Latest Ratios: P/E Ratio 34.2x · EV/EBITDA 17.5x · ROE 13.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.7B | $9.7B | $6.9B | $4.7B | $3.0B | $2.8B | $2.5B | $2.3B | $1.3B | $1.4B | $1.0B |
| Enterprise Value | $8.8B | $9.8B | $7.4B | $5.2B | $3.1B | $2.6B | $2.8B | $2.6B | $1.6B | $1.6B | $1.3B |
| P/E Ratio → | 34.21 | 39.54 | 33.92 | 52.34 | 152.67 | 6.52 | 25.73 | 32.20 | 15.39 | 15.46 | — |
| P/S Ratio | 3.83 | 4.28 | 3.45 | 2.70 | 2.08 | 2.28 | 2.21 | 2.04 | 0.83 | 0.97 | 0.68 |
| P/B Ratio | 3.75 | 4.34 | 4.95 | 3.94 | 2.81 | 2.52 | 3.90 | 4.55 | 3.02 | 4.38 | 5.22 |
| P/FCF | 35.93 | 40.24 | 27.64 | 25.51 | — | 16.82 | 22.49 | 16.93 | 12.74 | 38.39 | — |
| P/OCF | 26.00 | 29.12 | 23.96 | 22.58 | — | 15.89 | 19.76 | 15.39 | 11.31 | 29.39 | 153.86 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.35 | 3.71 | 2.97 | 2.14 | 2.16 | 2.52 | 2.34 | 1.03 | 1.13 | 0.85 |
| EV / EBITDA | 17.48 | 19.54 | 18.42 | 18.12 | 32.17 | 22.70 | 22.08 | 18.98 | 11.14 | 18.93 | 13.02 |
| EV / EBIT | 23.10 | 26.95 | 24.46 | 24.20 | 86.08 | 31.72 | 29.32 | 23.92 | 14.75 | 30.28 | 23.19 |
| EV / FCF | — | 40.81 | 29.71 | 27.99 | — | 15.96 | 25.63 | 19.44 | 15.93 | 44.87 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.7% | 36.7% | 40.3% | 38.5% | 35.9% | 35.4% | 35.1% | 35.8% | 27.1% | 23.2% | 25.5% |
| Operating Margin | 16.8% | 16.8% | 15.5% | 12.7% | 3.5% | 6.0% | 8.6% | 10.1% | 7.4% | 4.2% | 4.8% |
| Net Profit Margin | 10.8% | 10.8% | 10.1% | 5.2% | 0.0% | 34.9% | 8.8% | 6.3% | 5.4% | 6.3% | -5.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.6% | 13.6% | 15.5% | 7.9% | 0.0% | 48.8% | 17.3% | 15.5% | 22.3% | 35.3% | -34.1% |
| ROA | 7.8% | 7.8% | 7.8% | 4.1% | 0.0% | 17.1% | 4.4% | 3.4% | 4.0% | 4.5% | -4.2% |
| ROIC | 13.4% | 13.4% | 13.0% | 11.8% | 3.6% | 5.7% | 7.9% | 10.9% | 13.2% | 9.0% | 10.2% |
| ROCE | 14.0% | 14.0% | 14.2% | 12.2% | 2.7% | 3.7% | 5.9% | 7.3% | 7.1% | 4.0% | 4.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.48 | 0.47 | 0.23 | 0.22 | 0.64 | 0.78 | 0.92 | 1.13 | 1.86 |
| Debt / EBITDA | 1.00 | 1.00 | 1.68 | 1.96 | 2.53 | 2.12 | 3.20 | 2.84 | 2.72 | 4.19 | 3.69 |
| Net Debt / Equity | — | 0.06 | 0.37 | 0.38 | 0.09 | -0.13 | 0.54 | 0.67 | 0.75 | 0.74 | 1.34 |
| Net Debt / EBITDA | 0.27 | 0.27 | 1.28 | 1.61 | 1.02 | -1.23 | 2.70 | 2.45 | 2.23 | 2.73 | 2.66 |
| Debt / FCF | — | 0.57 | 2.07 | 2.49 | — | -0.86 | 3.14 | 2.51 | 3.19 | 6.48 | — |
| Interest Coverage | 7.15 | 7.15 | 6.59 | 7.85 | 3.91 | 6.34 | 5.27 | 5.23 | 4.93 | 3.11 | 3.66 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.48 | 2.48 | 1.87 | 1.77 | 2.16 | 2.06 | 1.18 | 1.04 | 1.27 | 1.37 | 1.11 |
| Quick Ratio | 1.82 | 1.82 | 1.23 | 1.08 | 1.43 | 1.62 | 0.91 | 0.78 | 1.00 | 1.06 | 0.80 |
| Cash Ratio | 0.79 | 0.79 | 0.38 | 0.25 | 0.44 | 0.88 | 0.11 | 0.09 | 0.15 | 0.27 | 0.21 |
| Asset Turnover | — | 0.63 | 0.73 | 0.71 | 0.76 | 0.46 | 0.48 | 0.53 | 0.74 | 0.70 | 0.77 |
| Inventory Turnover | 4.75 | 4.75 | 4.37 | 3.87 | 3.84 | 4.15 | 4.73 | 4.66 | 8.56 | 7.66 | 7.53 |
| Days Sales Outstanding | — | 68.03 | 59.78 | 62.13 | 71.81 | 75.51 | 78.72 | 106.52 | 86.94 | 68.48 | 62.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 2.5% | 2.9% | 1.9% | 0.7% | 15.3% | 3.9% | 3.1% | 6.5% | 6.5% | — |
| FCF Yield | 2.8% | 2.5% | 3.6% | 3.9% | — | 5.9% | 4.4% | 5.9% | 7.9% | 2.6% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $49M | $47M | $47M | $46M | $46M | $46M | $45M | $45M | $44M | $42M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SPXC stock.
SPX Technologies, Inc.'s current P/E ratio is 34.2x. The historical average is 19.1x. This places it at the 88th percentile of its historical range.
SPX Technologies, Inc.'s current EV/EBITDA is 17.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
SPX Technologies, Inc.'s return on equity (ROE) is 13.6%. The historical average is 16.4%.
Based on historical data, SPX Technologies, Inc. is trading at a P/E of 34.2x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SPX Technologies, Inc. has 36.7% gross margin and 16.8% operating margin. Operating margin between 10-20% is typical for established companies.
SPX Technologies, Inc.'s Debt/EBITDA ratio is 1.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Acquisition integration and goodwill impairment risk
Metrics are mathematically derived from official filings.
Premium Multiple Reflects Growth Expectations
SPXC trades at 41.97x trailing earnings and 21.38x EV/EBITDA, well above peers like FELE at 33.36x and 14.58x, according to recent market data, implying robust growth expectations.
The forward P/E of 25.76x suggests the market anticipates significant earnings growth, consistent with the 22.9% revenue acceleration in 2026Q2. However, the PEG of 2.21 indicates that the current valuation may already price in much of the expected growth, leaving limited margin for error. Investors should monitor whether the company can sustain its growth trajectory to justify the premium relative to its historical average and sector peers.
Margin Expansion Drives Profitability
Gross margin improved to 40.2% in 2026Q2 from 37.0% a year earlier, while operating margin held at 16.9%, as reported in financial statements, indicating strong pricing power and operational efficiency.
The 40.2% gross margin is near the high end of the ten-quarter range, suggesting that recent pricing actions and product mix are favorable. Operating margin stability at 16.9% despite revenue growth indicates effective cost control, though the slight decline from 17.7% in 2025Q3 warrants attention. Net margin of 11.5% is supported by lower interest expense and tax benefits, but investors should watch for potential normalization in tax rates.
Return on Capital Remains Modest
ROIC has hovered around 3% over the past ten quarters, with 2026Q2 at 3.1%, according to reported figures, indicating that the company is not yet generating substantial returns on its invested capital.
Despite strong profitability margins, ROIC is low relative to peers like FELE (15.1%) and WTS (21.2%), suggesting that the asset base, inflated by acquisitions, is not yet yielding commensurate returns. The increase in ROIC from 2.6% in 2024Q1 to 3.1% in 2026Q2 is gradual, implying that integration synergies may take time to materialize. Investors should monitor whether ROIC can improve as acquired businesses are fully integrated and working capital efficiency is optimized.
Working Capital Efficiency Shows Mixed Trends
Cash conversion cycle improved to 101 days in 2026Q2 from 111 days in 2024Q1, as per quarterly data, but remains elevated due to high DSO and DIO, indicating ongoing working capital intensity.
DSO has declined from 69 days in 2024Q3 to 61 days in 2026Q2, suggesting improved receivables collection, while DIO has also decreased from 94 to 80 days, reflecting better inventory management. However, DPO remains relatively stable around 40 days, indicating limited supplier leverage. The overall CCC of 101 days is still high, which may tie up cash and pressure liquidity, especially during periods of rapid growth.
Leverage Declines Despite Acquisition Activity
Debt-to-equity fell to 0.26 in 2026Q2 from 0.69 in 2024Q1, with D/EBITDA down to 5.26 from 9.98, as reported in financial statements, indicating a significantly strengthened balance sheet.
The reduction in leverage is notable given the $1.1 billion spent on acquisitions over the past ten quarters, suggesting that cash flows and equity issuance have funded growth. Interest coverage improved to 13.07x in 2026Q2 from 6.21x in 2024Q1, providing ample cushion for debt service. However, the D/EBITDA of 5.26 is still elevated relative to peers, and investors should monitor whether future acquisitions will increase leverage again.
Liquidity Position Strengthens
Current ratio improved to 1.82 in 2026Q2 from 1.12 in 2024Q1, with quick ratio at 1.21, according to balance sheet data, indicating a more comfortable liquidity buffer.
The improvement in liquidity is driven by higher cash balances and better working capital management, as evidenced by the declining CCC. The quick ratio of 1.21 suggests that even without selling inventory, the company can cover short-term obligations. However, the negative FCF margin in 2026Q2 (-6.8%) highlights that liquidity can be strained during periods of heavy acquisition-related outflows, so investors should monitor cash flow volatility.
Premium Valuation vs. Peer Group
SPXC's P/E of 41.97x and EV/EBITDA of 21.38x are higher than most peers, including FELE (33.36x, 14.58x) and WTS (37.77x, 23.87x), based on market data, reflecting its growth premium.
The company's ROE of 3.4% is significantly lower than peers like AAON (17.2%) and WTS (18.6%), indicating that its profitability on equity is not yet competitive. However, its net margin of 11.5% is higher than many peers, suggesting that the gap in ROE is due to lower asset turnover and higher equity base from acquisitions. The valuation premium may be justified if the company can achieve the growth rates implied by its forward multiples, but it also leaves little room for disappointment.
Misapplied Metric: P/E on Acquisitive Growth
The P/E ratio is commonly misapplied to SPXC because acquisition-related charges and amortization distort earnings, as seen in the gap between P/E of 41.97x and forward P/E of 25.76x, per market data.
For a company growing through acquisitions, reported earnings include amortization of intangibles and integration costs, which depress net income and inflate the P/E. A more appropriate metric is EV/EBITDA, which excludes these non-cash charges and provides a cleaner comparison of operating performance. Investors should also consider price-to-cash earnings or EV/EBIT to better assess the company's true earning power, especially given the volatile FCF margins.