Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 9, 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.
A · High-quality compounder
Forensic grade
Safe
Financial health
4.0
Distress distance
Clean
Earnings quality
3
Forensic signals
13.5%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 4.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
11.1%
FY2025
Return on invested capital.Return on invested capital is 11.1% in the latest fiscal year and rising across FY2023–FY2025 from 8.8%. After-tax operating profit was $172M in FY2023 and $274M in FY2025, with operating income at 12.7% of revenue in FY2023, 15.5% in FY2024 and 15.5% in FY2025. The capital base behind it grew +27% across FY2023–FY2025, from $2.0B to $2.5B, and the return did not fall doing it, so the dollars added over that window earned at least the 8.8% the older base was already earning.
+2.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +4% over the last 2 years to FY2025 (+2.0%/yr). The count is growing — 46.6M shares in FY2023, 48.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.0% 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 FY2023 has been diluted ~4%.
0.7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.7% of revenue and 7% of free cash flow in FY2025 — about $0.34 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.0% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$2.27B
Revenue Growth YoY+14.2%
Revenue CAGR (2yr)+14.1%
Net Margin10.8%
Free Cash Flow$241.2M
Return on Equity13.5%
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?