SPX Corporation (SPXC)
NYSE:SPXC
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SPX
(NYSE:SPXC)
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Rating:72Outperform
Price Target:
$226.00
▲(1.11% Upside)
Action:Reiterated
Date:05/13/26
The score is driven primarily by solid underlying financial performance and a strongly positive earnings call with raised guidance and robust operational trends. These strengths are tempered by weak technical momentum (price below key moving averages and negative MACD) and a relatively expensive valuation (P/E ~37.8 with no dividend yield provided).
Positive Factors
Strong Q1 performance and raised guidance
Sustained top-line growth with meaningful EBITDA and EPS expansion plus an upward guidance revision indicate durable operating leverage and improved execution. This strengthens long-term earnings visibility, supports reinvestment and M&A, and reduces reliance on cyclical recovery for profit improvement.
Negative Factors
HVAC margin pressure from start-up costs
Start-up costs tied to capacity expansions compress near-term margins and can persist through ramp periods. Until new lines reach scale, these costs will weigh on segment profitability and slow margin recovery, requiring careful execution and timing to realize anticipated operating-leverage benefits.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Q1 performance and raised guidance
Sustained top-line growth with meaningful EBITDA and EPS expansion plus an upward guidance revision indicate durable operating leverage and improved execution. This strengthens long-term earnings visibility, supports reinvestment and M&A, and reduces reliance on cyclical recovery for profit improvement.
Read all positive factors
SPX (SPXC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.97B
Dividend YieldN/A
Average Volume (3M)583.23K
Price to Earnings (P/E)37.8
Beta (1Y)1.34
Revenue Growth17.39%
EPS Growth20.78%
CountryUS
Employees4,300
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)5.20
Shares Outstanding50,064,840
10 Day Avg. Volume593,582
30 Day Avg. Volume583,231
Financial Highlights & Ratios
PEG Ratio2.24
Price to Book (P/B)4.28
Price to Sales (P/S)4.22
P/FCF Ratio39.67
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue4.65
Enterprise Value/Gross Profit12.67
Enterprise Value/Ebitda20.51
Forecast
1Y Price Target
$258.25Price Target Upside15.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)8.01
Revenue Forecast (FY)$2.61B
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:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial picture: solid top-line growth (total revenue +17.4% YoY), double-digit profit expansion (adjusted EBITDA +23%, adjusted EPS +22%), strengthened guidance, margin expansion at the consolidated level, meaningful data-center momentum, new product rollouts and progressing capacity expansions. Challenges were limited and largely manageable: HVAC margin pressure from expected start‑up costs (~$8M–$9M), a modest tariff-driven EPS headwind ($0.05–$0.10), a small dip in D&M backlog, modest Q1 free cash flow, and exposure to input-cost inflation. Overall, the positives — including raised guidance, strong margins in D&M, robust data center demand and a healthy balance sheet with low leverage and an active M&A pipeline — outweigh the headwinds, and management articulated clear mitigation plans.Positive Updates
Strong Overall Financial Performance
Q1 revenue grew 17.4% year-over-year; adjusted EBITDA increased 23% YoY; adjusted EPS grew 22% to $1.69. Consolidated segment income increased $25M (22%) to $135M and consolidated segment margin expanded ~100 basis points. Management raised full-year adjusted EPS guidance by $0.15 to a midpoint of $7.95 and reiterated a 2026 implied adjusted EBITDA growth of ~21% at the midpoint.
Negative Updates
HVAC Margin Pressure from Start‑Up Costs
HVAC segment margin decreased ~40 basis points in Q1, largely attributed to capacity expansion start-up costs. Management quantified start-up costs in the quarter and near term at roughly $8M–$9M (predominantly impacting H1), and noted these were expected and factored into planning.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Overall Financial Performance
Q1 revenue grew 17.4% year-over-year; adjusted EBITDA increased 23% YoY; adjusted EPS grew 22% to $1.69. Consolidated segment income increased $25M (22%) to $135M and consolidated segment margin expanded ~100 basis points. Management raised full-year adjusted EPS guidance by $0.15 to a midpoint of $7.95 and reiterated a 2026 implied adjusted EBITDA growth of ~21% at the midpoint.
Read all positive updates
Company Guidance
SPX raised 2026 adjusted EPS guidance by $0.15 to a midpoint of $7.95 and said the update implies roughly 21% adjusted EBITDA growth at the midpoint; management expects a $0.05–$0.10 headwind from recent Section 232 tariff changes (predominantly affecting HVAC in Q2) but expects the impact to be de‑minimis in H2 and not to affect 2027, and noted that excluding the Q2 tariff hit first‑half adjusted EPS pacing should be similar to last year. The raise follows a strong Q1 (adjusted EPS $1.69, +22% YoY; revenue +17.4% YoY; adjusted EBITDA +23% YoY with 90 bps of margin expansion) driven by HVAC (+22% revenue, 11.5% inorganic / 9.6% organic; segment income +$15M, -40 bps margin; backlog $755M, +38% organic) and D&M (+8.3% revenue, organic +3%; segment income +$10M, +410 bps margin; backlog $333M), and management cited a healthy balance sheet (cash $158M, debt $674M, leverage ~0.9x) and Q1 adjusted free cash flow of ~ $16M as giving capacity to pursue accretive M&A.SPX Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.35B | 2.27B | 1.98B | 1.74B | 1.46B | 1.22B |
| Gross Profit | 861.40M | 830.30M | 799.40M | 670.00M | 523.90M | 431.80M |
| EBITDA | 532.10M | 503.70M | 392.70M | 276.70M | 82.80M | 125.30M |
| Net Income | 259.80M | 245.50M | 200.50M | 89.90M | 200.00K | 425.40M |
Balance Sheet | ||||||
| Total Assets | 3.88B | 3.60B | 2.71B | 2.44B | 1.93B | 2.63B |
| Cash, Cash Equivalents and Short-Term Investments | 156.50M | 364.00M | 156.90M | 99.40M | 147.80M | 388.20M |
| Total Debt | 667.30M | 498.10M | 670.30M | 558.30M | 246.80M | 246.00M |
| Total Liabilities | 1.59B | 1.37B | 1.33B | 1.25B | 851.70M | 1.53B |
| Stockholders Equity | 2.29B | 2.24B | 1.38B | 1.19B | 1.08B | 1.10B |
Cash Flow | ||||||
| Free Cash Flow | 385.20M | 241.20M | 247.90M | 184.60M | -152.70M | 165.00M |
| Operating Cash Flow | 540.30M | 333.30M | 285.90M | 208.50M | -136.80M | 174.60M |
| Investing Cash Flow | -316.80M | -561.00M | -284.50M | -570.20M | -66.10M | 314.10M |
| Financing Cash Flow | 90.70M | 425.50M | 53.10M | 309.60M | -38.90M | -167.60M |
SPX Technical Analysis
Positive
223.52
Price Trends
207.87
Positive
213.15
Positive
205.68
Positive
Market Momentum
-0.25
Negative
55.88
Neutral
86.55
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 223.52 is above the 20-day moving average (MA) of 206.41, above the 50-day MA of 207.87, and above the 200-day MA of 205.68, indicating a bullish trend. The MACD of -0.25 indicates Negative momentum. The RSI at 55.88 is Neutral, neither overbought nor oversold. The STOCH value of 86.55 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 45 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $10.41B | 23.86 | 18.38% | 0.70% | 14.22% | 25.22% | |
72 Outperform | $10.97B | 37.82 | 12.67% | ― | 17.39% | 20.78% | |
70 Outperform | $9.82B | 31.85 | 25.19% | 1.28% | 3.28% | -6.52% | |
65 Neutral | $13.97B | 48.42 | 4.23% | 0.97% | 1.54% | 22.59% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $6.03B | 27.43 | 8.79% | ― | -6.92% | -44.47% | |
52 Neutral | $9.95B | -137.71 | -0.81% | ― | -1.52% | -119.15% |
* Industrials Sector Average
SPXC
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SPX Corporate Events
Executive/Board ChangesShareholder Meetings
SPX Stockholders Approve Directors, Pay and Auditor at Meeting
Positive
May 12, 2026
SPX Technologies, Inc. held its 2026 Annual Meeting of Stockholders on May 12, 2026, with approximately 96% of eligible shares represented in person or by proxy, underscoring strong investor engagement. Stockholders elected directors Ricky D. Puck...
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.