SPX Technologies Stock Is Up Just 4% This Year. Can It Climb More in 2026?

Key Takeaways for SPX Technologies Stock as of August 2026

• Flat Since January: SPX Technologies stock is up only 4.4% since early January, a 7.2% annualized clip.
• Beat and Raise: Q2 revenue jumped 22.9% year over year to $679 million against a $640.10 million estimate, adjusted EPS rose 22.4% to $2.02 versus $1.85 expected, and management lifted full-year adjusted EPS guidance to $8.20-$8.60 from $7.75-$8.15.
• Analyst Split: The Street’s current tally sits at 10 buys, 1 outperform, and 1 hold, with a $272 mean target sitting 28% above the $212 close.
• Model Upside: TIKR’s mid-case model values SPXC at $290 through 2030, implying 37% total return, or 7% annualized.

SPXC stock hasn’t moved much since January, but the numbers behind it just got a lot stronger. See what’s driving the gap on TIKR for free →

Why SPX Technologies Stock Sits Almost Flat After a Blowout Quarter

SPX Technologies (SPXC) stock has returned just 4.4% since early January, a 7.2% annualized pace, even as the company just posted one of its strongest quarters in years.

Second-quarter revenue climbed 22.9% year over year to $679 million, beating the $640.10 million analysts expected. Adjusted earnings per share rose 22.4% to $2.02 against a $1.85 estimate, while GAAP earnings per share from continuing operations jumped 41.8% to $1.56. Management responded by raising full-year 2026 guidance for the third time this year: revenue to $2.71 billion-$2.77 billion from $2.575 billion-$2.645 billion, adjusted EBITDA to $630 million-$660 million from $600 million-$625 million, and adjusted EPS to $8.20-$8.60 from $7.75-$8.15.

The biggest number sits inside the HVAC segment. CEO Gene Lowe pointed to it directly on the July 30 call: “We now expect total data center capacity to reach approximately $1.1 billion once in full production, up from our prior expectation of approximately $750 million.” That follows two earlier increases this year alone, from an original $300 million data center revenue target for 2026 to $350 million last quarter and now $430 million.

Yet SPX Technologies stock closed at $212 on August 13, down 8% from its $232 close on June 27, with much of that slide landing right around the July 30 earnings release. HVAC segment margin fell 260 basis points in the quarter on capacity start-up costs and tariff drag, both flagged in advance, but the market punished the print anyway.

The multiple absorbed most of that punishment. SPXC’s forward price-to-earnings ratio sank to 23.18 times next-twelve-month normalized earnings, just above its trailing twelve-month low of 22.88x and nearly five turns under its 27.58x average, down from levels near 30x as recently as late June.

The disconnect leaves SPX Technologies stock trading as though the capacity story still isn’t priced in, even as management raises the numbers behind it every quarter.

SPX Technologies Deepens Its HVAC Controls Bet With Neptronic

The same quarter that failed to move the stock also brought a bolt-on deal that reinforces why management isn’t worried about the gap. SPX Technologies closed its acquisition of Neptronic, adding intelligent controls, electric duct heating and humidification technology to the HVAC segment for roughly 12.5 times EBITDA.

Neptronic carries about $75 million in annual revenue and a segment income margin in the low-to-mid 40s, well above the HVAC segment average, and will add an estimated $0.05 to $0.06 to 2026 adjusted EPS already baked into the raised guidance. Leverage stood at 0.7 times at quarter end, or 1.4 times pro forma for the deal, still below the company’s 1.5-to-2.5-times target range and leaving room for more.

SPX Technologies just tripled its data center capacity outlook to $1.1 billion. Dig into the growth math yourself on TIKR for free →

SPX Technologies Stock’s $272 Target Now Sits 28% Above the Price

Analysts covering SPX Technologies stock currently split 10 buys, 1 outperform, and 1 hold, with a mean price target of $272 against a $212 close, a 28% gap. That target/close ratio of 128.2% is the widest reading the Street has produced going back to mid-2025.

The wider view tells a different story than the current snapshot alone. Back on June 28, 2025, the stock closed at $167 and the mean target sat at $174.50. By August 13, 2026, the stock had climbed to $212, up 27%, while the mean target rose to $272, up 56%, meaning analysts have raised their numbers faster than the stock has moved over that stretch. But the more recent shift matters more for the current gap: between June 27 and August 13 of this year, the mean target barely budged, rising from $268.83 to $272, while the price fell 8.5%.

The 128.2% reading is a price story, not an analyst story. Coverage held steady at 12 estimates through both dates, so the gap opened because the stock gave back ground, not because the Street turned more bullish.

TIKR Values SPX Technologies Stock at $290 Through the Data Center Ramp

TIKR’s mid-case model values SPX Technologies at $290 with a realization around late 2030, implying 37% total return from the current price of $212, or 7% annualized over roughly 4.4 years.

That annualized pace lands close to what investors have historically expected from equities broadly, which positions SPXC less as a high-beta data center trade and more as a steady compounder once the capacity buildout finishes seasoning.

The path to that target runs through converting the $1.1 billion capacity ramp into segment income without repeating the start-up costs and tariff drag that cut 260 basis points from HVAC margin this quarter, pressures management already expects to ease into the back half. With the Street’s mean target 28% above the price and rising slower than the stock has round-tripped this year, TIKR’s model implies the market still has room to close that gap before 2030.

TIKR’s model puts SPXC’s target at $290, 37% above today’s price. Explore the assumptions behind that call on TIKR for free →

Should You Invest in SPX Technologies, Inc.?

The only way to really know is to look at the numbers yourself. TIKR gives you free access to the same institutional-quality financial data that professional analysts use to answer exactly that question.

Pull up SPX Technologies, Inc. stock and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.

You can build a free watchlist to track SPX Technologies, Inc. alongside every other stock on your radar. No credit card required. Just the data you need to decide for yourself.

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Disclaimer:

Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!