Crane vs SPX Technologies
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The short version
- Crane is the larger business, with $2.3B of revenue in fiscal 2025 against $2.3B for SPX Technologies.
- SPX Technologies grew revenue faster (14.2%, against 8.2%).
- Crane kept more of each dollar of sales as operating profit (18.4% operating margin, against 15.5%).
- Crane turned more of its sales into free cash flow (14.8% FCF margin, against 10.7%).
- Crane earned a higher return on the capital invested in it (15.2%, against 13.0%).
- Investors pay more for each dollar of Crane’s earnings: a P/E of 32.0x against 28.8x for SPX Technologies.
| Latest fiscal year | CR · FY25 | SPXC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.7B | $8.1B |
| Revenue | $2.3B | $2.3B |
| Free cash flow | $341M | $241M |
| Net income | $367M | $244M |
| Growth | ||
| Revenue growth | 8.2% | 14.2% |
| 5-year growth | — | 15.0% |
| Share count change | 0.5% | 3.0% |
| Profitability | ||
| Gross margin | 42.2% | 40.5% |
| Operating margin | 18.4% | 15.5% |
| Net margin | 15.9% | 10.8% |
| FCF margin | 14.8% | 10.7% |
| Return on capital | 15.2% | 13.0% |
| Return on equity | 19.8% | 13.5% |
| Balance sheet | ||
| Net debt | $642M | $138M |
| Net debt / EBITDA | 1.4x | 0.3x |
| Dividends and buybacks | $52.9M | $0.0M |
| Valuation & quality | ||
| P/E | 32.0x | 28.8x |
| Piotroski F-score | 6 | 8 |
Revenue
FY16
CR —
SPXC $1.5B
FY17
CR —
SPXC $1.4B
FY18
CR —
SPXC $1.5B
FY19
CR —
SPXC $1.1B
FY20
CR —
SPXC $1.1B
FY21
CR $2.1B
SPXC $1.2B
FY22
CR $1.8B
SPXC $1.5B
FY23
CR $1.9B
SPXC $1.7B
FY24
CR $2.1B
SPXC $2.0B
FY25
CR $2.3B
SPXC $2.3B
CR
SPXC
Operating margin
FY16
CR —
SPXC 4.8%
FY17
CR —
SPXC 4.2%
FY18
CR —
SPXC 7.4%
FY19
CR —
SPXC 10.2%
FY20
CR —
SPXC 8.6%
FY21
CR 10.8%
SPXC 6.0%
FY22
CR 0.3%
SPXC 3.5%
FY23
CR 13.5%
SPXC 12.7%
FY24
CR 16.7%
SPXC 15.5%
FY25
CR 18.4%
SPXC 15.5%
CR
SPXC
Free cash flow
FY16
CR —
SPXC −$12.9M
FY17
CR —
SPXC $35.9M
FY18
CR —
SPXC $98.2M
FY19
CR —
SPXC $135M
FY20
CR —
SPXC $111M
FY21
CR $150M
SPXC $165M
FY22
CR −$532M
SPXC −$153M
FY23
CR $123M
SPXC $185M
FY24
CR $221M
SPXC $248M
FY25
CR $341M
SPXC $241M
CR
SPXC
Return on capital
FY16
CR —
SPXC 10.4%
FY17
CR —
SPXC 12.0%
FY18
CR —
SPXC 17.0%
FY19
CR —
SPXC 12.3%
FY20
CR —
SPXC 9.9%
FY21
CR —
SPXC 6.4%
FY22
CR —
SPXC 3.5%
FY23
CR 12.0%
SPXC 12.2%
FY24
CR 19.7%
SPXC 13.9%
FY25
CR 15.2%
SPXC 13.0%
CR
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.