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Specialty industrial machinery · Industrials · Fiscal year ends Dec 31
SPX Technologies reported revenue of $2.3B in the fiscal year ended Dec 2025, up 14.2% from the year before. Operating income was $350M, an operating margin of 15.5%, and net income was $244M. Operating cash flow of $333M less capital expenditure of $92M left free cash flow of $241M. Net debt was $136M.
Ranks among the 34 specialty industrial machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,220 | 1,461 | 1,741 | 1,984 | 2,265 |
| Cost of revenue | 788 | 937 | 1,071 | 1,185 | 1,347 |
| Gross profit | 432 | 524 | 670 | 799 | 918 |
| Research & development | 30.7 | 39.1 | 43.2 | 45.9 | 54.0 |
| Selling, general & admin | 310 | 356 | 394 | 415 | 478 |
| Operating income | 73.7 | 51.0 | 222 | 308 | 350 |
| Interest expense | 13.1 | 9.3 | 27.2 | 45.7 | 48.1 |
| Pre-tax income | 69.9 | 27.1 | 186 | 255 | 314 |
| Income tax | 10.9 | 7.3 | 41.6 | 53.6 | 68.6 |
| Net income | 425 | 0.2 | 89.9 | 201 | 244 |
| Diluted EPS | 9.15 | 0.00 | 1.93 | 4.26 | 5.03 |
| Diluted shares | 46.5 | 46.2 | 46.6 | 47.1 | 48.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 388 | 148 | 99.4 | 157 | 364 |
| Receivables | 223 | 264 | 280 | 314 | 357 |
| Inventory | 190 | 244 | 277 | 271 | 302 |
| Current assets | 903 | 721 | 710 | 784 | 1,144 |
| Net PP&E | 113 | 110 | 141 | 218 | 291 |
| Goodwill | 457 | 455 | 705 | 835 | 1,043 |
| Total assets | 2,629 | 1,931 | 2,440 | 2,715 | 3,605 |
| Payables | 120 | 125 | 119 | 128 | 145 |
| Deferred revenue | 44.7 | 52.8 | 73.5 | 62.3 | 116 |
| Current liabilities | 440 | 334 | 401 | 418 | 461 |
| Short-term debt | 13.0 | 2.0 | 17.3 | 27.6 | 3.5 |
| Long-term debt | 231 | 243 | 523 | 577 | 497 |
| Total liabilities | 1,526 | 852 | 1,245 | 1,330 | 1,367 |
| Shareholders' equity | 1,103 | 1,079 | 1,195 | 1,384 | 2,238 |
| Backlog (remaining obligations) | 106 | 159 | 152 | 178 | 183 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 175 | −137 | 209 | 286 | 333 |
| Capital expenditure | 9.6 | 15.9 | 23.9 | 38.0 | 92.1 |
| Free cash flow | 165 | −153 | 185 | 248 | 241 |
| Depreciation & amortisation | 42.3 | 46.4 | 63.2 | 91.6 | 123 |
| Stock-based compensation | 12.8 | 10.9 | 13.4 | 15.0 | 16.7 |
| Acquisitions | 265 | 40.0 | 547 | 292 | 445 |
| Share buybacks | 0.0 | 33.7 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.8% | 19.2% | 13.9% | 14.2% |
| Operating income growth (YoY) | – | −30.8% | 335.1% | 38.9% | 13.7% |
| EPS growth (YoY) | – | −100.0% | – | 120.7% | 18.1% |
| Gross margin | 35.4% | 35.9% | 38.5% | 40.3% | 40.5% |
| Operating margin | 6.0% | 3.5% | 12.7% | 15.5% | 15.5% |
| Net margin | 34.9% | 0.0% | 5.2% | 10.1% | 10.8% |
| Return on equityBlank when equity is negative | 38.6% | 0.0% | 7.5% | 14.5% | 10.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.4% | 3.2% | 10.9% | 13.4% | 11.1% |
| Free cash flow margin | 13.5% | −10.5% | 10.6% | 12.5% | 10.6% |
| Cash conversion (CFO ÷ net income) | 0.41x | −684x | 2.32x | 1.43x | 1.37x |
| Receivable days | 67 | 66 | 59 | 58 | 58 |
| Inventory days | 88 | 95 | 94 | 84 | 82 |
| Payable days | 55 | 48 | 40 | 39 | 39 |
| Interest cover | 5.63x | 5.48x | 8.16x | 6.75x | 7.28x |
| Debt ÷ equity | 0.22x | 0.23x | 0.45x | 0.44x | 0.22x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −144 | 97.2 | 441 | 448 | 136 |
| Current ratio | 2.06x | 2.16x | 1.77x | 1.87x | 2.48x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.