CECO · Ceco Environmental Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $774.38M | $557.93M | $544.85M | $422.63M | $324.14M | $316.01M |
| Cost of Revenue | $505.15M | $361.79M | $373.83M | $294.40M | $223.22M | $210.88M |
| Gross Profit | $269.23M | $196.15M | $171.02M | $128.22M | $100.92M | $105.13M |
| R&D | - | - | - | - | - | - |
| SG&A | $200.73M | $146.70M | $122.94M | $93.47M | $81.80M | $76.93M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $24.88M | $14.52M | $12.51M | $10.61M | $9.85M | $9.92M |
| Operating Income | $105.86M | $35.40M | $34.57M | $22.16M | $9.86M | $13.35M |
| Interest Expense | $20.91M | $13.02M | $13.42M | $5.42M | $2.95M | $3.54M |
| Income Tax | $29.74M | $3.27M | $7.02M | $5.43M | $2.69M | $3.67M |
| Net Income | $50.05M | $12.96M | $12.91M | $17.42M | $1.43M | $8.21M |
| EPS - Basic | $1.42 | $0.37 | $0.37 | $0.50 | $0.04 | $0.23 |
| EPS - Diluted | $1.37 | $0.36 | $0.37 | $0.50 | $0.04 | $0.23 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $33.14M | $37.83M | $54.78M | $45.52M | $29.90M | $35.99M |
| Accounts Receivable | $172.91M | $159.57M | $112.73M | $83.09M | $74.99M | $63.05M |
| Inventory | $54.00M | $42.62M | $34.09M | $26.53M | $17.05M | $17.34M |
| Accounts Payable | $117.85M | $109.67M | - | $73.41M | $56.24M | $55.90M |
| Current Assets | $410.18M | $330.97M | $281.44M | $240.66M | $189.01M | $183.49M |
| Total Assets | $893.77M | $759.70M | $600.29M | $504.72M | $416.20M | $419.31M |
| Current Liabilities | $305.83M | $244.66M | $203.11M | $146.70M | $116.69M | $109.36M |
| Long-term Debt | $210.56M | $217.23M | $126.80M | $107.63M | $61.58M | $69.49M |
| Total Liabilities | $570.59M | $507.81M | $362.80M | $286.57M | $210.24M | $215.70M |
| Stockholders' Equity | $317.53M | $247.69M | $232.64M | $213.22M | $204.55M | $202.66M |
| Retained Earnings | $56.62M | $6.57M | ($6.39M) | ($19.30M) | ($36.72M) | ($38.14M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.86M | $24.83M | $44.65M | $29.65M | $13.30M | $4.42M |
| Investing Cash Flow | ($1.08M) | ($105.31M) | ($56.49M) | ($48.26M) | ($2.08M) | ($9.23M) |
| Financing Cash Flow | ($11.56M) | $65.91M | $21.14M | $38.18M | ($15.56M) | $3.72M |
| CapEx | $11.34M | $17.37M | $8.38M | $3.38M | $2.62M | $3.94M |
| Free Cash Flow | ($5.48M) | $7.46M | $36.26M | $26.27M | $10.68M | $476.0K |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 34.8% | 35.2% | 31.4% | 30.3% | 31.1% | 33.3% |
| Operating margin | 13.7% | 6.3% | 6.3% | 5.2% | 3.0% | 4.2% |
| EBITDA margin | 16.9% | 8.9% | 8.6% | 7.8% | 6.1% | 7.4% |
| Net margin | 6.5% | 2.3% | 2.4% | 4.1% | 0.4% | 2.6% |
| Free cash flow margin | -0.7% | 1.3% | 6.7% | 6.2% | 3.3% | 0.2% |
| FCF / Net income | -0.11 | 0.58 | 2.81 | 1.51 | 7.49 | 0.06 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 25.9% | 26.3% | 22.6% | 22.1% | 25.2% | 24.3% |
| Effective tax rate | 37.3% | 20.2% | 35.2% | 23.8% | 65.4% | 30.9% |
| Return on assets | 5.6% | 1.7% | 2.2% | 3.5% | 0.3% | 2.0% |
| Return on equity | 15.8% | 5.2% | 5.5% | 8.2% | 0.7% | 4.1% |
| Return on invested capital | 12.6% | 6.1% | 6.2% | 5.3% | 1.9% | 3.4% |
| Liquidity | ||||||
| Current ratio | 1.34 | 1.35 | 1.39 | 1.64 | 1.62 | 1.68 |
| Quick ratio | 1.16 | 1.18 | 1.22 | 1.46 | 1.47 | 1.52 |
| Cash ratio | 0.11 | 0.15 | 0.27 | 0.31 | 0.26 | 0.33 |
| Leverage | ||||||
| Debt / Equity | 0.66 | 0.88 | 0.55 | 0.50 | 0.30 | 0.34 |
| Debt / Assets | 0.24 | 0.29 | 0.21 | 0.21 | 0.15 | 0.17 |
| Debt / EBITDA | 1.61 | 4.35 | 2.69 | 3.28 | 3.12 | 2.99 |
| Interest coverage | 5.1x | 2.7x | 2.6x | 4.1x | 3.3x | 3.8x |
| Equity multiplier | 2.81 | 3.07 | 2.58 | 2.37 | 2.03 | 2.07 |
| Liabilities / Assets | 0.64 | 0.67 | 0.60 | 0.57 | 0.51 | 0.51 |
| Efficiency | ||||||
| Asset turnover | 0.87 | 0.73 | 0.91 | 0.84 | 0.78 | 0.75 |
| Inventory turnover | 9.36 | 8.49 | 10.97 | 11.10 | 13.09 | 12.16 |
| Days sales outstanding | 81d | 104d | 76d | 72d | 84d | 73d |
| Days inventory outstanding | 39d | 43d | 33d | 33d | 28d | 30d |
| Days payable outstanding | 85d | 111d | - | 91d | 92d | 97d |
| Cash conversion cycle | 35d | 37d | - | 14d | 20d | 6d |
| Valuation | ||||||
| P / E | 43.7x | 84.0x | - | - | - | - |
| P / B | 6.9x | 4.4x | - | - | - | - |
| P / S | 2.8x | 2.0x | - | - | - | - |
| EV / EBITDA | 18.1x | 25.6x | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 38.8% | 2.4% | 28.9% | 30.4% | 2.6% | -7.6% |
| Revenue CAGR (3y) | 22.4% | 19.8% | 19.9% | 7.3% | -8.1% | -2.9% |
| Revenue CAGR (5y) | 19.6% | 10.3% | 5.5% | 4.1% | -4.9% | -3.0% |
| Gross profit growth (YoY) | 37.3% | 14.7% | 33.4% | 27.1% | -4.0% | -7.9% |
| Operating income growth (YoY) | 199.0% | 2.4% | 56.0% | 124.8% | -26.1% | -25.8% |
| Net income growth (YoY) | 286.3% | 0.4% | -25.9% | 1121.4% | -82.6% | -53.6% |
| EPS growth (YoY) | 280.6% | -2.7% | -26.0% | 1150.0% | -82.6% | -54.0% |
| EPS CAGR (3y) | 39.9% | 108.0% | 17.2% | 0.0% | - | - |
| EPS CAGR (5y) | 42.9% | -6.4% | - | - | - | - |
| FCF growth (YoY) | - | -79.4% | 38.0% | 146.0% | 2144.1% | -89.6% |
| FCF CAGR (5y) | - | 10.3% | -11.4% | 36.5% | -31.0% | -47.4% |
| Book value growth (YoY) | 28.2% | 6.5% | 9.1% | 4.2% | 0.9% | 5.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$774.38M totalEngineered Systems$544.30M · 70.3%
Industrial Process Solutions$230.08M · 29.7%
Geographic
$774.38M totalUS$513.46M · 66.3%
Other$92.82M · 12.0%
NL$62.99M · 8.1%
GB$56.27M · 7.3%
CN$48.84M · 6.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.60
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Industrial & Commercial Fans & Blowers & Air Purifing Equip
Comparing CECO ENVIRONMENTAL CORP against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Sep 14, 2017 | $0.0750 |
| Jun 14, 2017 | $0.0750 |
| Mar 15, 2017 | $0.0750 |
| Dec 14, 2016 | $0.0660 |
| Sep 14, 2016 | $0.0660 |
| Jun 15, 2016 | $0.0660 |
| Mar 16, 2016 | $0.0660 |
| Dec 14, 2015 | $0.0660 |
| Sep 16, 2015 | $0.0660 |
| Jun 10, 2015 | $0.0660 |
| Mar 17, 2015 | $0.0660 |
| Dec 17, 2014 | $0.0600 |
| Sep 12, 2014 | $0.0600 |
| Jun 11, 2014 | $0.0600 |
| Mar 17, 2014 | $0.0500 |
| Dec 13, 2013 | $0.0500 |
| Sep 12, 2013 | $0.0500 |
| Jun 12, 2013 | $0.0500 |
| Mar 14, 2013 | $0.0500 |
| Dec 12, 2012 | $0.0450 |
| Sep 12, 2012 | $0.0450 |
| Jun 13, 2012 | $0.0350 |
| Mar 16, 2012 | $0.0350 |
| Dec 13, 2011 | $0.0250 |