# SPX Technologies, Inc. (SPXC) — Stock CV

SPX Technologies, Inc. is a $8.49B industrial company. Revenue grew 20.6% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~0.4 years of free cash flow. It trades at 30.4× earnings — in the cheapest third of its own history.

> SPX Technologies Inc supplies engineered heating, ventilation, and air conditioning, or HVAC, products, as well as detection and measurement technologies and power equipment. The company operates through two reportable segments.

## Identity

- **Ticker**: SPXC
- **Sector**: Industrials
- **Industry**: Metalworkg Machinery & Equipment
- **Headquarters**: CHARLOTTE, NC
- **Employees**: 4 700
- **Website**: https://www.spx.com
- **Market cap**: $8.49B
- **Last price**: $169.46
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $2.48B
- **Net income**: $279M
- **Free cash flow**: $303M
- **Net debt**: $134M
- **P/E**: 30.4
- **Revenue growth (YoY)**: 20.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 64 |
| Growth | 65 |
| Profitability | 64 |
| Health | 56 |
| Quality | 84 |
| Moat | 36 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +20.6% YoY
- [x] Profitable — $279M TTM
- [x] Profit growing — +953.6% YoY
- [x] Generates cash — $303M TTM
- [x] Debt under control — ~0.4y of cash flow to repay
- [x] Established company — $8.49B market cap
- [x] Not printing shares — +6.0% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — health score 36/100
- [x] Valuation not extreme — P/E 30.4

## Experience (career milestones)

- **2022** — TSPX Flow was acquired by Lone Star Funds for $3.8 billion in 2022
- **FY2021** — Became debt-free: cash now exceeds total debt
- **FY2021** — Best year on record: $425M net income
- **2020** — Sensors & Software Inc. was also acquired by SPX in November 2020
- **2019** — The corporation acquired SGS Refrigeration Inc., a manufacturer and supplier of industrial refrigeration…
- **2018** — After splitting from SPX Flow, SPX acquired both CUES Inc., a pipeline inspection manufacturer
- **FY2017** — Turned profitable: $89.3M net income after a loss year
- **FY2016** — Revenue already above $1B: $1.47B in first reported year
- **2015** — SPX Flow was founded, a spin-off from its parent company
- **2001** — United Dominion Industries Limited, a manufacturer of engineered products, was acquired in 2001
- **1998** — General Signal Corporation was acquired for $2.3 billion, specializing in production of process control,…
- **1988** — The company changed its name to SPX Corporation
- **1982** — The company acquired Kent-Moore Corporation in 1982
- **1931** — The company changed its name to Sealed Power Corporation and also…

## Strengths

- High gross margin (40.6%)
- Revenue growing 20.6% year over year
- Interest covered 8.3× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.22B | $425M | $165M |
| FY2022 | $1.46B | $200K | -$153M |
| FY2023 | $1.74B | $89.9M | $185M |
| FY2024 | $1.98B | $201M | $248M |
| FY2025 | $2.27B | $244M | $241M |

---

Source: https://stockcv.com/SPXC — derived from company filings; may be delayed or incomplete. Information, not investment advice.