SPX Technologies

SPXC

Construction Materials · Industrials

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 27, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Strong

Stability

Exceptional

Valuation

Weak

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Winston Score History

The full picture

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.

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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

+22.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+40.2% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

2.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 months

$166M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

SPX Technologies has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

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Quality

Profit per sale

Gross Margin

40.2%

Healthy — 40.2% gross margin

Profit after running costs

Operating Margin

16.9%

Healthy — 16.9% operating margin

Return on the money invested

ROCE

14.4%

Good — 14.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+20.6%

Fast-growing sales (+20.6% YoY)

Profit growth

EPS YoY

+26.8%

Earnings growing fast (+26.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

148%

Turns 148% of profit into real cash

Spare cash per sale

FCF Margin

10.0%

Modest free cash flow (10.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.26

Conservative — low debt load (0.26)

Covers its interest

Interest Cover

20.05x

Comfortably covers interest (20.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

36.8x

no trend

Pricey — P/E 36.8

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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