Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>SPX Technologies reported strong second quarter results for 2026, highlighted by a 23% year-over-year increase in revenue and a 20% rise in adjusted EBITDA, alongside a 22% growth in adjusted earnings per share.</li><li>This performance was driven by robust organic growth in both the HVAC and Detection & Measurement (D&M) segments, complemented by recent acquisitions, notably Neptronic, which was added to the HVAC segment.</li><li>The company raised its full-year guidance, increasing the midpoint to imply 27% adjusted EBITDA growth, based on higher-than-expected data center volume, improved D&M performance, and contributions from Neptronic.</li></ul>

SPX Technologies reported strong second quarter results for 2026, highlighted by a 23% year-over-year increase in revenue and a 20% rise in adjusted EBITDA, alongside a 22% growth in adjusted earnings per share.This performance was driven by robust organic growth in both the HVAC and Detection & Measurement (D&M) segments, complemented by recent acquisitions, notably Neptronic, which was added to the HVAC segment.The company raised its full-year guidance, increasing the midpoint to imply 27% adjusted EBITDA growth, based on higher-than-expected data center volume, improved D&M performance, and contributions from Neptronic.

SPX Technologies' Data Center Powerhouse — Capacity Jumps From $750 Million To $1.1 Billion!

<ul><li>SPX Technologies has moved to deepen its HVAC platform through the acquisition of Montreal-based Neptronic for C$605 million, or about US$430 million, announced on July 23, 2026.</li><li>Neptronic designs intelligent controls, electric duct heaters, humidifiers, actuators, and valves, giving SPX a broader position in precision thermal management.</li><li>The transaction arrives after a strong first quarter in which SPX reported 17.4% revenue growth, 23% adjusted EBITDA growth, and a 38% organic increase in HVAC backlog, driven mainly by data center demand.</li></ul>

SPX Technologies has moved to deepen its HVAC platform through the acquisition of Montreal-based Neptronic for C$605 million, or about US$430 million, announced on July 23, 2026.Neptronic designs intelligent controls, electric duct heaters, humidifiers, actuators, and valves, giving SPX a broader position in precision thermal management.The transaction arrives after a strong first quarter in which SPX reported 17.4% revenue growth, 23% adjusted EBITDA growth, and a 38% organic increase in HVAC backlog, driven mainly by data center demand.

SPX’s $430 Million Neptronic Takeover Could Redefine HVAC!

<ul><li>SPX Technologies reported a robust first quarter for 2026, marked by a 17.4% increase in revenue and a 23% growth in adjusted EBITDA compared to the previous year.</li><li>Adjusted earnings per share rose 22% to $1.69, reflecting strong operational performance across both the HVAC and Detection & Measurement segments.</li><li>The company raised its full-year adjusted EPS guidance to a midpoint of $7.95, anticipating continued momentum particularly from its data center cooling solutions and Detection & Measurement segment’s new product initiatives.</li></ul>

SPX Technologies reported a robust first quarter for 2026, marked by a 17.4% increase in revenue and a 23% growth in adjusted EBITDA compared to the previous year.Adjusted earnings per share rose 22% to $1.69, reflecting strong operational performance across both the HVAC and Detection & Measurement segments.The company raised its full-year adjusted EPS guidance to a midpoint of $7.95, anticipating continued momentum particularly from its data center cooling solutions and Detection & Measurement segment’s new product initiatives.

SPX Corporation: What’s Driving Its Manufacturing Expansion and Data Center Momentum?

<ul><li>SPX Technologies recently reported its fourth quarter and full-year 2025 results, showcasing notable financial and strategic progress amidst ongoing expansion efforts in its core segments, HVAC and Detection & Measurement.</li><li>The company's results demonstrated significant growth, with both segments contributing to a 21% increase in adjusted EBITDA and adjusted earnings per share (EPS) for the full year.</li><li>The year-end highlights included a revenue increase of 19.4% in the fourth quarter, supported by recent acquisitions and organic growth.</li></ul>

SPX Technologies recently reported its fourth quarter and full-year 2025 results, showcasing notable financial and strategic progress amidst ongoing expansion efforts in its core segments, HVAC and Detection & Measurement.The company's results demonstrated significant growth, with both segments contributing to a 21% increase in adjusted EBITDA and adjusted earnings per share (EPS) for the full year.The year-end highlights included a revenue increase of 19.4% in the fourth quarter, supported by recent acquisitions and organic growth.

SPX Technologies: Inside the Data Center Capacity Buildout—How HVAC Expansion Is Riding the AI Heat-Load Wave!

<ul><li>SPX Technologies has entered one of the most consequential chapters of its transformation journey with its agreement to acquire Cleveland‑based Crawford United for roughly $300 million in cash.</li><li>Coming on the heels of a standout Q3—where SPX delivered 23% revenue growth, 31% adjusted EBITDA growth, and raised full‑year 2025 guidance—the Crawford deal underscores the company’s intent to broaden its engineered air‑handling and industrial technology portfolio at a moment of accelerating demand.</li><li>Backlog momentum in HVAC and Detection & Measurement, a fortified balance sheet with more than $1 billion of incremental liquidity, and new product success such as the Olympus Max cooling platform have created a strategic window for inorganic expansion.</li></ul>

SPX Technologies has entered one of the most consequential chapters of its transformation journey with its agreement to acquire Cleveland‑based Crawford United for roughly $300 million in cash.Coming on the heels of a standout Q3—where SPX delivered 23% revenue growth, 31% adjusted EBITDA growth, and raised full‑year 2025 guidance—the Crawford deal underscores the company’s intent to broaden its engineered air‑handling and industrial technology portfolio at a moment of accelerating demand.Backlog momentum in HVAC and Detection & Measurement, a fortified balance sheet with more than $1 billion of incremental liquidity, and new product success such as the Olympus Max cooling platform have created a strategic window for inorganic expansion.

SPX Technologies Drops $300M on Crawford: Smart Synergy or Strategic Overreach?

United States

SPX Technologies, Inc. is a supplier of engineered products and technologies, holding positions in the heating, ventilation and air conditioning (HVAC), and detection and measurement markets. The Company manufactures cooling towers, fluid coolers, evaporative condensers, and air cooled heat exchangers.

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SPX Technologies (SPXC US)

SPX Technologies' Data Center Powerhouse — Capacity Jumps From $750 Million To $1.1 Billion!

SPX Technologies reported strong second quarter results for 2026, highlighted by a 23% year-over-year increase in revenue and a 20% rise in...

Baptista Research

SPX’s $430 Million Neptronic Takeover Could Redefine HVAC!

SPX Technologies has moved to deepen its HVAC platform through the acquisition of Montreal-based Neptronic for C$605 million, or about US$430...

Baptista Research

SPX Corporation: What’s Driving Its Manufacturing Expansion and Data Center Momentum?

SPX Technologies reported a robust first quarter for 2026, marked by a 17.4% increase in revenue and a 23% growth in adjusted EBITDA compared to...

Baptista Research

SPX Technologies: Inside the Data Center Capacity Buildout—How HVAC Expansion Is Riding the AI Heat-Load Wave!

SPX Technologies recently reported its fourth quarter and full-year 2025 results, showcasing notable financial and strategic progress amidst...

Baptista Research

SPX Technologies Drops $300M on Crawford: Smart Synergy or Strategic Overreach?

SPX Technologies has entered one of the most consequential chapters of its transformation journey with its agreement to acquire Cleveland‑based...

Baptista Research

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