📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

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 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.

Key Ratios Snapshot

📈 Growth Pattern

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	5.0K	$1,000K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses precise growth percentages (adjusted EPS +16%, adjusted EBITDA +18% at midpoint), raises guidance, and provides detailed updates on capacity expansions and new products. Analysts are given specific numbers under questioning, e.g., data center revenue ~9% of total, target $100M/$140M/$300M run rates.

Q3 2025

Confident Specific

Management repeatedly used language like 'strong Q3 performance', 'profit growth in both segments', 'raising our full-year guidance' and provided specific dollar and percentage figures to back claims. No hedging or defensive language observed.

Q4 2025

Confident Specific

Management expressed strong confidence with specific numbers: 21% growth, 50% data center growth, $700 million capacity, etc., and used positive language like 'winner', 'very bullish', 'feel very good'.

Q1 2026 latest

Confident Specific

Management provided specific growth metrics (23% EBITDA growth, 22% EPS growth), raised full-year guidance with precise tariff impact ($0.05-$0.10), and stated no expected tariff impact in 2027. They repeatedly used terms like 'strong start', 'confident', and 'well positioned'.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management raised full-year guidance based on strong Q1 execution and accelerating data center demand, which now accounts for a larger portion of HVAC growth. Tariff headwinds are well-defined and limited to Q2, with no expected carryover to 2027. Capacity expansions are progressing as planned, providing visibility into revenue growth through 2028. However, near-term margin pressure from startup costs will persist in Q2, and the pace of data center order conversion remains key. Next quarter should be watched for tariff impact realization, margin recovery ex-startup costs, and any further acceleration in data center bookings.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Strong Q1 2026: Revenue up 17.4%, adjusted EPS $1.69, raised full-year guidance

Revenue & Profitability

Q1 2026 adjusted EPS was $1.69, up 22% year-over-year. Consolidated segment income was $135 million, up $25 million (22%). Adjusted free cash flow was approximately $16 million. Cash on hand was $158 million and total debt $674 million, with a leverage ratio of roughly 0.9x. Full-year 2026 adjusted EPS guidance was raised to a midpoint of $7.95.

Outlook

Management sees strong and accelerating demand in data centers, with data center growth expectations raised from 50% to 70% in 2026. Outside data centers, healthcare/pharma, power, and aftermarket are robust, while commercial real estate and hotels remain soft. Battery/semiconductor markets show early bidding activity. Tariff headwinds are manageable and not expected to affect 2027 earnings.

Growth Drivers

Key growth levers include data center cooling solutions (cooling towers, dry/adiabatic cooling, dampers, custom air handling) benefiting from capacity expansions. In D&M, new software (Locate Performance Management), expanded scope on a transportation project, and continued demand in CommTech drive growth. Recent acquisitions (Air Enterprises, Rahn, Thermolec, KTS) add capabilities and scale.

Balance Sheet & CapEx

Capacity expansions are on track: Olathe, Kansas facility began production of Marley OlympusMAX; TAMCO's new Tennessee facility is producing aluminum dampers; Madison, Alabama facility will have assembly capacity in H2 2026 and full production by H1 2027. These expansions are expected to serve approximately $550 million in incremental data center revenue (from a 2025 base of ~$200 million). Total startup costs in H1 2026 are estimated at $8–9 million.

Margins

Consolidated segment margin expanded 100 bps. HVAC segment margin declined 40 bps due to startup costs from capacity expansions (expected $8–9 million in first half). D&M segment margin improved 410 bps driven by higher volume and favorable mix, including high-margin software revenue. Full-year D&M margin guidance was raised by 75 bps. Normalized incremental margins for HVAC (excluding startup costs) are expected at 60–70 bps.

Key Risks

Risks include the impact of Section 232 tariffs ($0.05–$0.10 per share, mostly in Q2, manageable in 2027). Startup costs from capacity expansions weigh on near-term margins. Softness in commercial real estate, hotels, and battery/semiconductor markets. Middle East exposure is under 1% of sales. Supply chain for data center components requires careful management.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (6 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (6)

Q3 2026 Q3 2026 2026-10-29

Q3 adjusted EPS rose 20% to $2.21 as revenue and adjusted EBITDA grew over 20%. HVAC demand and backlog were strong, but ramp costs and inflation pressured margins; FY26 adjusted EBITDA growth is projected at ~25% at the midpoint.

Q2 2026 Q2 2026 2026-07-30

Q2 2026 saw 23% revenue and 20% adjusted EBITDA growth year-over-year, driven by strong organic performance and acquisitions. Full-year guidance was raised, reflecting robust data center demand, improved D&M outlook, and the accretive Neptronic acquisition.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 delivered strong double-digit growth in revenue, adjusted EBITDA, and EPS, driven by robust demand in data centers and successful acquisitions. Full-year guidance was raised despite tariff headwinds, with capacity expansions and a healthy M&A pipeline supporting future growth.

Q4 2025 Q4 2025 2026-02-24

Delivered strong Q4 and full-year 2025 results with 21% adjusted EBITDA and EPS growth, driven by robust organic and acquisition-led expansion, especially in HVAC and data centers. 2026 guidance calls for 20% adjusted EBITDA growth, continued capacity investments, and a strong M&A pipeline.

Q3 2025 Q3 2025 2025-10-30

Q3 2025 saw 32% adjusted EPS growth and 23% revenue growth year-over-year, with both segments delivering strong profit and margin expansion. Full-year guidance was raised, liquidity exceeded $1.6 billion, and major organic and inorganic initiatives advanced, including new product launches and facility expansions.

Q2 2025 Q2 2025 2025-07-31

Q2 2025 saw 16% adjusted EPS growth and 10% revenue growth, driven by acquisitions and strong project sales. Full-year guidance was raised, with adjusted EBITDA expected to grow 18% and robust momentum in both HVAC and Detection & Measurement segments.

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