SPXCMEDIUM SIGNALOPPORTUNITY10-K

SPXC meaningfully expanded its scale through two strategic HVAC acquisitions while delivering broad-based organic and inorganic revenue and earnings growth in fiscal 2025.

The completed acquisitions of Sigma Omega (April 2025) and Thermolec Ltd. (January 2026) deepen SPXC's positioning in highly engineered hydronic heating, cooling, and heat pump markets, reinforcing its long-stated strategic focus on scalable HVAC and detection/measurement businesses. The removal of legacy language referencing past power generation wind-downs and divestitures signals management is deliberately streamlining the narrative around a cleaner, forward-focused platform. Investors should monitor integration execution and tariff-related input cost risks, both of which are newly and explicitly called out as forward-looking risk factors in this filing.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

Revenue grew approximately 14% year-over-year to $2.3B, with net income rising roughly 22% to $244M and operating cash flow expanding to $333.3M — a collectively healthy picture of profitable growth. SG&A expenses increased 15.2% and R&D spending rose 17.6%, consistent with a company absorbing acquired businesses and investing in product development, though the pace of expense growth broadly tracked revenue growth. On the balance sheet, stockholders' equity expanded substantially to $2.2B (+61.6%), total assets grew to $3.6B (+32.8%), and total debt modestly declined to $496.7M (-13.9%), indicating that acquisition financing leaned on equity rather than leverage — a conservative capital structure signal that should reassure investors.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+61.6%
$1.4B→$2.2B

Equity base grew 61.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+45.8%
$784.3M→$1.1B

Current assets grew 45.8% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+32.8%
$2.7B→$3.6B

Asset base grew 32.8% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
+21.7%
$200.5M→$244.0M

Net income grew 21.7% — bottom-line growth signals improving overall business health.

R&D Expense
P&L
+17.6%
$45.9M→$54.0M

R&D investment increased 17.6% — signals commitment to future product development, though near-term margin impact.

Operating Cash Flow
Cash Flow
+16.6%
$285.9M→$333.3M

Operating cash flow grew 16.6% — strong conversion of earnings to cash, healthy business fundamentals.

SG&A Expense
P&L
+15.2%
$414.6M→$477.6M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Revenue
P&L
+14.2%
$2.0B→$2.3B

Revenue growing 14.2% — solid top-line momentum, watch margins for quality of growth.

Total Debt
Balance Sheet
-13.9%
$577.0M→$496.7M

Debt reduced 13.9% — deleveraging strengthens balance sheet and reduces financial risk.

Accounts Receivable
Balance Sheet
+13.9%
$313.6M→$357.2M

Receivables grew 13.9% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
Particular risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include the following: cyclical changes and specific industry events in our markets; changes in anticipated capital investment and maintenance expenditures by customers; changes in economic conditions in relevant global and North American markets, including as a result of the imposition, or threat of imposition of tariffs, including any new or increased tariffs announced by the U.S.
government and any retaliatory tariffs announced in response thereto, and other trade barriers, international trade tensions or geopolitical conflicts; availability, limitations or cost increases of raw materials and/or commodities, including as a result of new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that cannot be recovered in product pricing; the impact of competition on profit margins and our ability to maintain or increase market share; risks with respect to our contracts with the U.S.
Our common stock has been listed on the New York Stock Exchange since 1972.
On April 15, 2025, we completed the acquisition of Sigma Heating and Cooling and Omega Heat Pump ( Sigma Omega ), which specializes in highly engineered hydronic heating and cooling equipment, including vertical stack heat pumps and fan coils, institutional heating products, and both air-cooled and water-cooled commercial self-contained units.
The post-acquisition operating results of Sigma Omega are reflected within our HVAC reportable segment.
On January 20, 2026, we completed the acquisition of Thermolec Ltd.
( Thermolec ), which specializes in custom electric duct heating and related solutions.
The post-acquisition results of Thermolec will be reflected within our HVAC reportable segment.
On February 6, 2026, we completed the acquisition of Crawford United Corporation ( Crawford ), which specializes in highly engineered air handling and industrial products.
The post-acquisition results of Crawford's Commercial Air Handling Equipment businesses will be reflected within our HVAC reportable segment.
REMOVED
All the forward-looking statements are qualified in their entirety by reference to the risks and uncertainties discussed in this filing, including under the heading Risk Factors, and any subsequent filing with the U.S.
Its common stock had been listed on the New York Stock Exchange since 1972.
Based on a review of our portfolio of businesses, and the belief that a recovery within the power generation markets was unlikely in the foreseeable future, we decided in 2015 that our strategic focus would be on our (i) scalable growth businesses that serve the heating, ventilation and cooling ( HVAC ) and detection and measurement markets and (ii) power transformers and process cooling systems businesses.
As a result, we subsequently significantly reduced our exposure to the power generation markets.
This reduction included the wind-down of the SPX Heat Transfer Business ( Heat Transfer ), completed during the fourth quarter of 2020, and the wind-down of our South African subsidiary, DBT Technologies (PTY) LTD ( DBT ) in 2021 when we substantially ceased all operations.
In addition, we completed the sale of our Transformer Solutions business ( Transformer Solutions ) during 2021.
As a result, we are reporting Heat Transfer, DBT, and Transformer Solutions as discontinued operations in the accompanying consolidated financial statements.
See Note 4 for additional details regarding discontinued operations and Notes 4 and 15 for additional details of DBT s dispute resolution matters.
On March 31, 2022, we completed the acquisition of International Tower Lighting, LLC ( ITL ), a leader in the design and manufacture of highly-engineered aids to navigation systems, including obstruction lighting for telecommunications towers, wind turbines and numerous other terrestrial obstructions.
The post-acquisition operating results of KTS will be reflected within our Detection and Measurement reportable segment.
MORE OPPORTUNITY SIGNALS
ABTHIGHAbbott announced a major strategic acquisition of Exact Sciences Corporation to ...
2026-02-20
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →