CECO ENVIRONMENTAL CORP CECO

Industrials SIC 3564 - Industrial & Commercial Fans & Blowers & Air Purifing Equip NAICS Manufacturing › Machinery Manufacturing › Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing › Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing derived Nasdaq

CECO Environmental Corp. ("CECO", "we", "us", "our" or the "Company") is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally by providing innovative technology and application expertise. We help companies grow their businesses with safe, clean, and more efficient solutions that help protect people, the environment, and industrial equipment. Our solutions improve air and water quality, optimize emissions management, and increase the energy and process efficiency for highly engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, chemical processing, electric vehicle production, polysilicon fabrication, semiconductor and electronics production, battery production and recycling, specialty metals, aluminum and steel production, beverage can manufacturing, industrial and produced water and wastewater treatment, and a wide range of other industrial end markets.

Last close 49.08 2026-10-23
Market cap $2.87B 2026-06-30 share count
52-week range 42.82 - 101.24

Valuation FY2025 figures against the last close

P/S3.7x
P/E35.8x
P/FCF—
EV/EBITDA23.4x
Dividend yield—
Diluted EPS1.37

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Other
  • Netherlands
  • United Kingdom
  • China
Revenue by geography, 5 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 513.5M (66.3%) 66% United States Other, FY2025: 92.8M (12.0%) 12% Other Netherlands, FY2025: 63M (8.1%) 8% Netherlands United Kingdom, FY2025: 56.3M (7.3%) 7% China, FY2025: 48.8M (6.3%) 6% China FY2024 United States, FY2024: 376.3M (67.4%) 67% Other, FY2024: 35.4M (6.4%) 6% Netherlands, FY2024: 52.6M (9.4%) 9% United Kingdom, FY2024: 63M (11.3%) 11% China, FY2024: 30.6M (5.5%) 5% FY2023 United States, FY2023: 364.5M (66.9%) 67% Other, FY2023: 53.5M (9.8%) 10% Netherlands, FY2023: 51.1M (9.4%) 9% United Kingdom, FY2023: 51.1M (9.4%) 9% China, FY2023: 24.7M (4.5%) 5%
Region FY2025FY2024FY2023
United States $513.5M $376.3M $364.5M
Other $92.8M $35.4M $53.5M
Netherlands $63.0M $52.6M $51.1M
United Kingdom $56.3M $63.0M $51.1M
China $48.8M $30.6M $24.7M

As the company reported it, from the “Business Segment Information - Net Sales By Geographic Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Engineered Systems
  • Industrial Process Solutions
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Engineered Systems, FY2025: 544.3M (70.3%) 70% Engineered Systems Industrial Process Solutions, FY2025: 230.1M (29.7%) 30% Industrial Process Solutions FY2024 Engineered Systems, FY2024: 384M (68.8%) 69% Industrial Process Solutions, FY2024: 173.9M (31.2%) 31% FY2023 Engineered Systems, FY2023: 380.1M (69.8%) 70% Industrial Process Solutions, FY2023: 164.7M (30.2%) 30%
Segment FY2025FY2024FY2023
Engineered Systems $544.3M $384.0M $380.1M
Industrial Process Solutions $230.1M $173.9M $164.7M

As the company reported it, from the “Business Segment Information - Net Sales and Income from Operation by Business Segment (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $774.4M$557.9M$544.8M$422.6M$324.1M$316.0M$341.9M$337.3M$345.1M$417.0M
Cost of revenue $505.2M$361.8M$373.8M$294.4M$223.2M$210.9M$227.8M$225.8M$231.9M$282.2M
Gross profit $269.2M$196.1M$171.0M$128.2M$100.9M$105.1M$114.1M$111.5M$113.2M$134.9M
SG&A $200.7M$146.7M$122.9M$93.5M$81.8M$76.9M$86.0M$87.5M$89.0M$81.7M
Operating income $105.9M$35.4M$34.6M$22.2M$9.9M$13.3M$18.0M$10.0M$8.0M-$25.6M
Interest expense $20.9M$13.0M$13.4M$5.4M$3.0M$3.5M$5.4M$7.1M$6.7M$7.7M
Pre-tax income $82.8M$17.7M$21.5M$23.7M$4.7M$11.8M$13.3M$2.5M$1.4M-$33.0M
Income tax $29.7M$3.3M$7.0M$5.4M$2.7M$3.7M$4.4M$9.6M$4.4M$5.3M
Net income $50.1M$13.0M$12.9M$17.4M$1.4M$8.2M$17.7M-$7.1M-$3.0M-$38.2M
EPS, basic 1.420.370.370.500.040.23-0.51-0.21-0.09-1.12
EPS, diluted 1.370.360.370.500.040.23-0.50-0.21-0.09-1.12
Shares, diluted (wtd. avg.) 36.6M36.4M35.3M35.0M35.6M35.5M35.5M34.7M34.4M34.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $33.1M$37.8M$54.8M$45.5M$29.9M$36.0M$35.6M$43.7M$29.9M$45.8M
Receivables $172.9M$159.6M$112.7M$83.1M$75.0M$63.0M$68.4M$53.2M$68.0M$83.1M
Inventory $54.0M$42.6M$34.1M$26.5M$17.1M$17.3M$20.6M$20.8M$21.0M$21.5M
Total current assets $410.2M$331.0M$281.4M$240.7M$189.0M$183.5M$179.5M$160.9M$173.9M$213.0M
Property, plant and equipment $47.8M$33.8M$26.2M$20.8M$15.9M$16.2M$15.3M$22.2M$23.4M$27.3M
Goodwill $288.2M$269.7M$211.3M$183.2M$161.2M$161.8M$152.0M$152.2M$167.0M$170.2M
Other intangibles $97.0M$74.0M$50.5M$35.3M$25.8M$29.6M$31.3M$36.0M$50.0M$60.7M
Total assets $893.8M$759.7M$600.3M$504.7M$416.2M$419.3M$408.6M$392.6M$438.5M$498.6M
Accounts payable $117.8M$109.7M$87.7M$73.4M$84.1M$85.0M$78.3M$80.2M$70.8M$95.6M
Short-term debt $1.9M$1.6M$10.5M$3.6M$2.2M$3.1M$2.5M—$11.3M$8.8M
Total current liabilities $305.8M$244.7M$203.1M$146.7M$116.7M$109.4M$115.2M$103.9M$107.9M$146.4M
Long-term debt $210.6M$217.2M$126.8M$107.6M$61.6M$69.5M$63.0M$74.5M$103.5M$114.4M
Total liabilities $570.6M$507.8M$362.8M$286.6M$210.2M$215.7M$215.6M$214.0M$252.0M$308.6M
Retained earnings $56.6M$6.6M-$6.4M-$19.3M-$36.7M-$38.1M-$46.3M-$59.4M-$52.7M-$41.7M
Total equity $317.5M$247.7M$237.5M$218.1M$206.0M$203.6M$193.0M$178.6M$186.6M$190.1M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $5.9M$24.8M$44.6M$29.6M$13.3M$4.4M$10.2M$22.0M$6.6M$69.6M
Depreciation and amortisation $24.9M$14.5M$12.5M$10.6M$9.9M$9.9M$10.6M$13.3M$16.1M$18.9M
Stock-based compensation $13.1M$7.5M$4.5M$3.9M$3.3M$1.8M$2.7M$3.2M$1.8M$2.3M
Capital expenditure $11.3M$17.4M$8.4M$3.4M$2.6M$3.9M$5.7M$3.1M$1.0M$1.1M
Investing cash flow -$1.1M-$105.3M-$56.5M-$48.3M-$2.1M-$9.2M-$5.1M$38.3M-$660.0K-$1.4M
Financing cash flow -$11.6M$65.9M$21.1M$38.2M-$15.6M$3.7M-$12.1M-$44.9M-$24.1M-$58.0M
Dividends paid ————————$7.8M$9.0M
Buybacks $0$5.0M$0$7.0M$5.0M$0———$188.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-085815.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -250M 0 250M 500M 750M 1B Revenue, FY2016: 417M Gross profit, FY2016: 134.9M Net income, FY2016: -38.2M Revenue, FY2017: 345.1M Gross profit, FY2017: 113.2M Net income, FY2017: -3M Revenue, FY2018: 337.3M Gross profit, FY2018: 111.5M Net income, FY2018: -7.1M Revenue, FY2019: 341.9M Gross profit, FY2019: 114.1M Net income, FY2019: 17.7M Revenue, FY2020: 316M Gross profit, FY2020: 105.1M Net income, FY2020: 8.2M Revenue, FY2021: 324.1M Gross profit, FY2021: 100.9M Net income, FY2021: 1.4M Revenue, FY2022: 422.6M Gross profit, FY2022: 128.2M Net income, FY2022: 17.4M Revenue, FY2023: 544.8M Gross profit, FY2023: 171M Net income, FY2023: 12.9M Revenue, FY2024: 557.9M Gross profit, FY2024: 196.1M Net income, FY2024: 13M Revenue, FY2025: 774.4M Gross profit, FY2025: 269.2M Net income, FY2025: 50.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $417.0M $345.1M $337.3M $341.9M $316.0M $324.1M $422.6M $544.8M $557.9M $774.4M
Gross profit $134.9M $113.2M $111.5M $114.1M $105.1M $100.9M $128.2M $171.0M $196.1M $269.2M
Net income -$38.2M -$3.0M -$7.1M $17.7M $8.2M $1.4M $17.4M $12.9M $13.0M $50.1M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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