Spx Technologies, Inc. (SPXC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Spx Technologies, Inc. (SPXC)
A forensic read on Spx Technologies, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
10.6
Distress distance
Clean
Earnings quality
6
Forensic signals
42.5
P / E (ttm)
10.9%
ROE
$10.7B
Market cap
14.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Spx Technologies, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 10.6, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+25.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +25.8% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +14% against revenue +14% and inventory up +12% against +14% in cost of sales. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.
+1.6%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +5% over the last 3 years to FY2025 (+1.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~5%.
stopped
FY2022→FY2024
Shareholder returns — halted.Capital returns have STOPPED — $34M of buybacks + dividends in FY2022, but ~$0 in FY2024. A halt usually means the company is conserving cash.
9.8%
FY2025
Return on invested capital.Return on invested capital is 9.8% in the latest fiscal year and rising from 3% — around its ~9% cost of capital, so growth is roughly value-neutral.
Key fundamentals
Latest Revenue$2.27B
Revenue Growth YoY+14.2%
Revenue CAGR (3yr)+15.7%
Net Margin10.8%
Free Cash Flow$241.2M
Return on Equity10.9%
Debt / Equity0.22x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Spx Technologies, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
$40M
FY2021–FY2022
Goodwill impairments.Took $40M of goodwill writedowns across 2 years (FY2021 ($28M), FY2022 ($12M)) — about 9% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
-19%
FY2014→FY2015
Dividend — cut.The payout was CUT ~19% in FY2015 (from FY2014) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.