SPX Technologies, Inc. (SPXC) Stock

SPX Technologies, Inc. (SPXC) is a Industrials stock trading at $204.56 (as of 2026-08-20), with a market capitalization of $10.24B and a trailing P/E of 36.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

SPX Technologies, Inc. provides infrastructure equipment through two segments: HVAC, which designs and manufactures cooling and air-movement products for industrial, power generation, and residential/commercial uses; and Detection & Measurement, which supplies locating, inspection/rehabilitation, robotic, and related systems for utilities and other applications. It serves customers in the United States and internationally.

Understand SPX Technologies, Inc.: how it makes money

SPX Technologies supplies infrastructure equipment for HVAC systems (including engineered cooling and air movement products, plus boilers and comfort heating) and also provides detection and measurement solutions, selling to customers across the United States and internationally, and earning money primarily through product and service revenue in its HVAC and Detection and Measurement segments.

The profit engine is segment-driven, because SPX reports and runs two businesses, HVAC and Detection and Measurement, and the larger HVAC segment is the main revenue contributor to consolidated results.

Revenue by segment (latest quarter)
HVAC	$0.4B
Detect	$0.2B

Business quality (Mixed): Segment reporting is clear (HVAC and Detection and Measurement), and segment revenue aligns with the company’s two-business operating model.

Valuation: At 45× earnings, SPXC trades 34% above the Machinery average (34×). Note: one-time items can distort reported P/E.

Bull case

Two-segment platform: SPX operates in HVAC and Detection and Measurement, which can diversify outcomes across end markets.
Broad HVAC equipment offering: Its HVAC segment spans package and process cooling products, engineered air movement solutions, and boilers and comfort heating and ventilation products.
Geographic footprint: The company serves markets in the United States, China, the United Kingdom, and internationally.

Bear case

End-market cyclicality risk: Because SPX serves HVAC, power generation, residential and commercial markets, results may be sensitive to customer demand conditions in those areas.
Execution and project variability risk: The HVAC business includes engineered solutions and services, which can be exposed to timing and mix of project work and service demand.
Geographic exposure risk: With operations serving multiple countries including China and the United Kingdom, results may be affected by local market conditions and operating environments.

Valuation — source: SEC EDGAR (first-party)
Price	$204.56
Market Cap	$10.24B
P/E Ratio	36.7
EV / EBITDA	19.1
Price / Book	4.36
Price / Sales	4.14
FCF Yield	3.0%
DCF Value (model)	$82.02
DCF Upside vs Price	-59.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$2.27B
Net Margin	10.8%
Revenue Growth (YoY)	22.9%
EPS Growth (YoY)	40.2%
FCF Growth (YoY)	96.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	5.84 (safe)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	36.7
Sector P/E (Industrials)	25.9
Industry P/E (Machinery)	32.3
vs Sector	41.8%
vs Industry	13.7%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($1.25B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Industrials
Industry	Machinery
CEO	Eugene Joseph Lowe
Employees	4,300
Country	US
IPO Date	1980-03-17

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.