CECO on Nasdaq
CECO ENVIRONMENTAL CORP
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
34.8%Gross margin3
13.7%Operating margin3
6.5%Net margin3
38.8%Revenue growth, 20253
15.8%Return on equity3
0.66×Debt to equity3
-$5.5MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Engineered Systems brought in 70% of the revenue CECO ENVIRONMENTAL CORP broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Engineered Systems | $380.1M | $384.0M | $544.3M |
| Industrial Process Solutions | $164.7M | $173.9M | $230.1M |
Regions
United States brought in 66% of the revenue CECO ENVIRONMENTAL CORP broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $364.5M | $376.3M | $513.5M |
| Other | $53.5M | $35.4M | $92.8M |
| Netherlands | $51.1M | $52.6M | $63.0M |
| United Kingdoms | $51.1M | $63.0M | $56.3M |
| [Canada] | $24.7M | $30.6M | $48.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue63¢$505.2M
- Selling, general and admin25¢$200.7M
- Interest3¢$20.9M
- Income tax4¢$29.7M
- Profit6¢$50.1M
Out of $774.4M in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$11.3M
Out of $5.9M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net sales | $774.4M | $557.9M | $544.8M |
| Cost of sales | $505.2M | $361.8M | $373.8M |
| Gross profit | $269.2M | $196.1M | $171.0M |
| Selling and administrative expenses | $200.7M | $146.7M | $122.9M |
| Amortization expenses | $16.2M | $8.7M | $7.4M |
| Acquisition and integration expenses | $9.6M | $4.2M | $2.5M |
| Gain on sale of Global Pump Solutions business | -$63.7M | $0 | $0 |
| Other operating expense | $619.0K | $1.1M | $3.5M |
| Total consolidated income from operations | $105.9M | $35.4M | $34.6M |
| Other expense (income) | $2.1M | $4.7M | -$372.0K |
| Interest expense | $20.9M | $13.0M | $13.4M |
| Total income before income taxes | $82.8M | $17.7M | $21.5M |
| Income tax expense | $29.7M | $3.3M | $7.0M |
| Net income | $53.1M | $14.4M | $14.5M |
| Noncontrolling interest | $3.1M | $1.5M | $1.6M |
| Net income attributable to CECO Environmental Corp. | $50.1M | $13.0M | $12.9M |
| Basic | $1.42 | $0.37 | $0.37 |
| Diluted | $1.37 | $0.36 | $0.37 |
| Basic | 35.3M shares | 34.9M shares | 34.7M shares |
| Diluted | 36.6M shares | 36.4M shares | 35.3M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $33.1M | $37.8M | |
| Restricted cash | $83.0K | $369.0K | |
| Accounts receivable, net of allowances of $9,866 and $8,863 | $172.9M | $159.6M | $112.7M |
| Costs and estimated earnings in excess of billings on uncompleted contracts | $115.6M | $69.9M | $66.6M |
| Inventories | $54.0M | $42.6M | |
| Prepaid expenses and other current assets | $29.4M | $16.9M | |
| Prepaid income taxes | $5.0M | $3.8M | |
| Total current assets | $410.2M | $331.0M | |
| Property, plant and equipment, net | $47.8M | $33.8M | |
| Right-of-use assets from operating leases | $28.3M | $25.1M | |
| Goodwill | $288.2M | $269.7M | $211.3M |
| Intangible assets finite life, net | $97.0M | $74.0M | |
| Intangible assets indefinite life | $9.7M | $9.5M | $9.6M |
| Deferred income tax assets | $449.0K | $966.0K | |
| Deferred charges and other assets | $12.2M | $15.6M | |
| Total assets | $893.8M | $759.7M | |
| Current portion of debt | $1.9M | $1.6M | |
| Accounts payable | $117.8M | $109.7M | |
| Accrued expenses | $57.6M | $47.5M | |
| Billings in excess of costs and estimated earnings on uncompleted contracts | $123.7M | $81.5M | |
| Notes payable | $0 | $1.7M | |
| Income taxes payable | $4.7M | $2.6M | |
| Total current liabilities | $305.8M | $244.7M | |
| Other liabilities | $3.3M | $14.4M | |
| Debt, less current portion | $210.6M | $217.2M | |
| Deferred income tax liabilities, net | $27.9M | $11.3M | |
| Operating lease liabilities | $23.0M | $20.2M | |
| Total liabilities | $570.6M | $507.8M | |
| Preferred stock, $0.01 par value; 10,000 shares authorized, none issued | $0 | $0 | |
| Common stock, $0.01 par value; 100,000,000 shares authorized, 35,644,537 and 34,978,009 shares issued and outstanding at December 31, 2025 and 2024, respectively | $355.0K | $349.0K | |
| Capital in excess of par value | $269.5M | $255.2M | |
| Retained earnings | $56.6M | $6.6M | |
| Accumulated other comprehensive loss | -$8.9M | -$14.4M | -$16.3M |
| Total CECO shareholders equity | $317.5M | $247.7M | |
| Noncontrolling interest | $5.7M | $4.2M | |
| Total shareholders' equity | $323.2M | $251.9M | $237.5M |
| Total liabilities and shareholders equity | $893.8M | $759.7M | |
| Allowance for doubtful accounts | $9.9M | $8.9M | |
| Preferred stock, par value | $0.01 | $0.01 | |
| Preferred stock, shares authorized | 10.0K shares | 10.0K shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Common stock, par value | $0.01 | $0.01 | |
| Common stock, shares authorized | 100.0M shares | 100.0M shares | |
| Common stock, shares issued | 35.6M shares | 35.0M shares | |
| Common Stock, shares outstanding | 35.6M shares | 35.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $53.1M | $14.4M | $14.5M |
| Depreciation and amortization | $24.9M | $14.5M | $12.5M |
| Unrealized foreign currency (gain) loss | -$2.1M | $2.7M | -$1.0M |
| Gain on sale of Global Pump Solutions business | -$63.7M | $0 | $0 |
| Loss realized with transfer of pension plan with sale of Global Pump Solutions business | $2.1M | $0 | $0 |
| Fair value adjustments to earnout liabilities | -$7.4M | $134.0K | $296.0K |
| Loss on sale of property and equipment | $60.0K | $191.0K | $110.0K |
| Debt discount amortization | $834.0K | $498.0K | $427.0K |
| Share-based compensation expense | $13.1M | $7.5M | $4.5M |
| Provision for credit (recovery) loss | -$988.0K | $295.0K | $1.6M |
| Inventory obsolescence expense | -$354.0K | $1.1M | $1.1M |
| Deferred income tax expense (benefit) | $6.3M | -$3.6M | -$118.0K |
| Accounts receivable | -$6.8M | -$52.4M | -$26.9M |
| Cost and estimated earnings of billings on uncompleted contracts | -$44.8M | -$4.1M | $5.0M |
| Inventories | -$3.2M | -$9.8M | -$6.9M |
| Prepaid expenses and other current assets | -$16.8M | -$8.3M | $1.2M |
| Deferred charges and other assets | -$79.0K | -$12.7M | -$1.4M |
| Accounts payable | $7.2M | $36.2M | $13.9M |
| Accrued expenses | $13.8M | $7.1M | $8.3M |
| Billings in excess of costs and estimated earnings on uncompleted contracts | $37.9M | $24.9M | $21.6M |
| Income taxes (receivable) payable | $2.0M | $1.4M | -$2.0M |
| Other liabilities | -$9.2M | $4.9M | -$2.1M |
| Net cash provided by operating activities | $5.9M | $24.8M | $44.6M |
| Acquisitions of property and equipment | -$11.3M | -$17.4M | -$8.4M |
| Net cash proceeds for sale of Global Pump Solutions business | $107.8M | $0 | $0 |
| Net proceeds from sale of assets | $74.0K | $4.0K | $0 |
| Cash paid for acquisitions, net of cash acquired | -$97.6M | -$87.9M | -$48.1M |
| Net cash used in investing activities | -$1.1M | -$105.3M | -$56.5M |
| Borrowings on revolving credit lines | $233.3M | $309.3M | $106.6M |
| Repayments on revolving credit lines. | -$238.9M | -$112.4M | -$150.6M |
| Borrowings of long-term debt | $0 | $0 | $75.0M |
| Repayments of long-term debt | -$2.2M | -$114.0M | -$5.0M |
| Deferred financing fees paid | $0 | -$1.9M | -$363.0K |
| Deferred consideration paid for acquisitions | -$2.8M | -$2.0M | -$1.2M |
| Payments on financing leases | -$234.0K | -$925.0K | -$907.0K |
| Earnout payments | $0 | -$2.8M | -$2.1M |
| Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options | $872.0K | -$2.2M | $1.4M |
| Non-controlling interest distributions | -$1.6M | -$2.1M | -$1.7M |
| Common stock repurchases | $0 | -$5.0M | $0 |
| Net cash (used in) provided by financing activities | -$11.6M | $65.9M | $21.1M |
| Effect of exchange rate changes on cash and cash equivalents | $1.8M | -$2.7M | -$442.0K |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -$5.0M | -$17.2M | $8.9M |
| Interest | $20.4M | $13.3M | $12.1M |
| Income taxes | $24.7M | $9.6M | $9.9M |
Recent filings
- Oct 5, 20268-K
- Aug 18, 20264
- Aug 14, 2026SCHEDULE 13G/A
- Aug 14, 2026SCHEDULE 13G/A
- Aug 10, 20268-K
- Aug 10, 202610-Q
- Aug 6, 2026SCHEDULE 13G/A
- Aug 3, 20268-K/A
- Jul 17, 20264
- Jul 7, 20264
- Jun 26, 20264
- Jun 26, 20264
- Jun 24, 2026144
- Jun 10, 20264
- Jun 9, 20268-K
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
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