At a glance
SPX Corp is worth $8.28B, about 33 times its fiscal 2025 earnings. Revenue grew 14.2% to $2.27B in fiscal 2025, with 10.8% kept as profit; over 5 years it has grown 15.0% a year. It pays no dividend; it spent $33.7M buying back its shares over FY2021–FY2025. The stock returned −16.2% over the past year with dividends reinvested and +23.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.3% in the 2020 crash (S&P 500: 33.7%) and 29.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 3 months after the lows.
The business in plain English
SPX Technologies designs and makes specialized engineered equipment for two markets: heating, ventilation and air conditioning (HVAC), and detection and measurement. It earns money mainly from equipment sales and related services to businesses, utilities and government agencies. The company has operations in 16 countries and about 4,700 employees. Revenue for the year ended December 31, 2025 was about $2.27 billion, with 80% from the United States, 8.5% from Canada and 4.2% from the UK.
In fiscal 2025, HVAC was the larger segment, at 67% of revenue. Its biggest product line, package and process cooling equipment plus engineered air movement, made up 41.2% of revenue on its own. It serves industrial markets, including data centers and power generation, along with institutional and commercial buildings. Hydronic heating (systems that heat with hot water), electric heating and ventilation products for homes and other buildings added 25.8%. Several acquisitions since 2023, including Ingénia and Sigma & Omega, were folded into this segment.
Detection and measurement made up the other 33%. Communication technologies, transportation systems and aids to navigation brought in 21.7% of revenue. Underground pipe and cable locators, inspection and rehabilitation equipment and robotic systems brought in 11.3%. Customers include utilities, telecom providers, defense agencies, municipalities and transit authorities. No single customer accounted for more than 10% of revenue.
Price history
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SPXC -16.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Package and process cooling equipment and services, and engineered air movement | $932.9M | 41.2% |
| Hydronic heating, electrical heating, and ventilation | $585.3M | 25.8% |
| Communication technologies, aids to navigation, and transportation systems | $491.0M | 21.7% |
| Underground locators, inspection and rehabilitation equipment, and robotic systems | $255.9M | 11.3% |
By business segment
| HVAC reportable segment | $1.52B | 67% |
| Detection and Measurement reportable segment | $746.9M | 33% |
By geography
| United States | $1.81B | 80% |
| Canada | $193.4M | 8.5% |
| United Kingdom | $95.5M | 4.2% |
| Other | $91.9M | 4.1% |
| China | $71.7M | 3.2% |
Latest results
- In Q3 FY2026 (ended Sep 26, 2026), revenue was $714.5M, up 20.5% from a year earlier, and net income was $81.9M (+30.6%).
- For fiscal 2025, revenue was $2.27B (+14.2% year over year; +15.0% a year from FY2020 to FY2025) with a 10.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.0% good |
|---|---|
| Operating margin | 15.5% good |
| Free cash flow margin | 10.6% good |
| Return on equity (FY2025) | 10.9% watch |
| Return on assets (FY2025) | 6.8% watch |
| Net cash (cash minus debt) | $-1.22B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.13B | $99.0M | $111.0M |
| FY2021 | $1.22B | $425.4M | $165.0M |
| FY2022 | $1.46B | $200K | $-152.7M |
| FY2023 | $1.74B | $89.9M | $184.6M |
| FY2024 | $1.98B | $200.5M | $247.9M |
| FY2025 | $2.27B | $244.0M | $241.2M |
Valuation snapshot
| Market value | $8.28B |
|---|---|
| P/E ratio | 32.8 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
SPX’s market value went from $993.6M at the end of 2016 to $8.28B on Oct 28, 2026, about 8.3 times as much; since the end of 2025 it is down 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.28B | -17.0% |
| 2025 | $9.97B | +47.8% |
| 2024 | $6.75B | +46.3% |
| 2023 | $4.61B | +55.4% |
| 2022 | $2.97B | +9.5% |
| 2021 | $2.71B | +11.0% |
| 2020 | $2.44B | +8.7% |
| 2019 | $2.25B | +84.8% |
| 2018 | $1.22B | -9.1% |
| 2017 | $1.34B | +34.6% |
| 2016 | $993.6M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SPXC price data to Oct 28, 2026 | -17.4% | -16.2% | +28.1% | +23.1% | +24.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -17.4% |
| 2025 | +37.5% |
| 2024 | +44.1% |
| 2023 | +53.9% |
| 2022 | +10.0% |
| 2021 | +9.4% |
| 2020 | +7.2% |
| 2019 | +81.7% |
| 2018 | -10.8% |
| 2017 | +32.3% |
| 2016 | +154.2% |
| 2015 | -56.5% |
| 2014 | -12.4% |
| 2013 | +43.7% |
| 2012 | +18.1% |
| 2011 | -14.4% |
| 2010 | +32.8% |
| 2009 | +37.4% |
| 2008 | -60.0% |
| 2007 | +70.2% |
| 2006 | +34.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 54.8% over that stretch · deepest drop along the way 81.1%, back to its old high 108.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.2% over that stretch · deepest drop along the way 47.3%, back to its old high 6.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.1% over that stretch · deepest drop along the way 29.3%, back to its old high 3.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 3 sales ($9.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 2, 2026 | Eugene Joseph III Lowe PRESIDENT AND CEO, Director | sell | $6.7M |
| Mar 2, 2026 | Eugene Joseph III Lowe PRESIDENT AND CEO, Director | sell | $1.5M |
| Mar 2, 2026 | Eugene Joseph III Lowe PRESIDENT AND CEO, Director | sell | $1.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.9% | Jun 30, 2026 |
| Capital International Investors | 5.8% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.53% | Jun 30, 2026 |
ETFs with the most weight in SPXC
| RSHO Tema American Reshoring ETF | 4.14% |
| PSCI Invesco S&P SmallCap Industrials ETF | 2.88% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 1.79% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 1.08% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 1.03% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 1% |
| OASC OneAscent Small Cap Core ETF | 0.99% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.99% |
What could go wrong
- Demand swings with cycles and data centers. Demand depends on customers' spending on new projects and maintenance, which rises and falls with economic cycles and events such as shifts in data center construction. Large-project timing can make results lumpy.
- Growth leans heavily on acquisitions. SPX has made a string of acquisitions since 2023, including Crawford United in February 2026. Integrating them may cost more or save less than planned, and Crawford's non-core businesses still have to be sold off.
- Government and defense contract risks. Detection and measurement serves defense agencies and other government customers. The U.S. government can end contracts early, either for its own convenience or for default, or fail to approve funding for them.
- Overruns on fixed-price contracts. On long-term fixed-price contracts, SPX agrees to a price upfront. If inflation, delays or cost overruns push its costs higher, the extra expense comes out of its profit.
- Tariffs and raw material costs. New or higher tariffs and pricier materials and components can raise costs that SPX may not be able to pass on to customers, and can lead customers to delay or cancel large projects.
- Debt with variable interest rates. Total debt was $614.7 million against $166.4 million in cash and investments as of June 27, 2026. A significant portion carries variable interest rates, so higher rates would raise interest costs.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
SPX Technologies paid no dividends from fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. Returns come only from price changes, so retirees wanting income would need to cash in shares. Buybacks (share repurchases) were small: $33.7 million over those years, all in fiscal 2022. Shares outstanding still rose about 10.5% between July 2021 and July 2026, so each share represents a slightly smaller slice of the company.
The shares have fallen hard in downturns. They lost 81.1% between June and November 2008 and did not regain that peak until November 2017. SPX was a larger company then, before the 2015 spin-off of SPX FLOW into a separate company. They fell 47.3% in the 2020 COVID crash, recovering by October 2020, and 29.3% in early 2022, recovering by August. Within the year to October 28, 2026, they fell as much as 35.1%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does SPX Technologies make money?
SPX Technologies makes money mainly from sales of engineered equipment and related services. Revenue for fiscal 2025, which ended December 31, 2025, was about $2.27 billion. The HVAC segment brought in 67%. It covers cooling, air movement, air handling, heating and ventilation products. The detection and measurement segment brought in 33%. It includes underground pipe and cable locators, inspection equipment, communication technologies, transportation systems and aids to navigation. About 80% of revenue came from the United States.
Does SPX Technologies pay a dividend?
No. SPX Technologies paid no dividends from fiscal 2021 through fiscal 2025, and its dividend yield was 0% as of October 28, 2026. Over the same period it completed a string of acquisitions. Buybacks were modest, at $33.7 million over fiscal 2021 to 2025, and the share count rose about 10.5% between July 2021 and July 2026. Investors looking for regular cash payments would get none from this stock.
Does SPX Technologies benefit from data center demand?
Partly. Its HVAC segment supplies package and process cooling products and engineered air movement and air handling equipment to industrial markets that include data centers and power generation. That product line also serves institutional and commercial buildings, and it made up 41.2% of fiscal 2025 revenue. The company's annual report also lists changes in demand for data center construction as a risk, so a slowdown there could hurt sales.
What companies has SPX Technologies acquired?
SPX has completed a series of acquisitions since 2023. HVAC deals include TAMCO (airflow dampers) and ASPEQ (electric heating) in 2023, Ingénia (custom air handling units) in 2024, Sigma & Omega (hydronic heating and cooling) in 2025, and Thermolec (electric duct heating) in January 2026. KTS, a defense networking specialist, joined detection and measurement in January 2025. In February 2026 SPX acquired Crawford United. It plans to keep the commercial air handling businesses and exit the non-core industrial and transportation units within twelve months.
How has SPX Technologies stock performed?
Strongly over five and ten years, but poorly over the past year. As of October 28, 2026, the share price had risen about 23.1% a year over five years and 24.2% a year over ten years. Over the same periods to that date, it was down 16.2% over one year and 17.4% year to date. Its price-to-earnings ratio (the share price divided by annual earnings per share) was 32.8 based on fiscal 2025 earnings, as of the same date. Past returns do not predict future results.