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SPXC

SPX Technologies, Inc.

SPXC

SPX Technologies, Inc. • NYSE
$215.04 ▼ -0.38% (-0.83)
Market Cap $10.09 B
52w High $233.71
52w Low $115.00
Dividend Yield 0%
P/E 45.66
Volume 90.46K
Outstanding Shares 46.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $592.8M ▲ $117.7M ▼ $63.1M ▲ 10.644% ▲ $1.3 ▲ $125.9M ▲
Q2-2025 $552.4M ▲ $142.3M ▲ $52.2M ▲ 9.45% ▼ $1.12 ▲ $118M ▲
Q1-2025 $482.6M ▼ $129.3M ▲ $51.2M ▼ 10.609% ▼ $1.11 ▼ $97.2M ▼
Q4-2024 $533.7M ▲ $127.9M ▲ $57.1M ▲ 10.699% ▲ $1.22 ▲ $112.6M ▲
Q3-2024 $483.7M $118.7M $50.2M 10.378% $1.1 $101.6M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $229.4M ▲ $3.446B ▲ $1.297B ▼ $2.148B ▲
Q2-2025 $132.8M ▼ $3.307B ▲ $1.773B ▲ $1.533B ▲
Q1-2025 $177.8M ▲ $3.138B ▲ $1.694B ▲ $1.443B ▲
Q4-2024 $156.9M ▲ $2.715B ▼ $1.33B ▼ $1.384B ▲
Q3-2024 $124.8M $2.806B $1.448B $1.358B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $63.1M ▲ $106.8M ▲ $-41.4M ▲ $29.3M ▼ $96.6M ▲ $96.4M ▲
Q2-2025 $52.5M ▲ $42.5M ▲ $-151.2M ▲ $59.6M ▼ $-45.3M ▼ $34.8M ▲
Q1-2025 $51.7M ▼ $-10.9M ▼ $-306.6M ▼ $335.7M ▲ $20.8M ▼ $-16.4M ▼
Q4-2024 $56.5M ▲ $166.5M ▲ $-7.2M ▼ $-123.8M ▼ $32M ▲ $156.7M ▲
Q3-2024 $50.9M $51.4M $-5.8M $-53.6M $-3.6M $43.5M

Revenue by Products

Product Q4-2022Q1-2023Q2-2023Q4-2023
Detection and Measurement Reportable Segment
Detection and Measurement Reportable Segment
 $0 ▲$70.00M ▲$70.00M ▲$490.00M ▲
HVAC Reportable Segment
HVAC Reportable Segment
 $160.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily year after year, and profitability at the gross and operating levels has improved, suggesting better pricing power, product mix, and cost control. The move from relatively low operating profit in earlier years to much stronger results recently points to a more efficient and focused business. Net income, however, has been bumpy, with at least one year that looks influenced by unusual items and another that was roughly breakeven, so the long‑term trend is positive but not perfectly smooth. Overall, the income statement now reflects a more profitable industrial technology company, but with a history that shows occasional volatility in the bottom line.

Balance Sheet

Balance Sheet The balance sheet shows a business that has been growing in size while steadily building shareholders’ equity, which signals retained earnings and a stronger capital base over time. Debt levels have moved up from earlier lows, indicating a greater reliance on borrowing to fund growth, likely including acquisitions, but leverage still appears reasonably balanced against equity. Cash on hand is modest rather than abundant, meaning financial flexibility leans more on ongoing cash generation and access to credit than on a large cash reserve. The structure supports continued expansion, but it also increases the importance of disciplined capital allocation and stable credit markets.

Cash Flow

Cash Flow Cash flow from operations has generally been positive and improving, with one clear weak year that likely reflects working capital swings or restructuring rather than a permanent issue. Free cash flow has followed a similar pattern, turning from that one soft patch into a more consistently positive contributor in recent years. Capital spending is relatively light, which helps free cash for debt service, acquisitions, and other corporate uses, but also means growth is driven more by bolt‑on deals and targeted projects than by heavy plant build‑outs. The main risk is that the company’s modest cash balance and acquisition‑driven strategy require it to maintain healthy day‑to‑day cash generation and good working capital discipline.

Competitive Edge

Competitive Edge SPX Technologies operates in focused niches within HVAC and Detection & Measurement where it often aims for a top market position rather than competing broadly across all industrial markets. Its brands in cooling, boilers, and utility location equipment are well known and supported by a large installed base, creating a valuable stream of aftermarket parts and services that tends to be more stable than equipment sales alone. The company’s moat is strengthened by specialized technologies, proprietary know‑how, and the ability to offer integrated solutions rather than standalone products, particularly in infrastructure monitoring and safety. Key competitive risks include larger diversified industrial players pushing into these profitable niches, pricing pressure in cyclical downturns, and the need to keep its technology ahead of fast‑moving digital and automation trends.

Innovation and R&D

Innovation and R&D Innovation at SPX is driven by a blend of internal R&D and targeted acquisitions, giving it both homegrown products and access to specialized technologies. In HVAC, it emphasizes energy‑efficient and environmentally friendly solutions, such as hybrid cooling technologies and advanced air‑handling systems that can be tailored quickly to customer needs. In Detection & Measurement, the company has pushed into advanced sensing, mapping, robotics, counter‑drone systems, and smart, connected equipment, including a robotics‑as‑a‑service model that creates recurring revenue and high switching costs for customers. Across the portfolio, the strategic themes are clear: digitalization, data and IoT integration, sustainability, and automation, all tied to long‑term trends like decarbonization, infrastructure renewal, and data center growth. The opportunity is significant, but success depends on continuing to integrate acquisitions smoothly and investing enough in R&D to keep its solutions clearly differentiated.

Summary

SPX Technologies today looks like a focused industrial technology platform with steadily improving revenue and operating profitability, even though its net income and cash flows have shown occasional swings in the past. Its balance sheet and cash generation are generally supportive of continued growth, but the combination of higher debt, modest cash, and an active acquisition program means capital discipline and execution quality are crucial. Strategically, the company is positioned in attractive niches—energy‑efficient HVAC, infrastructure detection and monitoring, robotics, and digital systems—where it often holds strong share and benefits from a large installed base and recurring aftermarket business. Long‑term prospects are tied to secular trends such as decarbonization, infrastructure modernization, automation, and digitalization, while key uncertainties revolve around integration of acquired businesses, competitive responses from larger players, and the usual cyclicality of industrial end markets.

NEWS

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SPX Technologies to Report Third Quarter 2025 Financial Results

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