SPX Technologies, Inc.
SPX Technologies, Inc. is a U.S.-based industrial company that designs, manufactures, installs, and services specialized engineered products for HVAC and detection and measurement applications. Its businesses serve customers across North America, Europe, Asia, Africa, and other global markets through a portfolio of branded infrastructure and equipment solutions.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePackage/process cooling and engineered air movement solutions for industrial, institutional, and commercial uses.
Hydronic and electric heating, ventilation, and related products for residential and commercial markets.
Locators, inspection and rehabilitation equipment, and robotic systems for underground infrastructure.
Products
Reported · share of revenue- Package and Process Cooling Equipment and Services and Engineered Air Movement and Handling Solutions41.2 %
- Hydronic Heating Electrical Heating and Ventilation25.8 %
- Communication Technologies Aids to Navigation and Transportation Systems21.7 %
- Underground Locators Inspections and Rehabilitation Equipment and Robotic Systems11.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
SPX sells to industrial, institutional, commercial, residential, and public-sector customers that need specialized infrastructure equipment. Its HVAC customers include data centers, power generation sites, and building operators, while detection and measurement customers include utilities, contractors, municipalities, and transportation infrastructure operators.
Buy cooling and air-handling systems for data centers, power generation, and industrial facilities.
Buy HVAC and heating products for offices, schools, healthcare, and other facilities.
Buy detection, inspection, and rehabilitation equipment for underground asset work.
Buy transportation systems, communication technologies, and aids to navigation.
Buy hydronic and electric heating products through distributors and retailers.
Strategy
SPX’s strategy centers on specialized engineered products with strong brands, broadening its addressable markets through innovation and scale. The company also uses acquisitions and product-line expansion to deepen its HVAC and detection and measurement platforms and to support project-based growth.
Cooling, heating, and air-handling products can be sold into more end markets as the platform expands.
Acquisitions add product capabilities, brands, and distribution in adjacent niches.
Communication technologies, aids to navigation, and transportation systems can scale with infrastructure spending.
Geography
Q1/2026SPX operates in 16 countries and sells into North America, Europe, Asia, and Africa, with global customer bases in both of its reportable segments. The company’s manufacturing and service footprint is international, which supports local delivery but also exposes it to supply-chain, trade, and execution risks across multiple regions.
Share of the revenue the company reports by geography.
Risks
SPX is exposed to cyclical customer capital spending, project timing, and competitive pressure in fragmented industrial markets. It also faces execution risk from acquisitions, manufacturing footprint changes, supply-chain volatility, and cybersecurity dependence across a global operating base.
- Raw material and component inflationImpact: HighLikelihood: High
Steel, aluminum, copper, circuit boards, tariffs, and shortages can raise costs or delay production.
Exposure: Manufacturing and outsourced components
- Cyclical customer capital spendingImpact: HighLikelihood: Medium
Demand depends on customer investment and maintenance budgets, which move with economic conditions.
Exposure: HVAC and infrastructure projects
- Acquisition and integration executionImpact: MediumLikelihood: Medium
Recent and future acquisitions require systems, supply chain, and commercial integration.
Exposure: Purchased HVAC and detection businesses
- Cybersecurity and IT disruptionImpact: MediumLikelihood: Medium
The company relies on cloud and third-party systems for operations, finance, and supply chain management.
Exposure: Global operations and financial reporting
- Project timing and backlog conversionImpact: MediumLikelihood: Low
Several businesses rely on project execution, so shipment timing can shift revenue between periods.
Exposure
Accounting
Judgemental itemsProject execution and shipment schedules can move revenue and margin recognition across periods.
Impact: Quarterly comparability
Purchased businesses add fair value step-ups, intangibles, and integration-related expenses.
Impact: Reported revenue, SG&A, amortization
These balances are tested for impairment using judgmental assumptions about future performance.
Impact: Potential non-cash impairment charges
Facility renewals and site changes affect lease expense and right-of-use assets/liabilities.
Impact: Operating expenses and balance sheet
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Last updated: 24/09/2026