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.
Follow CECO
CECO Environmental Corp. (CECO) Piotroski F-score
CECO Environmental Corp.'s Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 1.00 |
| FY2024 | 4 | (3.00) |
| FY2023 | 7 | 0.00 |
| FY2022 | 7 | 2.00 |
| FY2021 | 5 | 2.00 |
| FY2020 | 3 | (4.00) |
| FY2019 | 7 | 2.00 |
| FY2018 | 5 | 0.00 |
| FY2017 | 5 | 0.00 |
| FY2016 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 6.05% | 1.91% | Pass | 1 |
| Positive operating cash flow | 5.86m | 24.83m | Pass | 1 |
| Rising return on assets | 6.05% | 1.91% | Pass | 1 |
| Cash flow above net income | (44.19m) | 11.87m | Fail | 0 |
| Falling long-term leverage | 0.25 | 0.32 | Pass | 1 |
| Rising current ratio | 1.34 | 1.35 | Fail | 0 |
| No new shares issued | 35,331,100 | 34,927,300 | Fail | 0 |
| Rising gross margin | 34.77% | 35.16% | Fail | 0 |
| Rising asset turnover | 0.94 | 0.82 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| ZWS Zurn Elkay Water Solutions Cor compare | 8 |
| FTEK Fuel Tech, Inc. compare | 6 |
| ERII Energy Recovery, Inc. compare | 6 |
| CECO CECO Environmental Corp. | 5 |
| VLTO Veralto Corporation compare | 5 |
| ZONE Zone Frontier Inc. compare | 3 |
| ARQ Arq, Inc. compare | 3 |
| PCT PureCycle Technologies, Inc. compare | — |
| ADUR Aduro Clean Technologies Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover