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CECO Environmental Corp.

CECO Industrials Pollution & Treatment Controls

CECO Environmental Corp.’s revenue for fiscal 2025 (year ended December 2025) was $774.4 million, up 38.8% from fiscal 2024.

Revenue
+53.7%
EPS
−396.3%
Free cash flow
−178.0%
Total debt
+204.8%

Quarter to June 2026, against a year earlier

43.25 5.59 +14.84%
Market cap
$2.2B
P/E
0.0×
Fwd P/E
151×
Dividend yield
—
F-score
5/9
Altman Z
3.71
Beneish M
−2.10
Dividend safety
78/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 2.64
Sold, $m 10.32
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 1 — 1 — — — — —
Sell — — — — — 1 2 — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 2,210.00
Revenue ttm 903.17
Net income ttm (28.18)
Free cash flow ttm (10.18)
Net debt Q 663.86
Valuation
P/E 0.00
Forward P/E 151.00 (above 35: high)
Price / sales 2.07
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.90
Financial health
Current ratio Q 1.50 (at or above 1.5: strong)
Debt / equity Q 0.35 (at or below 0.5: strong)
Interest coverage Q (3.65)
Growth
Revenue growth Q +53.71% (above 0%: growing)
Operating income growth Q −283.70% (below 0%: shrinking)
EPS, this year +156.72% (at or above 15%: strong)
EPS, next year A +37.36% (at or above 15%: strong)
Revenue, next year A +72.91% (at or above 10%: strong)
EPS, past 5 yrs +42.89% (at or above 15%: strong)
EPS, next 5 yrs A +69.28% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.8×, against a ten-year median of 1.1×; over the ten years it ranged from 0.6× in 2020 to 5.1× in 2026.
P/S against its own 10 years 88.12%
10-year low 10-year high
P/B against its own 10 years 8.50%
10-year low 10-year high
EV/Sales against its own 10 years 90.36%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2016–22
−100.0%/yr
  1. 0.26 ’16
  2. 0.23 ’17 −15
  3. 0.00 ’19 −100
  4. 0.00 ’20
  5. 0.00 ’21
  6. 0.00 ’22
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 55 38 33 64
Receivables 113 160 173 459
Inventory 34 43 54 211
Other 67 70 116 139
281 331 410 980
2023 2024 2025 Q'26
Payables 88 110 118 196
ST’ Debt 10 2 2 17
Other 57 82 124 324
203 245 306 652

Compound Annual Growth %

10y 5y 3y
Sales 7.74% 19.63% 22.37%
Cash Flow (7.40%) 5.80% (41.75%)
Earnings 0.00% 43.55% 42.17%
Book Value 2.81% 9.68% 14.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.24 Actual 0.47

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.27 0.26 Miss by 0.01
Q4 FY25 0.43 0.30 Miss by 0.13
Q1 FY25 0.12 0.36 Beat by 0.24
Q2 FY26 0.24 0.47 Beat by 0.23
Q3 FY26 0.61 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.01) (0.80) — — —
’25 0.98 0.26 0.04 0.08 1.37
’24 0.04 0.12 0.06 0.13 0.36
’23 0.06 0.11 0.09 0.11 0.37
’22 0.08 0.13 0.06 0.24 0.50
’21 0.03 0.01 (0.04) 0.03 0.04
’20 0.10 0.09 (0.01) 0.05 0.23
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 206 285 — — —
’25 177 185 198 215 774
’24 126 138 136 159 558
’23 113 129 149 154 545
’22 92 105 108 116 423
’21 72 79 80 94 324
’20 80 75 77 83 316
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (13) (19) — — —
’25 (12) (8) 15 10 6
’24 1 7 15 2 25
’23 (12) 11 30 15 45
’22 0 19 1 10 30
’21 10 (6) 6 3 13
’20 7 (5) 7 (5) 4
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (16) (24) — — —
’25 (15) (9) 11 19 6
’24 (2) 3 11 13 25
’23 (15) 10 29 12 36
’22 (1) 18 0 9 26
’21 10 (6) 5 2 11
’20 6 (6) 7 (6) 1
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 417 345 337 342 316 324 423 545 558 774 903 +7.1% 1,339 1,835 2,026 +37.8%
Gross margin, % 32.34 32.81 33.06 33.38 33.27 31.14 30.34 31.39 35.16 34.77 32.15 +2.4 pt
EBT (33) 1 2 13 12 5 24 22 18 83 (35) n/m
EBT margin, % (7.90) 0.41 0.74 3.90 3.75 1.44 5.61 3.95 3.17 10.70 (3.89) +18.6 pt
Net income (38) (3) (7) 18 8 2 18 15 14 53 (28) n/m
Per share, $
Per share, $ Revenue 12.27 10.02 9.72 9.77 8.95 9.17 12.19 15.72 15.97 21.92 20.85 +6.7%
Earnings (1.12) (0.09) (0.21) 0.51 0.23 0.04 0.50 0.37 0.37 1.42 (0.68) n/m
Cash flow 2.05 0.19 0.63 0.29 0.13 0.38 0.86 1.29 0.71 0.17 (0.17) (24.4%)
Capex (0.01) (0.02) 0.09 (0.15) (0.09) (0.06) (0.10) (0.24) 0.00 0.00 (0.07) n/m
Free cash flow 2.04 0.17 0.72 0.15 0.03 0.32 0.76 1.05 0.71 0.17 (0.24) (24.2%)
Book value 5.59 5.42 5.14 5.52 5.77 5.83 6.29 6.85 7.21 9.15 48.05 +5.6%
Shares, m 34 34 35 35 35 35 35 35 35 35 37 +0.4%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 15.02 29.88 207.67 22.24 52.61 81.70 41.85 0.00 45.1
P/S 1.14 0.52 0.69 0.78 0.78 0.68 0.93 1.27 1.89 2.73 2.07 1.1
P/B 2.51 0.97 1.31 1.39 1.21 1.07 1.80 2.92 4.19 6.54 0.90 2.4
EV/Sales 1.33 0.77 0.82 0.87 0.89 0.78 1.08 1.42 2.22 2.96 2.81 1.3
EV/FCF 7.99 44.81 10.96 58.36 259.41 22.47 17.41 21.37 49.80 386.48 (249.17) 87.9
Cash, $m
Cash, $m Operating cash flow 70 7 22 10 4 13 30 45 25 6 (7) (24.0%)
Capex 0 (1) 3 (5) (3) (2) (3) (8) 0 0 (3) n/m
Free cash flow 69 6 25 5 1 11 26 36 25 6 (10) (23.9%)
Balance, $m
Balance, $m Working capital 67 66 57 64 74 72 94 78 86 104 327 +5.1%
Net debt 76 84 32 29 35 32 65 82 181 179 664 +10.0%
Shareholders’ equity 190 187 179 193 204 206 218 237 252 323 2,081 +6.1%
Returns, %
Returns, % ROA (6.96) (0.65) (1.71) 4.42 1.98 0.34 3.78 2.34 1.91 6.05 (1.33) +13.0 pt
ROIC (6.01) 1.85 2.97 5.07 3.50 2.59 4.90 6.77 5.12 13.17 (0.12) +19.2 pt
ROE (17.57) (1.61) (3.90) 9.53 4.14 0.70 8.21 5.67 5.30 17.41 (2.57) +35.0 pt
People
People Employees 985 900 800 830 730 730 1,000 1,200 1,600 1,540 — +5.1%
Revenue/emp, $m 0.42 0.38 0.42 0.41 0.43 0.44 0.42 0.45 0.35 0.50 — +1.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

CECO Environmental Corp. vs peers in Pollution & Treatment Controls (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VLTO Veralto Corporation $28.3B 28.7× 27.2× +7.48% (above 0%: growing) +8.09% (above 0%: growing) +17.83% (above 0%: growing) 60.17% 19.75% Compare
ZWS Zurn Elkay Water Solutions Cor $7.2B 25.0× 26.2× +8.72% (above 0%: growing) +27.47% (above 0%: growing) +9.05% (above 0%: growing) 49.65% 21.85% Compare
CECO CECO Environmental Corp. $2.2B — (loss-making) 151× +53.71% (above 0%: growing) n/m −177.98% (below 0%: shrinking) 30.34% (11.64%)
PCT PureCycle Technologies, Inc. $377.7M — (loss-making) — (loss-making) −3.33% (below 0%: shrinking) n/m +7.59% (above 0%: growing) (1,209.58%) (1,594.68%) Compare
ERII Energy Recovery, Inc. $342.5M 74.3× — (loss-making) −65.01% (below 0%: shrinking) n/m −166.25% (below 0%: shrinking) 37.49% (87.49%) Compare
ADUR Aduro Clean Technologies Inc. $325.6M — (loss-making) — −97.97% (below 0%: shrinking) n/m +23.13% (above 0%: growing) 100.00% 0.00% Compare
CDZI Cadiz, Inc. $306.1M — (loss-making) — (loss-making) −76.27% (below 0%: shrinking) n/m −66.49% (below 0%: shrinking) (2.45%) (902.45%) Compare
ARQ Arq, Inc. $104.8M — (loss-making) — (loss-making) +8.94% (above 0%: growing) n/m +106.38% (above 0%: growing) 39.70% 8.18% Compare
SCWO 374Water Inc. $42.8M — (loss-making) — +280.17% (above 0%: growing) n/m +85.28% (above 0%: growing) 87.67% (71.70%) Compare
Median of peers $334.1M 28.7× — +2.08% — +13.44% 44.68% (35.85%)

All 16 Pollution & Treatment Controls stocks →

Pay and ownership Proxy statement filed 10 April 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 3.05m 13.50m 434.34
2023 5.58m 16.59m 291.38
2022 2.53m 7.82m 167.82
2021 1.98m 813.54k 89.51

Ownership

Directors and executive officers, together 18.40%
Jason DeZwirek 12.20%
Icarus Investment Corp.2 7.90%
BlackRock, Inc. 7.30%
FMR, LLC 5.10%
Dimensional Fund Advisors LP 5.00%
Capital International Investors 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

CECO Environmental Corp. (CECO) Latest News

28 Oct

Impact 3 · · Simply Wall St.

27 Oct

Impact 3 · · GlobeNewswire

19 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

7 Oct

Impact 3 · · Simply Wall St.

2 Oct

Impact 4 ·
Impact 3 · · StockStory

29 Sep

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25 Sep

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21 Sep

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Impact 3 ·

7 Sep

Impact 4 ·

19 Aug

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Impact 3 ·

17 Aug

Impact 3 · · The Motley Fool transcript
Impact 3 ·

12 Aug

Impact 4 ·

11 Aug

Impact 4 ·
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10 Aug

Impact 4 · transcript
Impact 3 · · InvestorsHub
Impact 3 · · MarketBeat transcript
Impact 3 ·
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3 Aug

Impact 3 ·

30 Jul

Impact 3 ·

15 Jul

Impact 4 ·

9 Jul

Impact 4 · · Stocktwits

CECO metrics, ten years each

stockrow.com/CECO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com