| Stage | HEI | % of rev | SPXC | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $1.4B | 100.00% | $715M | 100.00% | HEI ×1.98 |
| Gross profit | $581M | 41.12% | $280M | 39.12% | HEI +2.0pp |
| Operating income | $355M | 25.14% | $115M | 16.14% | HEI +9.0pp |
| Pre-tax income | $321M | 22.69% | $106M | 14.88% | HEI +7.8pp |
| Net income | $254M | 18.01% | $82M | 11.46% | HEI +6.5pp |
| Stage | HEI | SPXC | Gap · A − B |
|---|---|---|---|
| Revenue | $1.4B100.00% | $715M100.00% | HEI ×1.98 |
| Gross profit | 41.12%$581M | 39.12%$280M | HEI +2.0pp |
| Operating income | 25.14%$355M | 16.14%$115M | HEI +9.0pp |
| Pre-tax income | 22.69%$321M | 14.88%$106M | HEI +7.8pp |
| Net income |
| 18.01%$254M |
| 11.46%$82M |
| HEI +6.5pp |
HEI 10-KDec 22 '25
“In addition to manufacturing electronic and electro-optical equipment and selected aerospace and defense components for OEMs and the U.S. government and repairing jet engine and aircraft components, we re-design sophisticated aircraft replacement parts originally developed by OEMs so that we can offer the replacement parts for sale at substantially lower prices than those manufactured by the OEMs.”
SPXC 10-KFeb 25 '26
“Particular risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include the following: cyclical changes and specific industry events in our markets; changes in anticipated capital investment and maintenance expenditures by customers; changes in economic conditions in relevant global and North American markets, including as a result of the imposition, or threat of imposition of tariffs, including any new or increased tariffs announced by the U.S. government and any retaliatory tariffs announced in response thereto, and other trade barriers, international trade tensions or geopolitical conflicts; availability, limitations or cost increases of raw materials and/or commodities, including as a result of new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that cannot be recovered in product pricing; the impact of competition on profit margins and our ability to maintain or increase market share; risks with respect to our contracts with the U.S. government, including the government's ability to terminate contracts prior to completion or failure to appropriate amounts necessary to fund such contracts; inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services and other supply-chain risks; the uncertainty of claims resolution with respect to environmental and other contingent liabilities; the impact of climate change and any legal or regulatory actions taken in response thereto; cyber-security risks; risks with respect to the protection of intellectual property, including with respect to our digitalization initiatives; the impact of overruns, inflation and the incurrence of delays with respect to long-term fixed-price contracts; defects or errors in current or planned products; the impact of pandemics and governmental and other actions taken in response; domestic economic, political, legal, accounting and business developments adversely affecting our business, including regulatory changes; uncertainties with respect to our ability to complete expansions to or the reconfiguration of our manufacturing footprint within the time periods and at costs we anticipate and whether we will realize the anticipated benefits of these activities; uncertainties with respect to our ability to identify acceptable acquisition targets; uncertainties surrounding timing and successful completion of acquisition transactions, including with respect to integrating acquisitions and achieving costs savings, synergistic sales or other benefits from acquisitions; the impact of retained liabilities of disposed businesses; potential labor disputes; and extreme weather conditions and natural and other disasters.”