SPX Technologies, Inc.
SPXCHIGH VELOCITYFILING INTENSITYSPX Technologies, Inc. reads as an High Velocity (composite 78/100); Consistent Strategic Buyer deploying $1B across 3 disclosed transactions, up 209% vs the prior cycle · primary market Machinery & Automation.
Lens
Disclosed M&A capital (2023–2025)
$1.4B
vs $466M in 2020–2022
Disclosed transactions
3
3/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
78
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $3.3B disclosed buyer spend
- Filed within 25d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 25d
- 311 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 21 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 21 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 21 activism filings
- Latest activism 11y ago; heavily discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 21 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
- 1 NT late filing
- Latest event 18y ago; heavily discounted
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 311 8-Ks
- Filed within 25d
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $10.7B
- 10-Q 25d ago
- 3 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $667M · Peak count: 5
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 2 | $483M | $242M | N/A |
| 2024 | 1 | $292M | $292M | N/A |
| 2023 | N/A | $667M | N/A | N/A |
| 2022 | 5 | N/A | N/A | N/A |
| 2021 | 5 | $362M | $72M | N/A |
| 2020 | N/A | $104M | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On33%
- Geographic Expansion33%
- Horizontal Consolidation33%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- bolt_on
- geographic_expansion
- horizontal_consolidation
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“Across all our businesses, we are effectively managing challenging material markets (e.g., steel and copper) by (i) making strategic material purchases, (ii) consolidating our vendor base, and (iii) implementing hedging strategies where market opportunities exist.”
“Our vision for this center is that it will (i) elevate SPX’s stature in China, (ii) create an environment to maximize synergies, and (iii) enhance our ability to drive growth in the China markets.”
“Our supply chain initiative is focused on driving cost reductions and working capital improvement, along with quality and on-time delivery through partnering with a strategic global supply base.”
“Over the last three years, we have invested $557.5 in 24 bolt-on acquisitions, including $135.4 in 2004 for six acquisitions.”
“incremental revenues associated with the acquisitions of Gerstenberg, TTS and Anhydro in 2010”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Machinery & Automation
- Market spend (2023–2025)
- $92.5B
- Market spend (2020–2022)
- $69.9B
- Recent vs prior
- +32%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
SPXC trades at a +2.5-turn premium to the Machinery & Automation peer median of 17.6×.
- EV / Revenue
- 4.5×
- Net debt / EBITDA
- -0.2×
- Peer median EV / EBITDA
- 17.6×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
AMETEK, Inc.AME | 24.3× | 7.2× | 0.3× | $7.6B | $3.3B |
| 21.5× | 3.1× | 5.3× | $4.3B | $8.7B | |
SPX Technologies, Inc.SPXC | 20.0× | 4.5× | -0.2× | $2.3B | $1.4B |
| 17.6× | 5.0× | 1.1× | $18.3B | $9.1B | |
DOVER CorpDOV | 17.5× | 3.8× | 1.3× | $8.3B | $1.8B |
| 15.8× | 3.1× | -0.3× | $6B | $5.1B | |
| 13.8× | 5.5× | 3.1× | $8.1B | $8.1B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Machinery & Automation. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)352026-02-25
- 10-Q (quarterly)1022026-05-01
- 8-K (event)3112026-04-30
- Proxy / DEF 14A1002026-03-31
- Activism (13D / DFAN / PREC)212015-04-29
Signals on file
- watch
Late-filing notice
2008-03-031 NT 10-K/10-Q filing on file.
- elevated
Activism on file
2015-04-2921 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Restatement risk
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.