Tearsheet

CECO Environmental (CECO)

Market Price (2/21/2026): $78.76 | Market Cap: $2.8 Bil
Sector: Industrials | Industry: Environmental & Facilities Services

CECO Environmental (CECO)

Market Price (2/21/2026): $78.76
Market Cap: $2.8 Bil
Sector: Industrials
Industry: Environmental & Facilities Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30%	Trading close to highs Dist 52W High is -0.5%, Dist 3Y High is -0.5%	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 54x
1	Megatrend and thematic drivers Megatrends include Water Infrastructure, Sustainable Resource Management, and Sustainable Infrastructure. Themes include Wastewater Management, Show more.		Stock price has recently run up significantly 12M Rtn12 month market price return is 243%
2			Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4%
3			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%
4			Key risks CECO 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.

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 -0.5%, Dist 3Y High is -0.5%
3	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 54x
4	Stock price has recently run up significantly 12M Rtn12 month market price return is 243%
5	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%
7	Key risks CECO 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.

Valuation, Metrics & Events

	2/21/26	2025	2024	2023	2022	2021
Share Price CYE	$78.76	$59.85	$30.23	$20.28	$11.68	$6.23
Market Cap CYE ($ Bil)	2.8	2.1	1.1	0.7	0.4	0.2
Total Debt ($ Bil)	0.2	0.2	0.2	0.2	0.1	0.1
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.0	0.0
Enterprise Value ($ Bil)	3.0	2.3	1.3	0.9	0.5	0.3
Valuation Ratios
P/S TTM	3.9	2.9	1.9	1.4	1.0	0.7
P/EBIT TTM	28.6	21.7	30.0	20.8	19.5	27.2
P/E TTM	53.7	40.8	88.4	40.7	39.0	110.2
P/FCF TTM	-163.1	-123.9	44.0	21.4	20.6	81.0
Sector Ratios
P/S TTM (Sector)	1.8	1.7	1.5	1.4	1.2	1.7
P/EBIT TTM (Sector)	13.9	12.3	12.1	11.7	9.6	13.6
P/E TTM (Sector)	18.9	17.0	17.1	15.9	13.4	17.8
P/FCF TTM (Sector)	14.1	12.8	14.3	12.3	11.6	15.1

	2/21/26	2025	2024
Share Price CYE	$78.76	$59.85	$30.23
Market Cap CYE ($ Bil)	2.8	2.1	1.1
Total Debt ($ Bil)	0.2	0.2	0.2
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	3.0	2.3	1.3
Valuation Ratios
P/S TTM	3.9	2.9	1.9
P/EBIT TTM	28.6	21.7	30.0
P/E TTM	53.7	40.8	88.4
P/FCF TTM	-163.1	-123.9	44.0
Sector Ratios
P/S TTM (Sector)	1.8	1.7	1.5
P/EBIT TTM (Sector)	13.9	12.3	12.1
P/E TTM (Sector)	18.9	17.0	17.1
P/FCF TTM (Sector)	14.1	12.8	14.3

	CECO	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.7
Rev Chg Q	45.8%	7.5%
Rev Chg LTM	29.9%	6.5%
Rev Chg 3Y Avg	21.9%	5.6%
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%	20.7%
Net Inc Mgn	7.2%	12.8%
VALUATION	VERY HIGH
P/S	3.9	3.4
P/CFO	-1,225.8	16.5
P/FCF	-163.1	21.4
P/E	53.7	25.1
STABILITY	GOOD
Debt/Equity	0.09	0.20
Cash/Assets	0.04	0.07

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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: $205 Mil (E) EPS: $0.43 (E)
4/27/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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CECO Environmental (CECO) stock has gained about 60% since 10/31/2025 because of the following key factors:

1. Strong Third Quarter 2025 Earnings Performance: CECO Environmental reported robust third-quarter 2025 financial results on October 28, 2025, just before the analysis period. The company surpassed analyst expectations with an adjusted earnings per share of $0.26 against a consensus of $0.25, and revenue reached $197.60 million, exceeding estimates of $190.36 million, marking a 45.8% year-over-year increase. This strong performance, coupled with an expanded long-term pipeline of opportunities exceeding $5.8 billion and a 44% year-over-year increase in bookings, contributed to a record backlog, setting a positive tone for the subsequent period.

2. Record-Breaking $135 Million Emissions Management Order: In December 2025, CECO Environmental secured its largest-ever order, valued at over $135 million. This contract is for a comprehensive emissions management solution at a large-scale natural gas power generation facility in Texas. This significant booking is projected to drive the company's full-year 2025 bookings above $1 billion and push its backlog levels towards or exceeding $800 million, providing substantial revenue visibility and demonstrating the company's strong position in industrial decarbonization solutions.

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Stock Movement Drivers

Fundamental Drivers

The 61.1% change in CECO stock from 10/31/2025 to 2/21/2026 was primarily driven by a 61.1% change in the company's P/E Multiple.

(LTM values as of)	10312025	2212026	Change
Stock Price ($)	48.89	78.76	61.1%
Change Contribution By:
Total Revenues ($ Mil)	718	718	0.0%
Net Income Margin (%)	7.2%	7.2%	0.0%
P/E Multiple	33.3	53.7	61.1%
Shares Outstanding (Mil)	35	35	0.0%
Cumulative Contribution			61.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/21/2026

	Return	Correlation
CECO	61.1%
Market (SPY)	1.1%	45.2%
Sector (XLI)	14.3%	44.6%

Fundamental Drivers

The 75.2% change in CECO stock from 7/31/2025 to 2/21/2026 was primarily driven by a 77.6% change in the company's P/E Multiple.

(LTM values as of)	7312025	2212026	Change
Stock Price ($)	44.95	78.76	75.2%
Change Contribution By:
Total Revenues ($ Mil)	656	718	9.5%
Net Income Margin (%)	8.0%	7.2%	-9.7%
P/E Multiple	30.2	53.7	77.6%
Shares Outstanding (Mil)	35	35	-0.2%
Cumulative Contribution			75.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/21/2026

	Return	Correlation
CECO	75.3%
Market (SPY)	9.4%	34.5%
Sector (XLI)	17.1%	41.0%

Fundamental Drivers

The 178.1% change in CECO stock from 1/31/2025 to 2/21/2026 was primarily driven by a 234.0% change in the company's Net Income Margin (%).

(LTM values as of)	1312025	2212026	Change
Stock Price ($)	28.32	78.76	178.1%
Change Contribution By:
Total Revenues ($ Mil)	553	718	29.9%
Net Income Margin (%)	2.2%	7.2%	234.0%
P/E Multiple	82.8	53.7	-35.2%
Shares Outstanding (Mil)	35	35	-1.1%
Cumulative Contribution			178.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/21/2026

	Return	Correlation
CECO	178.2%
Market (SPY)	15.6%	37.9%
Sector (XLI)	29.4%	40.0%

Fundamental Drivers

The 447.3% change in CECO stock from 1/31/2023 to 2/21/2026 was primarily driven by a 179.7% change in the company's Net Income Margin (%).

(LTM values as of)	1312023	2212026	Change
Stock Price ($)	14.39	78.76	447.3%
Change Contribution By:
Total Revenues ($ Mil)	400	718	79.6%
Net Income Margin (%)	2.6%	7.2%	179.7%
P/E Multiple	48.0	53.7	11.8%
Shares Outstanding (Mil)	34	35	-2.6%
Cumulative Contribution			447.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/21/2026

	Return	Correlation
CECO	447.5%
Market (SPY)	75.9%	35.3%
Sector (XLI)	81.6%	41.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CECO Return	-10%	87%	74%	49%	98%	31%	1024%
Peers Return	2%	5%	1%	49%	1%	4%	70%
S&P 500 Return	27%	-19%	24%	23%	16%	0%	83%
Monthly Win Rates [3]
CECO Win Rate	33%	58%	67%	50%	67%	100%
Peers Win Rate	56%	46%	48%	56%	53%	70%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
CECO Max Drawdown	-15%	-32%	-8%	-8%	-41%	-2%
Peers Max Drawdown	-31%	-24%	-18%	-4%	-23%	-7%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[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 2/20/2026 (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	1,792 days	1,480 days

Compare to WM, CWST, GEO, FTEK, YDDL

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.

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About CECO Environmental (CECO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

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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.

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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.

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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.

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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.

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Here are the key risks to CECO Environmental's business:

Sensitivity to Economic and Financial Market Conditions: CECO Environmental's business performance is sensitive to general economic and financial market conditions, as well as specific economic conditions within the geographic areas where it operates.
Dependence on Fixed-Price Contracts: The company's reliance on fixed-price contracts introduces a risk where actual project costs could exceed initial estimates, potentially impacting profitability.
Risks Associated with Debt and Leverage: CECO Environmental utilizes debt, and its debt-to-EBITDA ratio and interest cover suggest high leverage. This can lead to the cost of borrowing negatively impacting returns for shareholders and may pose challenges to strengthening its balance sheet if earnings decrease.

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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.

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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.

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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.

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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.

Interactive Breakdown

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FIX (29.0% | 46.4x)

Comfort Systems USA

HEI (26.9% | 48.0x)

Heico

FTAI (66.9% | 40.7x)

FTAI Aviation

RBA (43.6% | 24.8x)

RB Global

Higher Rev Chg LTM (Value for CECO: 29.9%)

RKLB (52.4%)

Rocket Lab

FTAI (51.4%)

FTAI Aviation

BE (37.3%)

Bloom Energy

BA (34.5%)

Boeing

AXON (32.0%)

Axon Enterprise

Higher Rev Chg 3Y Avg (Value for CECO: 21.9%)

RKLB (44.3%)

Rocket Lab

AXON (33.7%)

Axon Enterprise

FIX (29.0%)

Comfort Systems USA

HEI (26.9%)

Heico

CP (22.2%)

Canadian Pacific Kansas City

Higher Op Mgn LTM (Value for CECO: 6.7%)

UNP (40.2%)

Union Pacific

GE (18.9%)

GE Aerospace

DE (18.8%)

Deere

CAT (16.5%)

Caterpillar

RTX (10.5%)

RTX

Higher CFO/Rev LTM (Value for CECO: -0.3%)

GE (18.6%)

GE Aerospace

CAT (17.4%)

Caterpillar

DE (16.7%)

Deere

GEV (13.1%)

GE Vernova

RTX (11.9%)

RTX

Higher FCF/Rev LTM (Value for CECO: -2.4%)

GE (15.8%)

GE Aerospace

CAT (11.0%)

Caterpillar

GEV (9.7%)

GE Vernova

RTX (8.4%)

RTX

DE (7.2%)

Deere

Higher Total Yield (Value for CECO: 1.9%)

DE (3.8%)

Deere

RTX (3.7%)

RTX

CAT (3.3%)

Caterpillar

GE (2.4%)

GE Aerospace

GEV (2.3%)

GE Vernova

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CECO: 21.9% | 3.9x)

MELI (39.5% | 3.9x)

MercadoLibre

APO (89.3% | 2.6x)

Apollo Global Management

MFC (33.3% | 1.2x)

Manulife Financial

CCL (33.2% | 1.6x)

Carnival

LVS (58.8% | 3.0x)

Las Vegas Sands

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CECO: 21.9% | 57.5x)

NVDA (91.6% | 41.9x)

NVIDIA

LLY (32.1% | 30.5x)

Eli Lilly

MU (28.3% | 35.0x)

Micron Technology

APH (24.1% | 31.0x)

Amphenol

ANET (27.3% | 43.3x)

Arista Networks

Higher Rev Chg LTM (Value for CECO: 29.9%)

NVDA (65.2%)

NVIDIA

PLTR (56.2%)

Palantir Technologies

MU (45.4%)

Micron Technology

LLY (44.7%)

Eli Lilly

AMD (34.3%)

Advanced Micro Devices

Higher Rev Chg 3Y Avg (Value for CECO: 21.9%)

NVDA (91.6%)

NVIDIA

PLTR (33.9%)

Palantir Technologies

LLY (32.1%)

Eli Lilly

MU (28.3%)

Micron Technology

AVGO (25.2%)

Broadcom

Higher Op Mgn LTM (Value for CECO: 6.7%)

NVDA (58.8%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for CECO: -0.3%)

MSFT (52.5%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for CECO: -2.4%)

NVDA (41.3%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

AMZN (1.1%)

Amazon.com

Higher Total Yield (Value for CECO: 1.9%)

MSFT (4.9%)

Microsoft

GOOGL (3.7%)

Alphabet

AMZN (3.5%)

Amazon.com

AAPL (3.4%)

Apple

NVDA (2.2%)

NVIDIA

Best Bets in Industrials

What You Pay

P/EBIT (Value for CECO: 28.6x)

GATX (11.0x)

GATX

VRSK (18.9x)

Verisk Analytics

PAYX (14.2x)

Paychex

CPRT (20.5x)

Copart

AGX (50.6x)

Argan

TDG (18.3x)

TransDigm

PCTY (16.9x)

Paylocity

WOR (19.4x)

Worthington Enterprises

SNA (14.4x)

Snap-on

FTV (15.6x)

Fortive

P/E (Value for CECO: 53.7x)

GATX (22.8x)

GATX

VRSK (27.6x)

Verisk Analytics

PAYX (20.6x)

Paychex

CPRT (22.1x)

Copart

AGX (50.5x)

Argan

TDG (38.5x)

TransDigm

PCTY (24.0x)

Paylocity

WOR (26.5x)

Worthington Enterprises

SNA (19.6x)

Snap-on

FTV (32.0x)

Fortive

What You Get

Rev Chg 3Y Avg (Value for CECO: 21.9%)

GATX (10.3%)

GATX

VRSK (13.4%)

Verisk Analytics

PAYX (7.9%)

Paychex

CPRT (9.1%)

Copart

AGX (26.9%)

Argan

TDG (17.5%)

TransDigm

PCTY (19.0%)

Paylocity

WOR (-6.3%)

Worthington Enterprises

SNA (2.1%)

Snap-on

FTV (9.4%)

Fortive

Rev Chg LTM (Value for CECO: 29.9%)

GATX (10.7%)

GATX

VRSK (7.3%)

Verisk Analytics

PAYX (12.4%)

Paychex

CPRT (6.7%)

Copart

AGX (13.5%)

Argan

TDG (11.7%)

TransDigm

PCTY (12.1%)

Paylocity

WOR (7.4%)

Worthington Enterprises

SNA (0.9%)

Snap-on

FTV (27.9%)

Fortive

Rev Chg Q (Value for CECO: 45.8%)

GATX (8.4%)

GATX

VRSK (5.9%)

Verisk Analytics

PAYX (18.3%)

Paychex

CPRT (0.7%)

Copart

AGX (-2.3%)

Argan

TDG (13.9%)

TransDigm

PCTY (10.4%)

Paylocity

WOR (19.5%)

Worthington Enterprises

SNA (3.1%)

Snap-on

FTV (2.3%)

Fortive

FCF/Rev 3Y Avg (Value for CECO: 2.8%)

GATX (39.2%)

GATX

VRSK (33.2%)

Verisk Analytics

PAYX (32.6%)

Paychex

CPRT (25.2%)

Copart

AGX (24.5%)

Argan

TDG (22.1%)

TransDigm

PCTY (21.7%)

Paylocity

WOR (20.9%)

Worthington Enterprises

SNA (20.8%)

Snap-on

FTV (20.1%)

Fortive

[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	Date
0	DASHBOARDS
1	Can CECO Environmental Stock Hold Up When Markets Turn?	10/17/2025
2	Why CECO Environmental Stock Moved: CECO Stock Has Gained 874% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
3	Day 9 of Gains Streak for CECO Environmental Stock with 43% Return (vs. 49% YTD) [8/1/2025]	08/02/2025
4	Day 8 of Gains Streak for CECO Environmental Stock with 42% Return (vs. 49% YTD) [7/31/2025]	08/01/2025
5	Day 7 of Gains Streak for CECO Environmental Stock with 38% Return (vs. 44% YTD) [7/30/2025]	07/31/2025
6	Day 6 of Gains Streak for CECO Environmental Stock with 28% Return (vs. 33% YTD) [7/29/2025]	07/30/2025
7	CECO Dip Buy Analysis	07/10/2025
8	CECO Environmental Stock Jumps 16% In A Month, Now Is Not The Time To Buy The Stock	05/16/2025
9	CECO Environmental (CECO) Valuation Ratios Comparison	05/15/2025
10	CECO Environmental Total Shareholder Return (TSR): 49.1% in 2024 and 69.3% 3-yr compounded annual returns (above peer average)	03/07/2025
11	ARTICLES
12	CECO Stock Up 43% after 9-Day Win Streak	08/02/2025
13	CECO Stock Up 42% after 8-Day Win Streak	08/01/2025
14	CECO Stock Up 38% after 7-Day Win Streak	07/31/2025
15	CECO Stock Up 28% after 6-Day Win Streak	07/30/2025

	Title
0	DASHBOARDS
1	Can CECO Environmental Stock Hold Up When Markets Turn?
2	Why CECO Environmental Stock Moved: CECO Stock Has Gained 874% 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	CECO Environmental Stock Jumps 16% In A Month, Now Is Not The Time To Buy The 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 ideas related to CECO.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
FBIN_1302026_Dip_Buyer_FCFYield	01302026	FBIN	Fortune Brands Innovations	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	-5.1%	-5.1%	-5.1%
PAYC_1302026_Dip_Buyer_FCFYield	01302026	PAYC	Paycom Software	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	-7.0%	-7.0%	-11.9%
HTZ_1302026_Short_Squeeze	01302026	HTZ	Hertz Global	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	2.9%	2.9%	0.0%
PAYX_1232026_Dip_Buyer_ValueBuy	01232026	PAYX	Paychex	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	-11.5%	-11.5%	-13.3%
CPRT_1022026_Dip_Buyer_ValueBuy	01022026	CPRT	Copart	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	-0.7%	-0.7%	-2.8%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RNG	RingCentral	3.6	34.4%	36.8%
TNDM	Tandem Diabetes Care	1.7	32.7%	11.8%
AXTI	AXT	1.3	24.7%	81.5%
ASIC	Ategrity Specialty Insurance	1.0	23.6%	3.0%
KOS	Kosmos Energy	1.0	22.0%	138.0%
RYI	Ryerson	0.9	17.0%	11.2%
LGN	Legence	3.2	16.8%	28.3%
SYRE	Spyre Therapeutics	2.6	14.3%	31.9%
FSM	Fortuna Mining	3.8	12.6%	25.1%
FIVN	Five9	1.5	12.5%	-3.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
GRAL	GRAIL	1.8	-50.5%	-41.3%
CCOI	Cogent Communications	0.9	-29.4%	-13.8%
FROG	JFrog	4.4	-24.9%	-39.6%
DNOW	Dnow	1.4	-19.1%	-0.2%
CC	Chemours	2.6	-16.5%	44.5%
MTUS	Metallus	0.7	-16.0%	2.4%
HRMY	Harmony Biosciences	1.7	-15.2%	-22.1%
ARDX	Ardelyx	1.4	-15.0%	-1.7%
PLSE	Pulse Biosciences	1.4	-14.6%	56.0%
MATV	Mativ	0.6	-14.1%	-6.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CDNL	Cardinal Infrastructure	1.3	40.7%	41.9%
RNG	RingCentral	3.6	39.1%	36.8%
RELY	Remitly Global	3.6	34.1%	24.3%
KOS	Kosmos Energy	1.0	33.3%	138.0%
TALK	Talkspace	0.8	32.0%	37.5%
MASI	Masimo	9.5	31.7%	34.6%
TNDM	Tandem Diabetes Care	1.7	31.5%	11.8%
IBRX	ImmunityBio	8.2	31.4%	339.4%
AG	First Majestic Silver	13.5	27.6%	65.4%
TPH	Tri Pointe Homes	4.0	26.6%	47.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
GRAL	GRAIL	1.8	-47.6%	-41.3%
ALIT	Alight	0.4	-43.7%	-61.3%
UPB	Upstream Bio	0.4	-36.9%	-70.2%
CCOI	Cogent Communications	0.9	-29.3%	-13.8%
FROG	JFrog	4.4	-29.2%	-39.6%
GETY	Getty Images	0.3	-28.1%	-44.8%
BTDR	Bitdeer Technologies	1.6	-25.0%	-30.6%
SXC	SunCoke Energy	0.5	-23.7%	-12.3%
MATV	Mativ	0.6	-21.4%	-6.1%
GPC	Genuine Parts	16.4	-20.0%	-4.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
FSLY	Fastly	2.7	102.7%	77.6%
NKTR	Nektar Therapeutics	1.4	99.7%	74.4%
LITE	Lumentum	46.9	84.2%	81.2%
VAL	Valaris	6.8	74.4%	90.0%
KOS	Kosmos Energy	1.0	67.4%	138.0%
MOD	Modine Manufacturing	11.9	57.5%	69.5%
IPGP	IPG Photonics	5.6	56.4%	86.6%
RNG	RingCentral	3.6	52.5%	36.8%
ICHR	Ichor	1.7	51.3%	173.2%
EVMN	Evommune	0.9	50.2%	65.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UPB	Upstream Bio	0.4	-74.4%	-70.2%
FIGR	Figure Technology Solutions	3.0	-57.6%	-28.7%
U	Unity Software	7.7	-56.5%	-58.7%
FUBO	FuboTV	0.4	-51.9%	-50.8%
ALIT	Alight	0.4	-51.7%	-61.3%
NSP	Insperity	0.9	-50.5%	-39.8%
GRAL	GRAIL	1.8	-50.3%	-41.3%
KD	Kyndryl	2.9	-49.1%	-52.9%
RPD	Rapid7	0.4	-47.7%	-56.8%
HIMS	Hims & Hers Health	3.5	-45.9%	-51.9%

Peer Comparisons

Peers to compare with:

Financials

	CECO	WM	CWST	GEO	FTEK	YDDL	Median
Name	CECO Env.	Waste Ma.	Casella .	GEO	Fuel Tech	One and .
Mkt Price	78.76	230.50	95.46	13.27	1.46	6.18	46.02
Mkt Cap	2.8	92.9	6.1	1.8	0.0	-	2.8
Rev LTM	718	25,204	1,795	2,531	25	-	1,795
Op Inc LTM	48	4,607	93	279	-4	-	93
FCF LTM	-17	2,816	78	26	3	-	26
FCF 3Y Avg	13	2,266	74	147	-0	-	74
CFO LTM	-2	6,043	343	208	3	-	208
CFO 3Y Avg	25	5,384	271	257	0	-	257

Growth & Margins

	CECO	WM	CWST	GEO	FTEK	YDDL	Median
Name	CECO Env.	Waste Ma.	Casella .	GEO	Fuel Tech	One and .
Rev Chg LTM	29.9%	14.2%	20.5%	4.4%	-5.7%	-	14.2%
Rev Chg 3Y Avg	21.9%	8.6%	19.6%	3.1%	-2.0%	-	8.6%
Rev Chg Q	45.8%	7.1%	17.9%	13.1%	-4.6%	-	13.1%
QoQ Delta Rev Chg LTM	9.5%	1.7%	4.3%	3.2%	-1.4%	-	3.2%
Op Mgn LTM	6.7%	18.3%	5.2%	11.0%	-17.7%	-	6.7%
Op Mgn 3Y Avg	7.0%	18.6%	6.9%	13.3%	-12.7%	-	7.0%
QoQ Delta Op Mgn LTM	-0.3%	0.6%	-0.5%	-0.5%	0.5%	-	-0.3%
CFO/Rev LTM	-0.3%	24.0%	19.1%	8.2%	11.9%	-	11.9%
CFO/Rev 3Y Avg	4.8%	23.8%	18.2%	10.5%	0.7%	-	10.5%
FCF/Rev LTM	-2.4%	11.2%	4.4%	1.0%	10.7%	-	4.4%
FCF/Rev 3Y Avg	2.8%	10.0%	5.2%	6.0%	-0.7%	-	5.2%

Valuation

	CECO	WM	CWST	GEO	FTEK	YDDL	Median
Name	CECO Env.	Waste Ma.	Casella .	GEO	Fuel Tech	One and .
Mkt Cap	2.8	92.9	6.1	1.8	0.0	-	2.8
P/S	3.9	3.7	3.4	0.7	1.8	-	3.4
P/EBIT	28.6	21.4	73.6	3.8	-29.5	-	21.4
P/E	53.7	34.3	397.2	7.7	-15.1	-	34.3
P/CFO	-1,225.8	15.4	17.7	8.8	15.5	-	15.4
Total Yield	1.9%	4.4%	0.3%	13.0%	-6.7%	-	1.9%
Dividend Yield	0.0%	1.4%	0.0%	0.0%	0.0%	-	0.0%
FCF Yield 3Y Avg	2.0%	2.8%	1.3%	7.6%	-1.7%	-	2.0%
D/E	0.1	0.2	0.2	0.9	0.0	-	0.2
Net D/E	0.1	0.2	0.2	0.8	-0.6	-	0.2

Returns

	CECO	WM	CWST	GEO	FTEK	YDDL	Median
Name	CECO Env.	Waste Ma.	Casella .	GEO	Fuel Tech	One and .
1M Rtn	15.5%	0.7%	-10.4%	-28.5%	-8.2%	-12.3%	-9.3%
3M Rtn	57.0%	6.8%	0.4%	-11.8%	-14.6%	24.6%	3.6%
6M Rtn	64.2%	2.3%	-6.9%	-38.1%	-47.3%	14.0%	-2.3%
12M Rtn	242.4%	2.6%	-16.3%	-47.6%	41.7%	14.0%	8.3%
3Y Rtn	446.9%	58.7%	24.4%	46.0%	10.6%	14.0%	35.2%
1M Excs Rtn	17.8%	1.3%	-10.2%	-26.3%	-6.3%	-3.2%	-4.7%
3M Excs Rtn	57.8%	5.1%	0.2%	-14.5%	-20.5%	17.1%	2.7%
6M Excs Rtn	66.2%	-7.1%	-13.6%	-47.3%	-52.8%	6.1%	-10.3%
12M Excs Rtn	203.6%	-10.1%	-30.1%	-64.6%	26.5%	1.8%	-4.1%
3Y Excs Rtn	386.8%	-7.5%	-47.3%	-34.5%	-61.7%	-51.8%	-40.9%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

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	$78.78
Market Cap ($ Bil)	2.8
First Trading Date	01/29/1998
Distance from 52W High	-0.5%
	50 Days	200 Days
DMA Price	$66.15	$47.60
DMA Trend	up	up
Distance from DMA	19.1%	65.5%
	3M	1YR
Volatility	38.3%	51.4%
Downside Capture	39.81	65.27
Upside Capture	287.81	181.96
Correlation (SPY)	43.3%	38.2%

CECO Betas & Captures as of 1/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.88	1.71	1.60	1.41	1.00	1.15
Up Beta	-0.19	-0.08	0.34	0.97	0.83	0.94
Down Beta	0.82	1.65	1.80	1.01	0.93	1.20
Up Capture	236%	379%	331%	253%	235%	358%
Bmk +ve Days	11	22	34	71	142	430
Stock +ve Days	14	27	39	70	133	386
Down Capture	-6%	80%	101%	132%	93%	103%
Bmk -ve Days	9	19	27	54	109	321
Stock -ve Days	6	14	22	55	116	361

[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	210.3%	51.6%	2.38	-
Sector ETF (XLI)	29.2%	19.2%	1.20	40.2%
Equity (SPY)	13.5%	19.4%	0.53	38.5%
Gold (GLD)	74.5%	25.6%	2.15	4.5%
Commodities (DBC)	7.2%	16.9%	0.25	16.2%
Real Estate (VNQ)	7.1%	16.7%	0.24	29.6%
Bitcoin (BTCUSD)	-29.7%	44.9%	-0.65	26.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CECO
CECO	57.2%	48.9%	1.10	-
Sector ETF (XLI)	16.1%	17.2%	0.76	39.8%
Equity (SPY)	13.4%	17.0%	0.62	34.5%
Gold (GLD)	22.6%	17.1%	1.08	4.0%
Commodities (DBC)	10.9%	19.0%	0.46	14.9%
Real Estate (VNQ)	5.0%	18.8%	0.17	25.2%
Bitcoin (BTCUSD)	7.4%	57.1%	0.35	14.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CECO
CECO	29.0%	58.0%	0.67	-
Sector ETF (XLI)	15.8%	19.8%	0.70	38.6%
Equity (SPY)	16.1%	17.9%	0.77	34.3%
Gold (GLD)	14.8%	15.6%	0.79	1.8%
Commodities (DBC)	8.6%	17.6%	0.40	16.4%
Real Estate (VNQ)	7.0%	20.7%	0.30	28.4%
Bitcoin (BTCUSD)	68.0%	66.7%	1.07	10.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	1302026
Short Interest: Shares Quantity	2.0 Mil
Short Interest: % Change Since 1152026	-6.0%
Average Daily Volume	0.3 Mil
Days-to-Cover Short Interest	8.0 days
Basic Shares Quantity	35.4 Mil
Short % of Basic Shares	5.8%

Returns Analyses

	Title
0	Can CECO Environmental Stock Hold Up When Markets Turn?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
11/7/2023	10.9%	16.2%	17.5%
...
SUMMARY STATS
# Positive	10	10	11
# Negative	9	9	8
Median Positive	11.1%	15.8%	17.5%
Median Negative	-7.3%	-4.2%	-12.8%
Max Positive	24.0%	32.1%	47.0%
Max Negative	-17.9%	-13.5%	-29.1%

	Forward Returns
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%
11/7/2023	10.9%	16.2%	17.5%
8/8/2023	24.0%	15.4%	17.0%
3/6/2023	-6.5%	-5.3%	-12.3%
11/7/2022	-3.3%	2.9%	1.1%
8/8/2022	12.0%	20.1%	20.2%
3/14/2022	-1.9%	12.2%	-13.3%
11/8/2021	-7.3%	-10.8%	-15.6%
8/3/2021	4.6%	-0.9%	8.8%
3/3/2021	4.2%	10.4%	-3.1%
11/4/2020	-8.1%	13.8%	7.2%
8/5/2020	8.7%	26.9%	25.6%
3/4/2020	11.2%	-3.6%	-29.1%
SUMMARY STATS
# Positive	10	10	11
# Negative	9	9	8
Median Positive	11.1%	15.8%	17.5%
Median Negative	-7.3%	-4.2%	-12.8%
Max Positive	24.0%	32.1%	47.0%
Max Negative	-17.9%	-13.5%	-29.1%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
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
03/31/2022	05/10/2022	10-Q
12/31/2021	03/14/2022	10-K

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Gleason, Todd R	Chief Executive Officer	Direct	Sell	9222025	51.30	100,000	5,130,140	21,076,411	Form
2	Gleason, Todd R	Chief Executive Officer	Direct	Sell	9222025	49.32	101,899	5,025,669	20,262,424	Form
3	Gleason, Todd R	Chief Executive Officer	Direct	Sell	9222025	50.45	98,101	4,949,127	20,726,338	Form
4	Wallman, Richard F		spouse	Buy	9092025	46.93	3,000	140,800	3,778,131	Form
5	Wallman, Richard F		Direct	Buy	9032025	44.25	3,000	132,750	9,730,973	Form

CECO Trade Sentinel

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

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

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CECO Environmental (CECO)

Market Price (2/21/2026): $78.76 | Market Cap: $2.8 BilSector: Industrials | Industry: Environmental & Facilities Services

CECO Environmental (CECO)

Market Price (2/21/2026): $78.76Market Cap: $2.8 BilSector: IndustrialsIndustry: Environmental & Facilities Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

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 vs. CECO Environmental (CECO)

INDUSTRY: Environmental & Facilities Services

Higher Rev Chg LTM (Value for CECO: 29.9%)

Higher Rev Chg 3Y Avg (Value for CECO: 21.9%)

Higher Op Mgn LTM (Value for CECO: 6.7%)

Higher CFO/Rev LTM (Value for CECO: -0.3%)

Higher FCF/Rev LTM (Value for CECO: -2.4%)

Higher Total Yield (Value for CECO: 1.9%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CECO: 21.9% | 3.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CECO: 21.9% | 57.5x)

Higher Rev Chg LTM (Value for CECO: 29.9%)

Higher Rev Chg 3Y Avg (Value for CECO: 21.9%)

Higher Op Mgn LTM (Value for CECO: 6.7%)

Higher CFO/Rev LTM (Value for CECO: -0.3%)

Higher FCF/Rev LTM (Value for CECO: -2.4%)

Higher Total Yield (Value for CECO: 1.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CECO: 21.9% | 3.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CECO: 21.9% | 57.5x)

Higher Rev Chg LTM (Value for CECO: 29.9%)

Higher Rev Chg 3Y Avg (Value for CECO: 21.9%)

Higher Op Mgn LTM (Value for CECO: 6.7%)

Higher CFO/Rev LTM (Value for CECO: -0.3%)

Higher FCF/Rev LTM (Value for CECO: -2.4%)

Higher Total Yield (Value for CECO: 1.9%)

Best Bets in Industrials

P/EBIT (Value for CECO: 28.6x)

P/E (Value for CECO: 53.7x)

Rev Chg 3Y Avg (Value for CECO: 21.9%)

Rev Chg LTM (Value for CECO: 29.9%)

Rev Chg Q (Value for CECO: 45.8%)

FCF/Rev 3Y Avg (Value for CECO: 2.8%)

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Market Price (2/21/2026): $78.76 | Market Cap: $2.8 Bil
Sector: Industrials | Industry: Environmental & Facilities Services

Market Price (2/21/2026): $78.76
Market Cap: $2.8 Bil
Sector: Industrials
Industry: Environmental & Facilities Services