Spirax Group plc (SPX) Fair Value & Analysis
Industrials · GB · Market cap 5.1B GBX · ISIN GB00BWFGQN14
What is Spirax Group plc really worth?
A solid business, but trading 74% above our fair value of £40.04.
Strengths
Risks
For context
Fair value as of: Aug 30, 2026
From 26 valuation models · updated 6 days ago
Share price −5.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (£58.12). The favourable scenario is already priced in.
- Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (£24.48 to £58.12) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range £52.13 – £156.65 · fair‑value band £24.48 – £58.12 · the £69.60 price screens above the £40.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
Spirax Group plc (SPX) currently trades at £69.60, while our model-based Fair Value estimate is £40.04, implying the stock looks roughly 73.8% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of £44.63 per share, and 0 of the 26 models we run sit above the £69.60 price. Bear case: the Asset-Based group reads lowest at £11.10, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Spirax Group plc generated revenue of £1.7B at a net margin of 9.6%. Revenue grew 5.1% year over year. It earns a return on equity of 13.5%. Net debt stands at £655M. Fundamentals as of Aug 30, 2026
Our scenario range runs from £24.48 (bear case) to £58.12 (bull case); at £69.60, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Industrials peers we cover trades at −52% fair-value upside, at −42%, SPX screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly £0.3451 per share, which is 0.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (£44.63) versus Asset-Based (£11.10). Highest evidence: FCF DCF (79).
Notify me when SPX reaches fair value
Put SPX on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.
Set up alert →Free, no payment details. Unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 63 · Market factors (momentum, volatility) 48
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Spirax Group plc provides thermal energy and fluid technology solutions in Europe, the Middle East, Africa, the Asia Pacific, and the Americas. It operates through three segments: Steam Thermal Solutions, Electric Thermal Solutions, and Watson-Marlow Fluid Technology Solutions.
Full company description
Spirax Group plc provides thermal energy and fluid technology solutions in Europe, the Middle East, Africa, the Asia Pacific, and the Americas. It operates through three segments: Steam Thermal Solutions, Electric Thermal Solutions, and Watson-Marlow Fluid Technology Solutions. The company offers industrial and commercial steam systems, including condensate management, controls, and thermal energy management products and solutions for heating, curing, cooking, drying, cleaning, sterilizing, space heating, humidifying, vacuum packing, and producing hot water; electrical process heating and temperature management solutions, such as industrial heaters and systems, heat tracing, and various component technologies; and designs and manufactures peristaltic and niche pumps and associated fluid path technologies, including tubing, specialised filling systems and products for single use applications. The company serves food and beverage, pharmaceutical and biotechnology, oil and gas, chemical, power generation, healthcare, buildings, water and wastewater, semiconductor, transport, original equipment manufacturers machinery, and mining and precious metal processing industries. The company was formerly known as Spirax-Sarco Engineering plc and changed its name to Spirax Group PLC in June 2024. Spirax Group PLC was founded in 1888 and is headquartered in Cheltenham, the United Kingdom.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Spirax Group plc reported revenue of £1.7B in FY2025 versus £1.3B in FY2021, a compound +6.1%/yr. Reported net income was £163M in FY2025, compounding −8.6%/yr from FY2021.
of which total revenue +10.2 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
SPX screens 74% overvalued. Compare with GE Vernova Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- SPIRAX GRP PLC (SPXSY) Could Find a Support Soon, Here's Why You Should Buy the Stock Now
- SPIRAX GRP PLC (SPXSY) Forms 'Hammer Chart Pattern': Time for Bottom Fishing?
- Why Spirax Group plc (LON:SPX) Could Be Worth Watching
- SPIRAX GRP PLC (SPXSY) May Find a Bottom Soon, Here's Why You Should Buy the Stock Now
Peer Group
Specialty Industrial Machinery · 792 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| GE Vernova Inc GEV | $941.84 | $131.95 | −86% |
| SIE SIE | €289.85 | €139.77 | −52% |
| Eaton Corporation ETN | $402.78 | $168.65 | −58% |
| Parker-Hannifin Corporation PH | $995.02 | $398.69 | −60% |
| Atlas Copco AB ATCOA | kr 206.60 | kr 112.59 | −46% |
| Cummins Inc CMI | $564.40 | $348.94 | −38% |
| Illinois Tool Works Inc ITW | $281.67 | $145.84 | −48% |
| Emerson Electric Co EMR | $155.18 | $58.44 | −62% |
| AMETEK, Inc AME | $236.25 | $125.80 | −47% |
| Rockwell Automation, Inc ROK | $417.53 | $125.76 | −70% |
Compare Spirax Group plc with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Industrials stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is Spirax Group plc (SPX) overvalued or undervalued?
What is the fair value of SPX?
What is the quality score of SPX?
What is the revenue of Spirax Group plc (SPX)?
What is the net profit margin of SPX?
Does Spirax Group plc pay a dividend?
Watch Spirax Group plc in the live analysis
One click puts Spirax Group plc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.