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CECO

CECO Environmental Corp.

CECO

CECO Environmental Corp. • NASDAQ
$52.15 ▲ 0.44% (+0.23)
Market Cap $1.83 B
52w High $56.19
52w Low $17.57
Dividend Yield 0%
P/E 36.47
Volume 85.52K
Outstanding Shares 35.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $197.599M ▲ $55.179M ▲ $1.499M ▼ 0.759% ▼ $0.04 ▼ $15.788M ▼
Q2-2025 $185.391M ▲ $49.047M ▲ $9.51M ▼ 5.13% ▼ $0.27 ▼ $24.557M ▼
Q1-2025 $176.697M ▲ $292K ▼ $35.984M ▲ 20.365% ▲ $1.03 ▲ $66.391M ▲
Q4-2024 $158.566M ▲ $45.427M ▲ $4.878M ▲ 3.076% ▲ $0.14 ▲ $13.158M ▲
Q3-2024 $135.513M $38.079M $2.086M 1.539% $0.06 $10.352M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $32.787M ▼ $891.884M ▲ $578.317M ▲ $309.206M ▲
Q2-2025 $36.823M ▼ $876.582M ▼ $573.363M ▼ $298.364M ▲
Q1-2025 $146.471M ▲ $957.095M ▲ $667.044M ▲ $285.791M ▲
Q4-2024 $37.832M ▼ $759.699M ▲ $507.806M ▲ $247.689M ▲
Q3-2024 $38.7M $621.512M $375.631M $241.257M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.807M ▼ $15.263M ▲ $-2.293M ▼ $-17.031M ▲ $-4.036M ▲ $11.022M ▲
Q2-2025 $10.107M ▼ $-7.667M ▲ $-1.016M ▼ $-101.559M ▼ $-109.767M ▼ $-8.714M ▲
Q1-2025 $36.442M ▲ $-11.696M ▼ $4.829M ▲ $115.756M ▲ $108.475M ▲ $-15.081M ▼
Q4-2024 $5.889M ▲ $1.828M ▼ $-79.121M ▼ $80.428M ▲ $-725K ▼ $13.065M ▲
Q3-2024 $2.539M $15.109M $-19.38M $2.047M $2.012M $11.105M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Engineered Systems
Engineered Systems
 $200.00M ▲$120.00M ▼$130.00M ▲$140.00M ▲
Industrial Process Solutions
Industrial Process Solutions
 $90.00M ▲$60.00M ▼$60.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement CECO’s income statement shows a steady build‑up in scale and improving underlying profitability. Revenue has climbed meaningfully over the last five years, with the most recent years showing particularly strong growth, suggesting successful expansion and acquisitions. Gross and operating margins have generally trended higher, indicating better pricing power, mix, or cost control. That said, net profit remains modest and somewhat uneven year to year, so earnings quality and consistency are still developing rather than firmly established.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has grown its asset base while leaning more on debt to do so. Total assets have expanded, which fits with CECO’s strategy of acquisitions and broader capabilities. Equity has also risen, but debt has grown faster than cash, meaning leverage is higher now than several years ago. This points to a stronger operational platform but also a greater need to manage interest costs and maintain financial flexibility if the environment weakens.

Cash Flow

Cash Flow Cash generation has improved over the period, with operating cash flow turning steadily positive and generally keeping pace with the growth in earnings. Free cash flow has been positive in recent years, even after investment spending, suggesting the core business can fund a good part of its own growth. More recently, cash from operations dipped a bit while investment outlays picked up, hinting at a phase of heavier reinvestment. Overall, CECO looks cash‑generative but not cash‑rich, so disciplined capital allocation and working‑capital management remain important watchpoints.

Competitive Edge

Competitive Edge CECO holds a solid niche position in industrial air pollution control, fluid handling, and water treatment, backed by long-standing engineering expertise and specialized brands. Its strength lies in custom, application‑specific solutions rather than generic equipment, which raises switching costs and fosters long-term customer relationships. The company benefits from tightening environmental regulations and the ongoing push for cleaner industrial processes, giving it structural demand tailwinds. However, it still operates in competitive, project‑driven markets that can be cyclical and lumpy, and it must continually differentiate against both global players and specialized regional competitors.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of CECO’s strategy, built around a broad portfolio of advanced systems rather than a single flagship technology. The company is active in regenerative thermal oxidizers, biofiltration, advanced scrubbers, and corrosion‑resistant components, and is pushing into emerging areas such as PFAS removal, carbon capture, and solutions for the EV battery value chain. Its ability to custom‑engineer systems for complex applications is a key intangible asset that competitors may find hard to replicate. Future success will depend on sustaining R&D investment, successfully commercializing newer technologies, and integrating acquired capabilities into a coherent, high‑margin offering.

Summary

Overall, CECO looks like a steadily scaling environmental solutions provider with improving margins, modest but positive profitability, and a more leveraged but also more capable balance sheet than a few years ago. The business generates reasonable free cash flow, though not in excess, and is currently reinvesting to support growth and integration of acquisitions. Strategically, the company is positioned in areas likely to benefit from tightening environmental standards and the energy transition, supported by deep engineering know‑how and customized solutions. Key things to watch include debt levels, the stability of earnings and cash flow through a full economic cycle, and the pace at which newer technologies and high‑growth end markets (like EV batteries and PFAS treatment) translate into durable, higher‑quality revenue.

NEWS

November 3, 2025 · 7:00 AM UTC

CECO Environmental Announces Upcoming Investor Conferences

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October 28, 2025 · 7:00 AM UTC

CECO Environmental Reports Third Quarter 2025 Results

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October 14, 2025 · 7:00 AM UTC

CECO Environmental to Release Third Quarter Earnings and Host Conference Call on October 28

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