CECO Environmental Corp. provides critical solutions in industrial air quality, industrial water treatment, and energy transition solutions in the United States, the United Kingdom, the Netherlands, China, and internationally. It operates through Engineered Systems and Industrial Process Solutions segments. The company offers emissions management, fluid bed cyclones, thermal acoustics, and separation and filtration solutions; engineering services and environmental systems; and industrial exhaust air contamination treatment and control systems, solutions, and services, as well as intelligent control solutions. It also provides engineered and configured products and solutions, including dampers and diverters, expansion joints, selective catalytic reduction systems, severe-service and industrial cyclones, dust collectors, thermal oxidizers, filtration systems, wet and dry scrubbers, separators and coalescers, water treatment packages, metallic and non-metallic pumps, industrial silencers, and fluid handling equipment, as well as plant engineering services and engineered design build fabrication services. In addition, the company offers solutions for air pollution and contamination control, fluid handling, and process filtration in various applications, such as aluminum beverage can production, automobile production, food and beverage processing, semiconductor fabrication, electronics production, steel and aluminum mill processing, wood manufacturing, desalination, and aquaculture markets. It markets its power generation, hydrocarbon processing, water/wastewater treatment, oily water separation and treatment, marine and naval vessels, and midstream oil and gas sectors. CECO Environmental Corp. was founded in 1869 and is headquartered in Addison, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $774M | $129M | $50M | $-5M | 15.5% | 38.8% | 286.3% |
| 2024 | $558M | $45M | $13M | $7M | 5.1% | 2.4% | 0.4% |
| 2023 | $545M | $47M | $13M | $36M | 5.4% | 28.9% | -25.9% |
| 2022 | $423M | $40M | $17M | $26M | 8.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 422.63 | 544.85 | 557.93 | 774.38 |
| Cost Of Revenue | 294.40 | 373.83 | 361.79 | 505.15 |
| Gross Profit | 128.22 | 171.02 | 196.15 | 269.23 |
| Operating Expense | 100.28 | 133.94 | 156.53 | 217.51 |
| Operating Income | 27.94 | 37.08 | 39.62 | 51.71 |
| EBITDA | 39.72 | 47.45 | 45.23 | 128.64 |
| EBIT | 29.11 | 34.94 | 30.71 | 103.76 |
| Pretax Income | 23.69 | 21.52 | 17.69 | 82.84 |
| Tax Provision | 5.43 | 7.02 | 3.27 | 29.74 |
| Net Income | 17.42 | 12.91 | 12.96 | 50.05 |
| Net Income Common Stockholders | 17.42 | 12.91 | 12.96 | 50.05 |
| Total Expenses | 394.68 | 507.77 | 518.32 | 722.67 |
| Interest Expense | 5.42 | 13.42 | 13.02 | 20.91 |
| Selling General And Administration | 93.47 | 122.94 | 146.70 | 200.73 |
| Normalized EBITDA | 45.50 | 49.96 | 49.45 | 74.49 |
| Normalized Income | 21.87 | 14.60 | 16.39 | 15.34 |
| Basic EPS | 0.50 | 0.37 | 0.37 | 1.42 |
| Diluted EPS | 0.50 | 0.37 | 0.36 | 1.37 |
| Tax Effect Of Unusual Items | -1.32 | -0.82 | -0.78 | 19.43 |
| Tax Rate For Calcs | 0.23 | 0.33 | 0.18 | 0.36 |
| Total Unusual Items | -5.78 | -2.51 | -4.21 | 54.15 |
| Total Unusual Items Excluding Goodwill | -5.78 | -2.51 | -4.21 | 54.15 |
| Net Income From Continuing Operation Net Minority Interest | 17.42 | 12.91 | 12.96 | 50.05 |
| Reconciled Depreciation | 10.61 | 12.51 | 14.52 | 24.88 |
| Reconciled Cost Of Revenue | 290.60 | 368.77 | 355.99 | 496.44 |
| Net Interest Income | -5.42 | -13.42 | -13.02 | -20.91 |
| Net Income From Continuing And Discontinued Operation | 17.42 | 12.91 | 12.96 | 50.05 |
| Total Operating Income As Reported | 22.16 | 34.57 | 35.40 | 105.86 |
| Diluted Average Shares | 35.01 | 35.33 | 36.38 | 36.60 |
| Basic Average Shares | 34.67 | 34.67 | 34.93 | 35.33 |
| Diluted NI Availto Com Stockholders | 17.42 | 12.91 | 12.96 | 50.05 |
| Minority Interests | -0.85 | -1.59 | -1.46 | -3.06 |
| Net Income Including Noncontrolling Interests | 18.26 | 14.50 | 14.42 | 53.11 |
| Net Income Continuous Operations | 18.26 | 14.50 | 14.42 | 53.11 |
| Other Income Expense | 1.17 | -2.14 | -8.90 | 52.05 |
| Other Non Operating Income Expenses | 6.95 | 0.37 | -4.69 | -2.10 |
| Special Income Charges | -5.78 | -2.51 | -4.21 | 54.15 |
| Gain On Sale Of Ppe | 0 | 0 | 0 | 0 |
| Gain On Sale Of Business | 0 | 0 | 0 | 63.70 |
| Other Special Charges | 1.16 | 1.47 | 0.23 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 5.78 | 2.51 | 4.21 | 9.55 |
| Net Non Operating Interest Income Expense | -5.42 | -13.42 | -13.02 | -20.91 |
| Interest Expense Non Operating | 5.42 | 13.42 | 13.02 | 20.91 |
| Other Operating Expenses | 0 | 3.55 | 1.11 | 0.62 |
| Depreciation Amortization Depletion Income Statement | 6.81 | 7.45 | 8.72 | 16.17 |
| Depreciation And Amortization In Income Statement | 6.81 | 7.45 | 8.72 | 16.17 |
| Amortization | 6.81 | 7.45 | 8.72 | 16.17 |
| Amortization Of Intangibles Income Statement | 6.81 | 7.45 | 8.72 | 16.17 |
| Operating Revenue | 422.63 | 544.85 | 557.93 | 774.38 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CECO Environmental Corp.this co. | CECO | $2.6B | 190.74β premium | 8.14 | 15.5% | 32.79 |
| McGrath RentCorp | MGRC | $2.9B | 18.68 | 2.36 | 12.6% | 13.09 |
| Amprius Technologies, Inc. | AMPX | $2.8B | - | 26.35 | -42.4% | -138.51 |
| Atkore Inc. | ATKR | $2.5B | - | 1.81 | -1.1% | 9.42 |
| Astronics Corporation | ATRO | $2.4B |
| 82.70 |
| 17.06 |
| 21.0% |
| 23.80 |
| Xometry, Inc. | XMTR | $2.3B | - | 8.43 | -22.3% | -96.98 |
| American Superconductor Corporation | AMSC | $2.3B | 15.69 | 4.23 | 3.1% | 95.34 |
| First Advantage Corporation | FA | $2.2B | - | 1.73 | -2.7% | 10.84 |
| Helios Technologies, Inc. | HLIO | $2.2B | 46.10 | 2.38 | 5.2% | 16.37 |
| Peer Median | - | 32.39 | 3.30 | 1.0% | 11.96 | |