Spirax Group PLC

SPX: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Spirax's Turnaround Is Progressing

Matthew Donen

Aug 11, 2026

Business Strategy and Outlook

Spirax Group has embedded its products and highly qualified engineers, who act as its salesforce, in customers’ industrial and commercial processes. Its large installed base of equipment creates recurring revenue through repair and maintenance as well as an upselling opportunity. Nearly half of the group’s sales are from recurring maintenance, with an average invoice value of GBP 1,500, and a further 35% from small improvement projects with short payback periods.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Verify your identity, personalize the content you receive, or create and administer your account.
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Develop and improve features of our offerings.
Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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Spirax Group PLC

Spirax's Turnaround Is Progressing

Business Strategy and Outlook

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