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SPX Technologies, Inc.

SPXC

Industrials · 187.12 -2.9% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

Market read

SPX Technologies, Inc.'s current read is isolated; its market group is not confirming.

The latest filing evidence is available. 0 of 25 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.

What changed
  • Revenue increased 17.4% versus the comparable filing period.
Company-2.9% todayVolume comparison unavailable
Market group0 of 25 activeIndustrial Infrastructure · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
  • Reported $439.6 million of cash used for Thermolec and Crawford acquisitions in the three months ended March 28, 2026.

Invalidation: The isolated read changes if SPXC's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Industrials · Building Products & Equipment

The latest filing evidence is available. 0 of 25 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.

Evidence that supports
  • Revenue increased 17.4% versus the comparable filing period.
  • Operating margin improved 1.7 percentage points.
  • Net income increased 17.0% versus the comparable filing period.
Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Reported $439.6 million of cash used for Thermolec and Crawford acquisitions in the three months ended March 28, 2026.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements133
Verified relationships2
Evidence supporting the case
  • Latest annual revenue changed +14.2% year over year.
  • Capital investment and capacity has repeated favorable evidence across 4 filings.
  • Demand and volume has repeated favorable evidence across 4 filings.
Evidence challenging the case
  • Diluted shares increased 3.0% in the latest annual period.
Questions before a position
  • P/E is 31% above the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 43% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

187.12
6m-11.0%12m+0.6%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.2B+8.1%$9.15+1.6%
2022-12-31$1.5B+19.8%$0.00-0.6%
2023-12-31$1.7B+19.2%$1.93+0.8%
2024-12-31$2.0B+13.9%$4.26+1.0%
2025-12-31$2.3B+14.2%$5.03+3.0%

What management says matters

Persistent and emerging business drivers

Capital investment and capacitypositive · 4 filings
Cash flows used in investing activities for the three months ended March 29, 2025 were comprised primarily of net cash utilized in acquisitions, including KTS, of $304.1 and capital expenditures of $5.5, partially offset by net proceeds from COLI policies of…
10-Q · May 1, 2026
Credit and interest ratesmixed · 4 filings
T hese net borrowings were partially offset by minimum tax withholdings paid on behalf of employees related to long-term incentive awards, net of proceeds from options exercised, of $9.8.
10-Q · May 1, 2026
Demand and volumepositive · 4 filings
This increase was partially offset by growth-related increases to working capital, inclusive of growth in inventory to support our higher backlog.
10-Q · May 1, 2026
Data center and AI demandpositive · 1 filings
products primarily associated with increased data center demand and higher throughput resulting from increased capacity and (ii) higher volumes of heating products.
10-Q · May 1, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 4.0× · EV/sales 3.8×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

187.12-2.9% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for SPXC. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment · baseline

Fundamentals strengthened in the latest filing

10-Q filed 2026-05-01 against the comparable filing from 2025-05-02.

constructive
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationmixed

What improved

  • Revenue increased 17.4% versus the comparable filing period.
  • Operating margin improved 1.7 percentage points.
  • Net income increased 17.0% versus the comparable filing period.

What weakened

No thresholded deterioration was identified.

Filing receipts

Income — For the three months ended March 28, 2026, the increases in income and margin, compared to the respective period in 2025, were primarily due to the revenue growth mentioned above and a more favorable product mix, inclusive of higher software-as-a-service revenue within our transportation systems business which has higher-than-typical margins.

This increase was partially offset by growth-related increases to working capital, inclusive of growth in inventory to support our higher backlog.

The increase in corporate expense during the three months ended March 28, 2026, compared to the respective period in 2025, was primarily due to higher expense related to acquisition and integration-related costs of $0.5, predominantly driven by the Crawford and Thermolec acquisitions.

Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.

Business ecosystem

The relationships behind SPXC

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

DCIDonaldson Company, Inc.investeeFeb 25, 2026

Changes in Estimated Value of an Equity Security - Filtran Group Equity, LLC (“Filtran”) ◦ During 2025, we recorded gains of $23.0 within “ Other income (expense), net ” related to increases in the estimated value of an equity security in Filtran that we hold.

PHParker-Hannifin CorporationinvesteeFeb 25, 2026

Changes in Estimated Value of an Equity Security - Filtran Group Equity, LLC (“Filtran”) ◦ During 2025, we recorded gains of $23.0 within “ Other income (expense), net ” related to increases in the estimated value of an equity security in Filtran that we hold.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

SPXC is currently a Follower in the organic co-movement group Industrial Infrastructure. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.