Research · Sep 3, 2026
[SPXC] SPX Technologies Thesis 2026: Detection and Cooling EBITDA Guided Twenty Percent Higher
SPX Technologies, Inc. FY25 revenue $2.27B (+14%); op income $352M (+14%); NI $246M (+22%); EPS $5.03 (+17%). FCF $241M. Q4 total revenue +19.4% YoY. HVAC segment Q4 revenue +16.4% (5.5% inorganic + modest FX tailwind; 10.3% organic); segment income +$17M (+18%); segment margin +40bp. Detection and Measurement Q4 revenue +26.3% (KTS acquisition contributing 23.2% + modest FX; 1.7% organic); segment income +$10M (+27%); margin +20bp. Strong close to 2025: full-year adjusted EBITDA + adjusted EPS +21%. Value creation initiatives: organic capacity expansion in HVAC + inorganic acquisitions (Thermalek, Air Enterprises, Ron Industries) + new HVAC facilities + Madison, Alabama facility purchase for data center + custom air handling solutions. Total debt $498M (-26% YoY); buyback $0; dividend $0. FY26 guide: total company revenue $2.535B-$2.605B (+12-15%); segment income margin 24.6-25.1%; adjusted EBITDA $590M-$620M (+~20% midpoint); adjusted EPS $7.60-$8.00 (+~15%); HVAC segment revenue $1.80-$1.84B / margin 24.5-25%; Detection + Measurement segment revenue $735M-$765M / margin 24.75-25.25%. Risks: HVAC competition (Carrier, Lennox, Trane, Daikin, Mitsubishi Electric, Watts Water, Pentair, Generac), data center hyperscaler capex cycle, M&A integration, D+M competition (AMETEK, Teledyne, Roper, IDEX), commodity costs.