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Side-by-side financial comparison of SUBURBAN PROPANE PARTNERS LP (SPH) and SPX Technologies, Inc. (SPXC). Click either name above to swap in a different company.
SPX Technologies, Inc. is the larger business by last-quarter revenue ($637.3M vs $370.4M, roughly 1.7× SUBURBAN PROPANE PARTNERS LP). SUBURBAN PROPANE PARTNERS LP runs the higher net margin — 12.4% vs 12.2%, a 0.1% gap on every dollar of revenue. On growth, SPX Technologies, Inc. posted the faster year-over-year revenue change (19.4% vs -0.8%). SPX Technologies, Inc. produced more free cash flow last quarter ($126.7M vs $-67.5M). Over the past eight quarters, SPX Technologies, Inc.'s revenue compounded faster (17.0% CAGR vs -13.8%).
Suburban Propane Partners LP is a leading U.S. distributor of propane, natural gas, heating oil and related energy products, serving residential, commercial, industrial and agricultural customers across the country. It also provides HVAC system installation, maintenance and repair services, catering mainly to suburban and off-grid communities.
SPX Technologies, Inc. is an American manufacturing company, headquartered in Charlotte, North Carolina. The company operates within four markets: heating, ventilation, and air conditioning (HVAC), detection and measurement, power transmission and generation, and engineered solutions. Examples of SPX’s products include cooling towers and boilers, underground pipe and cable locators, power transformers, and heat exchangers. Brands include Waukesha, Dielectric, Genfare, Fahrenheat, Radiodetecti...
SPH vs SPXC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $370.4M | $637.3M |
| Net Profit | $45.8M | $77.9M |
| Gross Margin | 64.7% | 39.8% |
| Operating Margin | 18.3% | 15.7% |
| Net Margin | 12.4% | 12.2% |
| Revenue YoY | -0.8% | 19.4% |
| Net Profit YoY | 135.7% | 36.4% |
| EPS (diluted) | $0.69 | $1.56 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $370.4M | $637.3M | ||
| Q3 25 | $211.4M | $592.8M | ||
| Q2 25 | $260.1M | $552.4M | ||
| Q1 25 | $587.7M | $482.6M | ||
| Q4 24 | $373.3M | $533.7M | ||
| Q3 24 | $208.6M | $483.7M | ||
| Q2 24 | $254.6M | $501.3M | ||
| Q1 24 | $498.1M | $465.2M |
| Q4 25 | $45.8M | $77.9M | ||
| Q3 25 | $-35.1M | $62.7M | ||
| Q2 25 | $-14.8M | $52.2M | ||
| Q1 25 | $137.1M | $51.2M | ||
| Q4 24 | $19.4M | $57.1M | ||
| Q3 24 | $-44.6M | $50.2M | ||
| Q2 24 | $-17.2M | $44.2M | ||
| Q1 24 | $111.5M | $49.0M |
| Q4 25 | 64.7% | 39.8% | ||
| Q3 25 | 64.7% | 40.4% | ||
| Q2 25 | 61.7% | 41.4% | ||
| Q1 25 | 58.8% | 40.6% | ||
| Q4 24 | 60.6% | 40.9% | ||
| Q3 24 | 59.4% | 40.9% | ||
| Q2 24 | 62.9% | 40.1% | ||
| Q1 24 | 61.8% | 39.3% |
| Q4 25 | 18.3% | 15.7% | ||
| Q3 25 | -7.9% | 16.4% | ||
| Q2 25 | 2.1% | 15.7% | ||
| Q1 25 | 27.0% | 13.8% | ||
| Q4 24 | 15.8% | 16.9% | ||
| Q3 24 | -10.8% | 16.3% | ||
| Q2 24 | 3.2% | 14.9% | ||
| Q1 24 | 27.5% | 13.9% |
| Q4 25 | 12.4% | 12.2% | ||
| Q3 25 | -16.6% | 10.6% | ||
| Q2 25 | -5.7% | 9.4% | ||
| Q1 25 | 23.3% | 10.6% | ||
| Q4 24 | 5.2% | 10.7% | ||
| Q3 24 | -21.4% | 10.4% | ||
| Q2 24 | -6.8% | 8.8% | ||
| Q1 24 | 22.4% | 10.5% |
| Q4 25 | $0.69 | $1.56 | ||
| Q3 25 | $-0.55 | $1.28 | ||
| Q2 25 | $-0.23 | $1.10 | ||
| Q1 25 | $2.10 | $1.09 | ||
| Q4 24 | $0.30 | $1.21 | ||
| Q3 24 | $-0.69 | $1.06 | ||
| Q2 24 | $-0.27 | $0.94 | ||
| Q1 24 | $1.72 | $1.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3M | $364.0M |
| Total DebtLower is stronger | $1.3B | $496.7M |
| Stockholders' EquityBook value | — | $2.2B |
| Total Assets | $2.4B | $3.6B |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3M | $364.0M | ||
| Q3 25 | $405.0K | $229.4M | ||
| Q2 25 | $1.3M | $132.8M | ||
| Q1 25 | $3.9M | $177.8M | ||
| Q4 24 | $4.4M | $156.9M | ||
| Q3 24 | $3.2M | $124.8M | ||
| Q2 24 | $4.9M | $128.1M | ||
| Q1 24 | $4.4M | $100.5M |
| Q4 25 | $1.3B | $496.7M | ||
| Q3 25 | $1.2B | $499.8M | ||
| Q2 25 | $1.2B | $950.3M | ||
| Q1 25 | $1.3B | $872.0M | ||
| Q4 24 | $1.3B | $577.0M | ||
| Q3 24 | $1.2B | $665.2M | ||
| Q2 24 | $1.2B | $509.9M | ||
| Q1 24 | $1.2B | $516.6M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $2.4B | $3.6B | ||
| Q3 25 | $2.3B | $3.4B | ||
| Q2 25 | $2.3B | $3.3B | ||
| Q1 25 | $2.4B | $3.1B | ||
| Q4 24 | $2.4B | $2.7B | ||
| Q3 24 | $2.3B | $2.8B | ||
| Q2 24 | $2.3B | $2.8B | ||
| Q1 24 | $2.3B | $2.8B |
| Q4 25 | — | 0.22× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.42× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.40× | ||
| Q1 24 | — | 0.42× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-47.7M | $195.2M |
| Free Cash FlowOCF − Capex | $-67.5M | $126.7M |
| FCF MarginFCF / Revenue | -18.2% | 19.9% |
| Capex IntensityCapex / Revenue | 5.3% | 10.7% |
| Cash ConversionOCF / Net Profit | -1.04× | 2.51× |
| TTM Free Cash FlowTrailing 4 quarters | $61.9M | $241.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-47.7M | $195.2M | ||
| Q3 25 | $41.8M | $106.5M | ||
| Q2 25 | $95.5M | $42.5M | ||
| Q1 25 | $40.1M | $-10.9M | ||
| Q4 24 | $8.8M | $166.5M | ||
| Q3 24 | $36.8M | $51.4M | ||
| Q2 24 | $61.4M | $57.5M | ||
| Q1 24 | $75.1M | $10.5M |
| Q4 25 | $-67.5M | $126.7M | ||
| Q3 25 | $27.7M | $96.1M | ||
| Q2 25 | $80.9M | $34.8M | ||
| Q1 25 | $20.8M | $-16.4M | ||
| Q4 24 | $-15.1M | $156.7M | ||
| Q3 24 | $17.7M | $43.5M | ||
| Q2 24 | $46.8M | $47.1M | ||
| Q1 24 | $60.6M | $600.0K |
| Q4 25 | -18.2% | 19.9% | ||
| Q3 25 | 13.1% | 16.2% | ||
| Q2 25 | 31.1% | 6.3% | ||
| Q1 25 | 3.5% | -3.4% | ||
| Q4 24 | -4.0% | 29.4% | ||
| Q3 24 | 8.5% | 9.0% | ||
| Q2 24 | 18.4% | 9.4% | ||
| Q1 24 | 12.2% | 0.1% |
| Q4 25 | 5.3% | 10.7% | ||
| Q3 25 | 6.7% | 1.8% | ||
| Q2 25 | 5.6% | 1.4% | ||
| Q1 25 | 3.3% | 1.1% | ||
| Q4 24 | 6.4% | 1.8% | ||
| Q3 24 | 9.1% | 1.6% | ||
| Q2 24 | 5.8% | 2.1% | ||
| Q1 24 | 2.9% | 2.1% |
| Q4 25 | -1.04× | 2.51× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 0.81× | ||
| Q1 25 | 0.29× | -0.21× | ||
| Q4 24 | 0.45× | 2.92× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | — | 1.30× | ||
| Q1 24 | 0.67× | 0.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
SPXC
| Package And Process Cooling Equipment And Services And Engineered Air Movement And Handling Solutions | $258.5M | 41% |
| Detectionand Measurement Reportable Segment | $206.2M | 32% |
| CA | $57.7M | 9% |
| Kranze Technology Solutions Inc | $37.9M | 6% |
| GB | $32.0M | 5% |
| Other Foreign Countries | $28.6M | 4% |
| Other | $16.4M | 3% |
