Spx Corp. (SPXC)
NYSE:SPXC
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SPX
(NYSE:SPXC)
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Rating:76Outperform
Price Target:
$223.00
▲(3.26% Upside)
Action:ReiteratedDate:02/25/26
The score is driven by solid financial performance (improving margins and lower leverage) and a constructive outlook from the latest earnings call (strong 2026 growth guidance and record backlogs), reinforced by bullish technical trends. The main constraint is valuation, with a high P/E and no dividend yield provided, plus execution/timing risks tied to capacity ramp and project timing.
Positive Factors
Revenue & Margin Expansion
Sustained multi-year revenue growth and meaningful margin expansion show structural improvement in pricing, mix and scale across segments. This trend supports durable profitability, reinvestment capacity and competitive positioning across HVAC and Detection & Measurement over the medium term.
Negative Factors
Capex Timing & Ramp Risk
Large planned capacity additions carry multi-year ramp schedules; delays or equipment shortages can defer revenue recognition and compress near-term margins. Extended ramp timelines also increase working capital needs and compound execution risk during the critical build-out period.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Margin Expansion
Sustained multi-year revenue growth and meaningful margin expansion show structural improvement in pricing, mix and scale across segments. This trend supports durable profitability, reinvestment capacity and competitive positioning across HVAC and Detection & Measurement over the medium term.
Read all positive factors
SPX (SPXC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.77B
Dividend YieldN/A
Average Volume (3M)420.97K
Price to Earnings (P/E)30.6
Beta (1Y)1.40
Revenue Growth12.60%
EPS Growth24.02%
CountryUS
Employees4,300
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)1.88
Shares Outstanding49,876,890
10 Day Avg. Volume452,598
30 Day Avg. Volume420,974
Financial Highlights & Ratios
PEG Ratio2.33
Price to Book (P/B)4.28
Price to Sales (P/S)4.22
P/FCF Ratio39.67
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue4.81
Enterprise Value/Gross Profit12.47
Enterprise Value/Ebitda22.50
Forecast
1Y Price Target
$255.44Price Target Upside18.28% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)7.83
Revenue Forecast (FY)$2.58B
SPX Business Overview & Revenue Model
Company Description
SPX Technologies, Inc. supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, China, the United Kingdom, and internationally. The company operates in two ...
How the Company Makes Money
SPX Technologies makes money primarily by selling engineered products, systems, and related solutions through its operating segments. In the HVAC segment, revenue is generated from the manufacture and sale of HVAC-related equipment and components ...
SPX Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line and profit growth, record backlogs, robust free cash flow conversion, active and strategic M&A, and aggressive capacity investments to capture growing data center and HVAC demand. Management acknowledged near-term headwinds from a $20M project pull-forward, start-up costs related to capacity expansion, and timing risks on equipment delivery and facility ramps. Overall, the company communicated clear execution plans, sizable revenue and EBITDA guidance growth for 2026, and manageable risks tied to timing and concentration.Positive Updates
Full-Year Earnings Growth
Full year adjusted EBITDA and adjusted EPS grew 21% year-over-year; full year adjusted EPS was $6.76 (toward the upper end of guidance).
Negative Updates
Project Pull-Forward Impact on 2026
A customer pulled a ~ $20M project from 2026 into 2025, creating an approximate 5% headwind to 2026 growth for the Detection & Measurement segment (explains flatter year-over-year D&M top-line guidance).
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Earnings Growth
Full year adjusted EBITDA and adjusted EPS grew 21% year-over-year; full year adjusted EPS was $6.76 (toward the upper end of guidance).
Read all positive updates
Company Guidance
SPX introduced full‑year 2026 guidance (inclusive of Thermalek, Air Enterprises and Ron Industries; Crawford United industrial/transportation businesses excluded) calling for total revenue of $2,535M–$2,605M, adjusted EBITDA of $590M–$620M (midpoint implying ~20% y/y EBITDA growth and ~23.5% EBITDA margin), adjusted EPS of $7.60–$8.00 (midpoint ≈15% growth), and consolidated segment income margin of 24.6%–25.1%. By segment, HVAC revenue is guided to $1,800M–$1,840M with a segment margin of 24.5%–25.0% (noting ~50 bps of temporary start‑up costs in 2026), and Detection & Measurement revenue to $735M–$765M with a 24.75%–25.25% segment margin (roughly +140 bps at the midpoint driven by mix and cost initiatives). The company expects Q1 as a percent of the full‑year midpoint to be similar to last year, plans roughly $100M of capacity expansion capex in 2026 (on top of ~$60M in 2025) that should enable nearly half of HVAC’s 2026 growth and ultimately add ~ $700M of incremental capacity at full production, and closed 2025 with $366M cash, $502M debt (leverage ~0.3x; ~1.0x including announced acquisitions), $294M adjusted FCF (≈90% conversion), HVAC backlog of $585M (+22% organic) and D&M backlog of $350M (+43% organic).SPX Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.27B | 1.98B | 1.74B | 1.46B | 1.22B |
| Gross Profit | 830.30M | 799.40M | 670.00M | 523.90M | 431.80M |
| EBITDA | 484.80M | 392.70M | 276.70M | 82.80M | 125.30M |
| Net Income | 245.50M | 200.50M | 89.90M | 200.00K | 425.40M |
Balance Sheet | |||||
| Total Assets | 3.60B | 2.71B | 2.44B | 1.93B | 2.63B |
| Cash, Cash Equivalents and Short-Term Investments | 364.00M | 156.90M | 99.40M | 147.80M | 388.20M |
| Total Debt | 498.10M | 670.30M | 558.30M | 246.80M | 246.00M |
| Total Liabilities | 1.37B | 1.33B | 1.25B | 851.70M | 1.53B |
| Stockholders Equity | 2.24B | 1.38B | 1.19B | 1.08B | 1.10B |
Cash Flow | |||||
| Free Cash Flow | 241.20M | 247.90M | 184.60M | -152.70M | 165.00M |
| Operating Cash Flow | 333.30M | 285.90M | 208.50M | -136.80M | 174.60M |
| Investing Cash Flow | -561.00M | -284.50M | -570.20M | -66.10M | 314.10M |
| Financing Cash Flow | 425.50M | 53.10M | 309.60M | -38.90M | -167.60M |
SPX Technical Analysis
Positive
215.97
Price Trends
214.63
Positive
212.49
Positive
200.46
Positive
Market Momentum
-1.08
Negative
57.85
Neutral
94.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPXC, the sentiment is Positive. The current price of 215.97 is above the 20-day moving average (MA) of 201.16, above the 50-day MA of 214.63, and above the 200-day MA of 200.46, indicating a bullish trend. The MACD of -1.08 indicates Negative momentum. The RSI at 57.85 is Neutral, neither overbought nor oversold. The STOCH value of 94.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SPXC.
SPX Risk Analysis
SPX disclosed 42 risk factors in its most recent earnings report. SPX reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SPX Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $10.09B | 27.54 | 17.82% | 0.70% | 4.18% | 16.05% | |
76 Outperform | $10.77B | 30.59 | 13.29% | ― | 12.60% | 24.02% | |
70 Outperform | $10.27B | 31.85 | 25.19% | 1.28% | 2.37% | -6.93% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $13.85B | 33.29 | 4.18% | 0.97% | -4.99% | 22.16% | |
57 Neutral | $5.99B | 29.66 | 9.48% | ― | -0.24% | 389.03% | |
47 Neutral | $9.95B | 219.88 | 1.26% | ― | 5.47% | -75.40% |
* Industrials Sector Average
SPXC
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SPX Corporate Events
Business Operations and StrategyExecutive/Board Changes
SPX Technologies announces retirement of key operations executive
Neutral
Feb 2, 2026
On February 2, 2026, SPX Technologies, Inc. announced that J. Randall Data, its President of Global Operations and Data Center Solutions, informed the company of his decision to retire, effective March 20, 2026. The leadership change marks a forth...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.