# SPX Technologies, Inc. (SPXC)

> Source: Nexqual · https://nexqual.com/SPXC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, SPX Technologies, Inc. (SPXC), nexqual.com/SPXC" · informational, not investment advice.

**Price:** USD 160.01 (-4.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 168.13 · day 156.12–164.64 · 52w 156.12–251.08 · market cap $8.01B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $2.48B, net income $279M (11.3% margin), free cash flow $303M (SEC filings).
- Valuation: P/E 28.7x (avg 42.1x at the last 3 fiscal year-ends), EV/EBITDA 15.9x, net debt $448M.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (14 analysts), mean target USD 253.38 (range 215–310).
- Total return with dividends: 1Y -16.0% vs S&P 500 +14.9%; 5Y +163.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.13, revenue estimate $708M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.46B | $1.74B | $1.98B | $2.27B | $2.48B |
| Gross profit | $432M | $524M | $670M | $799M | $918M | — |
| Operating income | $73.7M | $51.0M | $222M | $308M | $350M | $400M |
| Net income | $425M | $200K | $89.9M | $201M | $244M | $279M |
| EPS (diluted) | $9.15 | $0.00 | $1.93 | $4.26 | $5.03 | — |
| Free cash flow | $165M | -$153M | $185M | $248M | $241M | $303M |
| Gross margin | 35.4% | 35.9% | 38.5% | 40.3% | 40.5% | — |
| Operating margin | 6.0% | 3.5% | 12.7% | 15.5% | 15.5% | 16.2% |
| Net margin | 34.9% | 0.0% | 5.2% | 10.1% | 10.8% | 11.3% |
| Revenue growth | +8.1% | +19.8% | +19.2% | +13.9% | +14.2% | — |
| Cash + short-term investments | $388M | $148M | $99.4M | $157M | $364M | — |
| Total debt | $246M | $247M | $558M | $615M | $502M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 28.7x · P/S 3.2x · EV/EBITDA 15.9x · EV/Sales 3.4x · P/FCF 26.4x · P/B 3.4x · FCF yield 3.79% · Earnings yield 3.48% · Net debt $448M · EV $8.46B
P/E at fiscal year-ends: Dec 2025 39.8x, Dec 2024 34.2x, Dec 2023 52.4x.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 14 analysts; mean target USD 253.38 (low 215, high 310).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Oppenheimer | Target lowered | Outperform | $270 → $265 |
| 2026-10-13 | Wells Fargo | Target lowered | Overweight | $250 → $243 |
| 2026-10-09 | JP Morgan | Target lowered | Overweight | $282 → $225 |
| 2026-10-06 | Baird | Initiated | Outperform | $220 |
| 2026-10-05 | Truist Securities | Target lowered | Buy | $301 → $266 |
| 2026-10-02 | Oppenheimer | Target lowered | Outperform | $280 → $270 |
| 2026-08-03 | Truist Securities | Target raised | Buy | $295 → $301 |
| 2026-07-31 | B. Riley Securities | Target raised | Buy | $280 → $285 |
| 2026-07-20 | Oppenheimer | Target raised | Outperform | $272 → $280 |
| 2026-07-02 | Truist Securities | Target raised | Buy | $261 → $295 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -16.0% | +163.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -16.0% | +21.3% |
| Volatility (annualized) | 41.6% | 33.1% |
| Max drawdown | -35.1% (Jun 2026→Oct 2026) | -36.8% (Nov 2021→Apr 2022) |

## Peers (Building Products & Equipment)
AWI (Armstrong World Industries Inc) USD 171.39 +1.57% · OC (Owens Corning Inc) USD 116.49 +3.80% · WMS (Advanced Drainage Systems, Inc.) USD 130.92 +0.71% · BLDR (Builders FirstSource, Inc.) USD 57.54 +7.53% · AAON (AAON, Inc.) USD 69.62 -7.46% · MAIR (Madison Air Solutions Corporati) USD 23.08 -0.60%

## More
Full page: https://nexqual.com/SPXC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Segment Reporting | $679.0M | 100.0% | +22.9% | $167.1M | 24.6% |
| — HVAC reportable (part of Segment Reporting) | $480.6M | 70.8% | +27.6% | $109.8M | 22.8% |
| — Detection and Measurement reportable (part of Segment Reporting) | $198.4M | 29.2% | +12.9% | $57.3M | 28.9% |
| Total revenue | $679.0M | 100% | — | $115.0M | 16.9% |

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Package and process cooling equipment and services, and engineered air movement and handling solutions | $319.0M | 47.0% | +33.6% |
| Hydronic heating, electrical heating, and ventilation | $161.6M | 23.8% | +17.2% |
| Total revenue | $679.0M | 100% | — |
The lines above cover 70.8% of total revenue.

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $538.0M | 79.2% | +22.6% |
| Canada | $68.4M | 10.1% | +37.6% |
| Other | $27.5M | 4.1% | +40.3% |
| China | $23.5M | 3.5% | +8.3% |
| United Kingdom | $21.6M | 3.2% | -4.0% |
| Total revenue | $679.0M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.13 | $2.11 | +1.0% | $707.9M | 10 |
| Next quarter (ends 2026-12-31) | $2.53 | $2.36 | +7.4% | $813.5M | 10 |
| Current fiscal year (ends 2026-12-31) | $8.34 | $8.04 | +3.7% | $2.77B | 9 |
| Next fiscal year (ends 2027-12-31) | $9.77 | $9.10 | +7.3% | $3.17B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±10.7%; last 8 reports averaged ±9.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 47.8% | ±10.7% |
| 2026-12-18 | 56 | 41.3% | ±13.0% |
| 2027-03-19 | 147 | 42.0% | ±21.2% |
| 2027-06-17 | 237 | 41.4% | ±26.4% |