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SPX Technologies

SPXC NYSE Industrial Machinery & Supplies & Components Financials FY2016–FY2025

SPX Technologies' revenue rose 14.2% to $2.3 billion in fiscal 2025. Its operating margin was 15.5%, down from 15.5% a year earlier. Free cash flow was $241 million, down 2.7%. The diluted share count rose 3.0%.

Last close · Oct 23, 2026

$160.33

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$2.3B
14.2% vs prior year
Operating margin Operating income as a share of revenue.
15.5%
0.1 pts
Net income Profit after all expenses, interest and tax.
$244M
21.7%
Free cash flow Cash from operations minus capital spending.
$241M
2.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.0%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
28.8x
On $5.57 EPS (TTM)

What SPX Technologies does

No business description yet.

Legal name
SPX TECHNOLOGIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000088205-26-000008
0000088205

Revenue and margins

SPX Technologies had $2.3B of revenue in fiscal 2025, up 14.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $241M in fiscal 2025, 10.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

SPX Technologies returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 3.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value SPX Technologies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$138M and divides by 48.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 28.8x · peers 32.1x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably SPX Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $388M$148M$99.4M$157M$364M
Debt incl. finance leases $246M$247M$558M$615M$502M
Net debt / EBITDA −1.2x1.0x1.6x1.1x0.3x
Debt / equity 0.2x0.2x0.5x0.4x0.2x
Interest coverage 5.6x5.5x8.2x6.8x7.3x
Current ratio 2.1x2.2x1.8x1.9x2.5x
Quick ratio 1.6x1.4x1.1x1.2x1.8x
Total assets $2.6B$1.9B$2.4B$2.7B$3.6B
Total liabilities $1.5B$852M$1.2B$1.3B$1.4B
Shareholders' equity $1.1B$1.1B$1.2B$1.4B$2.2B
Net debt (− = net cash) −$142M$99.0M$459M$458M$138M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$19.9M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 2, 2026 Eugene Joseph Lowe IIIPresident and CEO, Director Sold 41,416 $225.17 $9.3M Form 4
Dec 11, 2025 Data J RandallPres., Heating and Global Oper Sold 12,000 $215.37 $2.6M Form 4
Nov 19, 2025 John William Swann IIIPres., Detection & Measurement Sold 38,755 $206.07 $8.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 97 / 98 / 9
Accruals ratio −5.4%−3.3%−2.8%
Altman Z'' 2.503.034.05

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
SPX Technologies SPXC $8.1B 14.2% 15.5% 10.7% 13.0% 28.8x 8
Graco GGG $10.9B 5.8% 27.9% 28.5% 25.8% 21.6x 4 Compare →
Crane CR $10.7B 8.2% 18.4% 14.8% 15.2% 32.0x 6 Compare →
RBC Bearings RBC $15.0B 14.3% 22.5% 18.3% 8.0% 46.6x 6 Compare →
Nordson NDSN $17.9B 3.8% 25.5% 23.7% 11.6% 32.3x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.5B $1.4B $1.5B $1.1B $1.1B $1.2B $1.5B $1.7B $2.0B $2.3B
Gross profit $376M $330M $410M $402M $396M $432M $524M $670M $799M $918M
Research and development $29.1M $23.3M $22.9M $24.3M $28.1M $30.7M $39.1M $43.2M $45.9M $54.0M
Operating income $70.0M $59.9M $113M $114M $96.9M $73.7M $51.0M $222M $308M $350M
Interest expense $14.8M $17.1M $21.5M $21.0M $18.4M $13.1M $9.3M $27.2M $45.7M $48.1M
Pretax income $39.4M $36.1M $84.5M $88.8M $78.6M $69.9M $27.1M $186M $255M $314M
Income tax $9.1M −$47.9M $2.6M $12.5M $4.8M $10.9M $7.3M $41.6M $53.6M $68.6M
Net income −$67.2M $89.3M $81.2M $65.3M $99.0M $425M $0.2M $89.9M $201M $244M
Diluted EPS −$2.02 $2.03 $1.82 $1.58 $2.16 $9.15 $0.00 $1.93 $4.26 $5.03
Diluted shares 0.04B 0.04B 0.04B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations −$1.2M $46.9M $111M $149M $126M $175M −$137M $209M $286M $333M
Capital expenditure $11.7M $11.0M $12.4M $13.5M $15.3M $9.6M $15.9M $23.9M $38.0M $92.1M
Free cash flow −$12.9M $35.9M $98.2M $135M $111M $165M −$153M $185M $248M $241M
Depreciation and amortization $26.5M $25.2M $27.9M $24.4M $31.9M $42.3M $46.4M $63.2M $91.6M $123M
Stock-based compensation $13.7M $15.8M $15.5M $12.6M $13.1M $12.8M $10.9M $13.4M $15.0M $16.7M
Acquisitions $0.0M $0.0M $181M $147M $104M $265M $40.0M $547M $292M $445M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $33.7M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $33.7M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $99.6M $124M $68.5M $50.7M $64.0M $388M $148M $99.4M $157M $364M
Total debt $356M $357M $382M $394M $412M $246M $247M $558M $615M $502M
Finance lease liabilities $0.0M $0.0M $0.0M $2.7M $2.6M $1.1M $0.7M $0.5M $1.2M $1.1M
Current assets $528M $633M $598M $632M $675M $903M $721M $710M $784M $1.1B
Current liabilities $476M $461M $470M $609M $572M $440M $334M $401M $418M $461M
Inventory $146M $143M $129M $155M $155M $190M $244M $277M $271M $302M
Property and equipment, net $196M $187M $184M $179M $107M $113M $110M $141M $218M $291M
Total assets $1.9B $2.0B $2.1B $2.2B $2.3B $2.6B $1.9B $2.4B $2.7B $3.6B
Total liabilities $1.7B $1.7B $1.6B $1.6B $1.7B $1.5B $852M $1.2B $1.3B $1.4B
Shareholders' equity $192M $315M $415M $512M $640M $1.1B $1.1B $1.2B $1.4B $2.2B
Margins
Gross margin 25.5% 23.2% 27.1% 35.8% 35.1% 35.4% 35.9% 38.5% 40.3% 40.5%
Operating margin 4.8% 4.2% 7.4% 10.2% 8.6% 6.0% 3.5% 12.7% 15.5% 15.5%
EBITDA margin 6.6% 6.0% 9.3% 12.3% 11.4% 9.5% 6.7% 16.4% 20.2% 20.9%
Net margin −4.6% 6.3% 5.4% 5.8% 8.8% 34.9% 0.0% 5.2% 10.1% 10.8%
FCF margin −0.9% 2.5% 6.5% 12.0% 9.8% 13.5% −10.5% 10.6% 12.5% 10.7%
Returns
Return on capital 10.4% 12.0% 17.0% 12.3% 9.9% 6.4% 3.5% 12.2% 13.9% 13.0%
Return on capital employed 4.7% 4.0% 7.1% 7.3% 5.8% 3.7% 2.7% 12.2% 14.2% 12.9%
Return on equity −25.0% 35.3% 22.3% 14.1% 17.2% 48.8% 0.0% 7.9% 15.6% 13.5%
Return on assets −3.3% 4.5% 4.0% 3.1% 4.4% 17.2% 0.0% 4.1% 7.8% 7.7%
Growth
Revenue growth −5.6% −3.2% 6.1% −25.7% 0.4% 8.1% 19.8% 19.2% 13.9% 14.2%
Net income growth — — −9.1% −19.6% 51.6% 329.7% −100.0% 44,850.0% 123.0% 21.7%
EPS growth — — −10.3% −13.2% 36.7% 323.6% −100.0% — 120.7% 18.1%
FCF growth — — 173.5% 37.6% −17.8% 48.7% −192.6% — 34.3% −2.7%
Share count change 3.5% 4.1% 1.7% 0.7% 1.8% 1.6% −0.6% 0.9% 1.0% 3.0%
Financial health
Net debt / EBITDA 2.7x 2.7x 2.2x 2.5x 2.7x −1.2x 1.0x 1.6x 1.1x 0.3x
Debt / equity 1.9x 1.1x 0.9x 0.8x 0.6x 0.2x 0.2x 0.5x 0.4x 0.2x
Interest coverage 4.7x 3.5x 5.2x 5.4x 5.3x 5.6x 5.5x 8.2x 6.8x 7.3x
Current ratio 1.1x 1.4x 1.3x 1.0x 1.2x 2.1x 2.2x 1.8x 1.9x 2.5x
Quick ratio 0.8x 1.1x 1.0x 0.8x 0.9x 1.6x 1.4x 1.1x 1.2x 1.8x
Capital allocation
Capex / revenue 0.8% 0.8% 0.8% 1.2% 1.4% 0.8% 1.1% 1.4% 1.9% 4.1%
Stock comp / revenue 0.9% 1.1% 1.0% 1.1% 1.2% 1.1% 0.8% 0.8% 0.8% 0.7%
Payouts / FCF — 0.0% 0.0% 0.0% 0.0% 0.0% — 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score 3.0 5.0 4.0 5.0 6.0 7.0 5.0 6.0 7.0 8.0
Altman Z'' −0.9 −0.3 0.0 −0.1 0.3 2.0 2.7 2.5 3.0 4.1
Accruals ratio −3.2% 2.2% −1.4% −3.9% −1.2% 10.1% 6.0% −5.4% −3.3% −2.8%

Source: SEC EDGAR XBRL filings (CIK 0000088205). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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