SPX Technologies, Inc. (SPXC) stock analysis
Close on Nov 12, 2026Market cap $7.55BP/E 25.5Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Solid18 of 30 checks passed
SPX Technologies passes 18 of the 30 checks behind our score; 6 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 5/6
- Growth
- 4/6
- Past performance
- 4/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 22.0% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $153.86 is below our fair value estimate of $197.25.
Return on capital over 10%
Return on invested capital was 10.7%, above the 10% that usually covers the cost of capital.
Earnings grew over 5 years
Net income grew 19.8% a year on average over the last five fiscal years.
What to watch
Return on equity under 15%
Return on equity was 13.0% over the last twelve months and averaged 17.2% over five years; we look for 15% on both.
High debt
Debt is 54.6% of shareholders' equity, above the 40% we consider low.
P/B above the industry
SPX Technologies's price-to-book of 3.15 is above the Industrial and Commercial Machinery and Computer Equipment median of 2.71.
Gross margin slipping
Gross margin was 39.9% over the last twelve months, against 40.8% a year earlier.
Valuation5/6
P/E below its 5-year median
SPX Technologies's P/E of 26.1 is below its own 5-year median of 43.0.
P/E below the industry
SPX Technologies's P/E of 26.1 is below the Industrial and Commercial Machinery and Computer Equipment median of 27.5.
EV/EBITDA below its 5-year median
SPX Technologies's EV/EBITDA of 16.0 is below its 5-year median of 22.8.
P/B above the industry
SPX Technologies's price-to-book of 3.15 is above the Industrial and Commercial Machinery and Computer Equipment median of 2.71.
Trading below fair value
The share price of $153.86 is below our fair value estimate of $197.25.
Margin of safety over 20%
The price is 22.0% below fair value, more than the 20% cushion we look for.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 15.7% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth accelerating
Net income grew 33.6% over the last twelve months, against a 5-year average of 19.8% a year.
Growing faster than the industry
Revenue grew 20.2% over the last twelve months; the Industrial and Commercial Machinery and Computer Equipment median is 10.1%.
Guidance raised
SPX Technologies raised its full year 2026 Revenue outlook on Jul 30, 2026.
Gross margin slipping
Gross margin was 39.9% over the last twelve months, against 40.8% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 13.0% over the last twelve months and averaged 17.2% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 10.7%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
SPX Technologies's return on equity of 13.0% is above the Industrial and Commercial Machinery and Computer Equipment median of 7.0%.
Earnings grew over 5 years
Net income grew 19.8% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 11.5% over the last twelve months, against a 5-year average of 12.2%.
Net margin above the industry
SPX Technologies's net margin of 11.5% is above the Industrial and Commercial Machinery and Computer Equipment median of 4.8%.
Financial health5/6
High debt
Debt is 54.6% of shareholders' equity, above the 40% we consider low.
Debt falling against equity
Debt to equity fell from 64.4% five years ago to 54.6%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 28.1% of total debt.
Interest well covered
Operating income covers interest expense 11.5 times.
Short-term assets cover short-term debts
Current assets are 1.84 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 3.08; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
SPX Technologies has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$197.25
The share price is 22% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 35.3× | 43.0× | 27.5× | $208.25 | 47% |
| EV/EBITDA | 19.5× | 22.8× | 16.1× | $192.73 | 41% |
| P/B | 3.5× | 4.2× | 2.7× | $169.10 | 12% |
| Earnings powerleft out, too far from the others | 10.4% cost of equity | – | – | $43.22 | – |
| Fair value | $197.25 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 43.0
- Industrial and Commercial Machinery and Computer Equipment median 27.5
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $120.67M
- Value traded per 1% price move
- $56.73M
Downside
Medium risk
- Typical loss in a bad month
- 18.0%
- Volatility (annualized)
- 41%
- Sharpe ratio, 1 year
- -0.87
- Beta to the S&P 500 (5Y)
- 1.10
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +14.2% | +15.7% | +15.0% | +3.8% | |
| Gross profit | +14.8% | +20.5% | +18.3% | +12.8% | |
| Operating income | +13.7% | +90.1% | +29.3% | – | |
| Net income | +21.7% | +968.5% | +19.8% | – | |
| EPS, diluted | +18.1% | – | +18.4% | – | |
| Free cash flow | -2.7% | – | +16.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -25.0% | 17.2% | 13.5% | |
| Return on assets | -3.3% | 4.4% | 7.7% | |
| Current ratio | 1.11 | 1.18 | 2.48 | |
| Debt to equity | 1.86 | 0.64 | 0.22 | |
| Net debt to EBITDA | 2.66× | 2.70× | 0.29× | |
| Interest coverage | 4.7× | 5.3× | 7.3× | |
| Inventory turnover | 7.1× | 4.7× | 4.7× | |
| Capex to revenue | 0.8% | 1.4% | 4.1% | |
| Diluted shares | 42M | 46M | 49M |
Where the cash went
Fiscal 2021 to 2025, five years combined
SPX Technologies generated $1.14B from operations and spent $213.20M on capital expenditure, dividends and share buybacks. 84% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.8% | 0.72× | 1.74× | 13.5% |
| FY2024 | 10.1% | 0.77× | 2.00× | 15.5% |
| FY2023 | 5.2% | 0.80× | 1.92× | 7.9% |
| FY2022 | 0.0% | 0.64× | 2.09× | 0.0% |
| FY2021 | 34.9% | 0.49× | 2.85× | 48.8% |
| FY2020 | 8.8% | 0.50× | 3.91× | 17.2% |
| FY2019 | 5.8% | 0.53× | 4.56× | 14.1% |
| FY2018 | 5.4% | 0.74× | 5.62× | 22.3% |
| FY2017 | 6.3% | 0.72× | 7.81× | 35.3% |
| FY2016 | -4.6% | 0.72× | 7.62× | -25.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$244.00M
- Cash generatingOperating cash flow above zero$333.30M
- Return on assets improvedROA up on the prior year8.2% → 9.0%
- Earnings backed by cashOperating cash flow above net income$333.30M vs $244.00M
- Less leverageLong-term debt to assets fell21.3% → 13.8%
- Better liquidityCurrent ratio rose1.87 → 2.48
- No dilutionShare count did not rise47M → 49M
- Gross margin improvedGross margin up on the prior year40.29% → 40.51%
- More efficientAsset turnover rose0.81 → 0.83
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