Nordson vs SPX Technologies
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The short version
- 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 32.3x against 28.8x for SPX Technologies.
| Latest fiscal year | NDSN · FY25 | SPXC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.9B | $8.1B |
| 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 | 32.3x | 28.8x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
NDSN $1.8B
SPXC $1.5B
FY17
NDSN $2.1B
SPXC $1.4B
FY18
NDSN $2.3B
SPXC $1.5B
FY19
NDSN $2.2B
SPXC $1.1B
FY20
NDSN $2.1B
SPXC $1.1B
FY21
NDSN $2.4B
SPXC $1.2B
FY22
NDSN $2.6B
SPXC $1.5B
FY23
NDSN $2.6B
SPXC $1.7B
FY24
NDSN $2.7B
SPXC $2.0B
FY25
NDSN $2.8B
SPXC $2.3B
NDSN
SPXC
Operating margin
FY16
NDSN 21.5%
SPXC 4.8%
FY17
NDSN 22.6%
SPXC 4.2%
FY18
NDSN 22.3%
SPXC 7.4%
FY19
NDSN 22.0%
SPXC 10.2%
FY20
NDSN 16.5%
SPXC 8.6%
FY21
NDSN 26.0%
SPXC 6.0%
FY22
NDSN 27.1%
SPXC 3.5%
FY23
NDSN 25.6%
SPXC 12.7%
FY24
NDSN 25.1%
SPXC 15.5%
FY25
NDSN 25.5%
SPXC 15.5%
NDSN
SPXC
Free cash flow
FY16
NDSN $274M
SPXC −$12.9M
FY17
NDSN $285M
SPXC $35.9M
FY18
NDSN $415M
SPXC $98.2M
FY19
NDSN $319M
SPXC $135M
FY20
NDSN $452M
SPXC $111M
FY21
NDSN $508M
SPXC $165M
FY22
NDSN $462M
SPXC −$153M
FY23
NDSN $607M
SPXC $185M
FY24
NDSN $492M
SPXC $248M
FY25
NDSN $661M
SPXC $241M
NDSN
SPXC
Return on capital
FY16
NDSN 16.4%
SPXC 10.4%
FY17
NDSN 14.9%
SPXC 12.0%
FY18
NDSN 15.9%
SPXC 17.0%
FY19
NDSN 14.1%
SPXC 12.3%
FY20
NDSN 10.8%
SPXC 9.9%
FY21
NDSN 18.1%
SPXC 6.4%
FY22
NDSN 19.9%
SPXC 3.5%
FY23
NDSN 15.0%
SPXC 12.2%
FY24
NDSN 11.6%
SPXC 13.9%
FY25
NDSN 11.6%
SPXC 13.0%
NDSN
SPXC
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.