CECONasdaqIndustrial & Commercial Fans & Blowers & Air Purifing EquipFiscal year ends December 31
CECO ENVIRONMENTAL CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$57.49+0.77 (+1.36%)
Close on Oct 19, 2026
- Market cap
- $2.49B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
34.8%+1.5 pts over 5 years
Operating margin
13.7%+9.4 pts over 5 years
Net margin
6.5%+3.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +38.8% | +22.4% | +19.6% | +7.7% | |
| Gross profit | +37.3% | +28.1% | +20.7% | +9.4% | |
| Operating income | +199.0% | +68.4% | +51.3% | +35.8% | |
| Net income | +286.3% | +42.2% | +43.6% | – | |
| EPS, diluted | +280.6% | +39.9% | +42.9% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -17.8% | 4.2% | 17.7% | |
| Return on assets | -7.0% | 2.0% | 6.1% | |
| Current ratio | 1.46 | 1.68 | 1.34 | |
| Debt to equity | 0.65 | 0.36 | 0.67 | |
| Net debt to EBITDA | -11.29× | 1.57× | 1.37× | |
| Interest coverage | -3.3× | 3.8× | 5.1× | |
| Inventory turnover | 10.5× | 11.1× | 10.5× | |
| Capex to revenue | 0.3% | 1.2% | 1.5% | |
| Diluted shares | 34M | 36M | 37M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ceco Environmental generated $118.28M from operations and spent $60.12M on capital expenditure, dividends and share buybacks. 72% of that went back into the business.
Generated
$118.28M
Used
$60.12M
Capital expenditure$43.09M72%Dividends$00%Share buybacks$17.03M28%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.5%
×Asset turnover0.94×
×Equity multiplier2.93×
=Return on equity, FY202517.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.5% | 0.94× | 2.93× | 17.7% |
| FY2024 | 2.3% | 0.82× | 2.83× | 5.4% |
| FY2023 | 2.4% | 0.99× | 2.48× | 5.8% |
| FY2022 | 4.1% | 0.92× | 2.20× | 8.3% |
| FY2021 | 0.4% | 0.78× | 2.05× | 0.7% |
| FY2020 | 2.6% | 0.76× | 2.09× | 4.2% |
| FY2019 | 5.2% | 0.85× | 2.16× | 9.5% |
| FY2018 | -2.1% | 0.81× | 2.28× | -3.9% |
| FY2017 | -0.9% | 0.74× | 2.49× | -1.6% |
| FY2016 | -9.2% | 0.76× | 2.56× | -17.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$50.05M
- Cash generatingOperating cash flow above zero$5.86M
- Return on assets improvedROA up on the prior year2.2% → 6.6%
- Earnings backed by cashOperating cash flow above net income$5.86M vs $50.05M
- Less leverageLong-term debt to assets fell28.6% → 23.6%
- Better liquidityCurrent ratio rose1.35 → 1.34
- No dilutionShare count did not rise36M → 37M
- Gross margin improvedGross margin up on the prior year35.16% → 34.77%
- More efficientAsset turnover rose0.93 → 1.02