CECO Environmental Corp. (CECO) 10-Year Financial Performance & Capital Metrics

CECO • • Industrial / General

IndustrialsEnvironmental ServicesAir Pollution ControlEmissions Control Systems

AboutCECO Environmental Corp. provides industrial air quality and fluid handling systems worldwide. It operates in two segments: Engineered Systems Segment and Industrial Process Solutions Segment. The company engineers, designs, builds, and installs systems that capture, clean, and destroy air- and water-borne emissions from industrial facilities as well as fluid handling, gas separation, and filtration systems. It offers dampers and diverters, selective catalytic reduction and selective non-catalytic reduction systems, cyclonic technology, thermal oxidizers, filtration systems, scrubbers, and water and fluid handling equipment, as well as plant engineering services and engineered design build fabrication. The company markets its products and services to natural gas processors, transmission and distribution companies, refineries, power generators, industrial manufacturing, engineering and construction companies, semiconductor manufacturers, compressor manufacturers, beverage can manufacturers, metals and minerals, and electric vehicle producer companies. CECO Environmental Corp. was incorporated in 1966 and is headquartered in Dallas, Texas.Show more

Revenue $558M +2.4%
EBITDA $50M +6.1%
Net Income $13M +0.4%
EPS (Diluted) 0.36 -2.7%
Gross Margin 35.16% +12.0%
EBITDA Margin 8.95% +3.6%
Operating Margin 6.35%
Net Margin 2.32% -2.0%
ROE 5.3% -6.6%
ROIC 6.62% -19.0%
Debt/Equity 0.99 +51.6%
Interest Coverage 2.72 +5.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 91 (top 9%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.3%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.8%

5Y10.29%

3Y19.84%

TTM29.86%

Profit (Net Income) CAGR

10Y-0.09%

5Y-6.06%

3Y108.67%

TTM333.78%

EPS CAGR

10Y-3.23%

5Y-6.36%

3Y107.84%

TTM328.7%

ROCE

10Y Avg3.78%

5Y Avg6.23%

3Y Avg7.89%

Latest7.76%

Peer Comparison

Emissions Control Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CECOCECO Environmental Corp.	2.36B	66.16	183.78	2.4%	7.22%	16.54%	0.32%	0.99
WFFWF Holding Limited Ordinary Shares	11.08M	0.44	110	-20.26%	2.44%	4.21%	6.33%	0.16
FTEKFuel Tech, Inc.	49.72M	1.60	-25.16	-7.19%	-12.17%	-7.33%		0.01
MIRMirion Technologies, Inc.	6.6B	27.00	-150	7.48%	2.94%	1.4%	0.76%	0.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	370.08M	417.01M	345.05M	337.34M	341.87M	316.01M	324.14M	422.63M	544.85M	557.93M
Revenue Growth %	0.41%	0.13%	-0.17%	-0.02%	0.01%	-0.08%	0.03%	0.3%	0.29%	0.02%
Cost of Goods Sold+	258.51M	282.15M	231.86M	225.8M	227.77M	210.88M	223.22M	294.4M	373.83M	361.79M
COGS % of Revenue	0.7%	0.68%	0.67%	0.67%	0.67%	0.67%	0.69%	0.7%	0.69%	0.65%
Gross Profit+	111.56M	134.86M	113.19M	111.54M	114.1M	105.13M	100.92M	128.22M	171.02M	196.15M
Gross Margin %	0.3%	0.32%	0.33%	0.33%	0.33%	0.33%	0.31%	0.3%	0.31%	0.35%
Gross Profit Growth %	0.32%	0.21%	-0.16%	-0.01%	0.02%	-0.08%	-0.04%	0.27%	0.33%	0.15%
Operating Expenses+	94.9M	101.97M	96.11M	97.14M	96.11M	91.78M	91.06M	106.06M	136.45M	160.74M
OpEx % of Revenue	0.26%	0.24%	0.28%	0.29%	0.28%	0.29%	0.28%	0.25%	0.25%	0.29%
Selling, General & Admin	69.29M	81.74M	88.97M	87.46M	85.98M	76.93M	81.8M	93.47M	122.94M	146.7M
SG&A % of Revenue	0.19%	0.2%	0.26%	0.26%	0.25%	0.24%	0.25%	0.22%	0.23%	0.26%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-2.08M	310K	106K	-365K	10.13M	14.86M	9.27M	12.59M	13.5M	14.05M
Operating Income+	5.38M	-25.56M	8.02M	10M	17.99M	13.35M	9.86M	22.16M	34.57M	35.4M
Operating Margin %	0.01%	-0.06%	0.02%	0.03%	0.05%	0.04%	0.03%	0.05%	0.06%	0.06%
Operating Income Growth %	-0.76%	-5.75%	1.31%	0.25%	0.8%	-0.26%	-0.26%	1.25%	0.56%	0.02%
EBITDA+	31M	-6.66M	24.11M	23.1M	28.6M	23.27M	19.71M	32.77M	47.08M	49.93M
EBITDA Margin %	0.08%	-0.02%	0.07%	0.07%	0.08%	0.07%	0.06%	0.08%	0.09%	0.09%
EBITDA Growth %	-0.05%	-1.21%	4.62%	-0.04%	0.24%	-0.19%	-0.15%	0.66%	0.44%	0.06%
D&A (Non-Cash Add-back)	25.61M	18.9M	16.09M	13.1M	10.61M	9.92M	9.85M	10.61M	12.51M	14.52M
EBIT	2.87M	-25.25M	10.48M	9.64M	18.74M	15.38M	12.04M	27.71M	34.94M	30.71M
Net Interest Income+	-5.96M	-7.71M	-6.72M	-7.14M	-5.4M	-3.54M	-2.95M	-5.42M	-13.42M	-13.02M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	5.96M	7.71M	6.72M	7.14M	5.4M	3.54M	2.95M	5.42M	13.42M	13.02M
Other Income/Expense	-8.04M	-7.4M	-6.62M	-7.5M	-4.65M	-1.5M	-5.18M	1.53M	-13.04M	-17.71M
Pretax Income+	-2.66M	-32.96M	1.41M	2.5M	13.34M	11.84M	4.67M	23.69M	21.52M	17.69M
Pretax Margin %	-0.01%	-0.08%	0%	0.01%	0.04%	0.04%	0.01%	0.06%	0.04%	0.03%
Income Tax+	3.07M	5.29M	4.44M	9.62M	-4.36M	3.67M	2.69M	5.43M	7.02M	3.27M
Effective Tax Rate %	2.1%	1.16%	-2.15%	-2.85%	1.33%	0.69%	0.31%	0.74%	0.6%	0.73%
Net Income+	-5.6M	-38.22M	-3.03M	-7.12M	17.71M	8.21M	1.43M	17.42M	12.91M	12.96M
Net Margin %	-0.02%	-0.09%	-0.01%	-0.02%	0.05%	0.03%	0%	0.04%	0.02%	0.02%
Net Income Growth %	-1.43%	-5.82%	0.92%	-1.35%	3.49%	-0.54%	-0.83%	11.21%	-0.26%	0%
Net Income (Continuing)	-5.73M	-38.25M	-3.03M	-7.12M	17.71M	8.17M	1.98M	18.26M	14.5M	14.42M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	5.87M	0	0	0	0	953K	1.4M	4.92M	4.85M	4.2M
EPS (Diluted)+	-0.19	-1.12	-0.09	-0.21	0.50	0.23	0.04	0.50	0.37	0.36
EPS Growth %	-1.38%	-4.89%	0.92%	-1.39%	3.38%	-0.54%	-0.83%	11.47%	-0.26%	-0.03%
EPS (Basic)	-0.19	-1.12	-0.09	-0.21	0.51	0.23	0.04	0.50	0.37	0.37
Diluted Shares Outstanding	28.79M	33.98M	34.45M	34.71M	35.48M	35.52M	35.59M	35.01M	35.33M	35.69M
Basic Shares Outstanding	28.79M	33.98M	33.66M	33.91M	34.99M	35.29M	35.35M	34.67M	34.67M	34.93M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	223.74M	212.98M	173.94M	160.87M	179.5M	183.49M	189.01M	240.66M	281.44M	330.97M
Cash & Short-Term Investments	34.19M	45.82M	29.9M	43.68M	36.96M	37.81M	29.9M	45.52M	54.78M	37.83M
Cash Only	34.19M	45.82M	29.9M	43.68M	36.96M	37.81M	29.9M	45.52M	54.78M	37.83M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	140.95M	121.19M	101.94M	82.92M	103.24M	108.54M	126.42M	154.1M	179.31M	229.46M
Days Sales Outstanding	139.02	106.07	107.83	89.72	110.22	125.37	142.36	133.09	120.12	150.11
Inventory	29.4M	21.49M	20.97M	20.82M	20.58M	17.34M	17.05M	26.53M	34.09M	42.62M
Days Inventory Outstanding	41.51	27.8	33.01	33.65	32.98	30.02	27.88	32.89	33.28	43
Other Current Assets	11.74M	10.92M	10.37M	3.34M	10.49M	12M	4.88M	2.33M	12.44M	17.23M
Total Non-Current Assets+	369.31M	285.66M	264.61M	231.72M	235M	245.65M	227.19M	264.06M	318.85M	428.73M
Property, Plant & Equipment	44.98M	27.27M	23.4M	22.2M	28.88M	27.6M	26.84M	32.2M	42.49M	58.91M
Fixed Asset Turnover	8.23x	15.29x	14.75x	15.20x	11.84x	11.45x	12.08x	13.12x	12.82x	9.47x
Goodwill	219.11M	170.15M	166.95M	152.16M	152.02M	161.82M	161.18M	183.2M	211.33M	269.75M
Intangible Assets	101.29M	82.77M	69.65M	54.22M	45.57M	42.57M	35.47M	44.76M	60.03M	74.05M
Long-Term Investments	0	0	300K	563K	0	0	0	0	0	0
Other Non-Current Assets	3.92M	5.46M	-1.96M	-2.08M	2.66M	3.83M	3.19M	3.08M	4.7M	25.05M
Total Assets+	593.05M	498.63M	438.55M	392.58M	414.5M	429.13M	416.2M	504.72M	600.29M	759.7M
Asset Turnover	0.62x	0.84x	0.79x	0.86x	0.82x	0.74x	0.78x	0.84x	0.91x	0.73x
Asset Growth %	0.43%	-0.16%	-0.12%	-0.1%	0.06%	0.04%	-0.03%	0.21%	0.19%	0.27%
Total Current Liabilities+	142.4M	146.36M	107.85M	103.89M	115.19M	109.36M	116.69M	146.7M	203.11M	244.66M
Accounts Payable	62.2M	58.98M	45.41M	51.98M	48.76M	55.9M	56.24M	73.41M	87.69M	109.67M
Days Payables Outstanding	87.82	76.3	71.48	84.03	78.14	96.75	91.97	91.01	85.62	110.65
Short-Term Debt	19.49M	14.13M	16.6M	1.7M	5.63M	5.96M	2.2M	3.58M	12.99M	3.35M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	47.42M	21.76M	40.6M	42.62M	15.05M	17.21M	3.07M	3.69M	11.28M	124.02M
Current Ratio	1.57x	1.46x	1.61x	1.55x	1.56x	1.68x	1.62x	1.64x	1.39x	1.35x
Quick Ratio	1.36x	1.31x	1.42x	1.35x	1.38x	1.52x	1.47x	1.46x	1.22x	1.18x
Cash Conversion Cycle	92.71	57.56	69.36	39.34	65.06	58.64	78.27	74.97	67.78	82.47
Total Non-Current Liabilities+	205.63M	162.19M	144.13M	110.14M	106.29M	116.17M	93.56M	139.87M	159.69M	263.14M
Long-Term Debt	157.83M	114.37M	103.54M	74.46M	63M	69.49M	61.58M	107.63M	126.8M	217.23M
Capital Lease Obligations	0	4.53M	4.38M	4.16M	18.46M	16.09M	8.76M	8.45M	11.42M	24.33M
Deferred Tax Liabilities	17.72M	12.96M	10.21M	8.76M	11.8M	16.79M	8.39M	8.67M	8.84M	11.32M
Other Non-Current Liabilities	30.07M	30.33M	36.21M	31.52M	13.03M	13.79M	14.83M	15.13M	12.64M	11.23M
Total Liabilities	348.03M	308.55M	251.98M	214.02M	221.48M	225.52M	210.24M	286.57M	362.8M	507.81M
Total Debt+	177.33M	128.49M	120.13M	76.16M	87.08M	91.54M	75.56M	123.53M	155.48M	249.92M
Net Debt	143.13M	82.67M	90.23M	32.48M	50.13M	53.73M	45.65M	78.01M	100.7M	212.08M
Debt / Equity	0.72x	0.68x	0.64x	0.43x	0.45x	0.45x	0.37x	0.57x	0.65x	0.99x
Debt / EBITDA	5.72x	-	4.98x	3.30x	3.04x	3.93x	3.83x	3.77x	3.30x	5.01x
Net Debt / EBITDA	4.62x	-	3.74x	1.41x	1.75x	2.31x	2.32x	2.38x	2.14x	4.25x
Interest Coverage	0.90x	-3.31x	1.19x	1.40x	3.33x	3.78x	3.34x	4.09x	2.58x	2.72x
Total Equity+	245.02M	190.08M	186.57M	178.56M	193.02M	203.61M	205.96M	218.15M	237.49M	251.89M
Equity Growth %	0.36%	-0.22%	-0.02%	-0.04%	0.08%	0.05%	0.01%	0.06%	0.09%	0.06%
Book Value per Share	8.51	5.59	5.42	5.14	5.44	5.73	5.79	6.23	6.72	7.06
Total Shareholders' Equity	239.15M	190.08M	186.57M	178.56M	193.02M	202.66M	204.55M	213.22M	232.64M	247.69M
Common Stock	340K	343K	347K	349K	353K	355K	350K	344K	348K	349K
Retained Earnings	5.47M	-41.74M	-52.67M	-59.43M	-46.34M	-38.14M	-36.72M	-19.3M	-6.39M	6.57M
Treasury Stock	-356K	-356K	-356K	-356K	-356K	-356K	0	0	0	0
Accumulated OCI	-9.58M	-13.04M	-8.92M	-13.41M	-14.51M	-14.5M	-12.07M	-18M	-16.27M	-14.44M
Minority Interest	5.87M	0	0	0	0	953K	1.4M	4.92M	4.85M	4.2M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	12.64M	69.6M	6.57M	21.95M	10.23M	4.42M	13.3M	29.65M	44.65M	24.83M
Operating CF Margin %	0.03%	0.17%	0.02%	0.07%	0.03%	0.01%	0.04%	0.07%	0.08%	0.04%
Operating CF Growth %	-0.22%	4.51%	-0.91%	2.34%	-0.53%	-0.57%	2.01%	1.23%	0.51%	-0.44%
Net Income	-5.73M	-38.25M	-3.03M	-7.12M	17.71M	8.17M	1.98M	18.26M	12.91M	14.42M
Depreciation & Amortization	16.52M	18.9M	16.09M	13.27M	10.61M	9.92M	9.85M	10.61M	12.51M	14.52M
Stock-Based Compensation	2.07M	2.28M	1.77M	3.19M	2.67M	1.76M	3.33M	3.9M	4.53M	7.51M
Deferred Taxes	-3.49M	-3.75M	-3.12M	-42K	-940K	1.04M	2.73M	-39K	-118K	-3.61M
Other Non-Cash Items	19.72M	66.16M	-3.68M	4.86M	1.04M	4.29M	521K	-659K	4.07M	4.84M
Working Capital Changes	-16.45M	24.26M	-1.46M	7.8M	-20.86M	-20.76M	-5.13M	-2.42M	10.74M	-12.86M
Change in Receivables	-15.61M	13.29M	14.11M	-6.08M	-20.64M	8.37M	-13.16M	-6.75M	-21.81M	-56.5M
Change in Inventory	-3.48M	9.45M	887K	-1.7M	-207K	4.37M	-203K	-6.02M	-6.9M	-9.81M
Change in Payables	-8.58M	-6.59M	-15.85M	21.32M	-4.03M	336K	440K	22.54M	13.85M	36.18M
Cash from Investing+	-35.04M	-419K	-660K	38.26M	-5.15M	-9.23M	-2.08M	-48.26M	-56.49M	-105.31M
Capital Expenditures	-763K	-1.08M	-1.03M	-3.09M	-5.66M	-3.94M	-2.62M	-3.38M	-8.38M	0
CapEx % of Revenue	0%	0%	0%	0.01%	0.02%	0.01%	0.01%	0.01%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3.21M	657K	368K	6.3M	509K	605K	0	19K	0	-17.36M
Cash from Financing+	38.92M	-55.84M	-22.71M	-44.9M	-12.12M	3.72M	-15.56M	38.18M	21.14M	65.91M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-7.98M	-8.99M	-7.79M	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.68M	-7.45M	-6.74M	54K	-1.04M	0	-1.5M	-884K	-5.4M	-11.08M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	11.87M	68.52M	5.54M	18.86M	4.57M	476K	10.68M	26.27M	36.26M	7.46M
FCF Margin %	0.03%	0.16%	0.02%	0.06%	0.01%	0%	0.03%	0.06%	0.07%	0.01%
FCF Growth %	-0.21%	4.77%	-0.92%	2.4%	-0.76%	-0.9%	21.44%	1.46%	0.38%	-0.79%
FCF per Share	0.41	2.02	0.16	0.54	0.13	0.01	0.30	0.75	1.03	0.21
FCF Conversion (FCF/Net Income)	-2.26x	-1.82x	-2.17x	-3.08x	0.58x	0.54x	9.33x	1.70x	3.46x	1.92x
Interest Paid	4.74M	6.92M	5.69M	5.56M	3.55M	3.17M	0	5.01M	12.1M	13.34M
Taxes Paid	5.08M	6.42M	3.05M	10.21M	5.91M	2.16M	0	5.38M	9.92M	9.55M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2.64%	-17.57%	-1.61%	-3.9%	9.53%	4.14%	0.7%	8.21%	5.67%	5.3%
Return on Invested Capital (ROIC)	1.22%	-5.8%	2.19%	3.08%	5.94%	4%	2.91%	6.07%	8.17%	6.62%
Gross Margin	30.15%	32.34%	32.8%	33.06%	33.38%	33.27%	31.14%	30.34%	31.39%	35.16%
Net Margin	-1.51%	-9.16%	-0.88%	-2.11%	5.18%	2.6%	0.44%	4.12%	2.37%	2.32%
Debt / Equity	0.72x	0.68x	0.64x	0.43x	0.45x	0.45x	0.37x	0.57x	0.65x	0.99x
Interest Coverage	0.90x	-3.31x	1.19x	1.40x	3.33x	3.78x	3.34x	4.09x	2.58x	2.72x
FCF Conversion	-2.26x	-1.82x	-2.17x	-3.08x	0.58x	0.54x	9.33x	1.70x	3.46x	1.92x
Revenue Growth	40.6%	12.68%	-17.26%	-2.23%	1.34%	-7.56%	2.57%	30.38%	28.92%	2.4%

Revenue by Segment

	2024
Engineered Systems	399.03M
Engineered Systems Growth	-
Industrial Process Solutions	184.81M
Industrial Process Solutions Growth	-

Revenue by Geography

	2024
UNITED STATES	376.28M
UNITED STATES Growth	-
NETHERLANDS	52.63M
NETHERLANDS Growth	-
Other	35.44M
Other Growth	-
CHINA	30.62M
CHINA Growth	-

Frequently Asked Questions

Valuation & Price

CECO Environmental Corp. (CECO) has a price-to-earnings (P/E) ratio of 183.8x. This suggests investors expect higher future growth.

Growth & Financials

CECO Environmental Corp. (CECO) reported $718.3M in revenue for fiscal year 2024. This represents a 416% increase from $139.2M in 2011.

CECO Environmental Corp. (CECO) grew revenue by 2.4% over the past year. Growth has been modest.

Yes, CECO Environmental Corp. (CECO) is profitable, generating $51.9M in net income for fiscal year 2024 (2.3% net margin).

Dividend & Returns

CECO Environmental Corp. (CECO) has a return on equity (ROE) of 5.3%. This is below average, suggesting room for improvement.

CECO Environmental Corp. (CECO) generated $0.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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