SPXCSPX Technologies, Inc.

Metalworkg Machinery & Equipment

Revenue: $2.3B; 14% YoY
Operating margin: 15.5%; 0.5% YoY
EBITDA: $473M; 18% YoY
Market cap: $8.0B
Employees: 4,700; $482K revenue each
Net debt / EBITDA: 2.6×; $1.2B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
137% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
14% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
33% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$482K · 61st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 9th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$20M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.5B	$1.7B	$2.0B	$2.3B	14%
Operating income	$74M	$51M	$222M	$308M	$350M	14%
Net income	$425M	$200K	$90M	$201M	$244M	22%
Operating cash flow	$175M	−$137M	$209M	$286M	$333M	17%
Capex	$10M	$16M	$24M	$38M	$92M	142%
Stock-based comp	$13M	$11M	$13M	$15M	$17M	11%
Buybacks	$0	$34M	$0	$0	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $20M · 11
Net: −$20M

Pay vs performance

No pay-versus-performance disclosure yet.