SPX Technologies
ConvictionModerate
Engineered-products manufacturer across two segments (HVAC ~67% of sales; Detection & Measurement ~33%), growing via organic share gains plus a disciplined bolt-on M&A roll-up, with margin expansion from mix, pricing and integration. Low-capex historically, though capex has stepped up for data-center capacity; project-and-aftermarket revenue.
Revenue
$2.27BFY2025); FY26E guide $2.575-2.645BRev growth
+14.2%FY2025 YoY); +17.4% (Q1 FY2026 YoY, 7.4% organic); ~15% at FY26 guide midpointGross margin
not disclosedin reviewed sources; segment income margins ~24% (FY2025: HVAC 24.5%, D&M 23.6%Op margin
15.5% GAAPQ1 FY2026, up ~170bps from 13.8%Capex intensity
~4% of revenueFY2025 capex $92.1M), elevated by the $100M+ data-center capacity build; historically lowerMarket cap
~$11.4BNYSE: SPXC, Jul 3 2026); ~$12.3B at the Jun 22 2026 record close of $246.41The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence