Can SPXC's 38% Backlog Jump Sustain HVAC Growth Into 2028?

SPX Technologies’ HVAC business is supported by a strong backlog and expanding capacity, which could sustain growth into 2028. The company ended Q1 2026 with a $755 million HVAC backlog, up 38% organically year over year, driven by data center cooling demand and improved throughput. SPXC is adding manufacturing capacity through new facilities and ramping production, while acquisitions such as Sigma & Omega, Thermolec and Crawford’s commercial air-handling operations broaden its HVAC platform. The article argues these actions, combined with durable demand from AI infrastructure and commercial HVAC, improve revenue visibility and support long-term growth. SPXC shares have risen 31.6% over the past year, though the stock still trades at a discount to its industry on forward P/E, and earnings estimates for 2026 and 2027 have moved higher.