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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

Breaking News: SPX Technologies Inc has been initiated with an Overweight rating by JPMorgan analyst Stephen Tusa, citing strong demand and capacity expansion in data centers. The price target is set at $260. This bullish signal comes as the company likely benefits from growing data center needs. No recent earnings release data is available. JPMorgan's recommendation is a buy. Other Wall Street analyst research calls on Wednesday included Dow, First Solar, GM, GitLab, Roblox, Ross Stores, Target, Tesla, Toll Brothers.

1.c. Company Highlights

2. SPX Technologies' Strong Q4 2025 Earnings: A Closer Look

SPX Technologies reported a robust fourth quarter 2025, with revenue growing 19.4% year-over-year, driven by recent acquisitions and organic growth in both segments. Adjusted EBITDA increased by approximately 22% year-over-year, with 50 basis points of margin expansion. The company's adjusted EPS came in at $1.6, slightly below estimates of $1.86. For the full year 2025, the company achieved 21% growth in adjusted EBITDA and adjusted EPS. The HVAC segment saw revenue grow by 16.4% year-over-year, with segment income increasing by $17 million, or 18%. As Eugene Joseph Lowe noted, "We had a strong close to the year, growing full year adjusted EBITDA and adjusted EPS by 21%."

Publication Date: Feb -25

📋 Highlights
  • Full-Year Adjusted EBITDA & EPS Growth: Achieved 21% growth in full-year adjusted EBITDA and adjusted EPS, driven by organic and inorganic growth.
  • Capacity Expansion: Acquired a 459,000 sq. ft. facility in Madison, Alabama, to meet rising demand for HVAC solutions.
  • Data Center Revenue Growth: Data center revenue reached ~$200M in 2025 (~9% of total revenue) and is projected to grow ~50% in 2026, reaching ~12% of revenue.
  • Detection & Measurement Revenue Shift: $20M project pull-forward in 2025 reduced 2026 guidance by $20M, impacting mid-single-digit growth assumptions for 2026.
  • 2026 Guidance Midpoint: Targets $590M–$620M adjusted EBITDA, $7.60–$8.00 adjusted EPS, and $2,535M–$2,605M total revenue, implying ~20% EBITDA growth.

Segment Performance

The HVAC segment continued to demonstrate strong demand, with revenue growth driven by both inorganic growth and a modest FX tailwind. The Detection and Measurement segment also showed promising signs, with a record year-end backlog of $350 million, up more than 40% organically. The company's guidance for 2026 implies significant growth, with adjusted EBITDA expected to grow by approximately 20% at the midpoint.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 6.7%. With a current P/E Ratio of 47.68, P/B Ratio of 5.2, and EV/EBITDA of 27.78, the market appears to be pricing in significant growth expectations. The company's return on equity (ROE) stands at 13.26%, and return on invested capital (ROIC) at 10.6%, indicating a strong ability to generate returns. The net debt to EBITDA ratio is a comfortable 0.3, suggesting a healthy balance sheet.

Outlook and Key Drivers

The company's 2026 guidance is supported by strong demand in key end markets, particularly in data centers, where revenue is expected to grow by around 50%. The HVAC segment is expected to benefit from increasing production capacity and a strong backlog of highly engineered solutions. The Detection and Measurement segment is also poised for growth, driven by improving global market conditions. With a full pipeline of M&A opportunities and a strong track record of integration, SPX Technologies is well-positioned for continued growth and value creation.

3. NewsRoom

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Ncc Group (OTCMKTS:NCCGF) and SPX Technologies (NYSE:SPXC) Financial Contrast

Mar -08

Source: defenseworld.net

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SPX Technologies: JPMorgan Initiates With Overweight Citing Data Center Demand and Capacity Expansion

Mar -04

Source: 247wallst.com

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Here Are Wednesday’s Top Wall Street Analyst Research Calls: Dow, First Solar, GM, GitLab, Roblox, Ross Stores, Target, Tesla, Toll Brothers, and More

Mar -04

Source: 247wallst.com

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SPX Technologies, Inc. $SPXC Shares Sold by Artisan Partners Limited Partnership

Feb -28

Source: defenseworld.net

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SPX Technologies, Inc. (SPXC) Q4 2025 Earnings Call Transcript

Feb -25

Source: seekingalpha.com

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SPX Technologies (SPXC) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Feb -25

Source: zacks.com

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SPX Technologies (SPXC) Beats Q4 Earnings and Revenue Estimates

Feb -25

Source: zacks.com

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SPX Reports Fourth Quarter and Full-Year 2025 Results

Feb -24

Source: globenewswire.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: 5.4/10

Value: 4.0

Growth: 6.9

Quality: 7.3

Yield: 2.0

Momentum: 5.0

Volatility: 7.0

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Gates Industrial

A-Score: 4.9/10

Value: 5.5

Growth: 4.7

Quality: 6.6

Yield: 0.0

Momentum: 6.0

Volatility: 6.3

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SPX Technologies

A-Score: 4.8/10

Value: 1.7

Growth: 6.0

Quality: 7.0

Yield: 0.0

Momentum: 8.0

Volatility: 6.0

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EnPro

A-Score: 4.7/10

Value: 2.6

Growth: 4.6

Quality: 6.1

Yield: 2.0

Momentum: 7.0

Volatility: 6.0

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Parsons

A-Score: 4.5/10

Value: 5.6

Growth: 6.8

Quality: 5.7

Yield: 0.0

Momentum: 3.5

Volatility: 5.7

1-Year Total Return ->

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Middleby

A-Score: 3.8/10

Value: 5.0

Growth: 6.1

Quality: 2.8

Yield: 0.0

Momentum: 3.5

Volatility: 5.7

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

210.88$

Current Price

210.88$

Potential

-0.00%

Expected Cash-Flows