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Friday 6 November 2026
Export SPXC’s income statement to Excel — free account
SPX Technologies, Inc.
SPXC Industrials Building Products & Equipment
SPX Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 14.2% from fiscal 2024.
- Revenue
- +20.5%
- EPS
- +26.2%
- Free cash flow
- −79.9%
- Total debt
- +166.1%
Quarter to September 2026, against a year earlier
139.27
14.20
−9.25%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,472 | 1,426 | 1,513 | 1,124 | 1,128 | 1,220 | 1,461 | 1,741 | 1,984 | 2,265 | 2,598 | +4.9% | 2,776 | 3,211 | 3,513 | +15.8% | |
| Gross margin, % | 25.52 | 23.16 | 27.11 | 35.78 | 35.06 | 35.41 | 35.86 | 38.48 | 40.29 | 40.51 | 39.89 | +15.0 pt | ||||||
| EBT | 39 | 36 | 85 | 89 | 79 | 70 | 27 | 186 | 255 | 314 | 391 | +25.9% | ||||||
| EBT margin, % | 2.68 | 2.53 | 5.59 | 7.90 | 6.97 | 5.73 | 1.86 | 10.70 | 12.87 | 13.87 | 15.04 | +11.2 pt | ||||||
| Net income | (68) | 89 | 81 | 65 | 99 | 425 | 20 | 90 | 201 | 244 | 298 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 35.38 | 33.62 | 35.13 | 25.57 | 25.28 | 26.93 | 32.22 | 38.23 | 42.95 | 47.36 | 51.86 | +3.3% | |||||
| Earnings | (2.05) | 2.11 | 1.89 | 1.61 | 2.18 | 9.39 | 0.00 | 1.97 | 4.34 | 5.10 | 5.97 | n/m | ||||||
| Cash flow | (0.03) | 1.11 | 2.57 | 3.38 | 2.83 | 3.86 | (3.02) | 4.58 | 6.19 | 6.97 | 7.48 | n/m | ||||||
| Capex | (0.28) | (0.26) | (0.17) | (0.31) | (0.34) | (0.21) | (0.35) | (0.52) | (0.74) | (1.93) | (2.96) | +23.8% | ||||||
| Free cash flow | (0.31) | 0.85 | 2.40 | 3.07 | 2.49 | 3.64 | (3.37) | 4.05 | 5.45 | 5.04 | 4.52 | n/m | ||||||
| Book value | 4.60 | 7.42 | 9.64 | 11.43 | 14.34 | 24.35 | 23.80 | 26.23 | 29.97 | 46.78 | 48.82 | +29.4% | ||||||
| Shares, m | 42 | 42 | 43 | 44 | 45 | 45 | 45 | 46 | 46 | 48 | 49 | +1.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 15.33 | 14.90 | 31.60 | 25.02 | 6.36 | 6,650.00 | 50.33 | 33.53 | 39.38 | 23.33 | 686.6 | |||||
| P/S | 0.69 | 0.96 | 0.80 | 1.99 | 2.16 | 2.22 | 2.06 | 2.59 | 3.39 | 4.22 | 2.69 | 2.1 | ||||||
| P/B | 5.28 | 4.34 | 2.91 | 4.45 | 3.80 | 2.45 | 2.79 | 3.78 | 4.85 | 4.28 | 2.85 | 3.9 | ||||||
| EV/Sales | 0.86 | 1.12 | 1.00 | 2.29 | 2.47 | 2.10 | 2.13 | 2.86 | 3.62 | 4.29 | 3.15 | 2.3 | ||||||
| EV/FCF | (98.31) | 44.52 | 14.72 | 19.06 | 25.07 | 15.52 | (20.40) | 26.95 | 28.54 | 40.24 | 36.15 | 9.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (1) | 47 | 111 | 149 | 126 | 175 | (137) | 209 | 286 | 333 | 375 | n/m | |||||
| Capex | (12) | (11) | (7) | (13) | (15) | (10) | (16) | (24) | (34) | (92) | (148) | +25.8% | ||||||
| Free cash flow | (13) | 36 | 103 | 135 | 111 | 165 | (153) | 185 | 252 | 241 | 227 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 51 | 172 | 128 | 24 | 103 | 464 | 387 | 308 | 366 | 683 | 530 | +33.3% | |||||
| Net debt | 257 | 233 | 313 | 339 | 348 | (142) | 99 | 459 | 458 | 138 | 1,216 | (6.7%) | ||||||
| Shareholders’ equity | 192 | 315 | 415 | 502 | 640 | 1,103 | 1,079 | 1,195 | 1,384 | 2,238 | 2,445 | +31.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (4.17) | 4.52 | 3.96 | 3.38 | 4.43 | 17.15 | 0.01 | 4.11 | 7.78 | 7.72 | 7.19 | +11.9 pt | |||||
| ROIC | 9.76 | 6.84 | 9.66 | 8.47 | 6.13 | 4.79 | 2.71 | 8.39 | 10.46 | 9.22 | 7.14 | (0.5) pt | ||||||
| ROE | (34.13) | 35.28 | 22.26 | 15.46 | 17.33 | 48.81 | 0.02 | 7.91 | 15.55 | 13.47 | 12.98 | +47.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 5,000 | 5,000 | 4,000 | 4,500 | 4,500 | 3,100 | 3,300 | 4,100 | 4,300 | 4,700 | — | (0.7%) | |||||
| Revenue/emp, $m | 0.29 | 0.29 | 0.38 | 0.25 | 0.25 | 0.39 | 0.44 | 0.42 | 0.46 | 0.48 | — | +5.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Package and process cooling equipment and services, and engineered air movement and handling solutions | 933 | 41.19% |
|---|---|---|
| Hydronic heating, electrical heating, and ventilation | 585 | 25.84% |
| Communication technologies, aids to navigation, and transportation systems | 491 | 21.68% |
| Underground locators, inspection and rehabilitation equipment, and robotic systems | 256 | 11.30% |
| Gross margin | 40.51% | |
| Operating margin | 15.47% | |
| Pre-tax margin | 13.87% |
SPX Technologies, Inc. vs peers in Building Products & Equipment (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MAIR Madison Air Solutions Corporation | $10.8B | 48.8× | 34.9× | — | — | +79.04% (above 0%: growing) | 38.98% | 19.70% | Compare |
| OC Owens Corning Inc | $9.8B | — (loss-making) | 15.2× | −7.27% (below 0%: shrinking) | n/m | −16.47% (below 0%: shrinking) | 24.71% | (6.11%) | Compare |
| WMS Advanced Drainage Systems, Inc. | $9.3B | 23.3× | 21.8× | +4.59% (above 0%: growing) | −26.87% (below 0%: shrinking) | −8.28% (below 0%: shrinking) | 38.89% | 21.91% | Compare |
| AWI Armstrong World Industries, Inc. | $7.1B | 22.8× | 21.0× | +11.90% (above 0%: growing) | +10.25% (above 0%: growing) | −29.42% (below 0%: shrinking) | 40.08% | 27.57% | Compare |
| BLDR Builders FirstSource, Inc. | $7.1B | 176× | — (loss-making) | −2.21% (below 0%: shrinking) | −49.42% (below 0%: shrinking) | −83.67% (below 0%: shrinking) | 27.82% | 2.57% | Compare |
| SPXC SPX Technologies, Inc. | $6.9B | 23.3× | 24.6× | +20.53% (above 0%: growing) | +26.15% (above 0%: growing) | −79.92% (below 0%: shrinking) | 39.12% | 16.14% | |
| TREX Trex Company, Inc. | $5.7B | 32.8× | 29.5× | +25.99% (above 0%: growing) | +7.52% (above 0%: growing) | −3.69% (below 0%: shrinking) | 36.01% | 20.17% | Compare |
| FBIN Fortune Brands Innovations, Inc. | $5.6B | 44.4× | 30.8× | −3.09% (below 0%: shrinking) | −28.81% (below 0%: shrinking) | +95.25% (above 0%: growing) | 45.43% | 5.42% | Compare |
| LPX Louisiana-Pacific Corporation | $5.4B | 77.9× | 70.6× | +4.22% (above 0%: growing) | +152.77% (above 0%: growing) | +1,040.00% (above 0%: growing) | 16.64% | 4.34% | Compare |
| Median of peers | $7.1B | 44.4× | 29.5× | +4.22% | −9.67% | −5.98% | 37.45% | 12.56% |
From the latest earnings call
- CEO Eugene Lowe said accelerating HVAC demand led SPX to ramp production, bringing higher-than-forecast growth-related inefficiencies and elevated input costs.
- CFO Mark Carano said SPX accelerated hiring and secured additional suppliers to meet demand, with the associated costs expected to continue into the fourth quarter.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
94.37%
Held by the ten largest
46.81%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 4.93m | 9.85% | −225.44k |
| Capital Group | 4.90m | 9.79% | +264.68k |
| BlackRock | 4.85m | 9.69% | −1.38m |
| Jupiter Topco | 1.90m | 3.79% | +1.90m |
| Invesco | 1.59m | 3.18% | −314.48k |
| State Street | 1.56m | 3.11% | −225.77k |
| Fidelity (FMR) | 1.02m | 2.03% | +36.23k |
| Geode Capital Management | 945.16k | 1.89% | −310.57k |
| T. Rowe Price | 881.85k | 1.76% | −458.52k |
| Dimensional Fund Advisors | 860.17k | 1.72% | +11.01k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 31 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 9.34m | 20.07m | 367.00 |
| 2024 | 9.31m | 20.67m | 267.00 |
| 2023 | 7.66m | 17.41m | 185.00 |
| 2022 | 6.58m | 9.38m | 120.00 |
| 2021 | 6.52m | 6.07m | 109.00 |
Ownership
Directors and executive officers, together
2.88%
BlackRock, Inc.50 Hudson YardsNew York, NY
11.45%
The Vanguard Group100 Vanguard BoulevardMalvern, PA
9.97%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
SPX Technologies, Inc. (SPXC) Latest News
31 Oct
30 Oct
29 Oct
7 Oct
23 Sep
15 Aug
1 Aug
SPXC metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
SPX Technologies supplies engineered equipment for heating, cooling and ventilation, as well as products used to locate, inspect and manage infrastructure. Founded in 1912 and headquartered in Charlotte, the company is led by President and Chief Executive Officer Eugene J. Lowe III. It had approximately 4,700 employees at the end of 2025.
Its HVAC business makes equipment that cools buildings and industrial processes, moves and handles air, and provides heating and ventilation. Customers use these products in places such as data centers, power facilities, commercial buildings, institutions and homes. SPX also installs and services equipment.