Spirax Group PLC SPX

Stock XLON Rating as of Oct 1, 2026

GBX7,332.91 +157.91 (2.20%)

As of Oct 2, 2026, 9:19:33 AM Delayed Price Open

Company Report

We See a Clear Path for Spirax To Increase Its Operating Margin Above 22%

Matthew Donen Sep 1, 2026

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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Price vs Fair Value

View History

SPX is trading at a LOCK|&%tf!N> premium.

Price

GBX7,175.00

Oct 1, 2026

Fair Value

LOCK|@GM

May 14, 2025

Uncertainty

LOCK|?lWBk

1-Star Price: LOCK|><f
5-Star Price: LOCK|H?
Economic Moat: LOCK|h#z
Capital Allocation: LOCK|!M%>#bJ

Bulls Say, Bears Say

Bulls

The digitalization of Spirax's installed base of equipment creates a lengthy runway opportunity to capture even more recurring revenue.

Bears

Doubts remain about the success of the acquisitions that created the electric thermal solutions segment, which has been a big contributor to ROIC falling from above 20% to below 15%.

News

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Dollar Tree's new earnings growth outlook gives investors a reason to cheer

MarketWatch Oct 15, 2025, 2:38:00 PM

Trading Information

Previous Close Price: GBX7,175.00
Day Range: GBX7,230.00–7,355.00
52-Week Range: GBX5,950.00–8,050.00
Bid/Ask: GBX7,330.00 / GBX7,340.00
Shares Outstanding: 73.80M
Market Cap: GBX541.83B
Volume/Avg: 27,646 / 207,652

Key Statistics

Price/Earnings (Normalized): 24.47
Price/Sales: 3.04
Dividend Yield (Trailing): 2.37%
Dividend Yield (Forward): 2.37%
Dividend Payment Schedule: May, Nov
Total Yield: 2.37%

Company Profile

Spirax is a global manufacturer of a wide range of applications for industrial and commercial steam systems, electric thermal solutions, and peristaltic pumps used across multiple industries. The group operates across three segments and has over 110,000 direct customers across 130 countries. Approximately 85% of group sales are generated from recurring maintenance and small improvements to existing customer systems. Spirax has 1,700 product lines and 2,100 sales and service engineers, who account for 25% of employees.

Sector: Industrials
Industry: Specialty Industrial Machinery
Stock Style Box: Mid Growth
Total Number of Employees: 9,951
Website: https://www.spiraxgroup.com

Competitors

Valuation

Metric	SPX	PH	EMR
Price/Earnings (Normalized)	24.47	29.94	25.05
Price/Book Value	4.23	7.91	4.34
Price/Sales	3.04	5.76	4.79
Price/Cash Flow	18.31	26.55	21.46

Price/Earnings

SPX

EMR

Financial Strength

Metric	SPX	PH	EMR
Quick Ratio	1.40	0.65	0.49
Current Ratio	2.14	1.26	0.90
Interest Coverage	6.83	12.34	7.94

Quick Ratio

SPX

EMR

Profitability

Metric	SPX	PH	EMR
Return on Assets (Normalized)	8.57%	13.59%	7.07%
Return on Equity (Normalized)	18.91%	28.83%	14.73%
Return on Invested Capital (Normalized)	11.31%	18.63%	9.51%

Return on Assets

SPX

EMR

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