nature of industrial equipment markets creates earnings volatility risk • Tariff exposure estimated at $6 million net impact annually adds uncertainty • Active M&A strategy requires continued execution success to justify valuations
Recent development
Over the past few years, SPX Technologies has executed a focused growth strategy centered on strategic acquisitions, product innovation, and market expansion, particularly in high-growth sectors like data centers and infrastructure modernization. The company has been highly active in acquisitions to strengthen both business segments. In the HVAC segment, key acquisitions include Ingénia (custom air handling systems), TAMCO and ASPEQ (cooling technologies), and most recently Sigma and Omega (Canadian cooling market presence). These acquisitions have expanded the company's product portfolio, geographic reach, and engineering capabilities while providing immediate revenue and margin accretion. In the Detection and Measurement segment, the acquisition of Kranze Technology Solutions (KTS) significantly expanded the company's communication technologies platform, particularly for military applications, adding approximately $80-90 million in annual revenue. Product innovation has focused heavily on sustainability and efficiency solutions. The HVAC segment has introduced adiabatic cooling products for water conservation, biofuel boilers, heat pump-boiler combinations, and advanced cooling solutions specifically designed for data center applications. The Detection and Measurement segment has launched precision locators for utility infrastructure mapping, acoustic detection technology for underground utilities, and enhanced robotic inspection systems. The company has also pursued operational excellence initiatives, achieving a 30% reduction in carbon intensity while implementing continuous improvement programs that have driven significant margin expansion across both segments. Management has maintained disciplined capital allocation, using strong cash generation to fund acquisitions while maintaining financial flexibility through an expanded $1 billion credit facility. Looking forward, the company is positioning itself to capitalize on secular growth trends including data center expansion, infrastructure modernization driven by government spending, and the increasing complexity of underground utility networks that require sophisticated detection equipment.
SPXC company profile · for informational purposes only — not investment advice.
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