CECO Environmental Corp. (CECO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.33	$0.47	+42.4%	—	$285M	—
Q1 26	$0.15	$0.36	+140.0%	—	$205.9M	—
Q4 25	$0.41	$0.3	-26.8%	—	$214.7M	—
Q3 25	$0.25	$0.26	+4.0%	—	$197.6M	—
Q2 25	$0.18	$0.24	+33.3%	—	$185.4M	—
Q1 25	$0.09	$0.1	+11.1%	—	$176.7M	—
Q4 24	$0.23	$0.27	+17.4%	—	$158.6M	—
Q3 24	$0.2	$0.14	-30.0%	—	$135.5M	—
Q2 24	$0.16	$0.2	+25.0%	—	$137.5M	—
Q1 24	$0.11	$0.11	0.0%	—	$126.3M	—
Q4 23	$0.24	$0.28	+16.7%	—	$153.7M	—
Q3 23	$0.19	$0.22	+15.8%	—	$149.4M	—
Q2 23	$0.15	$0.15	0.0%	—	$129.2M	—
Q1 23	$0.1	$0.1	0.0%	—	$112.6M	—
Q4 22	$0.16	$0.21	+31.2%	—	$116.4M	—
Q3 22	$0.11	$0.2	+81.8%	—	$108.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.42	—	—	$774.4M	—
FY24	—	$0.37	—	—	$557.9M	—
FY23	—	$0.37	—	—	$544.8M	—
FY22	—	$0.5	—	—	$422.6M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$417M	$345.1M	$337.3M	$341.9M	$316M	$324.1M	$422.6M	$544.8M	$557.9M	$774.4M
YoY change	+13.5%	-17.3%	-2.24%	+1.34%	-7.56%	+2.57%	+30.4%	+28.9%	+2.4%	+38.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	417M	345.1M	337.3M	341.9M	316M	324.1M	422.6M	544.8M	557.9M	774.4M
Cost of revenue	282.2M	231.9M	225.8M	227.8M	210.9M	223.2M	294.4M	373.8M	361.8M	505.2M
Gross profit	134.9M	113.2M	111.5M	114.1M	105.1M	100.9M	128.2M	171M	196.1M	269.2M
Gross margin	32.3%	32.8%	33.1%	33.4%	33.3%	31.1%	30.3%	31.4%	35.2%	34.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	81.7M	89M	87.5M	86M	76.9M	81.8M	93.5M	122.9M	146.7M	200.7M
Operating expenses	102M	89M	87.5M	86M	76.9M	81.8M	93.5M	122.9M	146.7M	201.3M
Operating income	32.9M	17.1M	14.4M	19.6M	19.4M	11.3M	27.9M	39.9M	40.4M	51.7M
Operating margin	7.89%	4.95%	4.27%	5.74%	6.14%	3.5%	6.61%	7.32%	7.24%	6.68%
Non-operating income, net	-58.1M	-9M	-4.8M	-881K	-4M	-3.7M	1.2M	-5M	-9.7M	52M
Pretax income	-33M	1.4M	2.5M	13.3M	11.8M	4.7M	23.7M	21.5M	17.7M	82.8M
Income tax	5.3M	4.4M	9.6M	-4.4M	3.7M	2.7M	5.4M	7M	3.3M	29.7M
Net income	-38.3M	-3M	-7.1M	17.7M	8.2M	2M	18.3M	14.5M	14.4M	53.1M
Net margin	-9.17%	-0.88%	-2.11%	5.18%	2.59%	0.61%	4.32%	2.66%	2.58%	6.86%
EBITDA	53.4M	33.3M	27.3M	31M	31.4M	19M	45.5M	52.8M	50.2M	74.5M
EPS	-1.12	-0.09	-0.21	0.51	0.23	0.04	0.5	0.37	0.37	1.42
Diluted EPS	-1.12	-0.09	-0.21	0.5	0.23	0.04	0.5	0.37	0.36	1.37

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	149.4M	153.7M	126.3M	137.5M	135.5M	158.6M	176.7M	185.4M	197.6M	214.7M	205.9M	285M
Cost of revenue	106.3M	100.5M	81.2M	88.5M	90.2M	101.9M	114.5M	118.3M	133M	139.3M	142M	198.5M
Gross profit	43.1M	53.2M	45.1M	49M	45.3M	56.7M	62.2M	67.1M	64.6M	75.4M	63.9M	86.5M
Gross margin	28.9%	34.6%	35.7%	35.7%	33.4%	35.8%	35.2%	36.2%	32.7%	35.1%	31%	30.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	30.4M	36.9M	34.9M	36.5M	34.3M	41.1M	53.5M	48.8M	47M	51.3M	46.1M	63.9M
Operating expenses	30.4M	36.9M	34.9M	36.5M	34.3M	41.1M	53.6M	46.1M	48M	53.7M	47.8M	66.4M
Operating income	10.7M	14.1M	8M	10.4M	8.4M	13.6M	5.5M	18.1M	10.5M	17.7M	12.2M	12.3M
Operating margin	7.17%	9.19%	6.34%	7.54%	6.19%	8.58%	3.12%	9.76%	5.29%	8.22%	5.9%	4.31%
Non-operating income, net	-3.1M	-437K	-1.8M	-1.8M	-1.6M	-4.4M	55.8M	1.4M	-3.1M	-2M	-11.7M	-47.8M
Pretax income	4.3M	9.8M	2.8M	5.3M	4.1M	5.5M	55.1M	14.6M	2.3M	10.9M	-3.7M	-44.6M
Income tax	585K	5.4M	667K	394K	1.6M	606K	18.6M	4.5M	483K	6.1M	-3.5M	-10.1M
Net income	3.7M	4.3M	2.1M	4.9M	2.5M	4.9M	36.4M	10.1M	1.8M	4.8M	-248K	-34.5M
Net margin	2.48%	2.82%	1.66%	3.58%	1.87%	3.06%	20.6%	5.45%	0.91%	2.21%	-0.12%	-12.1%
EBITDA	13.6M	18.9M	10M	13.2M	11.6M	15.5M	10M	24.6M	17M	22.9M	16.9M	22M
EPS	0.1	—	0.04	0.13	0.06	0.14	1.03	0.27	0.04	0.09	-0.01	-0.8
Diluted EPS	0.09	—	0.04	0.12	0.06	0.13	0.98	0.26	0.04	0.08	-0.01	-0.8

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	176.7M	234.3M	268M	245.6M	220.2M	405M	703M	1.1B	2.1B	4.2B
Enterprise value	—	266.9M	266.8M	311.6M	293.8M	265.3M	482.3M	803.7M	1.3B	2.3B	5B
Shares outstanding	34M	34.4M	34.7M	35M	35.3M	35.3M	34.7M	34.7M	34.9M	35.3M	35.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	15.1	30.1	111	22.2	48.5	73.2	39.8	184.9
P/S	—	0.51	0.69	0.78	0.78	0.68	0.96	1.29	1.89	2.73	4.77
P/B	—	0.95	1.31	1.39	1.21	1.07	1.86	2.96	4.19	6.54	2.07
EV/EBITDA	—	8.02	9.77	10.1	9.37	14	10.6	15.2	25.2	31.2	56.2
EV/Sales	—	0.77	0.79	0.91	0.93	0.82	1.14	1.48	2.26	3	5.56
Earnings yield	—	—	—	6.61%	3.33%	0.9%	4.51%	2.06%	1.37%	2.51%	0.54%
FCF yield	—	3.14%	8.05%	1.71%	0.19%	4.85%	6.49%	5.16%	0.71%	-0.26%	-3.85%
PEG	—	—	—	—	—	—	—	—	—	—	-0.47

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	32.3%	32.8%	33.1%	33.4%	33.3%	31.1%	30.3%	31.4%	35.2%	34.8%	30.3%
Operating margin	7.89%	4.95%	4.27%	5.74%	6.14%	3.5%	6.61%	7.32%	7.24%	6.68%	4.91%
Net margin	-9.17%	-0.88%	-2.11%	5.18%	2.59%	0.61%	4.32%	2.66%	2.58%	6.86%	-3.39%
ROE	-20.1%	-1.62%	-3.99%	9.17%	4.01%	0.96%	8.37%	6.11%	5.73%	16.4%	-2.36%
ROA	-7.67%	-0.69%	-1.81%	4.33%	1.95%	0.48%	3.62%	2.42%	1.9%	5.94%	1.53%
ROIC	12.1%	0%	0%	8.29%	5.32%	1.92%	7.29%	7.95%	7.17%	6.25%	1.88%
Return on tangible assets	530.4%	8.74%	35.3%	131.7%	77.6%	8.66%	37.4%	25.2%	27.1%	51%	2.19%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.46	1.61	1.55	1.56	1.68	1.62	1.64	1.39	1.35	1.34	1.5
Quick ratio	1.31	1.42	1.35	1.38	1.52	1.47	1.46	1.22	1.18	1.16	1.18
Debt / equity	0.68	0.64	0.43	0.41	0.41	0.36	0.56	0.65	0.97	0.74	0.37
Debt / assets	0.26	0.27	0.19	0.19	0.2	0.18	0.24	0.26	0.32	0.27	0.21
Net debt / EBITDA	1.55	2.71	1.19	1.41	1.54	2.38	1.7	1.91	4.13	2.78	9.03
Interest coverage	-3.27	1.21	1.35	3.47	4.35	2.58	5.37	2.6	2.36	4.96	-0.52
Effective tax rate	0%	100%	100%	0%	31%	57.6%	22.9%	32.6%	18.5%	35.9%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	12.3	10	9.72	9.77	8.95	9.17	12.2	15.7	16	21.9	24.1
EPS (basic)	-1.12	-0.09	-0.21	0.51	0.23	0.04	0.5	0.37	0.37	1.42	1.42
EPS (diluted)	-1.12	-0.09	-0.21	0.5	0.23	0.04	0.5	0.37	0.36	1.37	-0.76
Book value per share	5.59	5.42	5.14	5.52	5.77	5.83	6.29	6.85	7.21	9.15	35.5
FCF per share	2.02	0.16	0.54	0.13	0.01	0.3	0.76	1.05	0.21	-0.16	-0.5
Cash per share	1.35	0.87	1.26	1.02	1.02	0.85	1.31	1.58	1.08	0.94	1.04
Capex per share	0.03	0.03	0.09	0.16	0.11	0.07	0.1	0.24	0.5	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.26%	0.3%	0.92%	1.65%	1.25%	0.81%	0.8%	1.54%	3.11%	—	—
Capex / operating cash flow	8.08%	-21.3%	24.9%	29.7%	176%	65.9%	13.3%	23.7%	85%	—	—
Payout ratio	-23.5%	-257.2%	0%	—	—	—	—	—	—	—	0%
Dividend yield	—	4.41%	0%	—	—	—	—	—	—	—	0.42%

Yield

0.42%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.075

ex-dividend Sep 14, 2017

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 14, 2017	$0.075
Jun 14, 2017	$0.075
Mar 15, 2017	$0.075
Dec 14, 2016	$0.066
Sep 14, 2016	$0.066
Jun 15, 2016	$0.066
Mar 16, 2016	$0.066
Dec 14, 2015	$0.066

Split history

Date	Ratio

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$149.4M	$153.7M	$126.3M	$137.5M	$135.5M	$158.6M	$176.7M	$185.4M	$197.6M	$214.7M	$205.9M	$285M
YoY change	+37.8%	+32.1%	+12.2%	+6.46%	-9.29%	+3.16%	+39.9%	+34.8%	+45.8%	+35.4%	+16.5%	+53.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	45.8M	29.9M	43.7M	35.6M	36M	29.9M	45.5M	54.8M	37.8M	33.1M
Receivables	12M	11.6M	7.3M	12.1M	8.7M	12.5M	85.7M	116M	154.8M	171.9M
Inventory	21.5M	21M	20.8M	20.6M	17.3M	17.1M	26.5M	34.1M	42.6M	54M
Total current assets	213M	173.9M	160.9M	179.5M	183.5M	189M	240.7M	281.4M	331M	410.2M
Property, plant & equipment	7.4M	5.3M	4M	21.5M	20M	26.8M	32.2M	42.5M	58.9M	76.1M
Goodwill & intangibles	505.8M	473.2M	412.7M	395.2M	408.8M	393.3M	455.9M	542.7M	706.5M	789.7M
Total assets	498.6M	438.5M	392.6M	408.6M	419.3M	416.2M	504.7M	600.3M	759.7M	893.8M
Accounts payable	59M	45.4M	52M	48.8M	55.9M	56.2M	73.4M	87.7M	109.7M	117.8M
Short-term debt	14.1M	16.6M	1.7M	5.1M	5.4M	4.6M	6.8M	17.3M	7.6M	6.5M
Total current liabilities	146.4M	107.9M	103.9M	115.2M	109.4M	116.7M	146.7M	203.1M	244.7M	305.8M
Long-term debt	114.4M	103.5M	74.5M	74.1M	78.8M	70.3M	116.1M	138.2M	237.5M	233.5M
Total liabilities	308.6M	252M	214M	215.6M	215.7M	210.2M	286.6M	362.8M	507.8M	570.6M
Shareholders' equity	190.1M	186.6M	178.6M	193M	203.6M	206M	218.1M	237.5M	251.9M	323.2M
Total debt	128.5M	120.1M	76.2M	79.2M	84.2M	75M	122.9M	155.5M	245.1M	240M
Net debt	82.7M	90.2M	32.5M	43.6M	48.2M	45.1M	77.4M	100.7M	207.2M	206.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	47.6M	54.8M	46.6M	36.5M	38.7M	37.8M	146.5M	36.8M	32.8M	33.1M	45.4M	61.1M
Receivables	112.4M	116M	116.6M	127M	100.1M	154.8M	152.4M	161.5M	159.6M	171.9M	274.2M	455.9M
Inventory	37.9M	34.1M	38M	38.5M	37.8M	42.6M	52.9M	59.8M	57.7M	54M	60.2M	211.4M
Total current assets	285.4M	281.4M	271.6M	281.4M	276.3M	331M	476.1M	383M	395.5M	410.2M	539.2M	979.6M
Property, plant & equipment	38.9M	42.5M	42.8M	44.4M	57M	58.9M	70.5M	71.5M	75.7M	76.1M	77.3M	218.4M
Goodwill & intangibles	543.4M	542.7M	538.7M	533.5M	562.3M	706.5M	787.2M	809.2M	805.9M	789.7M	799.9M	5B
Total assets	600.1M	600.3M	589M	598.1M	621.5M	759.7M	957.1M	876.6M	891.9M	893.8M	1B	3.7B
Accounts payable	94.2M	87.7M	79.1M	90.9M	92.3M	109.7M	109.5M	126M	127.6M	117.8M	137.6M	196M
Short-term debt	11.4M	17.3M	16.1M	14.5M	16.7M	7.6M	6.3M	8.1M	5.7M	6.5M	10.4M	25.8M
Total current liabilities	203.3M	203.1M	196.3M	207.3M	213.2M	244.7M	278.8M	285M	298.3M	305.8M	405.8M	652.3M
Long-term debt	144.4M	138.2M	135.6M	129.9M	142.5M	237.5M	357.5M	256.6M	242.3M	233.5M	271M	746.1M
Total liabilities	369.9M	362.8M	352.9M	358.3M	375.6M	507.8M	667M	573.4M	578.3M	570.6M	710.2M	1.7B
Shareholders' equity	230.1M	237.5M	236.2M	239.8M	245.9M	251.9M	290.1M	303.2M	313.6M	323.2M	317.2M	2.1B
Total debt	155.8M	155.5M	151.7M	144.4M	159.2M	245.1M	363.8M	264.7M	248M	240M	281.4M	771.8M
Net debt	108.2M	100.7M	105.1M	107.9M	120.5M	207.2M	217.4M	227.9M	215.2M	206.9M	236M	710.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-38.3M	-3M	-7.1M	17.7M	8.2M	2M	18.3M	14.5M	14.4M	53.1M
Depreciation & amortization	18.9M	16.1M	13.3M	10.6M	9.9M	9.9M	10.6M	12.5M	14.5M	24.9M
Stock-based compensation	2.3M	1.8M	3.2M	2.7M	1.8M	3.3M	3.9M	4.5M	7.5M	13.1M
Change in working capital	28.9M	-3.2M	5.2M	-12.1M	-20.3M	-11.7M	-6.6M	3.2M	-13.1M	-19M
Operating cash flow	13.3M	-4.8M	12.4M	19M	2.2M	4M	25.3M	35.3M	20.4M	5.9M
Capital expenditure	-1.1M	-1M	-3.1M	-5.7M	-3.9M	-2.6M	-3.4M	-8.4M	-17.4M	—
Investing cash flow	-1.4M	-660K	38.3M	-5.1M	-9.2M	-2.1M	-48.3M	-56.5M	-105.3M	10.3M
Dividends paid	-9M	-7.8M	0	—	—	—	—	—	—	—
Share repurchases	-188K	0	0	0	0	-5M	-7M	0	-5M	0
Financing cash flow	-59.8M	-25.5M	-44.2M	-12.2M	12.9M	-72.9M	1.6M	-130.9M	68.1M	-12.4M
Net change in cash	-47.9M	-31M	6.5M	1.7M	5.9M	-71M	-21.4M	-152.1M	-16.8M	3.7M
Free cash flow	68.5M	5.5M	18.9M	4.6M	476K	10.7M	26.3M	36.3M	7.5M	-5.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	3.7M	4.3M	2.1M	4.9M	2.5M	4.9M	36.4M	10.1M	1.8M	4.8M	-248K	-34.5M
Depreciation & amortization	3.1M	3.7M	3.5M	3.5M	3.6M	4M	5.1M	5M	8.6M	6.2M	6.1M	12M
Stock-based compensation	1.1M	1.4M	1.7M	2.2M	1.9M	1.7M	3.4M	2.9M	3.3M	3.6M	440K	12.4M
Change in working capital	10.9M	-3.2M	-8.6M	6.2M	16.9M	-27.5M	-666K	-12M	1.7M	-8M	-16.8M	61.2M
Operating cash flow	18.9M	6.4M	-1.2M	16.9M	25.5M	-17.1M	44.6M	-7.7M	15.3M	10M	-13.1M	-19.3M
Capital expenditure	-1.6M	-2.9M	-3.1M	-4.1M	-4M	-6.1M	-3.4M	—	—	—	—	—
Investing cash flow	-25.6M	-2.9M	-2.7M	-4.1M	-19.4M	-79.1M	4.8M	31K	1.9M	0	-6.6M	-430.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-3M	-2M	0	0	0	0	0	0	—	—
Financing cash flow	-99.7M	-91.4M	-6.8M	-10.2M	-35.1M	-171.1M	118.4M	-101.3M	-20.9M	-8.7M	39.8M	474.2M
Net change in cash	-106.3M	-87.9M	-10.7M	2.6M	-28.9M	-267.3M	167.9M	-109M	-3.7M	1.3M	20.1M	24.6M
Free cash flow	28.5M	12.3M	-1.9M	2.5M	11.1M	-4.3M	-15.1M	-8.7M	11M	7.3M	-15.7M	-24.2M

CECO Environmental Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement