Latest Ratios: P/E Ratio 43.2x · EV/EBITDA 22.1x · ROE 13.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.0B | $9.7B | $6.9B | $4.7B | $3.0B | $2.8B | $2.5B | $2.3B | $1.3B | $1.4B | $1.0B |
| Enterprise Value | $11.1B | $9.8B | $7.4B | $5.2B | $3.1B | $2.6B | $2.8B | $2.6B | $1.6B | $1.6B | $1.3B |
| P/E Ratio → | 43.25 | 39.54 | 33.92 | 52.34 | 15267.44 | 6.52 | 25.73 | 32.20 | 15.39 | 15.46 | — |
| P/S Ratio | 4.85 | 4.28 | 3.45 | 2.70 | 2.08 | 2.28 | 2.21 | 2.04 | 0.83 | 0.97 | 0.68 |
| P/B Ratio | 4.74 | 4.34 | 4.95 | 3.94 | 2.81 | 2.52 | 3.90 | 4.55 | 3.02 | 4.38 | 5.22 |
| P/FCF | 45.52 | 40.24 | 27.64 | 25.51 | — | 16.82 | 22.49 | 16.93 | 12.74 | 38.39 | — |
| P/OCF | 32.94 | 29.12 | 23.96 | 22.58 | — | 15.89 | 19.76 | 15.39 | 11.31 | 29.39 | 153.86 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.34 | 3.71 | 2.97 | 2.14 | 2.16 | 2.52 | 2.34 | 1.03 | 1.13 | 0.85 |
| EV / EBITDA | 22.07 | 19.53 | 18.42 | 18.12 | 32.17 | 22.70 | 22.08 | 18.98 | 11.14 | 18.93 | 13.02 |
| EV / EBIT | 29.16 | 25.82 | 24.46 | 24.20 | 86.08 | 31.72 | 29.32 | 23.92 | 14.75 | 30.28 | 23.19 |
| EV / FCF | — | 40.79 | 29.71 | 27.99 | — | 15.96 | 25.63 | 19.44 | 15.93 | 44.87 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.7% | 36.7% | 40.3% | 38.5% | 35.9% | 35.4% | 35.1% | 35.8% | 27.1% | 23.2% | 25.5% |
| Operating Margin | 16.8% | 16.8% | 15.5% | 12.7% | 3.5% | 6.0% | 8.6% | 10.1% | 7.4% | 4.2% | 4.8% |
| Net Profit Margin | 10.8% | 10.8% | 10.1% | 5.2% | 0.0% | 34.9% | 8.8% | 6.3% | 5.4% | 6.3% | -5.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.6% | 13.6% | 15.5% | 7.9% | 0.0% | 48.8% | 17.3% | 15.5% | 22.3% | 35.3% | -34.1% |
| ROA | 7.8% | 7.8% | 7.8% | 4.1% | 0.0% | 17.1% | 4.4% | 3.4% | 4.0% | 4.5% | -4.2% |
| ROIC | 13.4% | 13.4% | 13.0% | 11.8% | 3.6% | 5.7% | 7.9% | 10.9% | 13.2% | 9.0% | 10.2% |
| ROCE | 14.0% | 14.0% | 14.2% | 12.2% | 2.7% | 3.7% | 5.9% | 7.3% | 7.1% | 4.0% | 4.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.48 | 0.47 | 0.23 | 0.22 | 0.64 | 0.78 | 0.92 | 1.13 | 1.86 |
| Debt / EBITDA | 0.99 | 0.99 | 1.68 | 1.96 | 2.53 | 2.12 | 3.20 | 2.84 | 2.72 | 4.19 | 3.69 |
| Net Debt / Equity | — | 0.06 | 0.37 | 0.38 | 0.09 | -0.13 | 0.54 | 0.67 | 0.75 | 0.74 | 1.34 |
| Net Debt / EBITDA | 0.27 | 0.27 | 1.28 | 1.61 | 1.02 | -1.23 | 2.70 | 2.45 | 2.23 | 2.73 | 2.66 |
| Debt / FCF | — | 0.56 | 2.07 | 2.49 | — | -0.86 | 3.14 | 2.51 | 3.19 | 6.48 | — |
| Interest Coverage | 7.46 | 7.46 | 6.59 | 7.85 | 3.91 | 6.34 | 5.27 | 5.23 | 4.93 | 3.11 | 3.66 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.48 | 2.48 | 1.87 | 1.77 | 2.16 | 2.06 | 1.18 | 1.04 | 1.27 | 1.37 | 1.11 |
| Quick Ratio | 1.82 | 1.82 | 1.23 | 1.08 | 1.43 | 1.62 | 0.91 | 0.78 | 1.00 | 1.06 | 0.80 |
| Cash Ratio | 0.79 | 0.79 | 0.38 | 0.25 | 0.44 | 0.88 | 0.11 | 0.09 | 0.15 | 0.27 | 0.21 |
| Asset Turnover | — | 0.63 | 0.73 | 0.71 | 0.76 | 0.46 | 0.48 | 0.53 | 0.74 | 0.70 | 0.77 |
| Inventory Turnover | 4.75 | 4.75 | 4.37 | 3.87 | 3.84 | 4.15 | 4.73 | 4.66 | 8.56 | 7.66 | 7.53 |
| Days Sales Outstanding | — | 57.56 | 59.78 | 62.13 | 71.81 | 75.51 | 78.72 | 106.52 | 86.94 | 68.48 | 62.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 2.5% | 2.9% | 1.9% | 0.0% | 15.3% | 3.9% | 3.1% | 6.5% | 6.5% | — |
| FCF Yield | 2.2% | 2.5% | 3.6% | 3.9% | — | 5.9% | 4.4% | 5.9% | 7.9% | 2.6% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $49M | $47M | $47M | $46M | $46M | $46M | $45M | $45M | $44M | $42M |
Cyclical construction demand exposure
Based on current market data, SPXC trades at a TTM P/E of 45.82, which appears to price in significant future growth compared to traditional industrial peers, as evidenced by the forward P/E of 28.91 and a PEG ratio of 2.41 reported in recent financial summaries.
The current valuation suggests that investors are increasingly viewing SPXC as a technology-enabled infrastructure provider rather than a legacy machinery manufacturer. While the multiple is elevated relative to historical norms, it may be justified if the company continues to successfully pivot its revenue mix toward higher-margin detection and measurement solutions.
According to quarterly financial statements, SPXC's ROIC has remained relatively modest, hovering around 2.5% to 3.5% over the last ten quarters, which suggests that the company's aggressive acquisition strategy has yet to yield the expected compounding returns on its invested capital base.
The persistent gap between the company's growth and its return on capital warrants further investigation into the integration costs of recent bolt-on acquisitions. Investors should monitor whether management can improve asset utilization and drive higher returns as these acquired entities are fully assimilated into the core business model.
As reported in recent filings, the company's cash conversion cycle has fluctuated between 100 and 120 days, reflecting the inherent complexities of managing inventory and receivables across both project-based HVAC installations and transactional detection tool sales within the broader industrial machinery sector.
The elevated DIO and DSO figures suggest that working capital management remains a significant lever for cash flow optimization. Any sustained improvement in these metrics would likely signal better operational discipline and a more efficient conversion of revenue into free cash flow.
The P/E ratio is frequently misapplied to SPXC because it fails to account for the lumpy nature of percentage-of-completion revenue recognition and the significant amortization of intangibles resulting from the company's active inorganic growth strategy, which often obscures the underlying cash-generating power of the business.
Analysts should instead prioritize EV/EBITDA or P/FCF to better capture the company's operational performance, as these metrics are less distorted by non-cash accounting charges. Relying solely on P/E may lead to an inaccurate assessment of the company's true earnings quality and its ability to fund future growth.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SPXC stock.
SPX Technologies, Inc.'s current P/E ratio is 43.2x. The historical average is 13.6x. This places it at the 96th percentile of its historical range.
SPX Technologies, Inc.'s current EV/EBITDA is 22.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
SPX Technologies, Inc.'s return on equity (ROE) is 13.6%. The historical average is 16.4%.
Based on historical data, SPX Technologies, Inc. is trading at a P/E of 43.2x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SPX Technologies, Inc. has 36.7% gross margin and 16.8% operating margin. Operating margin between 10-20% is typical for established companies.
SPX Technologies, Inc.'s Debt/EBITDA ratio is 1.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.