CECO ENVIRONMENTAL CORP CECO
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.42 | 0.37 | 0.37 | 0.50 | 0.04 | 0.23 | -0.51 | -0.21 | -0.09 | -1.12 |
| EPS, diluted | 1.37 | 0.36 | 0.37 | 0.50 | 0.04 | 0.23 | -0.50 | -0.21 | -0.09 | -1.12 |
| Shares, diluted (wtd. avg.) | $36.6M | $36.4M | $35.3M | $35.0M | $35.6M | $35.5M | $35.5M | $34.7M | $34.4M | $34.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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