CECO Environmental (CECO)
Market Price (5/21/2026): $81.35 | Market Cap: $2.9 BilSector: Industrials | Industry: Environmental & Facilities Services
CECO Environmental (CECO)
Market Price (5/21/2026): $81.35Market Cap: $2.9 BilSector: IndustrialsIndustry: Environmental & Facilities Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable Infrastructure. Themes include Wastewater Management, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 68x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 651x, P/EPrice/Earnings or Price/(Net Income) is 212x Stock price has recently run up significantly12M Rtn12 month market price return is 192% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% Key risksCECO key risks include [1] potential cost overruns from its reliance on fixed-price contracts and [2] high financial leverage that could negatively impact shareholder returns. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable Infrastructure. Themes include Wastewater Management, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 68x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 651x, P/EPrice/Earnings or Price/(Net Income) is 212x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 192% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% |
| Key risksCECO key risks include [1] potential cost overruns from its reliance on fixed-price contracts and [2] high financial leverage that could negatively impact shareholder returns. |
Qualitative Assessment
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CECO Environmental (CECO) stock has gained about 20% since 1/31/2026 because of the following key factors:
1. Exceptional Financial Performance and Elevated 2026 Guidance Fueled Investor Confidence.
CECO Environmental reported strong financial results for both Q4 2025 and Q1 2026, consistently exceeding expectations and leading to upward revisions in its full-year 2026 outlook. For Q4 2025, the company achieved record revenue of $215 million and a 57% year-over-year increase in adjusted EBITDA to $29.8 million. Following these results, CECO initially raised its 2026 revenue guidance to between $925 million and $975 million, and adjusted EBITDA to between $115 million and $135 million. This momentum continued into Q1 2026, with the company reporting revenue of $205.9 million (up 17% year-over-year) and adjusted EBITDA of $20.4 million (up 46%). Non-GAAP diluted EPS for Q1 2026 was $0.36, significantly surpassing analyst estimates of $0.15. Consequently, CECO again increased its full-year 2026 guidance, projecting revenue between $940 million and $1 billion and adjusted EBITDA between $120 million and $140 million, excluding the Thermon acquisition.
2. Strategic Acquisition of Thermon Group Holdings Poised for Growth.
The announcement on February 24, 2026, of CECO Environmental's intent to acquire Thermon Group Holdings in a roughly $2.2 billion stock and cash deal generated significant positive market reaction. This "transformational merger" is expected to create a diversified industrial leader with an estimated $1.5 billion in pro forma revenue and approximately $295 million in adjusted EBITDA. The acquisition is projected to yield around $40 million in run-rate synergies and be accretive to earnings in the first year. The transaction, which is on track for a June 1, 2026 closing, with CECO shareholders expected to own approximately 62.5% of the combined entity, signals substantial future growth potential and enhanced market positioning.
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1. Exceptional Financial Performance and Elevated 2026 Guidance Fueled Investor Confidence.
CECO Environmental reported strong financial results for both Q4 2025 and Q1 2026, consistently exceeding expectations and leading to upward revisions in its full-year 2026 outlook. For Q4 2025, the company achieved record revenue of $215 million and a 57% year-over-year increase in adjusted EBITDA to $29.8 million. Following these results, CECO initially raised its 2026 revenue guidance to between $925 million and $975 million, and adjusted EBITDA to between $115 million and $135 million. This momentum continued into Q1 2026, with the company reporting revenue of $205.9 million (up 17% year-over-year) and adjusted EBITDA of $20.4 million (up 46%). Non-GAAP diluted EPS for Q1 2026 was $0.36, significantly surpassing analyst estimates of $0.15. Consequently, CECO again increased its full-year 2026 guidance, projecting revenue between $940 million and $1 billion and adjusted EBITDA between $120 million and $140 million, excluding the Thermon acquisition.
2. Strategic Acquisition of Thermon Group Holdings Poised for Growth.
The announcement on February 24, 2026, of CECO Environmental's intent to acquire Thermon Group Holdings in a roughly $2.2 billion stock and cash deal generated significant positive market reaction. This "transformational merger" is expected to create a diversified industrial leader with an estimated $1.5 billion in pro forma revenue and approximately $295 million in adjusted EBITDA. The acquisition is projected to yield around $40 million in run-rate synergies and be accretive to earnings in the first year. The transaction, which is on track for a June 1, 2026 closing, with CECO shareholders expected to own approximately 62.5% of the combined entity, signals substantial future growth potential and enhanced market positioning.
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Stock Movement Drivers
Fundamental Drivers
The 20.6% change in CECO stock from 1/31/2026 to 5/20/2026 was primarily driven by a 361.8% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.43 | 81.29 | 20.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 718 | 804 | 11.9% |
| Net Income Margin (%) | 7.2% | 1.7% | -76.4% |
| P/E Multiple | 46.0 | 212.3 | 361.8% |
| Shares Outstanding (Mil) | 35 | 36 | -0.9% |
| Cumulative Contribution | 20.6% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| CECO | 20.6% | |
| Market (SPY) | 7.4% | 32.8% |
| Sector (XLI) | 3.5% | 29.2% |
Fundamental Drivers
The 66.3% change in CECO stock from 10/31/2025 to 5/20/2026 was primarily driven by a 536.9% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.89 | 81.29 | 66.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 718 | 804 | 11.9% |
| Net Income Margin (%) | 7.2% | 1.7% | -76.4% |
| P/E Multiple | 33.3 | 212.3 | 536.9% |
| Shares Outstanding (Mil) | 35 | 36 | -0.9% |
| Cumulative Contribution | 66.3% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| CECO | 66.3% | |
| Market (SPY) | 9.3% | 35.0% |
| Sector (XLI) | 10.8% | 31.1% |
Fundamental Drivers
The 241.7% change in CECO stock from 4/30/2025 to 5/20/2026 was primarily driven by a 1108.2% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.79 | 81.29 | 241.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 608 | 804 | 32.1% |
| Net Income Margin (%) | 7.8% | 1.7% | -78.2% |
| P/E Multiple | 17.6 | 212.3 | 1108.2% |
| Shares Outstanding (Mil) | 35 | 36 | -1.9% |
| Cumulative Contribution | 241.7% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| CECO | 241.7% | |
| Market (SPY) | 35.2% | 30.9% |
| Sector (XLI) | 31.9% | 29.7% |
Fundamental Drivers
The 600.2% change in CECO stock from 4/30/2023 to 5/20/2026 was primarily driven by a 827.8% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.61 | 81.29 | 600.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 423 | 804 | 90.1% |
| Net Income Margin (%) | 4.1% | 1.7% | -58.7% |
| P/E Multiple | 22.9 | 212.3 | 827.8% |
| Shares Outstanding (Mil) | 34 | 36 | -3.9% |
| Cumulative Contribution | 600.2% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| CECO | 600.2% | |
| Market (SPY) | 85.2% | 34.5% |
| Sector (XLI) | 78.5% | 37.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CECO Return | -10% | 87% | 74% | 49% | 98% | 31% | 1025% |
| Peers Return | 2% | 5% | 1% | 49% | 1% | 1% | 65% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| CECO Win Rate | 33% | 58% | 67% | 50% | 67% | 60% | |
| Peers Win Rate | 56% | 46% | 48% | 56% | 53% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CECO Max Drawdown | -37% | -35% | -31% | -27% | -45% | -35% | |
| Peers Max Drawdown | -35% | -26% | -30% | -20% | -42% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WM, CWST, GEO, FTEK, YDDL.
[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] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | CECO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.9% | -18.8% |
| % Gain to Breakeven | 38.7% | 23.1% |
| Time to Breakeven | 11 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.8% | -6.7% |
| % Gain to Breakeven | 31.3% | 7.1% |
| Time to Breakeven | 69 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.4% | -24.5% |
| % Gain to Breakeven | 48.0% | 32.4% |
| Time to Breakeven | 17 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.1% | -33.7% |
| % Gain to Breakeven | 108.6% | 50.9% |
| Time to Breakeven | 142 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.5% | -19.2% |
| % Gain to Breakeven | 22.7% | 23.8% |
| Time to Breakeven | 132 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -16.7% | -3.7% |
| % Gain to Breakeven | 20.0% | 3.9% |
| Time to Breakeven | 480 days | 6 days |
In The Past
CECO Environmental's stock fell -27.9% during the 2025 US Tariff Shock. Such a loss loss requires a 38.7% gain to breakeven.
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| Event | CECO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.9% | -18.8% |
| % Gain to Breakeven | 38.7% | 23.1% |
| Time to Breakeven | 11 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.8% | -6.7% |
| % Gain to Breakeven | 31.3% | 7.1% |
| Time to Breakeven | 69 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.4% | -24.5% |
| % Gain to Breakeven | 48.0% | 32.4% |
| Time to Breakeven | 17 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.1% | -33.7% |
| % Gain to Breakeven | 108.6% | 50.9% |
| Time to Breakeven | 142 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -42.2% | -12.2% |
| % Gain to Breakeven | 73.1% | 13.9% |
| Time to Breakeven | 149 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -62.9% | -6.8% |
| % Gain to Breakeven | 169.8% | 7.3% |
| Time to Breakeven | 6 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.9% | -17.9% |
| % Gain to Breakeven | 49.0% | 21.8% |
| Time to Breakeven | 156 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -85.1% | -53.4% |
| % Gain to Breakeven | 570.3% | 114.4% |
| Time to Breakeven | 1516 days | 1085 days |
In The Past
CECO Environmental's stock fell -27.9% during the 2025 US Tariff Shock. Such a loss loss requires a 38.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
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 Analysis | Feedback
Here are a few analogies for CECO Environmental:
- A specialized Honeywell for industrial air quality and fluid handling systems.
- Like an independent environmental engineering division within a large industrial conglomerate such as Siemens or GE.
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- Industrial Air Quality Systems: Comprehensive systems engineered to capture, clean, and destroy airborne emissions from various industrial facilities, including specific technologies like thermal oxidizers, scrubbers, and NOx reduction systems.
- Fluid Handling Systems: Equipment and technologies designed for the efficient management, treatment, and separation of industrial liquids and gases, encompassing water and fluid handling as well as gas separation and filtration.
- Plant Engineering Services: Specialized expert services providing engineering design and consulting for industrial facilities.
- Engineered Design Build Fabrication: Custom design, manufacturing, and installation services for complex industrial systems and equipment.
AI Analysis | Feedback
CECO Environmental (CECO) primarily sells its industrial air quality and fluid handling systems to other companies across various heavy industries. While specific names of individual customer companies are not provided in the background information, the company markets its products and services to the following major categories of business customers:
- Natural gas processors
- Natural gas transmission and distribution companies
- Refineries
- Power generators
- Industrial manufacturing companies
- Engineering and construction companies
- Semiconductor manufacturers
- Compressor manufacturers
- Beverage can manufacturers
- Metals and minerals companies
- Electric vehicle producer companies
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Todd Gleason, Chief Executive OfficerTodd Gleason joined CECO in July 2020. He is responsible for driving the company's strategic vision and aligning the organization for optimal value creation. Prior to CECO, he served as President and Chief Executive Officer and a board member at Scientific Analytics, a private equity-backed predictive analytics technologies and services company, which he joined in 2015. Before Scientific Analytics, he held executive positions at leading diversified industrial companies including Senior Vice President and Corporate Officer at Pentair, as well as roles at Trane Technologies and Honeywell International. Early in his career, he worked as a management consultant. He holds a master's degree in management and public policy from Carnegie Mellon University.
Peter Johansson, Chief Financial and Strategy Officer
Peter Johansson joined CECO as Chief Financial and Strategy Officer on August 15, 2022. He brings over 30 years of diverse industrial business experience, having worked with companies such as Accudyne Industries, IDEX Corporation, ITT Corporation, Trane Technologies, WABCO, Honeywell, and AlliedSignal. He has experience in leading complex organizations through transformational growth. Mr. Johansson holds a BS in Mechanical Engineering from SMU, an MS in Mechanical Engineering from California State University–Fullerton, and an MBA from UCLA Anderson.
Kiril Kovachev, Chief Accounting Officer
Kiril Kovachev serves as the Vice President, Chief Accounting Officer at CECO Environmental.
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, overseeing legal, human resources, and corporate communication functions. She initially joined CECO in June 2022 as Senior Vice President, General Counsel and Corporate Secretary. Ms. Watkins-Asiyanbi has over 25 years of industrial business experience, including roles with global industrial companies such as John Bean Technologies, W.W. Grainger, Inc., U.S. Foods, Inc., Mars, Inc., and General Mills.
Alyson Richter, SVP, General Counsel and Corporate Secretary
Alyson Richter serves as the Senior Vice President, General Counsel and Corporate Secretary, and also as the Head of Compliance for CECO Environmental.
AI Analysis | Feedback
Here are the key risks to CECO Environmental (CECO):
- Risks Related to the Pending Acquisition of Thermon Group Holdings, Inc. and Associated Debt Levels: CECO Environmental is currently in the process of acquiring Thermon Group Holdings, Inc., a significant transaction that introduces a range of risks. These include the possibility that the deal may not be completed as anticipated, potential operational disruptions during the integration process, and challenges in integrating the acquired business. Furthermore, the acquisition is expected to be funded through a combination of available cash and borrowings, which could further increase CECO's existing substantial debt levels. The transaction also carries risks of higher-than-expected legal, accounting, financial advisory, and integration costs, as well as potential litigation or regulatory proceedings.
- Supply Chain Vulnerabilities and Exposure to Fixed-Price Contracts: CECO faces ongoing and potentially worsening supply chain challenges, which can lead to delays or cancellations of contracts. This risk is amplified by the company's reliance on fixed-price contracts. Unexpected increases in raw material prices or labor costs, driven by supply chain disruptions, can result in cost overruns, negatively impacting the company's profitability. Customer-driven project delays have already affected CECO's revenue and EBITDA in 2024.
- Sensitivity to Economic and Financial Market Conditions: CECO Environmental's business performance is susceptible to fluctuations in global economic and financial market conditions. Economic downturns or instability can lead to reduced capital expenditures and investments by customers in the industrial solutions that CECO provides. This sensitivity can result in decreased demand for CECO’s products and services, affecting its revenue and overall profitability, as evidenced by customer project delays experienced in 2024.
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CECO Environmental's total addressable market (TAM) is expected to expand to approximately $30 billion globally following the acquisition of Thermon Group Holdings, Inc., which is anticipated to close in mid-2026.
The company's largest market opportunities are identified in natural gas power generation, industrial water, and industrial reshoring programs. CECO's sales pipeline currently exceeds $6.5 billion.
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CECO Environmental (symbol: CECO) is anticipated to drive future revenue growth over the next 2-3 years through several key strategic initiatives and market opportunities:
- Thermon Group Holdings Acquisition: A significant driver of future revenue growth is the transformational merger with Thermon Group Holdings, Inc., expected to close in mid-2026. This acquisition is projected to create a combined company with pro forma revenue of approximately $1.5 billion, along with an expected $40 million in run-rate synergies. This strategic combination is set to enhance CECO's global leadership and expand its market and operational capabilities.
- Robust Backlog and Sales Pipeline: CECO Environmental consistently reports a strong and growing backlog, which was approaching $800 million by the end of 2025. The company's sales pipeline also exceeds $6.5 billion and is converting quickly into orders. This substantial existing and incoming order volume provides significant visibility and forms a foundational driver for future revenue realization.
- Growth in Core End Markets: The company identifies its largest opportunities in natural gas power generation, industrial water, and industrial reshoring programs. CECO has recently secured large projects, including a record-setting approximately $135 million order for a natural gas power generation facility. Investments in these areas are expected to continue fueling revenue growth.
- Programmatic Mergers and Acquisitions (M&A): Beyond the Thermon merger, CECO has a proven track record of programmatic M&A, having completed roughly a dozen strategic deals since mid-2020. Approximately 50% of these acquisitions have doubled sales within 24 months, indicating that this ongoing strategy to expand its solution portfolio and market leadership will contribute to sustained revenue growth.
- Global Expansion and Energy Transition: CECO is focused on leveraging its global reach, with about 50% of its orders originating from outside the U.S. The company is also strategically positioned within the energy transition markets, offering solutions for areas such as electric vehicle production, polysilicon fabrication, and emissions management. Anticipated regulatory changes and a broader focus on environmental sustainability are expected to further drive demand for CECO's solutions.
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Share Repurchases
- CECO Environmental authorized a share repurchase program of up to $5 million in August 2021, active through December 31, 2021, representing approximately 2.0% of outstanding shares at that time.
- In May 2022, a new share repurchase program was authorized for up to $20 million, valid through April 30, 2025, which amounted to approximately 12% of outstanding shares based on the stock price as of May 4, 2022.
- As of July 2025, the company had repurchased 1,262,352 shares for $12.02 million under the May 2022 buyback plan.
Share Issuance
- Shares outstanding experienced slight increases over the last few years, from 35.39 million in 2021 to 35.35 million in 2025, with a dip in 2022.
- Share repurchase programs were designed to "offset dilution from share issuances" and reduce share count.
Outbound Investments
- CECO Environmental made several strategic acquisitions, including UK-based Wakefield Acoustics Ltd. in January 2023, Transcend Solutions in 2023, and Kemco Systems in September 2023.
- The company acquired Profire Energy for $125 million in an all-cash transaction, expected to close in January 2025, and Verantis Environmental Solutions Group for $65.5 million in December 2024.
- In February 2026, CECO Environmental announced a definitive agreement to acquire Thermon Group Holdings, Inc. for approximately $2.2 billion in a cash-and-stock transaction, anticipated to close in mid-2026.
Capital Expenditures
- Capital expenditures were $5.15 million in 2021, $3.34 million in 2022, $2.08 million in 2023, and $3.36 million in 2024.
- The company's capital allocation strategy includes investments in organic growth, operational excellence, portfolio transformation, and mergers and acquisitions.
- For 2025, free cash flow is projected to be between 60% and 75% of Adjusted EBITDA, reflecting expected working capital timing.
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| 04102026 | UHAL | U-Haul | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -1.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 52.26 |
| Mkt Cap | 3.1 |
| Rev LTM | 1,877 |
| Op Inc LTM | 93 |
| FCF LTM | -0 |
| FCF 3Y Avg | 85 |
| CFO LTM | 158 |
| CFO 3Y Avg | 218 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.7% |
| Rev Chg 3Y Avg | 8.5% |
| Rev Chg Q | 9.6% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 11.0% |
| Op Inc Chg 3Y Avg | -3.1% |
| Op Mgn LTM | 7.3% |
| Op Mgn 3Y Avg | 6.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 5.8% |
| CFO/Rev 3Y Avg | 8.8% |
| FCF/Rev LTM | -0.8% |
| FCF/Rev 3Y Avg | 4.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.1 |
| P/S | 3.0 |
| P/Op Inc | 19.0 |
| P/EBIT | 20.0 |
| P/E | 31.7 |
| P/CFO | 19.5 |
| Total Yield | 0.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.7% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.2% |
| 3M Rtn | -1.1% |
| 6M Rtn | -1.1% |
| 12M Rtn | -9.8% |
| 3Y Rtn | 27.0% |
| 1M Excs Rtn | 4.1% |
| 3M Excs Rtn | -9.1% |
| 6M Excs Rtn | -9.1% |
| 12M Excs Rtn | -34.4% |
| 3Y Excs Rtn | -54.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Engineered Systems | 384 | ||||
| Industrial Process Solutions | 174 | ||||
| Total | 558 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Engineered Systems | 79 | ||||
| Industrial Process Solutions | 32 | ||||
| Stock-based compensation | -8 | ||||
| Amortization of intangible assets | -9 | ||||
| Other corporate expenses | -60 | ||||
| Total | 35 |
Price Behavior
Price Behavior
| Market Price | $81.29 | |
| Market Cap ($ Bil) | 2.9 | |
| First Trading Date | 01/29/1998 | |
| Distance from 52W High | -7.4% | |
| 50 Days | 200 Days | |
| DMA Price | $67.57 | $58.75 |
| DMA Trend | up | up |
| Distance from DMA | 20.3% | 38.4% |
| 3M | 1YR | |
| Volatility | 80.3% | 58.1% |
| Downside Capture | 152.25 | 82.02 |
| Upside Capture | 121.30 | 187.05 |
| Correlation (SPY) | 31.2% | 29.8% |
CECO Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.67 | 1.84 | 1.65 | 1.59 | 1.37 | 1.20 |
| Up Beta | 2.24 | 2.45 | 2.44 | 1.60 | 1.44 | 1.05 |
| Down Beta | 7.00 | 2.48 | 1.98 | 1.93 | 1.37 | 1.27 |
| Up Capture | 140% | 159% | 98% | 209% | 271% | 397% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 23 | 32 | 71 | 141 | 390 |
| Down Capture | 425% | 144% | 139% | 113% | 86% | 102% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 20 | 32 | 54 | 110 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CECO | |
|---|---|---|---|---|
| CECO | 192.4% | 58.0% | 2.08 | - |
| Sector ETF (XLI) | 20.0% | 15.5% | 0.98 | 28.9% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | 30.2% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | 15.3% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | -1.2% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | 21.6% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | 23.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CECO | |
|---|---|---|---|---|
| CECO | 61.0% | 51.3% | 1.11 | - |
| Sector ETF (XLI) | 12.3% | 17.4% | 0.55 | 37.5% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 34.0% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 5.7% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | 11.8% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 24.6% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 14.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CECO | |
|---|---|---|---|---|
| CECO | 26.6% | 58.7% | 0.64 | - |
| Sector ETF (XLI) | 13.8% | 20.0% | 0.61 | 38.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 34.1% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 2.7% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 14.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 28.6% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/24/2026 | -22.8% | -25.6% | -20.1% |
| 10/28/2025 | -9.1% | -2.5% | -3.5% |
| 7/29/2025 | 16.2% | 29.2% | 38.5% |
| 4/29/2025 | 16.4% | 32.1% | 47.0% |
| 1/17/2025 | 4.0% | -4.2% | -15.8% |
| 10/29/2024 | -14.3% | -13.5% | 23.3% |
| 7/30/2024 | -6.3% | -12.3% | -6.4% |
| 3/5/2024 | -17.9% | -2.8% | 4.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 11 |
| # Negative | 10 | 9 | 8 |
| Median Positive | 10.9% | 15.8% | 17.5% |
| Median Negative | -7.7% | -5.3% | -12.8% |
| Max Positive | 24.0% | 32.1% | 47.0% |
| Max Negative | -22.8% | -25.6% | -20.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/06/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 940.00 Mil | 970.00 Mil | 1.00 Bil | 2.1% | Raised | Guidance: 950.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | 120.00 Mil | 130.00 Mil | 140.00 Mil | 4.0% | Raised | Guidance: 125.00 Mil for 2026 | |
| 2026 Revenue Growth | 25.0% | Higher New | |||||
| 2026 Adjusted EBITDA Growth | 45.0% | Higher New | |||||
| 2026 Free Cash Flow | 65.00 Mil | 4.0% | Raised | Guidance: 62.50 Mil for 2026 | |||
Prior: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 925.00 Mil | 950.00 Mil | 975.00 Mil | 5.6% | Raised | Guidance: 900.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | 115.00 Mil | 125.00 Mil | 135.00 Mil | 4.2% | Raised | Guidance: 120.00 Mil for 2026 | |
| 2026 Free Cash Flow | 0.5 | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nanda, Munish | Direct | Sell | 5042026 | 74.00 | 11,218 | 830,145 | 4,590,368 | Form | |
| 2 | Wallman, Richard F | Direct | Buy | 5012026 | 73.25 | 10,000 | 732,500 | 16,840,834 | Form | |
| 3 | Wallman, Richard F | spouse | Buy | 5012026 | 73.80 | 5,000 | 368,990 | 6,309,729 | Form | |
| 4 | Gleason, Todd R | Chief Executive Officer | Direct | Sell | 9222025 | 50.45 | 98,101 | 4,949,127 | 20,726,338 | Form |
| 5 | Gleason, Todd R | Chief Executive Officer | Direct | Sell | 9222025 | 49.32 | 101,899 | 5,025,669 | 20,262,424 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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