SPX Technologies (SPXC) shares have made some interesting moves lately. Investors watching the industrial sector may be curious about the company’s performance, especially given its strong year-to-date gain of 40% and 23% return over the past year.

After a strong surge to $205.32, SPX Technologies is clearly on investors’ radar, hitting a 40% year-to-date share price return and 23% total return over twelve months. While momentum has softened over the past week, the longer-term performance suggests optimism around the company’s prospects remains high.

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With shares near record highs and recent gains outpacing much of the sector, investors are asking whether SPX Technologies is trading at a bargain or if the current valuation already reflects all anticipated growth.

Most Popular Narrative: 10% Undervalued

The most widely followed narrative values SPX Technologies at $229, which is 10% higher than its last closing price of $205.32. This sets the stage for a bullish outlook grounded in earnings growth, upcoming projects, and premium market positioning.

Expansion in data center cooling solutions, highlighted by the new OlympusV Max launch, which addresses the rapidly growing demand for energy-efficient, large-scale data center infrastructure, positions SPX to meaningfully expand its addressable market and top-line growth as hyperscale projects accelerate into 2026. This supports both revenue and margin improvement due to product differentiation and high-engineering requirements.

Want to know why this narrative gives SPX Technologies such a high valuation? There’s one key metric baked into this forecast: a bold forward-looking growth rate and a profit outlook that rivals industry leaders. What’s behind these aggressive earnings and sales projections? Discover the narrative’s full blueprint and see what justifies that premium fair value.

Result: Fair Value of $229 (UNDERVALUED)

However, project delays or integration issues from recent acquisitions could challenge SPX Technologies’ robust outlook and prompt analysts to reconsider their bullish forecasts.

Another View: Valued by Earnings Multiples

Taking a look at the company’s valuation through the price-to-earnings ratio offers a different perspective. SPX Technologies trades at 45.7x earnings, noticeably higher than the US Machinery average of 23.2x and above its fair ratio of 29.3x. This premium leaves little room for error if the company’s growth stalls. Is the stock’s rich multiple justified or is it simply running ahead of fundamentals?

Build Your Own SPX Technologies Narrative

If you see things differently or want to dive into the data yourself, it’s easier than ever to craft your own view in just minutes, so why not Do it your way

A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding SPX Technologies.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.