Nordson vs SPX Technologies
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KIRA’s take AI analyst
I put Nordson and SPX Technologies side by side, using each one’s latest annual report. Here is what stands out:
- Nordson is the larger business, with $2.8B of revenue in fiscal 2025 against $2.3B for SPX Technologies.
- SPX Technologies grew revenue faster (14.2%, against 3.8%).
- Nordson kept more of each dollar of sales as operating profit (25.5% operating margin, against 15.5%).
- Nordson turned more of its sales into free cash flow (23.7% FCF margin, against 10.7%).
- SPX Technologies earned a higher return on the capital invested in it (13.0%, against 11.6%).
- Investors pay more for each dollar of Nordson’s earnings: a P/E of 32.6x against 29.0x for SPX Technologies.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Nordson
NDSN
6/11
Gross marginOperating marginNet marginFCF marginReturn on equityShare count change
SPX Technologies
SPXC
5/11
Revenue growth5-year growthReturn on capitalPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | NDSN FY25 | SPXC FY25 |
|---|---|---|
| Size | ||
| Market cap | $18.0B | $8.2B |
| Revenue | $2.8B | $2.3B |
| Free cash flow | $661M | $241M |
| Net income | $485M | $244M |
| Growth | ||
| Revenue growth | 3.8% | 14.2% |
| 5-year growth | 5.7% | 15.0% |
| Share count change | −1.2% | 3.0% |
| Profitability | ||
| Gross margin | 55.2% | 40.5% |
| Operating margin | 25.5% | 15.5% |
| Net margin | 17.4% | 10.8% |
| FCF margin | 23.7% | 10.7% |
| Return on capital | 11.6% | 13.0% |
| Return on equity | 16.2% | 13.5% |
| Balance sheet | ||
| Net debt | $1.9B | $138M |
| Net debt / EBITDA | 2.4x | 0.3x |
| Dividends and buybacks | $486M | $0.0M |
| Valuation & quality | ||
| P/E | 32.6x | 29.0x |
| Piotroski F-score | 5 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.