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. In the quarter to June 2026, revenue grew 53.7%, EPS fell 396.3%, free cash flow fell 178.0% and total debt rose 204.8%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five; insiders bought in the last twelve months.

56.72 3.82 −6.31%
Market cap
$3.6B
P/E
0.0×
Fwd P/E
68.7×
Dividend yield
—
F-score
5/9
Altman Z
3.71
Beneish M
−2.10
Dividend safety
78/100

Insider Decisions trades per month

Total buys 2.64
Total sells 10.32
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — 1 — 1 — — — —
Sell — — — — — — 1 2 — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 3,550.00
Revenue 903.17
Net Income (28.18)
Free Cash Flow (10.18)
Net Debt 663.86
Current Ratio 1.50 (at or above 1.5: strong)
Debt/Equity 0.35 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E 68.70 (above 35: high)
P/S ratio 2.72
P/B ratio 1.18
Past 5Y EPS Growth 42.89% (at or above 15%: strong)
This Y EPS Growth 156.72% (at or above 15%: strong)
Next Y EPS Growth 37.36% (at or above 15%: strong)
Next Y revenue growth 72.91% (at or above 10%: strong)
Next 5Y EPS Growth 69.28% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 92.70%
10-year low 10-year high
P/B against its own 10 years 20.38%
10-year low 10-year high
EV/Sales against its own 10 years 95.13%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 0.23
0.08
0.08
0.08
2016 0.26
0.07
0.07
0.07
0.07
special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 5.60 4.68 4.00 6.50 3.53 5.77 4.09 10.68 18.50 17.57

Analyst estimates 2026–2028

Powerpack
High 14.88 14.46 9.18 9.84 9.00 9.47 12.89 21.43 35.16 63.98
People
People Employees 985 900 800 830 730 730 1,000 1,200 1,600 1,540
Revenue/emp, $m 0.42 0.38 0.42 0.41 0.43 0.44 0.42 0.45 0.35 0.50
Income, $m
Income, $m Revenue 417 345 337 342 316 324 423 545 558 774
Gross margin, % 32.34 32.81 33.06 33.38 33.27 31.14 30.34 31.39 35.16 34.77
EBT (33) 1 2 13 12 5 24 22 18 83
EBT margin, % (7.90) 0.41 0.74 3.90 3.75 1.44 5.61 3.95 3.17 10.70
Net income (38) (3) (7) 18 8 2 18 15 14 53
Depreciation 77 24 14 12 11 10 11 13 15 26
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
Earnings (1.12) (0.09) (0.21) 0.51 0.23 0.04 0.50 0.37 0.37 1.42
Cash flow 2.05 0.19 0.63 0.29 0.13 0.38 0.86 1.29 0.71 0.17
Capex (0.01) (0.02) 0.09 (0.15) (0.09) (0.06) (0.10) (0.24) 0.00 0.00
Free cash flow 2.04 0.17 0.72 0.15 0.03 0.32 0.76 1.05 0.71 0.17
Book value 5.59 5.42 5.14 5.52 5.77 5.83 6.29 6.85 7.21 9.15
Shares, m 34 34 35 35 35 35 35 35 35 35
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 15.02 29.88 207.67 22.24 52.61 81.70 41.85
P/S 1.14 0.52 0.69 0.78 0.78 0.68 0.93 1.27 1.89 2.73
P/B 2.51 0.97 1.31 1.39 1.21 1.07 1.80 2.92 4.19 6.54
EV/Sales 1.33 0.77 0.82 0.87 0.89 0.78 1.08 1.42 2.22 2.96
EV/FCF 7.99 44.81 10.96 58.36 259.41 22.47 17.41 21.37 49.80 386.48
Cash, $m
Cash, $m Operating cash flow 70 7 22 10 4 13 30 45 25 6
Capex 0 (1) 3 (5) (3) (2) (3) (8) 0 0
Free cash flow 69 6 25 5 1 11 26 36 25 6
Balance, $m
Balance, $m Working capital 67 66 57 64 74 72 94 78 86 104
Total debt 123 115 76 66 73 64 111 137 219 212
Net debt 76 84 32 29 35 32 65 82 181 179
Shareholders’ equity 190 187 179 193 204 206 218 237 252 323
Returns, %
Returns, % ROA (6.96) (0.65) (1.71) 4.42 1.98 0.34 3.78 2.34 1.91 6.05
ROIC (6.01) 1.85 2.97 5.07 3.50 2.59 4.90 6.77 5.12 13.17
ROE (17.57) (1.61) (3.90) 9.53 4.14 0.70 8.21 5.67 5.30 17.41
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $24.6B 25.3× 21.3× +7.51% (above 0%: growing) +10.11% (above 0%: growing) +1.55% (above 0%: growing) 61.19% 21.37% Compare
ZWS Zurn Elkay Water Solutions Cor $7.8B 28.7× 32.3× +10.46% (above 0%: growing) +126.67% (above 0%: growing) +56.89% (above 0%: growing) 58.72% 31.02% Compare
CECO CECO Environmental Corp. $3.6B — (loss-making) 68.7× +53.71% (above 0%: growing) n/m −177.98% (below 0%: shrinking) 30.34% (11.64%)
PCT PureCycle Technologies, Inc. $641.9M — (loss-making) — (loss-making) +173.45% (above 0%: growing) n/m −80.41% (below 0%: shrinking) (671.72%) (916.09%) Compare
ADUR Aduro Clean Technologies Inc. $357.0M — (loss-making) — −97.97% (below 0%: shrinking) n/m +31.19% (above 0%: growing) 100.00% (309,633.33%) Compare
ERII Energy Recovery, Inc. $338.9M 22.9× — (loss-making) −57.24% (below 0%: shrinking) n/m +284.72% (above 0%: growing) 74.67% (49.05%) Compare
ARQ Arq, Inc. $81.0M — (loss-making) 78.0× +4.54% (above 0%: growing) n/m +46.21% (above 0%: growing) 38.52% (0.23%) Compare
ZONE Zone Frontier Inc. $60.6M — (loss-making) — −0.40% (below 0%: shrinking) n/m −2,753.59% (below 0%: shrinking) 49.85% (1,129.57%) Compare
FTEK Fuel Tech, Inc. $44.3M — (loss-making) — (loss-making) +16.68% (above 0%: growing) n/m −1,603.51% (below 0%: shrinking) 41.25% (24.13%) Compare
Median of peers $348.0M 25.3× 32.3× +6.03% — +16.37% 54.29% (36.59%)

All 18 Pollution & Treatment Controls stocks →

CECO Environmental Corp. (CECO) key facts

  • Strength: CECO Environmental Corp.’s revenue for fiscal 2025 (year ended December 2025) was $774.4 million, up 38.8% from fiscal 2024.
  • CECO Environmental Corp. (CECO) is a Pollution & Treatment Controls company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, CECO traded at $56.72, a market capitalization of $3.6 billion.
  • Return on equity was 17.4% and debt-to-equity 0.35.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 3.71 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

CECO Environmental Corp. (CECO) Latest News

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