Cash flow generation remains inconsistent, highlighted by a $97.6 million acquisition outlay in 2026Q1 that significantly outpaced the company's ability to generate positive free cash flow, which was -$5.5 million in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 23.42M | 5.86M | 24.83M | 44.65M | 29.65M | 13.3M | 4.42M | 10.23M | 21.95M | 6.57M | 69.6M | 12.64M | 16.26M | 24.18M | 16.83M | 8.74M | 2.94M | 14.89M | 5.08M | 3.96M | -4.15M | 2.59M | 1.88M | 1.59M | 3.7M | 4.38M | 2.63M | -837.21K | -759.07K | 2.06M | 110.16K |
| Operating CF Margin % | - | 0.76% | 4.45% | 8.19% | 7.02% | 4.1% | 1.4% | 2.99% | 6.51% | 1.9% | 16.69% | 3.41% | 6.18% | 12.25% | 12.46% | 6.28% | 2.09% | 10.71% | 2.33% | 1.68% | -3.07% | 3.17% | 2.71% | 2.31% | 4.69% | 4.82% | 2.93% | -3.51% | -2.88% | 14.18% | 1.12% |
| Operating CF Growth % | 381.04% | -76.39% | -44.39% | 50.59% | 122.96% | 200.79% | -56.77% | -53.41% | 234.12% | -90.56% | 450.76% | -22.3% | -32.74% | 43.69% | 92.6% | 197.41% | -80.27% | 193.32% | 28.27% | 195.37% | -260.48% | 37.41% | 18.14% | -56.96% | -15.54% | 66.56% | 414.24% | -10.29% | -136.84% | 1770.47% | 280.49% |
| Net Income | 17.12M | 50.05M | 14.42M | 12.91M | 18.26M | 1.98M | 8.17M | 17.71M | -7.12M | -3.03M | -38.25M | -5.73M | 13.08M | 6.56M | 10.85M | 8.31M | 2.31M | -14.77M | 5.01M | 6.3M | 3.09M | -435K | -928K | -166K | -123K | -264K | -689.92K | -366.16K | 532.93K | -53.77K | 301.08K |
| Depreciation & Amortization | 44.65M | 24.88M | 14.52M | 12.51M | 10.61M | 9.85M | 9.92M | 10.61M | 13.27M | 16.09M | 18.9M | 16.52M | 11.27M | 6.65M | 1.25M | 1.4M | 1.76M | 2.52M | 3.18M | 1.62M | 1.23M | 1.17M | 1.25M | 1.58M | 1.79M | 2.32M | 2.15M | 729.33K | 617.96K | 384.66K | 416.99K |
| Stock-Based Compensation | 22.85M | 13.11M | 7.51M | 4.53M | 3.9M | 3.33M | 1.76M | 2.67M | 3.19M | 1.77M | 2.28M | 2.07M | 1.66M | 1.1M | 662K | 693K | 885K | 997K | 1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 12.46M | 6.31M | -3.61M | -118K | -39K | 2.73M | 1.04M | -940K | -42K | -3.12M | -3.75M | -3.49M | -3.18M | 1.13M | 454K | 513K | -399K | -2.85M | 265K | -489K | -160K | 423K | -553K | -5K | -59K | -103K | -609.04K | -148K | -95.63K | 1.36K | -57.73K |
| Other Non-Cash Items | -83.56M | -68.45M | 4.84M | 4.07M | -659K | 521K | 4.29M | 1.04M | 4.86M | -3.68M | 66.16M | 19.72M | 441K | 201K | 435K | 798K | 843K | 20.24M | -626K | 1.63M | 691K | 1.26M | 712K | 224K | 287K | 89K | -670.24K | 535.49K | 114.55K | -24.05K | 264.3K |
| Working Capital Changes | -42.3M | -20.04M | -12.86M | 10.74M | -2.42M | -5.13M | -20.76M | -20.86M | 7.8M | -1.46M | 24.26M | -16.45M | -7M | 8.55M | 3.18M | -2.98M | -2.45M | 8.75M | -3.94M | -5.11M | -9M | 175K | 1.4M | 172K | 2.06M | 2.74M | 2.45M | -1.59M | -1.93M | 1.75M | -814.48K |
| Change in Receivables | -62.32M | -51.6M | -56.5M | -21.81M | -6.75M | -13.16M | 8.37M | -20.64M | -6.08M | 14.11M | 13.29M | -15.61M | 2.49M | 2.75M | -5.09M | -4.41M | -614K | 14.42M | 8.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -3.94M | -3.18M | -9.81M | -6.9M | -6.02M | -203K | 4.37M | -207K | -1.7M | 887K | 9.45M | -3.48M | 1.99M | 1.68M | 458K | -181K | -135K | 1.19M | -729K | -547K | -774K | -292K | -114K | 480K | 102K | 216K | -199.8K | 1.57M | 229.75K | -60.32K | 89.45K |
| Change in Payables | 18.06M | 7.21M | 36.18M | 13.85M | 22.54M | 440K | 336K | -4.03M | 21.32M | -15.85M | -6.59M | -8.58M | 1.47M | 4.47M | 319K | 1.84M | -2.56M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -6.98M | -1.08M | -105.31M | -56.49M | -48.26M | -2.08M | -9.23M | -5.15M | 38.26M | -660K | -419K | -35.04M | -37.81M | -105.59M | -3.89M | -199K | 4.5M | -999K | -25.78M | -11.65M | -898K | -661K | -472K | 1.46M | 230K | -793K | -306.21K | -25.94M | -693.31K | -2.6M | -118.41K |
| Capital Expenditures | -19.3M | -11.34M | 0 | -8.38M | -3.38M | -2.62M | -3.94M | -5.66M | -3.09M | -1.03M | -1.08M | -763K | -1.15M | -1.38M | -273K | -913K | -654K | -999K | -2.25M | -1.69M | -898K | -661K | -472K | -112K | 0 | -793K | -559.76K | -165.28K | -241K | -210.09K | -78.72K |
| CapEx % of Revenue | 2.38% | 1.46% | 3.11% | 1.54% | 0.8% | 0.81% | 1.25% | 1.65% | 0.92% | 0.3% | 0.26% | 0.21% | 0.44% | 0.7% | 0.2% | 0.66% | 0.47% | 0.72% | 1.03% | 0.72% | 0.66% | 0.81% | 0.68% | 0.16% | - | 0.87% | 0.62% | 0.69% | 0.91% | 1.45% | 0.8% |
| Acquisitions | -95.56M | -97.61M | -87.95M | -48.1M | -44.9M | 533K | -5.89M | 0 | 35.05M | 368K | 657K | -37.48M | -44.4M | -104.43M | -4M | 0 | 0 | 0 | -23.54M | -9.96M | 0 | 0 | 0 | 0 | -240K | 0 | 0 | -25.49M | -111.47K | -2.19M | -39.69K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 74K | 107.88M | -17.36M | 0 | 19K | 0 | 605K | 509K | 6.3M | 368K | 657K | 3.21M | 7.74M | 215K | 382K | 714K | 5.16M | 0 | 0 | 0 | 0 | 0 | 0 | 1.57M | 470K | 0 | 253.55K | -283.03K | -340.85K | -198.85K | 0 |
| Cash from Financing | -138.87M | -11.56M | 65.91M | 21.14M | 38.18M | -15.56M | 3.72M | -12.12M | -44.9M | -22.71M | -55.84M | 38.92M | 18.25M | 81.08M | -2.67M | -1.61M | -3.04M | -13.65M | 21.22M | 7.9M | 5.18M | -1.95M | -1.21M | -3.11M | -3.79M | -4.2M | -2.8M | 27.54M | 969.2K | 971.04K | -622.59K |
| Debt Issued (Net) | -135.72M | -8.04M | 81.99M | 25.11M | 46.08M | -9.04M | 3.72M | -11.07M | -44.95M | -9.61M | -41.36M | 51.58M | 23.22M | 89.15M | 0 | 0 | -2.71M | -13.65M | 22.76M | -11.63M | 1.82M | -1.95M | -1.22M | -3.13M | -3.38M | -8.75M | -1.49M | 19.04M | 969.2K | 444.35K | -650.09K |
| Equity Issued (Net) | 654K | 872K | -5M | 1.44M | -7.02M | -5.01M | 0 | 0 | 0 | 0 | -188K | 0 | -973K | -2.37M | -456K | -991K | 0 | 0 | -1.59M | 19M | 3.36M | 0 | 13K | 20K | -109K | 4.38M | -1.31M | 0 | 0 | 24.1K | 27.5K |
| Dividends Paid | -1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.79M | -8.99M | -7.98M | -5.94M | -4.34M | -2.46M | -728K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -5M | 0 | -7.02M | -5.01M | 0 | 0 | 0 | 0 | -188K | 0 | -973K | -2.37M | -456K | -991K | 0 | 0 | -1.59M | 0 | 0 | 0 | 0 | 0 | -118K | 0 | -1.34M | 0 | 0 | 0 | 0 |
| Other Financing | -2.2M | -4.39M | -11.08M | -5.4M | -884K | -1.5M | 0 | -1.04M | 54K | -6.74M | -7.45M | -4.68M | 34K | -1.37M | 248K | 112K | -336K | 0 | 43K | 531K | 0 | 0 | 0 | 0 | -301K | 175K | -300 | 8.51M | 0 | 502.59K | 0 |
| Net Change in Cash | -118.42M | -4.97M | -17.25M | 8.86M | 14.59M | -5.82M | 853K | -7.48M | 13.78M | -15.92M | 11.63M | 16.03M | -3.3M | -333K | 10.27M | 6.93M | 4.4M | 246K | 513K | 211K | 135K | -29K | 203K | -58K | 141K | -611K | -470.64K | 770.14K | -483.18K | 435.65K | -630.84K |
| Free Cash Flow | 4.12M | -5.48M | 7.46M | 36.26M | 26.27M | 10.68M | 476K | 4.57M | 18.86M | 5.54M | 68.52M | 11.87M | 15.11M | 22.8M | 16.56M | 7.83M | 2.28M | 13.89M | 2.83M | 2.27M | -5.05M | 1.93M | 1.41M | 1.48M | 3.7M | 3.59M | 2.07M | -1M | -1M | 1.85M | 31.44K |
| FCF Margin % | 0.51% | -0.71% | 1.34% | 6.66% | 6.22% | 3.3% | 0.15% | 1.34% | 5.59% | 1.61% | 16.43% | 3.21% | 5.74% | 11.56% | 12.26% | 5.62% | 1.62% | 10% | 1.3% | 0.96% | -3.73% | 2.36% | 2.03% | 2.15% | 4.69% | 3.94% | 2.31% | -4.2% | -3.79% | 12.73% | 0.32% |
| FCF Growth % | -64.63% | -173.49% | -79.43% | 38.02% | 145.96% | 2144.12% | -89.59% | -75.76% | 240.35% | -91.91% | 477.08% | -21.43% | -33.73% | 37.74% | 111.58% | 242.6% | -83.56% | 391.27% | 24.8% | 144.89% | -362.23% | 36.52% | -4.79% | -59.98% | 3.12% | 73.29% | 306.6% | -0.24% | -154.05% | 5785.81% | 113.72% |
| FCF per Share | 0.11 | -0.15 | 0.21 | 1.03 | 0.75 | 0.30 | 0.01 | 0.13 | 0.54 | 0.16 | 2.02 | 0.41 | 0.58 | 1.10 | 0.96 | 0.46 | 0.13 | 0.98 | 0.18 | 0.16 | -0.39 | 0.19 | 0.14 | 0.15 | 0.39 | 0.45 | 0.25 | -0.11 | -0.12 | 0.23 | 0.00 |
| FCF Conversion (FCF/Net Income) | 0.24x | 0.12x | 1.92x | 3.46x | 1.70x | 9.33x | 0.54x | 0.58x | -3.08x | -2.17x | -1.82x | -2.26x | 1.24x | 3.69x | 1.55x | 1.06x | 1.40x | -0.99x | 1.01x | 0.63x | -1.34x | -5.94x | -2.03x | -9.60x | -30.09x | -16.60x | -3.81x | 2.29x | -1.42x | -38.32x | 0.37x |
| Interest Paid | 32.28M | 0 | 13.34M | 12.1M | 5.01M | 0 | 3.17M | 3.55M | 5.56M | 5.69M | 6.92M | 4.74M | 2.82M | 1.84M | 0 | 0 | 1.1M | 1.41M | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 44.75M | 0 | 9.55M | 9.92M | 5.38M | 0 | 2.16M | 5.91M | 10.21M | 3.05M | 6.42M | 5.08M | 8.66M | 2.24M | 0 | 0 | 247K | 2.43M | 429K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, CECO's operating cash flow to net income ratio has fluctuated wildly, reaching a high of 10.18 in 2025Q3 before dropping to -0.33 in 2025Q1, suggesting that reported net income is a poor proxy for actual cash generation.
The extreme variance in the OCF/NI ratio indicates that accounting accruals and project-based revenue recognition are significantly decoupling from cash inflows. Investors should monitor whether this instability is a permanent feature of the company's long-cycle project business or a temporary byproduct of recent aggressive growth phases.
Based on quarterly cash flow data, CECO's free cash flow margins have swung from a positive 8.2% in 2024Q4 to a negative 8.5% in 2025Q1, highlighting a lack of consistent cash conversion despite the company's reported top-line expansion and strategic pivot into new industrial markets.
The inability to maintain positive FCF margins suggests that the company's growth is currently capital-intensive and potentially inefficient. This trajectory warrants further investigation into whether the firm can achieve sustainable cash flow generation as it scales its newer semiconductor and EV-related service offerings.
According to recent SEC filings, CECO experienced a significant working capital outflow of $18.3 million in 2025Q2, which directly offset operating cash flow and underscores the company's vulnerability to timing differences in large-scale industrial project collections and inventory management requirements.
The recurring negative working capital changes suggest that the company is frequently forced to tie up cash to support its project backlog. This dynamic appears to be a primary driver of the firm's inconsistent cash flow, as the cash cycle remains sensitive to the execution pace of its engineered systems.
As indicated by historical cash flow statements, CECO has utilized significant capital for acquisitions, including a $97.6 million outlay in 2026Q1, which appears to prioritize inorganic growth over the internal generation of free cash flow for shareholders or debt reduction.
The heavy reliance on acquisitions to drive growth suggests that management is attempting to fill technology gaps rapidly, though this strategy consumes substantial liquidity. Investors should monitor whether these acquisitions will eventually yield the operating leverage necessary to stabilize cash flows or if they will continue to suppress FCF.
Quick answers to the most common questions about buying CECO stock.
CECO Environmental Corp. (CECO) generated $5.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CECO Environmental Corp. (CECO) reported negative free cash flow of $5.5M in 2025, indicating capital requirements exceeded cash from operations.
CECO Environmental Corp. (CECO) spent $11.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.