SPX Technologies (SPXC) · Q2 2026 results and valuation

At 15.7% growth a year (3-year revenue growth), the model's fair value is $164.91 a share — the stock trades 7% below it. Today's price assumes 14.8% growth a year.

1. Guidance

   Data center capacity target raised to $1.1 billion at full production, up from prior expectations.

   Source quote

   “Based on the meaningful progress to date, we now expect total data center capacity to reach $1.1 billion once at full production up from our prior expectation of approximately...”

2. Guidance ↑

   The company increased its adjusted EPS guidance by $0.45 to a midpoint of $8.40 for the period.

   Source quote

   “We are increasing our adjusted EPS guidance by $0.45 to a midpoint of $8.40.”

3. Dropped

   Commercial real estate and hotel segments remained at relatively low levels with no significant change quarter-to-quarter.

   Source quote

   “I'd say, commercial real estate still remains at a relatively low level, same with hotels. They really have not changed a lot quarter-to-quarter. And what I would say, if you kind of look at more institutional market, universities, government, that's been very healthy over the past couple of years.”

Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 93% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.

Sentences that drove the tone

“And third, it gives us additional opportunities to leverage SPX's global channels OEM relationships, and operational scale to accelerate Thermolec's growth while preserving its culture of strong innovation.”

“The strength of our execution and end markets give us confidence in our increased full year guidance which implies 27% adjusted EBITDA growth at the midpoint Looking ahead, I am...”

“Ultimately, this acquisition positions SPX to deliver greater customer value with more intelligent, integrated HVAC solutions that improve performance, energy efficiency, and operational intelligence while driving growth and long term...”