SPX Technologies

SPXC

Construction Materials · Industrials

Price

$211.73

-4.23 (-1.96%)

Market Cap

$10.60B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+4.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 46.5M (2021) → 48.5M (2025)

SPX Technologies makes specialized equipment used in heating, cooling, and detection systems. Its main products include HVAC components, cooling towers, and fire and life safety detection devices. The company sells to contractors, building owners, and industrial facilities across North America and internationally.

SPX Technologies earns revenue by selling this equipment outright, with additional income from replacement parts and service contracts that create some recurring cash flow. The business operates primarily in the United States but has a meaningful international presence, and its portfolio of established brands in niche industrial categories gives it pricing power that is difficult for smaller competitors to match. The key growth driver is demand for building upgrades and energy-efficient HVAC systems, though the business is sensitive to construction activity and interest rates, which can slow new building projects and reduce equipment orders.

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on SPXC in the last 12 months.

Unlock the full Smart Money Map — every trade plotted on the price chart with politicians, amounts and returns since each trade. Founder's Deal is $57/mo locked for life.

Unlock politician trades

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+18.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$54M/ year

2.4% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

2.3%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$157M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

SPX Technologies is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

36.6%

Modest — 36.6% gross margin

Operating Margin

16.9%

Healthy — 16.9% operating margin

ROCE

3.2%

Weak — 3.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

+17.4%

Fast-growing sales (17.4% YoY)

EPS YoY

+21.2%

Earnings growing fast (21.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

208%

Turns 208% of profit into real cash

FCF Margin

16.4%

Converts sales into free cash efficiently (16.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

0.29

Conservative — low debt load (0.29)

Interest Cover

8.75x

Comfortably covers interest (8.8x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

39.8x

Pricey — P/E 39.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+16.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (39.8 → 23.3)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial