Upside case
Bull case
$669+214.4%
SPXC would need investors to value it at roughly 85x earnings — about 58x more generous than today's 27x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
SPX Technologies, Inc. (SPXC) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
11
analysts
8 bullish · 0 bearish · 11 covering SPXC
Strong Buy
0
Buy
8
Hold
3
Sell
0
Strong Sell
0
Consensus Target
$247
+16.1% vs today
Scenario Range
$115 – $669
Model bear to bull value window
Coverage
11
Published analyst ratings
Valuation Context
27.1x
Forward P/E · Market cap $10.7B
SPXC price targets
Three scenarios for where SPXC stock could go
Current
~$213
Confidence
60 / 100
Updated
May 1, 2026
Where we are now
Current · $213
Bear
$115
Base
$252
Bull
$669
Market caseClosest to today
Base case
$252+18.5%
At 32x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$115-46.1%
If investor confidence fades or macro conditions deteriorate, a 12x multiple contraction could push SPXC down roughly 46% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
SPX Technologies, Inc.
SPXC · NYSEIndustrialsIndustrial - MachineryDecember year-end
SPX Technologies is an industrial equipment manufacturer that supplies infrastructure products for heating, ventilation, and cooling (HVAC) systems alongside detection and measurement equipment. It generates revenue through two main segments—HVAC (~60% of sales) and Detection & Measurement (~40%)—selling specialized equipment like cooling systems, boilers, pipe locators, and fare collection systems. The company's competitive advantage lies in its portfolio of established industrial brands—including Marley, Weil-McLain, and Radiodetection—that have strong market positions in niche infrastructure equipment segments.
Market Cap
$10.7B
Revenue TTM
$2.3B
Net Income TTM
$254M
Net Margin
10.8%
SPXC Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
58%Exceptional
vs consensus estimates
Avg EPS Surprise
+11.1%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$1.65/$1.45
Revenue
$552M/$566M
Q4 2025
EPS
$1.84/$1.60
Revenue
$593M/$626M
Q1 2026
EPS
$1.88/$1.86
Revenue
$637M/$626M
Q2 2026
EPS
$1.69/$1.55
Revenue
$567M/$558M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.65/$1.45 | +13.8% | $552M/$566M | -2.4% |
| Q4 2025 | $1.84/$1.60 | +15.0% | $593M/$626M | -5.3% |
| Q1 2026 | $1.88/$1.86 | +1.1% | $637M/$626M | +1.8% |
| Q2 2026 | $1.69/$1.55 | +9.0% | $567M/$558M | +1.6% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$2.7B
+13.3% YoY
FY2
$3.0B
+13.5% YoY
EPS Outlook
FY1
$5.91
+17.7% YoY
FY2
$6.00
+1.5% YoY
Trailing FCF (TTM)$385M
FCF Margin: 16.4%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
SPXC beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
SPXC Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $2.2B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
83.5%
+10.5% YoY
Tap, hover, or focus a slice to inspect segment detail.
UNITED STATES is the largest reported region at 83.5%, up 10.5% YoY.
SPXC Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $724 — implies +248.0% from today's price.
Upside to Fair Value
248.0%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
SPXC
42.0x
vs
S&P 500
25.2x
+67% premium
vs Industrials Trailing P/E
SPXC
42.0x
vs
Industrials
25.9x
+63% premium
vs SPXC 5Y Avg P/E
Today
42.0x
vs
5Y Average
33.1x
+27% premium
Forward PE
27.1x
S&P 500
19.1x
+42%
Industrials
20.8x
+30%
5Y Avg
—
—
Trailing PE
42.0x
S&P 500
25.2x
+67%
Industrials
25.9x
+63%
5Y Avg
33.1x
+27%
PEG Ratio
2.21x
S&P 500
1.75x
+27%
Industrials
1.59x
+39%
5Y Avg
—
—
EV/EBITDA
21.5x
S&P 500
15.3x
+41%
Industrials
13.9x
+54%
5Y Avg
22.2x
-3%
Price/FCF
44.3x
S&P 500
21.3x
+107%
Industrials
20.6x
+114%
5Y Avg
27.5x
+61%
Price/Sales
4.7x
S&P 500
3.1x
+50%
Industrials
1.6x
+196%
5Y Avg
3.0x
+59%
Dividend Yield
—
S&P 500
1.88%
—
Industrials
1.24%
—
5Y Avg
—
—
| Metric | SPXC | S&P 500 | Industrials | 5Y Avg SPXC |
|---|---|---|---|---|
| Forward PE | 27.1x | 19.1x+42% | 20.8x+30% | — |
| Trailing PE | 42.0x | 25.2x+67% | 25.9x+63% | 33.1x+27% |
| PEG Ratio | 2.21x | 1.75x+27% | 1.59x+39% | — |
| EV/EBITDA | 21.5x | 15.3x+41% | 13.9x+54% | 22.2x |
| Price/FCF | 44.3x | 21.3x+107% | 20.6x+114% | 27.5x+61% |
| Price/Sales | 4.7x | 3.1x+50% | 1.6x+196% | 3.0x+59% |
| Dividend Yield | — | 1.88% | 1.24% | — |
SPXC trades above S&P 500 benchmarks on 6 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolSPXC Financial Health
Verdict
Strong
SPXC generates $385M in free cash flow at a 16.4% margin — 13.4% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$2.3B
Revenue Growth
TTM vs prior year
+17.4%
Gross Margin
Gross profit as a share of revenue
37.7%
Operating Margin
Operating income divided by revenue
16.9%
Net Margin
Net income divided by revenue
10.8%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$5.02
Free Cash Flow (TTM)
Cash generation after capex
$385M
FCF Margin
FCF as share of revenue — the primary cash quality signal
16.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
13.4%
ROA
Return on assets, trailing twelve months
7.1%
Cash & Equivalents
Liquid assets on the balance sheet
$364M
Net Debt
Total debt minus cash
$134M
Debt Serviceability
Net debt as a multiple of annual free cash flow
0.3× FCF
~0.3 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
12.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
50M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageSPXC Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Cyclical Markets
SPXC operates in cyclical markets that are sensitive to industry-specific events, which can significantly impact financial results. Economic downturns can lead to reduced customer spending and demand for SPXC's products and services.
High Risk
Debt Levels
SPXC has high levels of debt, which increases its vulnerability to external factors such as rising interest rates. This financial leverage can strain cash flows and limit operational flexibility.
High Risk
Supply Chain Disruptions
Although supply chain issues have lessened compared to prior periods, they remain a significant risk for SPXC. Disruptions can lead to increased costs and delays in product delivery, affecting overall performance.
Medium
Inflationary Pressures
Rising inflation can lead to increased costs for SPXC, impacting its financial performance. If these costs cannot be passed on to customers, profit margins may be adversely affected.
Medium
Competition
SPXC operates in highly competitive markets, which can pressure profit margins and market share. Increased competition may lead to pricing pressures and reduced profitability.
Medium
Geopolitical Tensions
Escalating geopolitical tensions can negatively impact market demand and operational costs for SPXC. Such tensions may lead to uncertainty in international markets, affecting sales and supply chains.
Lower
Cybersecurity
SPXC faces risks related to cybersecurity threats, which can compromise sensitive data and disrupt operations. The potential for data breaches could lead to financial losses and reputational damage.
Lower
Climate Change
The impact of climate change and related regulatory actions pose potential risks to SPXC's operations. Increased scrutiny and compliance costs may affect profitability and operational efficiency.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why SPXC Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Data Center Cooling Growth
SPXC's expanding data center cooling portfolio, highlighted by product launches like OlympusV Max, is a significant catalyst. Revenue in this segment is projected to grow by 50% annually, becoming a major business segment.
Capacity Expansion and Acquisitions
Investments in capacity expansion, particularly for the datacenter market, and strategic acquisitions (such as Thermolec and Air Enterprises) are expected to fuel revenue growth and margin expansion. A substantial $700 million capacity expansion is underway.
Strong Backlog and Demand
The company has a strong backlog, particularly in its Detection & Measurement segment, and management has secured multi-year demand commitments from key customers for its data center cooling solutions.
Improved Industrial Conditions
Analysts note improving industrial conditions, with positive manufacturing PMI readings, suggesting a favorable environment for SPXC's products and services.
Financial Strength
SPXC maintains a strong balance sheet and net leverage below management's mid-term targets, providing flexibility for further accretive M&A investments.
Earnings Growth
Earnings are expected to grow by over 12% in the coming year, with double-digit adjusted EPS guidance for 2026.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
SPXC Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$212.74
52W Range Position
67%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$145.00
+46.7% from the low
52-Week High
$246.68
-13.8% from the high
1 Month
+8.04%
3 Month
-4.31%
YTD
+4.7%
1 Year
+43.3%
3Y CAGR
+43.6%
5Y CAGR
+27.9%
10Y CAGR
+29.3%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
SPXC vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
27.1x
vs 24.9x median
+9% above peer median
Revenue Growth
+13.3%
vs +9.7% median
+37% above peer median
Net Margin
10.8%
vs 7.2% median
+50% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
SPX SPXC SPX Technologies, Inc. | $10.7B | 27.1x | +13.3% | 10.8% | Buy | +16.1% |
GNR GNRC Generac Holdings Inc. | $15.7B | 31.0x | +4.6% | 4.4% | Buy | +1.4% |
FEL FELE Franklin Electric Co., Inc. | $4.5B | 22.0x | +5.0% | 6.9% | Hold | -1.0% |
AAO AAON AAON, Inc. | $8.0B | 49.6x | +19.7% | 7.5% | Buy | +21.1% |
TRM TRMK Trustmark Corporation | $2.6B | 11.5x | +25.9% | — | Hold | +1.3% |
WTS WTS Watts Water Technologies, Inc. | $9.7B | 24.9x | +9.7% | 14.3% | Hold | +17.8% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
SPXC Dividend and Capital Return
SPXC does not currently return meaningful capital to shareholders.
Dividend UnknownFCF Unknown
Total Shareholder Yield
0.0%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
50M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2015 | $0.19 | -50.0% | 0.0% | 12.1% |
| 2014 | $0.38 | +50.0% | 52.5% | 59.0% |
| 2013 | $0.25 | 0.0% | 22.5% | 25.6% |
| 2012 | $0.25 | 0.0% | 27.8% | 35.0% |
| 2011 | $0.25 | 0.0% | 0.0% | 6.9% |
FAQ
7 questionsSPXC Investor Questions
Common questions answered from live analyst data and company financials.
01Is SPX Technologies, Inc. (SPXC) stock a buy or sell in 2026?
SPX Technologies, Inc. (SPXC) is rated Buy by Wall Street analysts as of 2026. Of 11 analysts covering the stock, 8 rate it Buy or Strong Buy, 3 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $247, implying +16.1% from the current price of $213. The bear case scenario is $115 and the bull case is $669.
02What is the SPXC stock price target for 2026?
The Wall Street consensus price target for SPXC is $247 based on 11 analyst estimates. The high-end target is $251 (+18.0% from today), and the low-end target is $243 (+14.2%). The base case model target is $252.
03Is SPX Technologies, Inc. (SPXC) stock overvalued in 2026?
SPXC trades at 27.1x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for SPX Technologies, Inc. (SPXC) stock in 2026?
The primary risks for SPXC in 2026 are: (1) Cyclical Markets — SPXC operates in cyclical markets that are sensitive to industry-specific events, which can significantly impact financial results. (2) Debt Levels — SPXC has high levels of debt, which increases its vulnerability to external factors such as rising interest rates. (3) Supply Chain Disruptions — Although supply chain issues have lessened compared to prior periods, they remain a significant risk for SPXC. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is SPX Technologies, Inc.'s revenue and earnings forecast?
Analyst consensus estimates SPXC will report consensus revenue of $2.7B (+13.3% year-over-year) and EPS of $5.91 (+17.7% year-over-year) for the upcoming fiscal year. The following year, analysts project $3.0B in revenue.
06When does SPX Technologies, Inc. (SPXC) report its next earnings?
A confirmed upcoming earnings date for SPXC is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does SPX Technologies, Inc. generate?
SPX Technologies, Inc. (SPXC) generated $385M in free cash flow over the trailing twelve months — a free cash flow margin of 16.4%. SPXC returns capital to shareholders through and share repurchases ($0 TTM).