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SPX Technologies, Inc. engages in the supply of engineered solutions serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets in the United States, Canada, China, the United Kingdom, and internationally. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement and handling solutions for the industrial, institutional, and commercial HVAC markets, as well as hydronic and electrical heating and ventilation products for the residential, industrial, institutional, and commercial markets. It offers cooling products and engineered air movement and handling solutions under the Marley, Recold, SGS, Cincinnati Fan, TAMCO, Ingénia, Air Enterprises, and Rahn Industries brand names; hydronics and electrical heating and ventilation products under the under the Berko, Qmark, Fahrenheat, Leading Edge, Patterson-Kelley, Weil-McLain, Sigma, Omega, Skypeak, Thermolec, Williamson-Thermoflo, INDEECO, Heatrex, AccuTherm, Brasch, Spectrum, BannerDay PipeHeating, and Solar Products brands. The Detection and Measurement segment offers underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems under the Radiodetection, Pearpoint, Schonstedt, Dielectric, Cues, ULC Robotics, and Sensors & Software brands; transportation systems under the Genfare brand; communication technologies under the TCI, ECS, and KTS brands; and aids to navigation products under the Flash Technology, ITL, Sabik Marine, Sealite, and Avlite brands. The company markets its products through consumers, independent manufacturing representatives, third-party distributors, and retailers. The company was formerly known as SPX Corporation and changed its name to SPX Technologies, Inc. in August 2022. SPX Technologies, Inc. is headquartered in Charlotte, North Carolina.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.3B | $485M | $244M | $241M | 10.9% | 14.2% | 21.7% |
| 2024 | $2.0B | $393M | $201M | $248M | 14.5% | 13.9% | 123.0% |
| 2023 | $1.7B | $277M | $90M | $185M | 7.5% | 19.2% | 44850.0% |
| 2022 | $1.5B | $83M | $0M | $-153M | 0.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,460.90 | 1,741.20 | 1,983.90 | 2,265.10 |
| Cost Of Revenue | 937 | 1,071.20 | 1,184.50 | 1,347.40 |
| Gross Profit | 523.90 | 670 | 799.40 | 917.70 |
| Operating Expense | 459.10 | 447.30 | 487.50 | 565.50 |
| Operating Income | 64.80 | 222.70 | 311.90 | 352.20 |
| EBITDA | 82.80 | 276.70 | 392.70 | 484.80 |
| EBIT | 36.40 | 213.50 | 301.10 | 362.20 |
| Pretax Income | 27.10 | 186.30 | 255.40 | 314.10 |
| Tax Provision | 7.30 | 41.60 | 53.60 | 68.60 |
| Net Income | 0.20 | 89.90 | 200.50 | 244 |
| Net Income Common Stockholders | 0.20 | 89.90 | 200.50 | 244 |
| Total Expenses | 1,396.10 | 1,518.50 | 1,672 | 1,912.90 |
| Interest Expense | 9.30 | 27.20 | 45.70 | 48.10 |
| Interest Income | 1.70 | 1.70 | 2.10 | 4.80 |
| Selling General And Administration | 355.70 | 394.40 | 414.60 | 477.60 |
| Normalized EBITDA | 97.70 | 277.50 | 396.30 | 488.10 |
| Normalized Income | 30.69 | 145.32 | 204.64 | 248.08 |
| Basic EPS | 0.01 | 1.97 | 4.34 | 5.10 |
| Diluted EPS | 0 | 1.93 | 4.26 | 5.03 |
| Tax Effect Of Unusual Items | -4.01 | -0.18 | -0.76 | -0.72 |
| Tax Rate For Calcs | 0.27 | 0.22 | 0.21 | 0.22 |
| Total Unusual Items | -14.90 | -0.80 | -3.60 | -3.30 |
| Total Unusual Items Excluding Goodwill | -14.90 | -0.80 | -3.60 | -3.30 |
| Net Income From Continuing Operation Net Minority Interest | 19.80 | 144.70 | 201.80 | 245.50 |
| Reconciled Depreciation | 46.40 | 63.20 | 91.60 | 122.60 |
| Reconciled Cost Of Revenue | 919.10 | 1,051.90 | 1,157.40 | 1,312.20 |
| Net Interest Income | -7.60 | -25.50 | -43.60 | -43.30 |
| Net Income From Continuing And Discontinued Operation | 0.20 | 89.90 | 200.50 | 244 |
| Total Operating Income As Reported | 51 | 221.90 | 308.30 | 350.40 |
| Diluted Average Shares | 46.22 | 46.61 | 47.08 | 48.51 |
| Basic Average Shares | 45.34 | 45.55 | 46.19 | 47.83 |
| Diluted NI Availto Com Stockholders | 0.20 | 89.90 | 200.50 | 244 |
| Minority Interests | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 0.20 | 89.90 | 200.50 | 244 |
| Net Income Discontinuous Operations | -19.60 | -54.80 | -1.30 | -1.50 |
| Net Income Continuous Operations | 19.80 | 144.70 | 201.80 | 245.50 |
| Other Income Expense | -30.10 | -10.90 | -12.90 | 5.20 |
| Other Non Operating Income Expenses | -15.20 | -10.10 | -9.30 | 8.50 |
| Special Income Charges | -14.90 | -0.80 | -3.60 | -3.30 |
| Other Special Charges | 1.10 | 0 | 0 | 1.50 |
| Impairment Of Capital Assets | 13.70 | 0 | 0.90 | 1.30 |
| Restructuring And Mergern Acquisition | 0.10 | 0.80 | 2.70 | 0.50 |
| Net Non Operating Interest Income Expense | -7.60 | -25.50 | -43.60 | -43.30 |
| Interest Expense Non Operating | 9.30 | 27.20 | 45.70 | 48.10 |
| Interest Income Non Operating | 1.70 | 1.70 | 2.10 | 4.80 |
| Other Operating Expenses | 74.90 | 9 | 8.40 | 0.50 |
| Depreciation Amortization Depletion Income Statement | 28.50 | 43.90 | 64.50 | 87.40 |
| Depreciation And Amortization In Income Statement | 28.50 | 43.90 | 64.50 | 87.40 |
| Amortization | 28.50 | 43.90 | 64.50 | 87.40 |
| Amortization Of Intangibles Income Statement | 28.50 | 43.90 | 64.50 | 87.40 |
| Operating Revenue | 1,460.90 | 1,741.20 | 1,983.90 | 2,265.10 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| SPX Technologies, Inc.this co. | SPXC | $10.6B | 41.85 | 4.71 | 10.9% | 23.01 |
| Planet Labs PBC | PL | $11.8B | - | 60.64 | -131.0% | -258.32 |
| Dycom Industries, Inc. | DY | $11.7B | 40.83 | 6.29 | 15.1% | 19.58 |
| IES Holdings, Inc. | IESC | $11.4B | 34.01 | 11.86 | 34.5% | 24.57 |
| Kratos Defense & Security Solutions, Inc. | KTOS | $11.2B |
| 458.15 |
| 5.04 |
| 1.1% |
| 130.08 |
| Chart Industries, Inc. | GTLS | $10.0B | 630.00 | 3.08 | 1.2% | 14.27 |
| Watts Water Technologies, Inc. | WTS | $9.9B | 29.23 | 4.89 | 16.8% | 18.53 |
| AeroVironment, Inc. | AVAV | $9.3B | - | 2.14 | 4.9% | 61.93 |
| Joby Aviation, Inc. | JOBY | $8.6B | - | 5.65 | -66.0% | -10.53 |
| Peer Median | - | 40.83 | 5.34 | 3.1% | 19.06 | |