Key Stats for SPX Technologies Stock
- Past-Week Performance: -9.8%
- 52-Week Range: $115 to $246.7
- Current Price: $211
What Happened?
SPX Technologies (SPXC), a maker of HVAC heating and cooling systems and detection equipment, delivered full-year 2025 adjusted EBITDA growth of 21% to $507.4 million, anchoring a thesis that its data center cooling buildout is compounding faster than the market assumed.
SPX reported Q4 revenue of $637.3 million last February 24, beating the $626 million consensus estimate by 1.8%, while adjusted EPS of $1.88 topped expectations of $1.87 and grew 24.5% year-over-year.
The HVAC segment, which supplies custom air handling and cooling towers to hyperscale data centers, drove $431.1 million of Q4 revenue with 10.3% organic growth, and management guided 2026 data center revenue to grow approximately 50% to roughly 12% of total company sales.
CEO Eugene Lowe stated on the Q4 earnings call that “we targeted to get $50 million of bookings last year” for the OlympusMAX, SPX’s flagship data center cooling tower, adding “we did get that and we’re converting that to revenue this year,” with one customer already locking up multiple years of growing demand.
SPX’s $100 million 2026 capacity expansion program, targeting a new 459,000-square-foot Madison, Alabama facility and a Tennessee dampener plant coming online by end of March, is designed to unlock approximately $700 million of incremental production capacity by 2028, supporting the company’s 2026 adjusted EPS guidance of $7.60 to $8.00.
Wall Street’s Take on SPXC Stock
The Q4 beat and February 24 guidance raise confirmed what the HVAC segment’s 22% organically growing backlog had been signaling for two quarters: SPX’s data center cooling revenue is compounding, not spiking.
Consensus estimates project 2026 revenue of $2.58 billion, a 13.7% growth rate that understates the earnings story: normalized EPS jumps 15.8% from $6.76 to $7.83, because the capacity program converts fixed-cost facilities into operating leverage without proportional cost increases.
Eight analysts rate SPXC a buy or outperform, two hold, and none sell, with a mean price target of $266.09 against a current price of $210.96, implying 26.1% upside on the street’s own numbers.
The target range runs from $225.00 to $281.00, a $56 spread that reflects genuine uncertainty about how fast the Madison, Alabama facility ramps from assembly-only in H2 2026 to full production in 2027.
What Does the Valuation Model Say?
The TIKR mid-case target of $263.78 assumes 7.6% revenue CAGR and net income margins expanding to 15.9% through 2031, modest assumptions against a company that just delivered 21% EBITDA growth two years running.
The market is pricing SPXC at roughly 27x forward earnings while the EBITDA margin curve runs from 22.4% in 2025 to a projected 25.0% by 2028, a 260 basis point structural expansion the current multiple does not fully reflect.
The OlympusMAX, SPX’s proprietary data center cooling tower, generated $50 million in bookings in its first full year and is converting to 2026 revenue with one hyperscaler already locking multi-year demand commitments.
Management guided data center revenue to grow approximately 50% in 2026 to roughly 12% of total sales, while the broader $700 million capacity program does not reach full production until 2028, meaning the earnings power visible today is structurally incomplete.
The single development that breaks the model is a hyperscaler capex pullback: SPX’s $100 million 2026 facility investment is already committed, so a demand deceleration hits both revenue and returns on that capital simultaneously.
The Tennessee dampener facility comes online by end of March 2026 and ramps through the year; its contribution to HVAC segment margins in Q2 and Q3 is the first hard proof point that the capacity program delivers operating leverage, not just revenue.
Should You Invest in SPX Technologies?
The only way to really know is to look at the numbers yourself. TIKR gives you free access to the same institutional-quality financial data that professional analysts use to answer exactly that question.
Pull up SPXC stock and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.
You can build a free watchlist to track SPX Technologies alongside every other stock on your radar. No credit card required. Just the data you need to decide for yourself.
Access Professional Tools to Analyze SPXC stock on TIKR for Free →
