Tearsheet

CECO Environmental (CECO)

Market Price (12/4/2025): $54.5 | Market Cap: $1.9 Bil
Sector: Industrials | Industry: Environmental & Facilities Services

CECO Environmental (CECO)

Market Price (12/4/2025): $54.5
Market Cap: $1.9 Bil
Sector: Industrials
Industry: Environmental & Facilities Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30%	Trading close to highs Dist 52W High is -1.8%, Dist 3Y High is -1.8%	Stock price has recently run up significantly 6M Rtn6 month market price return is 104%
1	Megatrend and thematic drivers Megatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable Infrastructure. Themes include Wastewater Management, Show more.		Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4%
2			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 92%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30%
1	Megatrend and thematic drivers Megatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable Infrastructure. Themes include Wastewater Management, Show more.
2	Trading close to highs Dist 52W High is -1.8%, Dist 3Y High is -1.8%
3	Stock price has recently run up significantly 6M Rtn6 month market price return is 104%
4	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4%
5	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 92%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$54.50	$30.23	$20.28	$11.68	$6.23
Market Cap CYE ($ Bil)	1.9	1.1	0.7	0.4	0.2
Total Debt ($ Bil)	0.2	0.2	0.2	0.1	0.1
Total Cash ($ Bil)	0.0	0.0	0.1	0.0	0.0
Enterprise Value ($ Bil)	2.1	1.3	0.9	0.5	0.3
Valuation Ratios
P/S TTM	2.5	1.9	1.3	1.0	0.7
P/EBIT TTM	18.6	34.4	20.1	13.9	28.9
P/E TTM	34.9	81.5	54.5	23.2	154.4
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	12.9	11.8	11.5	9.2	12.3
P/E TTM (Sector)	17.6	16.5	15.4	12.2	16.4

	12/4/25	2024	2023
Share Price CYE	$54.50	$30.23	$20.28
Market Cap CYE ($ Bil)	1.9	1.1	0.7
Total Debt ($ Bil)	0.2	0.2	0.2
Total Cash ($ Bil)	0.0	0.0	0.1
Enterprise Value ($ Bil)	2.1	1.3	0.9
Valuation Ratios
P/S TTM	2.5	1.9	1.3
P/EBIT TTM	18.6	34.4	20.1
P/E TTM	34.9	81.5	54.5
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	CECO	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.7
Rev Chg Q	45.8%	7.1%
Rev Chg LTM	29.9%	6.1%
Rev Chg 3Y Avg	21.9%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	6.7%	18.8%
CFO/Rev LTM	-0.3%	20.5%
Net Inc Mgn	7.2%	13.1%
VALUATION	HIGH
P/S	2.5	3.2
P/CFO	-796.8	15.8
P/FCF	-106.0	20.5
P/E	34.9	23.5
STABILITY	GOOD
Debt/Equity	0.14	0.20
Cash/Assets	0.04	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Backlog	$719.6 million	10282025	Link
New Bookings	$233 million	10302025	Link
Sales Pipeline	Over $5.8 billion	10302025	Link
Book-to-bill ratio	1.18x	10282025	Link

Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

CECO Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are five key points explaining the stock movement for CECO Environmental (CECO) for the approximate time period from August 31, 2025, to December 4, 2025: 1. Strong Third Quarter 2025 Financial Performance. CECO Environmental reported robust results for the third quarter of 2025, with orders increasing by 44% to $232.9 million, backlog growing by 64% to $719.6 million, and revenue rising by 46% to $197.6 million year-over-year. The company also saw a 62% increase in Adjusted EBITDA to $23.2 million and a 71% surge in free cash flow to $19.0 million.

2. Exceeding Analyst Expectations for Q3 2025. The company surpassed analyst consensus estimates for its third-quarter performance, reporting a non-GAAP diluted EPS of $0.26 against an estimated $0.25. Additionally, quarterly revenue of $197.60 million exceeded analyst estimates of $190.36 million.

3. Maintained Strong Full-Year Guidance and Ambitious 2026 Outlook. CECO Environmental maintained its full-year 2025 revenue outlook of $725 million to $775 million and adjusted EBITDA guidance of $90 million to $100 million. The company also provided a compelling 2026 outlook, targeting over $1 billion in orders and projected revenue between $850 million and $950 million.

4. Record Backlog and Growing Sales Pipeline. The company reported a record backlog of $719.6 million, reflecting a significant increase. Furthermore, CECO highlighted a robust and growing sales pipeline exceeding $5.8 billion, driven by strong demand across key end markets such as power generation, semiconductor, water, and natural gas infrastructure.

5. Favorable Analyst Ratings. Throughout the period, and specifically with updates in October, November, and December 2025, CECO Environmental consistently received "Strong Buy" or "Moderate Buy" consensus ratings from Wall Street analysts. Analysts provided average price targets for the stock in the range of $47.50 to $53.60, indicating a generally positive outlook on the company's future performance.

Show less

Stock Movement Drivers

Fundamental Drivers

The 17.4% change in CECO stock from 9/3/2025 to 12/3/2025 was primarily driven by a 19.0% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	46.43	54.50	17.38%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	656.17	718.25	9.46%
Net Income Margin (%)	7.99%	7.22%	-9.67%
P/E Multiple	31.23	37.15	18.96%
Shares Outstanding (Mil)	35.29	35.36	-0.21%
Cumulative Contribution			17.38%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
CECO	17.4%
Market (SPY)	6.2%	34.1%
Sector (XLI)	2.9%	36.6%

Fundamental Drivers

The 104.0% change in CECO stock from 6/4/2025 to 12/3/2025 was primarily driven by a 88.3% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	26.72	54.50	103.97%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	608.30	718.25	18.08%
Net Income Margin (%)	7.80%	7.22%	-7.38%
P/E Multiple	19.73	37.15	88.28%
Shares Outstanding (Mil)	35.03	35.36	-0.95%
Cumulative Contribution			103.95%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
CECO	104.0%
Market (SPY)	15.1%	23.5%
Sector (XLI)	7.6%	23.8%

Fundamental Drivers

The 68.9% change in CECO stock from 12/3/2024 to 12/3/2025 was primarily driven by a 234.0% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	32.27	54.50	68.89%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	553.08	718.25	29.86%
Net Income Margin (%)	2.16%	7.22%	234.02%
P/E Multiple	94.36	37.15	-60.63%
Shares Outstanding (Mil)	34.97	35.36	-1.12%
Cumulative Contribution			68.87%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
CECO	68.9%
Market (SPY)	14.3%	37.6%
Sector (XLI)	9.8%	38.8%

Fundamental Drivers

The 346.7% change in CECO stock from 12/4/2022 to 12/3/2025 was primarily driven by a 179.7% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	12.20	54.50	346.72%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	399.81	718.25	79.65%
Net Income Margin (%)	2.58%	7.22%	179.73%
P/E Multiple	40.72	37.15	-8.77%
Shares Outstanding (Mil)	34.46	35.36	-2.62%
Cumulative Contribution			346.41%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
CECO	172.9%
Market (SPY)	53.2%	38.2%
Sector (XLI)	45.4%	42.1%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CECO Return	-9%	-10%	87%	74%	49%	73%	583%
Peers Return	77%	2%	5%	1%	49%	6%	206%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
CECO Win Rate	42%	33%	58%	67%	50%	60%
Peers Win Rate	50%	56%	46%	48%	56%	48%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
CECO Max Drawdown	-52%	-15%	-32%	-8%	-8%	-41%
Peers Max Drawdown	-37%	-31%	-24%	-18%	-4%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: WM, CWST, GEO, FTEK, MDRN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	CECO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-54.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	119.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	93 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-54.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	118.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	142 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-71.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	252.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	211 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-90.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	968.1%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1792 days	1480 days

Compare to WM, CWST, GEO, FTEK, MDRN

In The Past

CECO Environmental's stock fell -54.4% during the 2022 Inflation Shock from a high on 3/8/2021. A -54.4% loss requires a 119.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About CECO Environmental (CECO)

CECO Environmental Corp. provides industrial air quality and fluid handling systems worldwide. It operates in two segments: Engineered Systems Segment and Industrial Process Solutions Segment. The company engineers, designs, builds, and installs systems that capture, clean, and destroy air- and water-borne emissions from industrial facilities as well as fluid handling, gas separation, and filtration systems. It offers dampers and diverters, selective catalytic reduction and selective non-catalytic reduction systems, cyclonic technology, thermal oxidizers, filtration systems, scrubbers, and water and fluid handling equipment, as well as plant engineering services and engineered design build fabrication. The company markets its products and services to natural gas processors, transmission and distribution companies, refineries, power generators, industrial manufacturing, engineering and construction companies, semiconductor manufacturers, compressor manufacturers, beverage can manufacturers, metals and minerals, and electric vehicle producer companies. CECO Environmental Corp. was incorporated in 1966 and is headquartered in Dallas, Texas.

AI Generated Analysis | Feedback

It's like Xylem, but specialized for industrial air quality and diverse fluid handling solutions, helping factories operate more cleanly.

Think of it as Donaldson (DCI), but offering a more comprehensive suite of industrial air quality and fluid handling solutions, including engineering and services, not just components.

Imagine a more specialized version of one of Danaher's (DHR) industrial environmental technology divisions, focused on preventing and controlling air and fluid pollution for factories worldwide.

AI Generated Analysis | Feedback

Air Pollution Control Systems: Engineered systems designed to capture and treat particulate matter, volatile organic compounds (VOCs), hazardous air pollutants (HAPs), and other emissions from industrial processes.
Fluid Handling & Filtration: A range of pumps, filters, and separation technologies for managing and treating industrial liquids and gases, ensuring purity and preventing contamination.
Energy & Emissions Management: Solutions focused on improving energy efficiency, recovering waste heat, and reducing greenhouse gas emissions from industrial operations.
Industrial Ventilation Systems: Specialized equipment and designs for maintaining clean and safe air environments in industrial facilities through exhaust, filtration, and circulation.

AI Generated Analysis | Feedback

CECO Environmental (symbol: CECO) primarily sells its industrial air quality and fluid handling solutions to other companies (B2B).

According to its latest 10-K filing for the fiscal year ended December 31, 2023, CECO Environmental does not have any single customer that accounted for 10% or more of its consolidated revenue in 2023, 2022, or 2021. This indicates a highly diversified customer base across numerous industrial sectors rather than reliance on a few major, individually named customers.

Therefore, while specific major customer companies cannot be listed by name, CECO's customer base consists of companies operating within the following key industrial end markets:

Energy sector companies
Power generation companies
Metals and Mining companies
Water and Wastewater treatment facilities
Semiconductor manufacturers
Pharmaceutical and Biotech companies
General Industrial and Manufacturing companies

These categories represent the broad range of customers that utilize CECO Environmental's products and services for their operational and environmental compliance needs.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

Todd Gleason, Chief Executive Officer and Director

Todd Gleason joined CECO Environmental in July 2020. He has over 20 years of executive experience at diversified industrial companies including Honeywell International, Trane Technologies, and Pentair. Prior to CECO, he served as President and Chief Executive Officer and a board member at Scientific Analytics, a private equity-backed company, since 2015. He also held CEO and Board Director positions at DARI Motion, another private equity-backed predictive analytics technologies and services company. Earlier in his career, he worked as a management consultant at Deloitte Consulting and QPS Services.

Peter Johansson, Chief Financial Officer and Chief Strategy Officer

Peter Johansson joined CECO Environmental as Chief Financial and Strategy Officer on August 15, 2022. He has more than 35 years of diverse industrial business experience, having worked with companies such as Accudyne Industries, IDEX Corporation, ITT Corporation, American Standard Companies (Trane Technologies, WABCO), and Honeywell. From 2014 to 2020, he was the Executive Vice President of Strategy, Corporate Development and Marketing for Accudyne Industries, LLC. He also served as a consultant for CECO, assisting with market strategies and business development since October 2021.

Lynn Watkins-Asiyanbi, Chief Administrative and Legal Officer

Lynn Watkins-Asiyanbi assumed the newly created role of Chief Administrative and Legal Officer in August 2022. She initially joined CECO in June 2022 as Senior Vice President, General Counsel and Corporate Secretary. She brings over 25 years of industrial business experience from global companies including John Bean Technologies Corporation, W.W. Grainger, Inc., U.S. Foods, Inc., Mars, Inc., and General Mills. Her expertise includes mergers and acquisitions, manufacturing operations, ethics, corporate governance, CSR and ESG, and financial and regulatory compliance.

Jason DeZwirek, Chairman

Jason DeZwirek has served on the CECO Environmental board since 1994 and as Chairman since May 2013. He founded Kaboose Inc., an online media company, in 1999 and served as Chairman and CEO until its sale in June 2009 to Disney Online and Barclays Private Equity Limited. He also held roles as a Director and Corporate Secretary for API Technologies Corp. from 2006 to 2011. He is involved in private investment activities.

Kiril Kovachev, Vice President, Chief Accounting Officer

Kiril Kovachev is responsible for overseeing all aspects of CECO Environmental's global accounting function.

AI Generated Analysis | Feedback

The accelerated global energy transition and decarbonization efforts are leading to a rapid decline in capital expenditures for traditional fossil fuel-based industrial infrastructure. This poses a clear emerging threat by potentially reducing demand for CECO's legacy products and services faster than the company can effectively pivot and scale its offerings in new and emerging green energy and sustainable industries.

AI Generated Analysis | Feedback

CECO Environmental (symbol: CECO) operates in several key addressable markets related to environmental solutions. Here are the estimated market sizes for their main products and services:

Industrial Air Quality and Air Pollution Control

The global market for air pollution control equipment was valued at approximately USD 86.5 billion in 2024 and is projected to reach USD 144.6 billion in 2034, growing at a compound annual growth rate (CAGR) of 5.3% from 2025 to 2034. Other estimates place the global air pollution control systems market at USD 97.9 billion in 2025, expanding to USD 207.6 billion by 2035 with a CAGR of 7.8% from 2025 to 2035. The broader global air quality control systems market is anticipated to exceed USD 198.9 billion by 2033, growing at a CAGR of 6.62% from 2023 to 2033. A more specific segment, the global air quality monitoring system market, was valued at USD 5.73 billion in 2024 and is expected to reach USD 12.06 billion by 2034, with a CAGR of 7.35% from 2025 to 2034.

Industrial Water Treatment and Wastewater Management

The global industrial water treatment market was estimated at USD 46.13 billion in 2024 and is projected to reach USD 71.63 billion by 2033, exhibiting a CAGR of 5.1% from 2025 to 2033. Another report estimates the global industrial water treatment market at USD 48.5 billion in 2025, growing to USD 79.7 billion by 2035, at a CAGR of 5.1%. For industrial wastewater treatment specifically, the global market size was valued at USD 19.06 billion in 2024 and is projected to grow from USD 20.01 billion in 2025 to USD 28.95 billion by 2032 at a CAGR of 5.4%. Another source projects the global industrial wastewater treatment market to reach approximately USD 34.11 billion by 2034, growing at a CAGR of 6.44% from 2025 to 2034. A different estimate suggests the industrial wastewater treatment market could reach USD 206.81 billion by 2031, at a CAGR of 6.1% from 2024 to 2031.

Energy Transition Solutions: Carbon Capture, Utilization, and Storage (CCUS)

The global carbon capture and storage market was valued at USD 8.6 billion in 2024 and is estimated to grow at a CAGR of 16% from 2025 to 2034. Other analyses provide varying projections for the global CCUS market: it was valued at approximately USD 3.68 billion in 2024 and is projected to reach USD 6.72 billion by 2033, growing at a CAGR of 7.0% from 2025 to 2033; another estimate states USD 8.92 billion in 2025, forecasted to reach around USD 50.70 billion by 2034 with a CAGR of 21.37%; another projects it to reach USD 17.75 billion by 2030 from USD 5.82 billion in 2025, at a CAGR of 25.0%; yet another anticipates it to exceed USD 25.3 billion by 2033, growing at a CAGR of 23.8% from 2023 to 2033. Another report indicates a valuation of USD 4.57 billion in 2024, surpassing USD 68.92 billion by 2034, with a CAGR of 28.1% from 2025 to 2034.

AI Generated Analysis | Feedback

Expected Drivers of Future Revenue Growth for CECO Environmental (CECO)

CECO Environmental (CECO) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies, including leveraging a robust backlog, capitalizing on global environmental regulations, strategic acquisitions, and expanding its presence in high-growth sectors.

Record Backlog and Strong Order Intake: CECO Environmental has consistently reported a record-breaking backlog, which provides high visibility for future revenue. The company exited Q3 2024 with a record backlog balance of $438 million, with expectations for it to be even higher by year-end. This substantial backlog, coupled with strong order intake (orders in Q3 2024 were up 12% year-over-year), indicates a healthy pipeline of projects converting into revenue in the coming quarters. Analysts also emphasize the importance of converting this record backlog into revenue as a key catalyst.
Increasing Global Environmental Regulations and Demand for Solutions: Growing global enforcement of environmental regulations is translating into sustained demand for CECO's solutions. The company is well-positioned to benefit from these "mega-theme opportunities" by providing solutions in critical areas such as power generation, industrial water, and natural gas infrastructure. This increasing demand for industrial air and water solutions is expected to provide multi-year revenue visibility and diversification.
Strategic Acquisitions and Portfolio Transformation: Acquisitions are a significant part of CECO's growth strategy. The company explicitly mentioned that its 2025 adjusted EBITDA guidance is equally balanced between organic growth and the full-year benefit of three acquisitions. For example, the acquisition of Germany-based WK in early October 2024, a leading industrial air business with a strong Asia-Pacific presence, is expected to contribute to future revenue. The pending transaction with Profire is also anticipated to further advance CECO's position as a leading environmental solutions provider.
Expansion into High-Growth Sectors and Geographies: CECO is focusing on and benefiting from strong demand across power generation, energy transition, and industrial water sectors. Furthermore, the company is actively expanding into new geographies, with rapid international growth supported by new offices and acquisitions in the Middle East and Asia. This geographical diversification reduces dependence on North America and is expected to sustain higher top-line growth.

AI Generated Analysis | Feedback

Here's a summary of CECO Environmental's capital allocation decisions over the last 3-5 years:

1. Share Repurchases

CECO Environmental authorized a $5 million share repurchase program in August 2021, which concluded on December 31, 2021.
In May 2022, the company's Board of Directors authorized a new share repurchase program of up to $20 million of its outstanding common shares, set to expire on April 30, 2025.
Under these programs, CECO repurchased $5.0 million in shares during 2021, $7.0 million in 2022, and $5.0 million in 2024.

2. Share Issuance

The company received proceeds from employee stock purchase plans and the exercise of stock options totaling $128 thousand for the nine months ended September 30, 2020.
In 2021, proceeds from employee stock purchase plans and option exercises amounted to $1,156 thousand.
For the nine months ended September 30, 2023, proceeds from employee stock purchase plans and exercise of stock options were $1,435 thousand, and $846 thousand for the same period in 2024.

4. Outbound Investments

In June 2020, CECO acquired Environmental Integrated Solutions for $12.2 million.
CECO completed three acquisitions in 2024, including EnviroCare International and Verantis Environmental Solutions Group, which were part of "Cash paid for acquisitions, net of cash acquired" amounting to $(87,948) thousand in 2024.
In October 2024, CECO announced the acquisition of Profire Energy for approximately $122.7 million, with the transaction closing in January 2025.
The company also plans to divest its Fluid Handling business in late Q1 2025 to pay down debt and position the balance sheet for future strategic growth investments.

5. Capital Expenditures

CECO Environmental's capital expenditures for the last few years include $8.1 million in 2020, $6.0 million in 2021, $9.0 million in 2022, $8.384 million in 2023, and $17.368 million in 2024.
The primary focus of these expenditures includes business growth, ERP migration, and cybersecurity.
Capital expenditures are also driven by the demand for technologies addressing climate change, improving environmental outcomes, industrial air treatment, pollution controls, and ultra-pure water and emission controls for semiconductor and electronics production.

Better Bets than CECO Environmental (CECO)

	CECO	Better Performance than CECO
Metric	Value	INDUSTRY: Environmental & Facilities Services
Rev Chg LTM	29.9%	ABAT (821.4%), SCWO (403.2%)
Rev Chg 3Y Avg	21.9%	CLIR (192.3%), SCWO (134.8%), GWAV (106.0%)
Op Mgn LTM	6.7%	VLTO (23.3%), RSG (20.2%), ROL (19.5%), WCN (18.8%), WM (17.6%)
CFO/Rev LTM	-0.3%	RSG (26.3%), WCN (25.9%), WM (23.6%), VLTO (19.3%), ROL (19.1%)
FCF/Rev LTM	-2.4%	ROL (18.3%), VLTO (18.1%), RSG (15.3%), WCN (13.2%), WM (9.7%)
Total Yield	2.9%	GFL (21.0%), WM (4.3%), RSG (4.0%), VLTO (3.8%), ROL (2.9%)
P/S	2.5	ABM (0.3), HCSG (0.7), GEO (1.1), CLH (2.1), GFL (2.1)
P/Op Inc	37.4	WM (20.4), VLTO (20.9), RSG (21.5), WCN (25.6), GFL (31.9)

	CECO	Better Performance than CECO
Metric	Value	SECTOR: Industrials
Rev Chg LTM	29.9%	J (61.5%), RKLB (54.4%), FTAI (51.4%), BE (44.5%), AXON (32.0%)
Rev Chg 3Y Avg	21.9%	AXON (33.7%), FIX (29.0%), HEI (27.3%), EMR (24.9%), CP (22.2%)
Op Mgn LTM	6.7%	UNP (40.6%), GE (20.5%), CAT (18.2%), RTX (10.3%), UBER (9.2%)
CFO/Rev LTM	-0.3%	UBER (18.1%), CAT (18.0%), GE (17.2%), RTX (9.3%), GEV (9.1%)
FCF/Rev LTM	-2.4%	UBER (17.5%), GE (14.7%), CAT (12.3%), GEV (6.6%), RTX (5.5%)
Total Yield	2.9%	UBER (8.1%), UNP (7.3%), CAT (6.7%), RTX (4.5%), ETN (3.0%)
P/S	2.5	UPS (0.8), LMT (1.6), GD (1.8), BA (2.0), NOC (2.1)
P/Op Inc	37.4	UNP (14.0), CAT (15.8), RTX (25.5), ETN (28.8), GE (35.3)

	CECO	Better Performance than CECO
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	29.9%	NVDA (71.6%), MU (48.9%), PLTR (47.2%), LLY (36.8%), AMD (31.8%)
Rev Chg 3Y Avg	21.9%	NVDA (92.0%), APP (36.0%), PLTR (29.3%), AVGO (24.0%), LLY (23.4%)
Op Mgn LTM	6.7%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	-0.3%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-2.4%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	2.9%	GOOGL (4.6%), META (3.5%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%)
P/S	2.5	UNH (0.7), WMT (1.1), XOM (1.4), COST (1.5), HD (2.2)
P/Op Inc	37.4	META (22.6), GOOGL (23.7), MSFT (28.3), AAPL (29.1), AMZN (30.7)

		Best Bets In Industrials Sector
	CECO
What You Pay
P/E	34.9
P/EBIT	18.6
What You Get
Rev Chg Q	45.8%
Rev Chg LTM	29.9%
Rev Chg 3Y Avg	21.9%
FCF/Rev 3Y Avg	2.8%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Would You Still Hold CECO Environmental Stock If It Fell 30%?	Return
2	Why CECO Environmental Stock Moved: CECO Stock Has Gained 775% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	Day 9 of Gains Streak for CECO Environmental Stock with 43% Return (vs. 49% YTD) [8/1/2025]	Notification
4	Day 8 of Gains Streak for CECO Environmental Stock with 42% Return (vs. 49% YTD) [7/31/2025]	Notification
5	Day 7 of Gains Streak for CECO Environmental Stock with 38% Return (vs. 44% YTD) [7/30/2025]	Notification
6	Day 6 of Gains Streak for CECO Environmental Stock with 28% Return (vs. 33% YTD) [7/29/2025]	Notification
7	CECO Dip Buy Analysis
8	Now Is Not The Time To Buy CECO Environmental Stock	Buy or Fear
9	CECO Environmental (CECO) Valuation Ratios Comparison	Financials
10	CECO Environmental Total Shareholder Return (TSR): 49.1% in 2024 and 69.3% 3-yr compounded annual returns (above peer average)
11	ARTICLES
12	CECO Stock Up 43% after 9-Day Win Streak		August 2nd, 2025
13	CECO Stock Up 42% after 8-Day Win Streak		August 1st, 2025
14	CECO Stock Up 38% after 7-Day Win Streak		July 31st, 2025
15	CECO Stock Up 28% after 6-Day Win Streak		July 30th, 2025

	Title
0	DASHBOARDS
1	Would You Still Hold CECO Environmental Stock If It Fell 30%?
2	Why CECO Environmental Stock Moved: CECO Stock Has Gained 775% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	Day 9 of Gains Streak for CECO Environmental Stock with 43% Return (vs. 49% YTD) [8/1/2025]
4	Day 8 of Gains Streak for CECO Environmental Stock with 42% Return (vs. 49% YTD) [7/31/2025]
5	Day 7 of Gains Streak for CECO Environmental Stock with 38% Return (vs. 44% YTD) [7/30/2025]
6	Day 6 of Gains Streak for CECO Environmental Stock with 28% Return (vs. 33% YTD) [7/29/2025]
7	CECO Dip Buy Analysis
8	Now Is Not The Time To Buy CECO Environmental Stock
9	CECO Environmental (CECO) Valuation Ratios Comparison
10	CECO Environmental Total Shareholder Return (TSR): 49.1% in 2024 and 69.3% 3-yr compounded annual returns (above peer average)
11	ARTICLES
12	CECO Stock Up 43% after 9-Day Win Streak
13	CECO Stock Up 42% after 8-Day Win Streak
14	CECO Stock Up 38% after 7-Day Win Streak
15	CECO Stock Up 28% after 6-Day Win Streak

Trade Ideas

Select past ideas related to CECO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for CECO Environmental

Peers to compare with:

Financials

	CECO	WM	CWST	GEO	FTEK	MDRN	Median
Name	CECO Env.	Waste Ma.	Casella .	GEO	Fuel Tech	Modern M.
Mkt Price	54.50	216.15	95.68	17.10	1.83	-	54.50
Mkt Cap	1.9	87.1	6.1	2.4	0.1	-	2.4
Rev LTM	718	24,784	1,795	2,531	25	-	1,795
Op Inc LTM	48	4,372	93	279	-4	-	93
FCF LTM	-17	2,402	78	26	3	-	26
FCF 3Y Avg	13	2,059	74	147	-0	-	74
CFO LTM	-2	5,856	343	208	3	-	208
CFO 3Y Avg	25	5,168	271	257	0	-	257

Growth & Margins

	CECO	WM	CWST	GEO	FTEK	MDRN	Median
Name	CECO Env.	Waste Ma.	Casella .	GEO	Fuel Tech	Modern M.
Rev Chg LTM	29.9%	15.9%	20.5%	4.4%	-5.7%	-	15.9%
Rev Chg 3Y Avg	21.9%	8.6%	19.6%	3.1%	-2.0%	-	8.6%
Rev Chg Q	45.8%	14.9%	17.9%	13.1%	-4.6%	-	14.9%
QoQ Delta Rev Chg LTM	9.5%	3.5%	4.3%	3.2%	-1.4%	-	3.5%
Op Mgn LTM	6.7%	17.6%	5.2%	11.0%	-17.7%	-	6.7%
Op Mgn 3Y Avg	7.0%	18.4%	6.9%	13.3%	-12.7%	-	7.0%
QoQ Delta Op Mgn LTM	-0.3%	-0.2%	-0.5%	-0.5%	0.5%	-	-0.3%
CFO/Rev LTM	-0.3%	23.6%	19.1%	8.2%	11.9%	-	11.9%
CFO/Rev 3Y Avg	4.8%	23.3%	18.2%	10.5%	0.7%	-	10.5%
FCF/Rev LTM	-2.4%	9.7%	4.4%	1.0%	10.7%	-	4.4%
FCF/Rev 3Y Avg	2.8%	9.3%	5.2%	6.0%	-0.7%	-	5.2%

Valuation

	CECO	WM	CWST	GEO	FTEK	MDRN	Median
Name	CECO Env.	Waste Ma.	Casella .	GEO	Fuel Tech	Modern M.
Mkt Cap	1.9	87.1	6.1	2.4	0.1	-	2.4
P/S	2.5	3.6	3.4	1.1	3.8	-	3.4
P/EBIT	18.6	21.8	73.1	5.9	-60.7	-	18.6
P/E	34.9	34.7	394.8	11.9	-31.0	-	34.7
P/CFO	-796.8	15.2	17.6	13.6	31.8	-	15.2
Total Yield	2.9%	4.3%	0.3%	8.4%	-3.2%	-	2.9%
Dividend Yield	0.0%	1.5%	0.0%	0.0%	0.0%	-	0.0%
FCF Yield 3Y Avg	2.5%	2.6%	1.4%	11.3%	-2.4%	-	2.5%
D/E	0.1	0.3	0.2	0.6	0.0	-	0.2
Net D/E	0.1	0.3	0.2	0.5	-0.3	-	0.2

Returns

	CECO	WM	CWST	GEO	FTEK	MDRN	Median
Name	CECO Env.	Waste Ma.	Casella .	GEO	Fuel Tech	Modern M.
1M Rtn	4.8%	9.8%	7.8%	1.7%	-30.7%	-	4.8%
3M Rtn	17.4%	-3.3%	0.1%	-18.7%	-36.0%	-	-3.3%
6M Rtn	104.0%	-8.9%	-18.3%	-36.2%	9.6%	-	-8.9%
12M Rtn	68.9%	-2.6%	-16.0%	-36.5%	77.7%	-	-2.6%
3Y Rtn	346.7%	32.9%	10.4%	49.6%	27.1%	-	32.9%
1M Excs Rtn	4.8%	9.9%	7.9%	1.8%	-30.6%	-	4.8%
3M Excs Rtn	6.4%	-8.9%	-5.2%	-24.5%	-42.0%	-	-8.9%
6M Excs Rtn	89.2%	-23.6%	-33.0%	-50.9%	-5.1%	-	-23.6%
12M Excs Rtn	56.5%	-17.5%	-29.0%	-53.6%	57.5%	-	-17.5%
3Y Excs Rtn	272.5%	-35.2%	-60.1%	-5.6%	-30.9%	-	-30.9%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/28/2025	2/25/2025	3/5/2024	3/6/2023	3/14/2022	3/3/2021	3/4/2020
Key Financials
Total Revenue	718	558	545	423	324	316	342
EBITDA	120	45	47	40	17	25	29
Operating Income	48	40	40	28	11	19	20
Net Income	52	13	13	17	1	8	18
EPS	1.48	0.37	0.37	0.50	0.04	0.23	0.51
Growth Rates
Total Revenue Growth	29.9%	2.4%	28.9%	30.4%	2.6%	-7.6%	1.3%
EBITDA Growth	142.4%	-4.7%	19.5%	127.3%	-30.9%	-13.8%	28.1%
Operating Income Growth	20.7%	1.2%	42.8%	146.5%	-41.6%	-1.1%	36.3%
Net Income Growth	333.8%	0.4%	-25.9%	1121.4%	-82.6%	-53.6%	348.7%
Margins
EBITDA Margin	16.7%	8.1%	8.7%	9.4%	5.4%	8.0%	8.6%
Operating Income Margin	6.7%	7.2%	7.3%	6.6%	3.5%	6.1%	5.7%
Net Income Margin	7.2%	2.3%	2.4%	4.1%	0.4%	2.6%	5.2%
Cash & Debt
Total Cash	33	38	55	46	30	36	36
Total Debt	248	245	155	123	75	84	79
Net Debt / (Cash)	215	207	101	77	45	48	44
Cash Flows
Net Cash from Operations	-2	25	45	30	13	4	10
Free Cash from Operations	-17	7	36	26	11	0	5
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	5	-0	7	5	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/28/2025	7/29/2025	4/29/2025	2/25/2025	10/29/2024	7/30/2024	4/30/2024	3/5/2024	11/7/2023	8/8/2023	5/9/2023	3/6/2023
Key Financials Quarterly
Total Revenue	198	185	177	159	136	138	126	154	149	129	113	116
Ebitda	16	25	66	13	10	12	10	17	11	11	8	16
Operating Income	10	18	6	14	8	10	8	14	11	9	6	9
Net Income	1	10	36	5	2	4	2	4	3	4	2	8
EPS	0.04	0.27	1.03	0.14	0.06	0.13	0.04	0.11	0.10	0.11	0.06	0.24
Key Financials TTM
Total Revenue TTM	718	656	608	558	553	567	559	545	508	467	443	423
Ebitda TTM	120	114	102	45	50	50	49	47	46	42	40	40
Operating Income TTM	48	46	38	40	40	42	42	40	35	29	28	28
Net Income TTM	52	52	47	13	12	13	12	13	17	16	17	17
Growth Rates Quarterly
Total Revenue Growth	45.8%	34.8%	39.9%	3.2%	-9.3%	6.5%	12.2%	32.1%	37.8%	22.6%	21.8%	24.4%
EBITDA Growth	53.7%	104.0%	585.5%	-24.5%	-3.8%	4.8%	24.6%	11.5%	53.9%	14.2%	10.5%	134.8%
Operating Income Growth	24.5%	85.9%	-30.0%	1.8%	-21.6%	7.0%	32.3%	54.3%	105.2%	25.6%	-5.9%	60.9%
Net Income Growth	-28.1%	112.0%	2286.2%	25.8%	-37.4%	20.4%	-23.8%	-53.2%	71.4%	-15.1%	-29.2%	590.1%
Margins Quarterly
EBITDA Margin	8.1%	13.2%	37.6%	8.3%	7.6%	8.8%	7.7%	11.3%	7.2%	8.9%	6.9%	13.4%
Operating Income Margin	5.3%	9.8%	3.1%	9.1%	6.2%	7.1%	6.2%	9.2%	7.2%	7.0%	5.3%	7.9%
Net Income Margin	0.8%	5.1%	20.4%	3.1%	1.5%	3.3%	1.2%	2.5%	2.2%	2.9%	1.8%	7.1%
Cash & Debt
Total Cash	33	37	146	38	39	37	47	55	48	48	41	46
Total Debt	248	265	364	245	159	144	152	155	156	156	158	123
Net Debt / (Cash)	215	228	217	207	120	108	105	101	108	108	117	77
Cash Flows Quarterly
FCF from Operations	15	-8	-12	2	15	7	1	15	30	11	-12	10
Cash Flows TTM
FCF from Operations TTM	-2	-2	12	25	38	53	58	45	39	10	18	30
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	2	3	-0	-0	-0	-0	0
Return on Invested Capital (ROIC) Quarterly
ROIC	7.0%	10.6%	3.2%	11.4%	5.7%	10.5%	7.0%	7.4%	10.8%	8.5%	6.8%	9.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.1%	6.7%	5.8%	7.3%	7.0%	8.4%	7.9%	7.9%	8.5%	7.1%	6.3%	7.0%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Engineered Systems segment	432	333	263	271	255
Industrial Process Solutions segment	148	150	142	135
Corporate and Other	20	21	12	14	18
Fluid Handling and Filtration Segment					72
Industrial Solutions segment					65
Total	600	505	416	419	409

Price Behavior

Price Behavior

Market Price	$54.50
Market Cap ($ Bil)	1.9
First Trading Date	01/29/1998
Distance from 52W High	-1.8%
	50 Days	200 Days
DMA Price	$50.94	$36.20
DMA Trend	up	up
Distance from DMA	7.0%	50.6%
	3M	1YR
Volatility	52.2%	52.4%
Downside Capture	206.28	96.52
Upside Capture	224.00	135.78
Correlation (SPY)	34.4%	37.6%

CECO Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.55	1.28	1.44	1.10	0.99	1.16
Up Beta	0.58	0.59	1.07	1.41	0.87	0.97
Down Beta	2.50	-0.06	0.23	0.85	1.00	1.20
Up Capture	248%	201%	242%	218%	153%	346%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	21	34	69	124	382
Down Capture	125%	193%	187%	35%	96%	103%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	20	28	55	122	361

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of CECO With Other Asset Classes (Last 1Y)
	CECO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	71.0%	8.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	52.1%	18.9%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	1.20	0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		38.7%	37.5%	-0.8%	17.4%	30.4%	21.9%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of CECO With Other Asset Classes (Last 5Y)
	CECO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	47.7%	13.1%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	49.0%	17.2%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.97	0.61	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		39.9%	34.8%	1.8%	16.1%	26.0%	15.4%

Based On 10-Year Data

		Comparison of CECO With Other Asset Classes (Last 10Y)
	CECO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	21.1%	12.8%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	58.1%	19.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.56	0.57	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		38.5%	34.5%	0.2%	16.8%	28.8%	10.7%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	2,195,811
Short Interest: % Change Since 10312025	-17.8%
Average Daily Volume	395,186
Days-to-Cover Short Interest	5.56
Basic Shares Quantity	35,359,969
Short % of Basic Shares	6.2%

Returns Analyses

	Title
0	Would You Still Hold CECO Environmental Stock If It Fell 30%?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10282025	10-Q 9/30/2025
6302025	7292025	10-Q 6/30/2025
3312025	4292025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	10292024	10-Q 9/30/2024
6302024	7302024	10-Q 6/30/2024
3312024	4302024	10-Q 3/31/2024
12312023	3052024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	3062023	10-K 12/31/2022
9302022	11072022	10-Q 9/30/2022
6302022	8082022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	3142022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

CECO Environmental (CECO)

Market Price (12/4/2025): $54.5 | Market Cap: $1.9 BilSector: Industrials | Industry: Environmental & Facilities Services

CECO Environmental (CECO)

Market Price (12/4/2025): $54.5Market Cap: $1.9 BilSector: IndustrialsIndustry: Environmental & Facilities Services

Valuation, Metrics & Events

CECO Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About CECO Environmental (CECO)

Industrial Air Quality and Air Pollution Control

Industrial Water Treatment and Wastewater Management

Energy Transition Solutions: Carbon Capture, Utilization, and Storage (CCUS)

Expected Drivers of Future Revenue Growth for CECO Environmental (CECO)

1. Share Repurchases

2. Share Issuance

4. Outbound Investments

5. Capital Expenditures

Interactive Breakdown

Better Bets than CECO Environmental (CECO)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for CECO Environmental

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/4/2025): $54.5 | Market Cap: $1.9 Bil
Sector: Industrials | Industry: Environmental & Facilities Services

Market Price (12/4/2025): $54.5
Market Cap: $1.9 Bil
Sector: Industrials
Industry: Environmental & Facilities Services