SPX is executing an acquisition-driven growth strategy, with recent additions including Thermolec and the air handling segment of Crawford United to scale its HVAC segment in early 2026. HVAC cooling volumes are climbing with data center demand, which is driving adjusted EBITDA growth. Management anticipates double-digit growth in Adjusted EBITDA and Adjusted EPS for 2026.
Cyborg Score Rationale
SPX raised full-year 2026 guidance to $2.575-$2.645 billion in revenue (up ~15% YoY) and increased adjusted EPS guidance to $7.75-$8.15 (up ~18% YoY) following strong Q1 performance. Full-year 2025 revenue grew 14.2% to $2.265 billion with 21.7% growth in operating income. Strategic HVAC acquisitions and data center tailwinds position the company well.
Top Insights
(April 2026) Raised full-year guidance with revenue expected $2.575-$2.645 billion, up ~15% YoY at midpoint
(Q1 2026) Strong organic growth of 7.4% plus accretive acquisitions driving 17.4% total revenue growth
(January 2026) Completed Thermolec acquisition for ~$140 million to expand electric heat and engineered air movement capabilities
Data center demand emerging as a key growth driver for HVAC cooling solutions
Named Competitors
HVAC Systems — Heating, ventilation, and air conditioning systems
Climate Control Solutions — HVAC and refrigeration systems
Fluid & Motion Control — Industrial motion and control technologies
Diversified Industrial Equipment — Fluid and motion control solutions