SPX Technologies, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SPX Technologies, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,472	1,426	1,513	1,124	1,128	1,220	1,461	1,741	1,984	2,265
Cost of revenue	1,097	1,096	1,103	722	733	788	937	1,071	1,185	1,347
Gross profit	376	330	410	402	396	432	524	670	799	918
Research and development	29.1	23.3	22.9	24.3	28.1	30.7	39.1	43.2	45.9	54
Selling, general and administrative	286	277	289	276	273	310	356	394	415	478
Operating income	70	59.9	113	114	96.9	73.7	51	222	308	350
Interest expense	14.8	17.1	21.5	21	18.4	13.1	9.3	27.2	45.7	48.1
Interest income	0.8	1.3	1.5	1.6	0.2	0.5	1.7	1.7	2.1	4.8
Other non-operating income	-15.3	-7.1	-7.6	-5.2	-0.1	9	-15.2	-10.1	-9.3	8.5
Pre-tax income	39.4	36.1	84.5	88.8	78.6	69.9	27.1	186	255	314
Income tax	9.1	-47.9	2.6	12.5	4.8	10.9	7.3	41.6	53.6	68.6
Income from continuing operations	12.6	84	81.9	76.3	73.8	59	19.8	145	202	246
Net income to minority interests	-0.4	0	0	0	0	0
Net income	-67.2	89.3	81.2	65.3	99	425	0.2	89.9	201	244
EBITDA	96.5	85.1	140	138	129	116	97.4	285	400	473
EPS, basic	-2.05	2.11	1.89	1.61	2.22	9.39	0.00	1.97	4.34	5.10
EPS, diluted	-2.02	2.03	1.82	1.58	2.16	9.15	0.00	1.93	4.26	5.03
Shares, basic (weighted)	41.6	42.4	43.1	43.9	44.6	45.3	45.3	45.5	46.2	47.8
Shares, diluted (weighted)	42.2	43.9	44.7	45	45.8	46.5	46.2	46.6	47.1	48.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	99.6	124	68.5	50.7	64	388	148	99.4	157	364
Receivables	252	268	269	265	211	223	264	280	314	357
Inventory	146	143	129	155	155	190	244	277	271	302
Other current assets	30.6	97.7	40.5	93	88.4	73.1	41.9	37.1	31.5	55.3
Total current assets	528	633	598	632	675	903	721	710	784	1,144
Property, plant and equipment	196	187	184	179	107	113	110	141	218	291
Lease right-of-use assets				30.6	40.5	41.7	46.3	42.4	57.9	76.8
Goodwill	340	346	394	318	369	457	455	705	835	1,043
Intangible assets	118	118	198	252	305	416	402	681	703	868
Other non-current assets	681	707	658	606	592	676	197	189	164	250
Total assets	1,913	2,040	2,058	2,168	2,334	2,629	1,931	2,440	2,715	3,605
Accounts payable	138	160	154	141	102	120	125	119	128	145
Accrued liabilities	304	293	184	220	207	218	148	169	171	185
Deferred revenue		0	79.5	101	38.8	44.7	52.8	73.5	62.3	116
Short-term debt	17.9	0.5	18	1	7.2	13	2	17.3	27.6	3.5
Total current liabilities	476	461	470	609	572	440	334	401	418	461
Long-term debt	324	349	332	250	304	231	243	523	577	497
Lease liabilities				17.6	30.9	31.5	33.8	28.5	44.5	61.4
Other non-current liabilities	879	886	817	747	741	789	208	204	224	246
Total liabilities	1,721	1,726	1,634	1,623	1,694	1,526	852	1,245	1,330	1,367
Total debt	17.9	0.5	18	1	7.2	13	2	17.3	27.6	3.5
Paid-in capital	1,308	1,310	1,295	1,302	1,320	1,334	1,338	1,354	1,374	1,938
Retained earnings	-832	-742	-650	-585	-477	-51.8	-51.6	38.3	239	483
Treasury stock	-520	-503	-476	-460	-452	-444	-466	-459	-452	-445
Other comprehensive income	235	250	245	244	249	264	258	261	224	261
Shareholders' equity	192	315	415	512	640	1,103	1,079	1,195	1,384	2,238
Minority interests	0
Total equity	192	315	424	512	640	1,103	1,079	1,195	1,384	2,238
Total liabilities and equity	1,913	2,040	2,058	2,135	2,334	2,629	1,931	2,440	2,715	3,605
Shares outstanding	41.9	42.7	43.5	44.2	45	45.5	45.3	45.7	46.4	49.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-67.6	89.3	81.2	65.3	99	425	0.2	89.9	201	244
Depreciation and amortization	26.5	25.2	27.9	24.4	31.9	42.3	46.4	63.2	91.6	123
Stock-based compensation	13.7	15.8	15.5	12.6	13.1	12.8	10.9	13.4	15	16.7
Deferred income tax	0	-21	0.9	13.8	0.3	-1.4	-21.4	-25.2	-15.1	26.1
Change in inventory	8.5	4.5	2.9	-8.8	0	-21	-53.4	-3.1	9.1	2.8
Change in payables	-40.2	28.3	-77.1	-56.1	-56.1	45.8	-73.7	7	-4.3	24.7
Cash from operations	-1.2	46.9	111	149	126	175	-137	209	286	333
Capital expenditures	-11.7	-11	-12.4	-13.5	-15.3	-9.6	-15.9	-23.9	-38	-92.1
Acquisitions	0	0	-181	-147	-104	-265	-40	-547	-292	-445
Cash from investing	13.2	-10.6	-181	-154	-126	314	-66.1	-570	-285	-561
Debt issued	162	517	337	691	332	390	245	1,047	657	1,259
Debt repaid	-181	-519	-312	-681	-316	-554	-245	-735	-602	-1,372
Stock issued								0	0	551
Share buybacks	0				0	0	-33.7	0	0
Dividends paid	0	0
Cash from financing	-20.5	-6.2	16.8	-11.1	15.9	-168	-38.9	310	53.1	426
Exchange rate effect	6.7	-5.4	-2.3	2.1	-2.5	6.6	2.9	-0.1	2	6.8
Net change in cash	-1.8	24.7	-55.5	-14.1	13.6	328	-239	-52.2	56.5	205
Free cash flow	-12.9	35.9	98.2	135	111	165	-153	185	248	241
Interest paid	12.5	15.1	19.7	16.1	17.5	11.4	6.5	25.6	43.4	41.7
Income taxes paid	-4.8	-22.9	-44.3	7	7.6	-5.5	-59.6	58.4	43.5	57.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $172.79 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	40.2%	Gross profit / revenue.
Operating margin	16.2%	Operating income / revenue.
EBITDA margin	21.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.8%	Pre-tax income / revenue.
Net margin	11.3%	Net income / revenue.
FCF margin	12.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.0%	Cash from operations / revenue.
Effective tax rate	22.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.1%	Net income / average total assets.
Return on invested capital (ROIC)	14.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	20.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.8%	Capital expenditures / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	20.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	90.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	29.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	69.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	29.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	21.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	968.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	18.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	18.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	21.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-2.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	16.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	61.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	27.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	28.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	32.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.82x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.3%	Total debt / total assets.
Liabilities / assets	40.4%	Total liabilities / total assets.
Net debt	-$156.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.29x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.7x	Operating income / interest expense.
Working capital	$498.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	57.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$98.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.63x	Revenue / average total assets.
Fixed asset turnover	7.62x	Revenue / average property, plant and equipment.
Inventory turnover	3.96x	Cost of revenue / average inventory.
Days inventory	92 days	365 x average inventory / cost of revenue.
Receivables turnover	5.60x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	109 days	Days inventory + days sales outstanding - days payables.
FCF conversion	108.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$48.86	Revenue / diluted weighted shares.
FCF per share	$5.99	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.33	Cash from operations / diluted weighted shares.
Book value per share	$46.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.97	Tangible book value / shares outstanding.
Cash per share	$3.32	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$8.65B	Share price x shares outstanding.
Enterprise value	$8.50B	Market cap + total debt - cash - short-term investments.
P/E	31.0x	Market cap / net income. Only when net income is positive.
P/S	3.50x	Market cap / revenue.
P/B	3.69x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	87.6x	Market cap / tangible book value, when positive.
P/FCF	28.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.5x	Market cap / cash from operations, when positive.
EV/Sales	3.43x	Enterprise value / revenue.
EV/EBIT	21.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).

What was SPX Technologies, Inc.'s revenue in fiscal 2025?

SPX Technologies, Inc. reported revenue of $2.27B for fiscal 2025, 14.2% higher than the year before.

Was SPX Technologies, Inc. profitable in fiscal 2025?

Yes. Net income was $244.0M, a net margin of 10.8%.

How much free cash flow did SPX Technologies, Inc. generate in fiscal 2025?

Cash from operations of $333.3M minus capital expenditures of $92.1M left free cash flow of $241.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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