NASDAQ : CECO
CECO Environmental Corp. — Financial statements
Industrials · Pollution & Treatment Controls · United States
Last price 54.7 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.20B
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Financial statements
CECO Environmental Corp. (CECO) reported revenue of 903.17M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 903.17M | 774.38M | 557.93M | 544.85M | 422.63M | 324.14M |
| Cost of Revenue | 612.83M | 505.15M | 361.79M | 373.83M | 294.40M | 223.22M |
| Gross Profit | 290.34M | 269.23M | 196.15M | 171.02M | 128.22M | 100.92M |
| Selling, General & Admin | 208.36M | 200.74M | 146.48M | 122.52M | 93.47M | 81.80M |
| Amortization of Goodwill & Intangibles | 21.93M | 16.17M | 8.72M | 7.45M | 7.04M | 7.08M |
| Other Operating Expenses | 3.62M | -1.58M | 410.00K | 649.00K | ||
| Operating Expenses | 233.90M | 215.32M | 155.61M | 130.61M | 100.51M | 88.88M |
| Operating Income | 56.44M | 53.91M | 40.53M | 40.41M | 27.71M | 12.04M |
| Interest Expense | -23.13M | -20.91M | -13.02M | -13.42M | -5.42M | -2.95M |
| Currency Exchange Gain (Loss) | -5.40M | -1.10M | -4.30M | 1.20M | 6.30M | -3.10M |
| Other Non Operating Income (Expenses) | -145.00K | 107.00K | -610.00K | -1.26M | 647.00K | 869.00K |
| EBT Excluding Unusual Items | 27.77M | 32.00M | 22.60M | 26.93M | 29.24M | 6.86M |
| Merger & Restructuring Charges | -59.52M | -10.26M | -4.71M | -3.91M | -4.62M | -1.45M |
| Gain (Loss) on Sale of Assets | -801.00K | 63.70M | ||||
| Legal Settlements | -1.30M | -1.30M | -200.00K | |||
| Other Unusual Items | -1.30M | -1.30M | -1.50M | -932.00K | -733.00K | |
| Pretax Income | -35.16M | 82.84M | 17.69M | 21.52M | 23.69M | 4.67M |
| Income Tax Expense | -6.98M | 29.74M | 3.27M | 7.02M | 5.43M | 2.69M |
| Earnings From Continuing Operations | -28.18M | 53.11M | 14.42M | 14.50M | 18.26M | 1.98M |
| Minority Interest in Earnings | -2.43M | -3.06M | -1.46M | -1.59M | -846.00K | -557.00K |
| Net Income | -30.61M | 50.05M | 12.96M | 12.91M | 17.42M | 1.43M |
| Net Income to Common | -30.61M | 50.05M | 12.96M | 12.91M | 17.42M | 1.43M |
| Shares Outstanding (Basic) | 37.51M | 35.33M | 34.93M | 34.67M | 34.67M | 35.35M |
| Shares Outstanding (Diluted) | 37.51M | 36.60M | 36.38M | 35.33M | 35.01M | 35.59M |
| EPS (Basic) | -0.82 | 1.42 | 0.37 | 0.37 | 0.50 | 0.04 |
| EPS (Diluted) | -0.82 | 1.37 | 0.36 | 0.37 | 0.50 | 0.04 |
| Free Cash Flow | -21.60M | -5.48M | 7.46M | 36.26M | 26.27M | 10.68M |
| Free Cash Flow Per Share | -0.58 | -0.15 | 0.20 | 1.03 | 0.75 | 0.30 |
| Gross Margin | 32.15% | 34.77% | 35.16% | 31.39% | 30.34% | 31.14% |
| Operating Margin | 6.25% | 6.96% | 7.27% | 7.42% | 6.56% | 3.71% |
| Profit Margin | -3.39% | 6.46% | 2.32% | 2.37% | 4.12% | 0.44% |
| Free Cash Flow Margin | -2.39% | -0.71% | 1.34% | 6.66% | 6.22% | 3.29% |
| EBITDA | 89.29M | 78.79M | 55.06M | 52.91M | 38.33M | 21.89M |
| EBITDA Margin | 9.89% | 10.17% | 9.87% | 9.71% | 9.07% | 6.75% |
| D&A For EBITDA | 32.84M | 24.88M | 14.52M | 12.51M | 10.61M | 9.85M |
| EBIT | 56.44M | 53.91M | 40.53M | 40.41M | 27.71M | 12.04M |
| EBIT Margin | 6.25% | 6.96% | 7.27% | 7.42% | 6.56% | 3.71% |
| Effective Tax Rate | 35.90% | 18.48% | 32.63% | 22.91% | 57.57% | |
| Advertising Expenses | 1.00M | 700.00K | 600.00K | 500.00K | 700.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 61.07M | 33.14M | 37.83M | 54.78M | 45.52M | 29.90M |
| Cash & Short-Term Investments | 61.07M | 33.14M | 37.83M | 54.78M | 45.52M | 29.90M |
| Receivables | 598.33M | 288.52M | 229.46M | 179.31M | 154.10M | 126.42M |
| Inventory | 211.39M | 54.00M | 42.62M | 34.09M | 26.53M | 17.05M |
| Prepaid Expenses | 76.81M | 29.45M | 16.86M | 11.77M | 12.17M | 10.76M |
| Restricted Cash | 2.78M | 83.00K | 369.00K | 669.00K | 1.06M | 2.09M |
| Other Current Assets | 29.25M | 4.99M | 3.83M | 824.00K | 1.27M | 2.78M |
| Total Current Assets | 979.63M | 410.18M | 330.97M | 281.44M | 240.66M | 189.01M |
| Property, Plant & Equipment | 218.45M | 76.06M | 58.91M | 42.49M | 32.20M | 26.84M |
| Goodwill | 1.50B | 288.16M | 269.75M | 211.33M | 183.20M | 161.18M |
| Other Intangible Assets | 1.01B | 106.67M | 83.52M | 60.03M | 44.76M | 35.47M |
| Long-Term Deferred Tax Assets | 449.00K | 966.00K | 304.00K | 829.00K | 505.00K | |
| Long-Term Deferred Charges | 25.22M | 12.24M | 15.59M | 4.70M | 3.08M | 3.19M |
| Total Assets | 3.73B | 893.77M | 759.70M | 600.29M | 504.72M | 416.20M |
| Accounts Payable | 195.96M | 117.85M | 109.67M | 87.69M | 73.41M | 56.24M |
| Accrued Expenses | 65.13M | 16.60M | 12.27M | 26.35M | 21.71M | 17.35M |
| Short-Term Debt | 1.70M | 2.50M | ||||
| Current Portion of Long-Term Debt | 16.64M | 1.88M | 1.65M | 10.49M | 3.58M | 2.20M |
| Current Portion of Leases | 9.11M | 4.64M | 5.00M | 4.97M | 3.87M | 3.01M |
| Current Income Taxes Payable | 1.58M | 4.74M | 2.61M | 1.23M | 3.21M | 1.49M |
| Current Unearned Revenue | 354.14M | 139.04M | 91.25M | 64.77M | 37.23M | 33.31M |
| Other Current Liabilities | 9.73M | 21.09M | 20.50M | 5.11M | 3.69M | 3.07M |
| Total Current Liabilities | 652.29M | 305.83M | 244.66M | 203.11M | 146.70M | 116.69M |
| Long-Term Debt | 711.07M | 210.56M | 217.23M | 126.80M | 107.62M | 61.58M |
| Long-Term Leases | 35.01M | 22.96M | 24.33M | 16.26M | 13.99M | 14.95M |
| Pension & Post-Retirement Benefits | 4.10M | 5.50M | 5.60M | |||
| Long-Term Deferred Tax Liabilities | 236.44M | 27.92M | 11.32M | 8.84M | 8.67M | 8.39M |
| Other Long-Term Liabilities | 17.62M | 3.32M | 10.26M | 3.70M | 4.09M | 3.04M |
| Total Liabilities | 1.65B | 570.59M | 507.81M | 362.80M | 286.57M | 210.24M |
| Common Stock | 584.00K | 355.00K | 349.00K | 348.00K | 344.00K | 350.00K |
| Additional Paid-In Capital | 2.07B | 269.45M | 255.21M | 254.96M | 250.17M | 252.99M |
| Retained Earnings | 21.45M | 56.62M | 6.57M | -6.39M | -19.30M | -36.72M |
| Comprehensive Income & Other | -15.67M | -8.90M | -14.44M | -16.27M | -18.00M | -12.07M |
| Total Common Equity | 2.08B | 317.53M | 247.69M | 232.64M | 213.22M | 204.55M |
| Minority Interest | 5.28M | 5.65M | 4.20M | 4.85M | 4.92M | 1.40M |
| Shareholders' Equity | 2.08B | 323.18M | 251.89M | 237.49M | 218.15M | 205.96M |
| Total Liabilities & Equity | 3.73B | 893.77M | 759.70M | 600.29M | 504.72M | 416.20M |
| Total Debt | 771.83M | 240.04M | 249.92M | 161.01M | 129.07M | 81.74M |
| Net Cash (Debt) | -710.76M | -206.90M | -212.08M | -106.24M | -83.55M | -51.84M |
| Net Cash Per Share | -18.95 | -5.65 | -5.83 | -3.01 | -2.39 | -1.46 |
| Filing Date Shares Outstanding | 58.57M | 35.67M | 34.99M | 34.85M | 34.42M | 35.05M |
| Total Common Shares Outstanding | 58.44M | 35.64M | 34.98M | 34.84M | 34.38M | 35.03M |
| Working Capital | 327.35M | 104.35M | 86.31M | 78.33M | 93.96M | 72.33M |
| Book Value Per Share | 35.52 | 8.91 | 7.08 | 6.68 | 6.20 | 5.84 |
| Tangible Book Value | -434.42M | -77.31M | -105.57M | -38.71M | -14.73M | 7.90M |
| Tangible Book Value Per Share | -7.43 | -2.17 | -3.02 | -1.11 | -0.43 | 0.23 |
| Land | 27.23M | 17.79M | ||||
| Buildings | 12.28M | 11.99M | 7.52M | |||
| Machinery | 35.93M | 44.31M | 33.36M | 33.52M | 29.31M | |
| Construction In Progress | 5.23M | 6.08M | ||||
| Order Backlog | 793.10M | 540.90M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -30.61M | 50.05M | 12.96M | 12.91M | 17.42M | 1.43M |
| Depreciation & Amortization | 32.84M | 24.88M | 14.52M | 12.51M | 10.61M | 9.85M |
| Other Amortization | 898.00K | 834.00K | 498.00K | 427.00K | 371.00K | 404.00K |
| Loss (Gain) From Sale of Assets | 921.00K | -63.64M | 191.00K | 110.00K | 10.00K | -83.00K |
| Asset Writedown & Restructuring Costs | 1.93M | |||||
| Stock-Based Compensation | 19.72M | 13.11M | 7.51M | 4.53M | 3.90M | 3.33M |
| Provision & Write-off of Bad Debts | -3.82M | -988.00K | 295.00K | 1.59M | 1.34M | 688.00K |
| Other Operating Activities | 25.37M | 1.66M | 1.71M | 1.83M | -1.57M | 2.80M |
| Change in Accounts Receivable | -213.53M | -51.60M | -56.50M | -21.81M | -23.60M | -20.17M |
| Change in Inventory | -4.16M | -3.18M | -9.81M | -6.90M | -6.02M | -203.00K |
| Change in Accounts Payable | 36.33M | 7.21M | 36.18M | 13.85M | 19.84M | 806.00K |
| Change in Unearned Revenue | 222.75M | 37.90M | 24.92M | 21.57M | 4.41M | 8.43M |
| Change in Income Taxes | -9.30M | 2.00M | 1.43M | -1.98M | 1.42M | 1.05M |
| Change in Other Net Operating Assets | -86.53M | -12.38M | -9.07M | 6.00M | 1.53M | 4.96M |
| Operating Cash Flow | -7.20M | 5.86M | 24.83M | 44.65M | 29.65M | 13.30M |
| Capital Expenditures | -14.40M | -11.34M | -17.37M | -8.38M | -3.38M | -2.62M |
| Sale of Property, Plant & Equipment | 74.00K | 74.00K | 4.00K | 19.00K | 533.00K | |
| Cash Acquisitions | -436.87M | -97.61M | -87.95M | -48.10M | -44.90M | |
| Divestitures | 1.95M | 107.81M | ||||
| Investing Cash Flow | -449.25M | -1.08M | -105.31M | -56.49M | -48.26M | -2.08M |
| Long-Term Debt Issued | 233.30M | 309.30M | 181.60M | 86.20M | 51.40M | |
| Long-Term Debt Repaid | -241.34M | -227.31M | -156.49M | -40.12M | -60.44M | |
| Net Debt Issued (Repaid) | 495.94M | -8.04M | 81.99M | 25.11M | 46.08M | -9.04M |
| Issuance of Common Stock | 872.00K | 872.00K | 1.44M | 671.00K | 230.00K | |
| Repurchase of Common Stock | -2.06M | -7.17M | -7.02M | -5.01M | ||
| Other Financing Activities | -11.46M | -4.39M | -8.91M | -5.40M | -1.55M | -1.73M |
| Financing Cash Flow | 483.30M | -11.56M | 65.91M | 21.14M | 38.18M | -15.56M |
| Foreign Exchange Rate Adjustments | 92.00K | 1.80M | -2.67M | -442.00K | -4.98M | -1.48M |
| Miscellaneous Cash Flow Adjustments | 1.00K | 1.00K | ||||
| Net Cash Flow | 26.94M | -4.97M | -17.25M | 8.86M | 14.59M | -5.82M |
| Free Cash Flow | -21.60M | -5.48M | 7.46M | 36.26M | 26.27M | 10.68M |
| Free Cash Flow Margin | -2.39% | -0.71% | 1.34% | 6.66% | 6.22% | 3.29% |
| Free Cash Flow Per Share | -0.58 | -0.15 | 0.20 | 1.03 | 0.75 | 0.30 |
| Levered Free Cash Flow | -162.91M | 27.20M | 7.04M | 40.33M | 17.29M | 13.17M |
| Unlevered Free Cash Flow | -149.36M | 39.44M | 14.68M | 48.29M | 20.31M | 14.61M |
| Cash Interest Paid | 23.60M | 20.41M | 13.34M | 12.10M | 5.01M | 2.15M |
| Cash Income Tax Paid | 20.60M | 24.73M | 9.55M | 9.92M | 5.38M | -2.57M |
| Change in Working Capital | -54.45M | -20.04M | -12.86M | 10.74M | -2.42M | -5.13M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.96B | 2.13B | 1.06B | 706.00M | 400.28M | 223.09M |
| Enterprise Value | 3.67B | 2.35B | 1.18B | 818.90M | 493.16M | 269.47M |
| Last Close Price | 50.50 | 59.85 | 30.23 | 20.28 | 11.68 | 6.23 |
| PE Ratio | 42.62 | 81.61 | 54.68 | 22.98 | 156.44 | |
| Forward PE | 19.55 | 45.99 | 32.56 | 21.44 | 19.27 | 15.10 |
| PS Ratio | 3.27 | 2.75 | 1.90 | 1.30 | 0.95 | 0.69 |
| PB Ratio | 1.42 | 6.60 | 4.20 | 2.97 | 1.83 | 1.08 |
| P/TBV Ratio | 28.24 | |||||
| P/FCF Ratio | 141.75 | 19.47 | 15.23 | 20.89 | ||
| P/OCF Ratio | 363.95 | 42.59 | 15.81 | 13.50 | 16.78 | |
| PEG Ratio | 1.47 | 2.17 | 1.43 | 1.28 | 1.01 | |
| EV/Sales Ratio | 4.06 | 3.04 | 2.12 | 1.50 | 1.17 | 0.83 |
| EV/EBITDA Ratio | 41.09 | 29.86 | 21.48 | 15.48 | 12.87 | 12.31 |
| EV/EBIT Ratio | 65.00 | 43.64 | 29.17 | 20.27 | 17.80 | 22.38 |
| EV/FCF Ratio | 158.52 | 22.58 | 18.77 | 25.23 | ||
| Debt / Equity Ratio | 0.37 | 0.74 | 0.99 | 0.68 | 0.59 | 0.40 |
| Debt / EBITDA Ratio | 7.97 | 2.79 | 4.08 | 2.80 | 3.08 | 3.25 |
| Debt / FCF Ratio | 33.50 | 4.44 | 4.91 | 7.65 | ||
| Net Debt / Equity Ratio | 0.34 | 0.64 | 0.84 | 0.45 | 0.38 | 0.25 |
| Net Debt / EBITDA Ratio | 7.96 | 2.63 | 3.85 | 2.01 | 2.18 | 2.37 |
| Net Debt / FCF Ratio | -32.91 | -37.74 | 28.43 | 2.93 | 3.18 | 4.85 |
| Asset Turnover | 0.39 | 0.94 | 0.82 | 0.99 | 0.92 | 0.78 |
| Inventory Turnover | 4.52 | 10.46 | 9.43 | 12.34 | 13.51 | 12.98 |
| Quick Ratio | 1.01 | 1.05 | 1.09 | 1.15 | 1.36 | 1.34 |
| Current Ratio | 1.50 | 1.34 | 1.35 | 1.39 | 1.64 | 1.62 |
| Return on Equity (ROE) | -2.36% | 18.47% | 5.89% | 6.37% | 8.61% | 0.97% |
| Return on Assets (ROA) | 1.53% | 4.08% | 3.72% | 4.57% | 3.76% | 1.80% |
| Return on Invested Capital (ROIC) | 3.38% | 6.95% | 8.18% | 8.43% | 7.64% | 1.98% |
| Return on Capital Employed (ROCE) | 1.80% | 9.20% | 7.90% | 10.20% | 7.70% | 4.00% |
| Earnings Yield | -1.62% | 2.35% | 1.23% | 1.83% | 4.35% | 0.64% |
| FCF Yield | -0.73% | -0.26% | 0.70% | 5.14% | 6.56% | 4.79% |
| Buyback Yield / Dilution | -2.57% | -0.61% | -2.96% | -0.94% | 1.66% | -0.21% |
| Total Shareholder Return | -2.57% | -0.61% | -2.96% | -0.94% | 1.66% | -0.21% |