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1. Company Snapshot

1.a. 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 segments, HVAC and Detection and Measurement.


The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers and comfort heating and ventilation products for the residential and commercial markets.It offers its products under the Marley, Recold, SGS, Cincinnati Fan, Berko, Qmark, Fahrenheat, Leading Edge, Patterson-Kelley, Weil-McLain, and Williamson-Thermoflo brands.The Detection and Measurement segment offers underground pipe and cable locators, inspection and rehabilitation equipment, and robotic systems under the Radiodetection, Pearpoint, Schonstedt, Dielectric, Riser Bond, Warren G-V, Cues, ULC Robotics, and Sensors & Software brands; and bus fare collection systems, communication technologies, and obstruction lighting products under the Genfare, TCI, Flash Technology, Sabik Marine, Sealite, Avlite, and ECS brands.


The company markets its products through independent manufacturing representatives, third-party distributors, and retailers, as well as direct to customers.The company was formerly known as SPX Corporation and changed its name to SPX Technologies, Inc.in August 2022.


SPX Technologies, Inc.was founded in 1912 and is headquartered in Charlotte, North Carolina.

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1.b. Last Insights on SPXC

SPX Technologies' recent performance was positively driven by its Q3 2025 earnings beat, with quarterly earnings of $1.84 per share exceeding the Zacks Consensus Estimate of $1.6 per share. The company's global expansion has accelerated growth, diversified supply chains, and opened new opportunities, generating nearly 20% of revenues outside the U.S. Additionally, its public offering of common stock raised approximately $500.0 million in gross proceeds, which could support future growth initiatives. The company's impressive earnings surprise history also positions it for a likely beat in its next quarterly report.

1.c. Company Highlights

2. Strong Q3 Performance Drives Guidance Upgrade

The company's Q3 performance was robust, with adjusted EPS growing by 32% to $1.84, beating analyst estimates of $1.6. Total company revenue increased 23% year-over-year, driven by higher project sales in Detection & Measurement and inorganic growth from acquisitions. The revenue growth was accompanied by 150 basis points of margin expansion, resulting in adjusted EBITDA increasing by approximately 31% year-over-year.

Publication Date: Nov -10

📋 Highlights
  • Q3 Adjusted EPS Growth:: 32% increase to $1.84, driven by higher project sales and acquisition synergies.
  • Total Revenue Expansion:: 23% YoY growth to $X, with 150 bps margin expansion from operational efficiency.
  • EBITDA Forecast Raised:: Full-year adjusted EBITDA now exceeds $500 million midpoint, up 20% YoY.
  • Capital Liquidity Boost:: $1 billion in new liquidity from equity and credit facility to fund M&A and expansions.
  • Detection & Measurement Strength:: Segment revenue and margin outperformed forecasts, with KTS contributing 40–50 bps improvement.

Segment Performance

The Detection & Measurement segment had a strong quarter, with revenue and margin beating expectations. The margin improvement was driven by 40-50 basis points from KTS, operating leverage, and less favorable mix. The HVAC segment also saw sustained strength in data centers, health care, and institutional markets, with backlog up 7% sequentially.

Guidance Upgrade and Outlook

The company raised its full-year guidance range, with adjusted EBITDA expected to exceed $500 million at the midpoint, implying approximately 20% growth year-over-year. Adjusted EPS guidance was also updated to a range of $6.65 to $6.80, reflecting the strong Q3 results and Q4 forecast. The company sees significant opportunities for growth in 2026, driven by its strong backlog, expansion plans, and new product initiatives.

Valuation and Growth Prospects

With a P/E Ratio of 47.81 and EV/EBITDA of 23.56, the company's valuation suggests that the market is pricing in significant growth prospects. Analysts estimate revenue growth of 8.2% next year, which is lower than the current year's growth rate. The company's ROIC of 8.8% and ROE of 13.74% indicate a strong ability to generate returns on capital. As the company continues to execute on its growth initiatives and expansion plans, it remains to be seen whether it can meet the market's expectations.

M&A Pipeline and Capital Allocation

The company has a robust M&A pipeline, with several attractive opportunities in engineered air movement, electric heat, and Detection & Measurement. The recent equity offering and increase in the capacity of the revolving credit facility provide over $1 billion of additional liquidity to support organic and inorganic value creation initiatives. The company's management has maintained its discipline around M&A opportunities, with a focus on paying 10-12x for acquisitions.

3. NewsRoom

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118,181 Shares in SPX Technologies, Inc. $SPXC Purchased by Fisher Asset Management LLC

Dec -04

Source: defenseworld.net

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Advantage Alpha Capital Partners LP Sells 15,255 Shares of SPX Technologies, Inc. $SPXC

Nov -28

Source: defenseworld.net

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Coldstream Capital Management Inc. Boosts Holdings in SPX Technologies, Inc. $SPXC

Nov -28

Source: defenseworld.net

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As AI Stocks Like Nvidia Get Rattled, This Behind-The-Scenes Data Center Play Heats Up

Nov -26

Source: investors.com

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S&P 500 Elliott Wave Update: Is the Correction Over?

Nov -25

Source: fxempire.com

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Head to Head Contrast: BlackSky Technology (NYSE:BKSY) & SPX Technologies (NYSE:SPXC)

Nov -21

Source: defenseworld.net

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SPX & NDX Show "Change in Trend," Value Case for GOOGL & META

Nov -19

Source: youtube.com

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Stockton: SPX "Oversold Bounce," Stay "Skeptical" if NVDA Rallies Post-Earnings

Nov -19

Source: youtube.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.02%)

6. Segments

Heating, Ventilation and Cooling

Expected Growth: 4.65%

Strong demand for energy-efficient HVAC systems, increasing adoption of IoT-enabled solutions, and growing need for indoor air quality improvement drive the 4.65% growth in Heating, Ventilation and Cooling segment of SPX Technologies, Inc.

Detection and Measurement

Expected Growth: 8.5%

Detection and Measurement segment's 8.5% growth is driven by increasing demand for industrial automation, expansion in emerging markets, and strategic acquisitions. Additionally, growing need for process optimization, safety, and environmental monitoring in industries such as oil and gas, chemical, and power generation also contribute to the segment's growth.

7. Detailed Products

Heat Exchangers

SPX Technologies offers a range of heat exchangers, including shell and tube, plate, and air-cooled heat exchangers, used in various industries such as power generation, oil and gas, and chemical processing.

Pumps

SPX Technologies provides a variety of pumps, including centrifugal, positive displacement, and metering pumps, used in industries such as oil and gas, chemical processing, and water treatment.

Valves

SPX Technologies offers a range of valves, including gate, globe, and check valves, used in industries such as oil and gas, chemical processing, and power generation.

Mixing and Blending Systems

SPX Technologies provides mixing and blending systems, including batch mixers, continuous mixers, and blenders, used in industries such as food and beverage, pharmaceutical, and chemical processing.

Drying and Evaporation Systems

SPX Technologies offers drying and evaporation systems, including spray dryers, fluid bed dryers, and evaporators, used in industries such as food and beverage, pharmaceutical, and chemical processing.

Aeration and Mixing Systems

SPX Technologies provides aeration and mixing systems, including aerators, mixers, and reactors, used in industries such as water and wastewater treatment, and chemical processing.

8. SPX Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for SPX Technologies, Inc. is medium due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for SPX Technologies, Inc. is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for SPX Technologies, Inc. is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for SPX Technologies, Inc. is high due to the low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for SPX Technologies, Inc. is high due to the presence of several competitors in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.85%
Debt Cost 6.27%
Equity Weight 68.15%
Equity Cost 10.15%
WACC 8.91%
Leverage 46.74%

11. Quality Control: SPX Technologies, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Mueller Water Products

A-Score: 5.3/10

Value: 3.1

Growth: 6.2

Quality: 6.8

Yield: 2.0

Momentum: 6.5

Volatility: 7.0

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EnPro

A-Score: 4.8/10

Value: 1.8

Growth: 4.6

Quality: 6.3

Yield: 1.0

Momentum: 8.5

Volatility: 6.7

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Middleby

A-Score: 4.7/10

Value: 6.0

Growth: 6.1

Quality: 6.1

Yield: 0.0

Momentum: 4.5

Volatility: 5.7

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Gates Industrial

A-Score: 4.7/10

Value: 3.4

Growth: 4.7

Quality: 5.2

Yield: 0.0

Momentum: 8.5

Volatility: 6.3

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SPX Technologies

A-Score: 4.3/10

Value: 1.4

Growth: 6.0

Quality: 6.2

Yield: 0.0

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

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Parsons

A-Score: 4.2/10

Value: 4.1

Growth: 6.8

Quality: 5.8

Yield: 0.0

Momentum: 1.5

Volatility: 7.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

208.67$

Current Price

208.67$

Potential

-0.00%

Expected Cash-Flows