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Side-by-side financial comparison of SPX Technologies, Inc. (SPXC) and VEEVA SYSTEMS INC (VEEV). Click either name above to swap in a different company.
VEEVA SYSTEMS INC is the larger business by last-quarter revenue ($811.2M vs $637.3M, roughly 1.3× SPX Technologies, Inc.). VEEVA SYSTEMS INC runs the higher net margin — 29.1% vs 12.2%, a 16.9% gap on every dollar of revenue. On growth, SPX Technologies, Inc. posted the faster year-over-year revenue change (19.4% vs 16.0%). Over the past eight quarters, SPX Technologies, Inc.'s revenue compounded faster (17.0% CAGR vs 13.4%).
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...
Veeva Systems Inc., headquartered in Pleasanton, California, provides cloud software, data, and business consulting for the life sciences industry. Its software is used to manage data, track regulatory registrations, and oversee supply chains. The company is a public benefit corporation.
SPXC vs VEEV — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $637.3M | $811.2M |
| Net Profit | $77.9M | $236.2M |
| Gross Margin | 39.8% | 75.4% |
| Operating Margin | 15.7% | 29.7% |
| Net Margin | 12.2% | 29.1% |
| Revenue YoY | 19.4% | 16.0% |
| Net Profit YoY | 36.4% | 27.1% |
| EPS (diluted) | $1.56 | $1.40 |
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 | $637.3M | $811.2M | ||
| Q3 25 | $592.8M | $789.1M | ||
| Q2 25 | $552.4M | $759.0M | ||
| Q1 25 | $482.6M | $720.9M | ||
| Q4 24 | $533.7M | $699.2M | ||
| Q3 24 | $483.7M | $676.2M | ||
| Q2 24 | $501.3M | $650.3M | ||
| Q1 24 | $465.2M | $630.6M |
| Q4 25 | $77.9M | $236.2M | ||
| Q3 25 | $62.7M | $200.3M | ||
| Q2 25 | $52.2M | $228.2M | ||
| Q1 25 | $51.2M | $195.6M | ||
| Q4 24 | $57.1M | $185.8M | ||
| Q3 24 | $50.2M | $171.0M | ||
| Q2 24 | $44.2M | $161.7M | ||
| Q1 24 | $49.0M | $147.4M |
| Q4 25 | 39.8% | 75.4% | ||
| Q3 25 | 40.4% | 75.3% | ||
| Q2 25 | 41.4% | 77.1% | ||
| Q1 25 | 40.6% | 74.9% | ||
| Q4 24 | 40.9% | 75.1% | ||
| Q3 24 | 40.9% | 74.8% | ||
| Q2 24 | 40.1% | 73.3% | ||
| Q1 24 | 39.3% | 72.4% |
| Q4 25 | 15.7% | 29.7% | ||
| Q3 25 | 16.4% | 24.8% | ||
| Q2 25 | 15.7% | 30.8% | ||
| Q1 25 | 13.8% | 26.1% | ||
| Q4 24 | 16.9% | 25.9% | ||
| Q3 24 | 16.3% | 24.6% | ||
| Q2 24 | 14.9% | 23.9% | ||
| Q1 24 | 13.9% | 21.4% |
| Q4 25 | 12.2% | 29.1% | ||
| Q3 25 | 10.6% | 25.4% | ||
| Q2 25 | 9.4% | 30.1% | ||
| Q1 25 | 10.6% | 27.1% | ||
| Q4 24 | 10.7% | 26.6% | ||
| Q3 24 | 10.4% | 25.3% | ||
| Q2 24 | 8.8% | 24.9% | ||
| Q1 24 | 10.5% | 23.4% |
| Q4 25 | $1.56 | $1.40 | ||
| Q3 25 | $1.28 | $1.19 | ||
| Q2 25 | $1.10 | $1.37 | ||
| Q1 25 | $1.09 | $1.17 | ||
| Q4 24 | $1.21 | $1.13 | ||
| Q3 24 | $1.06 | $1.04 | ||
| Q2 24 | $0.94 | $0.98 | ||
| Q1 24 | $1.05 | $0.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $364.0M | $1.7B |
| Total DebtLower is stronger | $496.7M | — |
| Stockholders' EquityBook value | $2.2B | $7.0B |
| Total Assets | $3.6B | $8.1B |
| Debt / EquityLower = less leverage | 0.22× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $364.0M | $1.7B | ||
| Q3 25 | $229.4M | $1.9B | ||
| Q2 25 | $132.8M | $2.0B | ||
| Q1 25 | $177.8M | $1.1B | ||
| Q4 24 | $156.9M | $1.0B | ||
| Q3 24 | $124.8M | $1.2B | ||
| Q2 24 | $128.1M | $1.2B | ||
| Q1 24 | $100.5M | $703.5M |
| Q4 25 | $496.7M | — | ||
| Q3 25 | $499.8M | — | ||
| Q2 25 | $950.3M | — | ||
| Q1 25 | $872.0M | — | ||
| Q4 24 | $577.0M | — | ||
| Q3 24 | $665.2M | — | ||
| Q2 24 | $509.9M | — | ||
| Q1 24 | $516.6M | — |
| Q4 25 | $2.2B | $7.0B | ||
| Q3 25 | $2.1B | $6.6B | ||
| Q2 25 | $1.5B | $6.2B | ||
| Q1 25 | $1.4B | $5.8B | ||
| Q4 24 | $1.4B | $5.5B | ||
| Q3 24 | $1.4B | $5.2B | ||
| Q2 24 | $1.3B | $4.9B | ||
| Q1 24 | $1.2B | $4.6B |
| Q4 25 | $3.6B | $8.1B | ||
| Q3 25 | $3.4B | $8.0B | ||
| Q2 25 | $3.3B | $7.8B | ||
| Q1 25 | $3.1B | $7.3B | ||
| Q4 24 | $2.7B | $6.5B | ||
| Q3 24 | $2.8B | $6.3B | ||
| Q2 24 | $2.8B | $6.2B | ||
| Q1 24 | $2.8B | $5.9B |
| 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 | $195.2M | $192.8M |
| Free Cash FlowOCF − Capex | $126.7M | — |
| FCF MarginFCF / Revenue | 19.9% | — |
| Capex IntensityCapex / Revenue | 10.7% | — |
| Cash ConversionOCF / Net Profit | 2.51× | 0.82× |
| TTM Free Cash FlowTrailing 4 quarters | $241.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $195.2M | $192.8M | ||
| Q3 25 | $106.5M | $238.4M | ||
| Q2 25 | $42.5M | $877.2M | ||
| Q1 25 | $-10.9M | $69.5M | ||
| Q4 24 | $166.5M | $164.1M | ||
| Q3 24 | $51.4M | $92.9M | ||
| Q2 24 | $57.5M | $763.5M | ||
| Q1 24 | $10.5M | $57.8M |
| Q4 25 | $126.7M | — | ||
| Q3 25 | $96.1M | — | ||
| Q2 25 | $34.8M | — | ||
| Q1 25 | $-16.4M | — | ||
| Q4 24 | $156.7M | — | ||
| Q3 24 | $43.5M | — | ||
| Q2 24 | $47.1M | — | ||
| Q1 24 | $600.0K | — |
| Q4 25 | 19.9% | — | ||
| Q3 25 | 16.2% | — | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | -3.4% | — | ||
| Q4 24 | 29.4% | — | ||
| Q3 24 | 9.0% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 0.1% | — |
| Q4 25 | 10.7% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 2.1% | — |
| Q4 25 | 2.51× | 0.82× | ||
| Q3 25 | 1.70× | 1.19× | ||
| Q2 25 | 0.81× | 3.84× | ||
| Q1 25 | -0.21× | 0.36× | ||
| Q4 24 | 2.92× | 0.88× | ||
| Q3 24 | 1.02× | 0.54× | ||
| Q2 24 | 1.30× | 4.72× | ||
| Q1 24 | 0.21× | 0.39× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
VEEV
| Subscription Services Veeva Research And Development | $364.8M | 45% |
| Subscription Services Veeva Commercial Cloud | $317.6M | 39% |
| Professional Services Veeva Research And Development | $81.3M | 10% |
| Professional Services Veeva Commercial Cloud | $47.5M | 6% |
