CECO Environmental (CECO) Financials

$27.15 -0.19 (-0.69%)

Closing price 05/30/2025 04:00 PM Eastern

Extended Trading

$26.87 -0.28 (-1.03%)

As of 05/30/2025 04:37 PM Eastern

Annual Income Statements for CECO Environmental

This table shows CECO Environmental's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	13	13	17
Consolidated Net Income / (Loss)	14	15	18
Net Income / (Loss) Continuing Operations	14	15	18
Total Pre-Tax Income	18	22	24
Total Operating Income	35	35	22
Total Gross Profit	196	171	128
Total Revenue	558	545	423
Operating Revenue	558	545	423
Total Cost of Revenue	362	374	294
Operating Cost of Revenue	362	374	294
Total Operating Expenses	161	136	106
Selling, General & Admin Expense	147	123	93
Amortization Expense	9.06	8.18	6.81
Other Operating Expenses / (Income)	0.00	1.47	1.16
Restructuring Charge	4.76	3.86	4.62
Other Special Charges / (Income)	0.23	0.00	0.00
Total Other Income / (Expense), net	-18	-13	1.53
Interest Expense	13	13	5.42
Other Income / (Expense), net	-4.69	0.37	6.95
Income Tax Expense	3.27	7.02	5.43
Net Income / (Loss) Attributable to Noncontrolling Interest	1.46	1.59	0.85
Basic Earnings per Share	$0.37	$0.37	$0.50
Weighted Average Basic Shares Outstanding	34.93M	34.67M	34.67M
Diluted Earnings per Share	$0.36	$0.37	$0.50
Weighted Average Diluted Shares Outstanding	36.38M	35.33M	35.01M
Weighted Average Basic & Diluted Shares Outstanding	34.99M	34.85M	34.42M

This table shows CECO Environmental's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	36	4.88	2.09	4.49	1.51	3.88	3.33	3.72	1.98	8.30	1.94
Consolidated Net Income / (Loss)	36	4.86	2.54	4.93	2.09	4.33	3.71	3.99	2.47	8.56	2.17
Net Income / (Loss) Continuing Operations	36	4.86	2.54	4.93	2.09	4.32	3.71	3.99	2.48	8.56	2.17
Total Pre-Tax Income	55	5.47	4.14	5.32	2.76	9.78	4.30	4.97	2.48	11	2.48
Total Operating Income	62	11	7.19	9.26	7.69	13	7.85	8.60	5.46	8.44	2.77
Total Gross Profit	62	57	45	49	45	53	43	40	35	38	32
Total Revenue	177	159	136	138	126	154	149	129	113	116	108
Operating Revenue	177	159	136	138	126	154	149	129	113	116	108
Total Cost of Revenue	115	102	90	88	81	101	106	89	78	79	76
Operating Cost of Revenue	115	102	90	88	81	101	106	89	78	79	76
Total Operating Expenses	0.29	45	38	40	37	41	35	31	29	29	30
Selling, General & Admin Expense	54	41	34	36	35	37	30	28	27	27	25
Amortization Expense	3.10	2.03	2.62	2.21	2.21	2.19	1.97	2.27	1.75	1.87	2.04
Restructuring Charge	8.14	2.34	1.20	0.89	0.33	1.43	1.60	0.33	0.49	0.72	1.29
Other Special Charges / (Income)	-65	-	0.00	0.23	-	-	0.00	0.00	-	-	-
Total Other Income / (Expense), net	-6.81	-5.81	-3.05	-3.93	-4.93	-2.88	-3.56	-3.63	-2.98	2.26	-0.29
Interest Expense	6.22	3.71	2.65	3.25	3.41	3.92	3.34	3.75	2.41	1.93	1.57
Other Income / (Expense), net	-0.59	-2.10	-0.40	-0.68	-1.51	1.04	-0.22	0.12	-0.57	4.19	1.28
Income Tax Expense	19	0.61	1.60	0.39	0.67	5.46	0.59	0.98	0.00	2.14	0.31
Net Income / (Loss) Attributable to Noncontrolling Interest	0.46	-0.02	0.45	0.45	0.59	0.45	0.38	0.27	0.49	0.27	0.22
Basic Earnings per Share	$1.03	$0.14	$0.06	$0.13	$0.04	$0.10	$0.10	$0.11	$0.06	$0.23	$0.06
Weighted Average Basic Shares Outstanding	35.03M	34.93M	34.97M	34.92M	34.85M	34.67M	34.77M	34.62M	34.44M	34.67M	34.46M
Diluted Earnings per Share	$0.98	$0.14	$0.06	$0.12	$0.04	$0.11	$0.09	$0.11	$0.06	$0.23	$0.06
Weighted Average Diluted Shares Outstanding	36.69M	36.38M	36.49M	36.30M	36.18M	35.33M	35.30M	35.14M	35.20M	35.01M	34.87M
Weighted Average Basic & Diluted Shares Outstanding	35.27M	34.99M	34.98M	34.96M	34.94M	34.85M	34.81M	34.77M	34.59M	34.42M	34.27M

This table details how cash moves in and out of CECO Environmental's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	-17	8.86	15
Net Cash From Operating Activities	25	45	30
Net Cash From Continuing Operating Activities	25	45	30
Net Income / (Loss) Continuing Operations	14	15	18
Consolidated Net Income / (Loss)	14	15	18
Depreciation Expense	15	13	11
Amortization Expense	0.50	0.43	0.37
Non-Cash Adjustments To Reconcile Net Income	32	33	-9.35
Changes in Operating Assets and Liabilities, net	-37	-16	9.75
Net Cash From Investing Activities	-105	-56	-48
Net Cash From Continuing Investing Activities	-105	-56	-48
Purchase of Property, Plant & Equipment	-17	-8.38	-3.38
Acquisitions	-88	-48	-45
Sale of Property, Plant & Equipment	0.00	0.00	0.02
Net Cash From Financing Activities	66	21	38
Net Cash From Continuing Financing Activities	66	21	38
Repayment of Debt	81	-49	36
Repurchase of Common Equity	-5.00	0.00	-7.02
Payment of Dividends	-2.11	-1.67	-1.43
Issuance of Debt	0.00	75	11
Other Financing Activities, net	-7.98	-2.84	0.07
Effect of Exchange Rate Changes	-2.67	-0.44	-4.98
Cash Interest Paid	13	12	5.01
Cash Income Taxes Paid	9.55	9.92	5.38

This table details how cash moves in and out of CECO Environmental's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	108	-0.73	2.01	-10	-8.42	7.11	-0.22	6.35	-4.38	10	0.76
Net Cash From Operating Activities	-12	1.83	15	6.67	1.22	15	30	11	-12	9.95	38
Net Cash From Continuing Operating Activities	-12	1.83	15	6.67	1.22	15	30	11	-12	9.95	1.01
Net Income / (Loss) Continuing Operations	36	4.86	2.54	4.93	2.09	4.33	3.71	3.99	2.47	8.56	2.17
Consolidated Net Income / (Loss)	36	4.86	2.54	4.93	2.09	4.33	3.71	3.99	2.47	8.56	2.17
Depreciation Expense	5.12	3.99	3.56	3.46	3.51	3.74	3.12	2.77	2.89	3.01	2.94
Amortization Expense	0.21	0.14	0.12	0.12	0.12	0.16	0.09	0.09	0.09	0.09	0.09
Non-Cash Adjustments To Reconcile Net Income	-68	19	-6.05	8.12	11	3.89	-8.29	28	9.38	-16	-2.74
Changes in Operating Assets and Liabilities, net	14	-26	15	-9.97	-16	3.04	31	-23	-27	15	-1.46
Net Cash From Investing Activities	4.83	-79	-19	-4.12	-2.69	-2.87	-26	-1.41	-27	-1.00	-8.46
Net Cash From Continuing Investing Activities	4.83	-79	-19	-4.12	-2.69	-2.87	-26	-1.41	-27	-1.00	-8.46
Purchase of Property, Plant & Equipment	-3.39	-6.13	-4.00	-4.12	-3.12	-2.87	-1.59	-1.41	-2.51	-1.01	-0.94
Acquisitions	-98	-	-	-	-	-	-	-	-	-	-
Other Investing Activities, net	106	-	-	-	-	-	-	-	-	-	-
Net Cash From Financing Activities	116	80	2.05	-10	-6.53	-4.03	-4.33	-4.86	34	-0.07	12
Net Cash From Continuing Financing Activities	116	80	2.05	-10	-6.53	-4.03	-4.33	-4.86	34	-0.07	12
Repayment of Debt	120	85	2.46	-4.95	-1.75	-78	-1.73	-3.73	34	0.27	14
Repurchase of Common Equity	0.00	-	-	-2.00	-3.00	-	-	-	0.00	-0.46	-2.23
Payment of Dividends	-0.40	-0.40	-0.60	-0.30	-0.80	-0.30	-0.77	-0.60	0.00	-0.22	-0.30
Other Financing Activities, net	-3.92	-3.56	-0.23	-2.95	-1.23	0.58	-2.12	-1.08	-0.23	0.52	-0.15
Effect of Exchange Rate Changes	-0.41	-3.86	4.24	-2.63	-0.42	-1.15	-0.44	1.21	-0.06	1.48	-3.37
Cash Interest Paid	3.99	3.62	3.14	3.31	3.27	3.57	3.15	3.04	2.34	1.77	1.42
Cash Income Taxes Paid	2.41	2.77	2.98	2.83	0.98	1.28	1.03	6.32	1.29	1.81	2.60

This table presents CECO Environmental's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	760	600	505
Total Current Assets	331	281	241
Cash & Equivalents	38	55	46
Restricted Cash	0.37	0.67	1.06
Accounts Receivable	160	113	83
Inventories, net	43	34	27
Prepaid Expenses	17	12	12
Current Deferred & Refundable Income Taxes	3.83	0.82	1.27
Other Current Assets	70	67	71
Plant, Property, & Equipment, net	34	26	21
Total Noncurrent Assets	395	293	243
Goodwill	270	211	183
Intangible Assets	84	60	45
Noncurrent Deferred & Refundable Income Taxes	0.97	0.30	0.83
Other Noncurrent Operating Assets	41	21	14
Total Liabilities & Shareholders' Equity	760	600	505
Total Liabilities	508	363	287
Total Current Liabilities	245	203	147
Short-Term Debt	1.65	10	3.58
Accounts Payable	110	88	73
Accrued Expenses	48	44	34
Current Deferred Revenue	82	57	33
Current Deferred & Payable Income Tax Liabilities	2.61	1.23	3.21
Other Current Liabilities	1.70	2.50	-
Total Noncurrent Liabilities	263	160	140
Long-Term Debt	217	127	108
Noncurrent Deferred & Payable Income Tax Liabilities	11	8.84	8.67
Other Noncurrent Operating Liabilities	35	24	24
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	252	237	218
Total Preferred & Common Equity	248	233	213
Preferred Stock	0.00	0.00	0.00
Total Common Equity	248	233	213
Common Stock	256	255	251
Retained Earnings	6.57	-6.39	-19
Accumulated Other Comprehensive Income / (Loss)	-14	-16	-18
Noncontrolling Interest	4.20	4.85	4.92

This table presents CECO Environmental's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	957	622	598	589	600	583	568	486
Total Current Assets	476	276	281	272	285	291	275	223
Cash & Equivalents	146	39	37	47	48	48	41	35
Restricted Cash	0.21	0.23	0.39	0.47	0.75	0.94	0.97	1.03
Accounts Receivable	152	100	127	117	112	127	110	90
Inventories, net	53	38	38	38	38	32	30	25
Prepaid Expenses	37	27	20	11	15	16	12	14
Current Deferred & Refundable Income Taxes	3.86	3.83	3.22	0.74	6.58	6.46	1.25	0.87
Other Current Assets	83	69	55	59	65	62	80	57
Plant, Property, & Equipment, net	46	32	30	28	25	24	24	20
Total Noncurrent Assets	435	313	286	290	290	267	268	243
Goodwill	275	220	211	211	210	200	208	182
Intangible Assets	119	61	56	58	62	52	45	45
Noncurrent Deferred & Refundable Income Taxes	0.21	0.29	0.26	0.29	0.80	0.82	0.82	0.51
Other Noncurrent Operating Assets	41	31	19	20	17	14	15	15
Total Liabilities & Shareholders' Equity	957	622	598	589	600	583	568	486
Total Liabilities	667	376	358	353	370	355	345	281
Total Current Liabilities	279	213	207	196	203	188	172	140
Short-Term Debt	1.67	11	11	11	4.73	4.31	3.85	3.30
Accounts Payable	110	92	91	79	94	116	112	100
Accrued Expenses	59	44	45	46	44	-	-	-
Current Deferred Revenue	88	65	60	58	54	61	52	34
Current Deferred & Payable Income Tax Liabilities	20	0.00	1.21	0.82	3.47	3.79	3.19	1.80
Other Current Liabilities	0.70	1.70	0.00	1.50	2.50	2.50	1.00	0.50
Total Noncurrent Liabilities	388	162	151	157	167	167	174	141
Long-Term Debt	338	123	120	125	135	137	141	107
Noncurrent Deferred & Payable Income Tax Liabilities	26	9.62	9.95	9.52	7.59	7.99	8.71	9.81
Other Noncurrent Operating Liabilities	24	30	21	22	24	22	24	24
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	290	246	240	236	230	227	222	205
Total Preferred & Common Equity	286	241	235	232	225	222	217	201
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	286	241	235	232	225	222	217	201
Common Stock	256	254	252	252	254	253	251	250
Retained Earnings	43	1.69	-0.39	-4.88	-10	-14	-17	-28
Accumulated Other Comprehensive Income / (Loss)	-13	-14	-16	-16	-18	-17	-17	-21
Noncontrolling Interest	4.26	4.62	4.77	4.63	4.70	5.08	5.42	4.88

This table displays calculated financial ratios and metrics derived from CECO Environmental's official financial filings.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	2.40%	28.92%	30.38%
EBITDA Growth	-4.48%	19.41%	124.20%
EBIT Growth	-12.11%	20.04%	281.69%
NOPAT Growth	23.92%	36.31%	308.54%
Net Income Growth	-0.55%	-20.60%	820.98%
EPS Growth	-2.70%	-26.00%	1,150.00%
Operating Cash Flow Growth	-44.39%	50.59%	122.96%
Free Cash Flow Firm Growth	-535.90%	52.50%	-736.60%
Invested Capital Growth	35.46%	12.93%	18.94%
Revenue Q/Q Growth	0.88%	7.35%	5.71%
EBITDA Q/Q Growth	-8.57%	4.04%	28.83%
EBIT Q/Q Growth	-12.83%	3.13%	40.94%
NOPAT Q/Q Growth	24.34%	-8.10%	31.56%
Net Income Q/Q Growth	3.81%	-22.60%	63.08%
EPS Q/Q Growth	9.09%	-24.49%	61.29%
Operating Cash Flow Q/Q Growth	-34.93%	13.19%	30.26%
Free Cash Flow Firm Q/Q Growth	-1,910.32%	21.57%	14.20%
Invested Capital Q/Q Growth	27.10%	-0.77%	1.15%
Profitability Metrics	-	-	-
Gross Margin	35.16%	31.39%	30.34%
EBITDA Margin	8.20%	8.79%	9.49%
Operating Margin	6.35%	6.34%	5.24%
EBIT Margin	5.50%	6.41%	6.89%
Profit (Net Income) Margin	2.58%	2.66%	4.32%
Tax Burden Percent	81.52%	67.37%	77.09%
Interest Burden Percent	57.60%	61.60%	81.38%
Effective Tax Rate	18.48%	32.63%	22.91%
Return on Invested Capital (ROIC)	7.68%	7.74%	6.56%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.32%	-4.26%	9.01%
Return on Net Nonoperating Assets (RNNOA)	-1.78%	-1.37%	2.05%
Return on Equity (ROE)	5.89%	6.37%	8.61%
Cash Return on Invested Capital (CROIC)	-22.45%	-4.41%	-10.74%
Operating Return on Assets (OROA)	4.52%	6.32%	6.32%
Return on Assets (ROA)	2.12%	2.62%	3.97%
Return on Common Equity (ROCE)	5.78%	6.23%	8.48%
Return on Equity Simple (ROE_SIMPLE)	5.82%	6.23%	8.57%
Net Operating Profit after Tax (NOPAT)	29	23	17
NOPAT Margin	5.17%	4.27%	4.04%
Net Nonoperating Expense Percent (NNEP)	11.00%	12.00%	-2.44%
Return On Investment Capital (ROIC_SIMPLE)	6.13%	6.21%	5.19%
Cost of Revenue to Revenue	64.84%	68.61%	69.66%
SG&A Expenses to Revenue	26.29%	22.56%	22.12%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.81%	25.04%	25.10%
Earnings before Interest and Taxes (EBIT)	31	35	29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	46	48	40
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	4.27	3.03	1.88
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.90	1.30	0.95
Price to Earnings (P/E)	81.61	54.68	22.98
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	1.23%	1.83%	4.35%
Enterprise Value to Invested Capital (EV/IC)	2.87	2.48	1.66
Enterprise Value to Revenue (EV/Rev)	2.23	1.45	1.11
Enterprise Value to EBITDA (EV/EBITDA)	27.16	16.56	11.72
Enterprise Value to EBIT (EV/EBIT)	40.45	22.69	16.14
Enterprise Value to NOPAT (EV/NOPAT)	43.05	34.04	27.50
Enterprise Value to Operating Cash Flow (EV/OCF)	50.04	17.75	15.85
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.87	0.58	0.51
Long-Term Debt to Equity	0.86	0.53	0.49
Financial Leverage	0.54	0.32	0.23
Leverage Ratio	2.78	2.43	2.17
Compound Leverage Factor	1.60	1.49	1.77
Debt to Total Capital	46.49%	36.63%	33.76%
Short-Term Debt to Total Capital	0.35%	2.80%	1.09%
Long-Term Debt to Total Capital	46.14%	33.83%	32.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.89%	1.29%	1.50%
Common Equity to Total Capital	52.61%	62.08%	64.74%
Debt to EBITDA	4.79	2.87	2.77
Net Debt to EBITDA	3.95	1.71	1.61
Long-Term Debt to EBITDA	4.75	2.65	2.68
Debt to NOPAT	7.58	5.89	6.51
Net Debt to NOPAT	6.26	3.51	3.78
Long-Term Debt to NOPAT	7.53	5.44	6.30
Altman Z-Score	2.27	2.41	2.04
Noncontrolling Interest Sharing Ratio	1.85%	2.14%	1.49%
Liquidity Ratios	-	-	-
Current Ratio	1.35	1.39	1.64
Quick Ratio	0.81	0.82	0.88
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-84	-13	-28
Operating Cash Flow to CapEx	142.99%	532.53%	883.20%
Free Cash Flow to Firm to Interest Expense	-6.48	-0.99	-5.16
Operating Cash Flow to Interest Expense	1.91	3.33	5.47
Operating Cash Flow Less CapEx to Interest Expense	0.57	2.70	4.85
Efficiency Ratios	-	-	-
Asset Turnover	0.82	0.99	0.92
Accounts Receivable Turnover	4.10	5.56	5.35
Inventory Turnover	9.43	12.33	13.51
Fixed Asset Turnover	18.58	23.15	22.98
Accounts Payable Turnover	3.67	4.64	3.74
Days Sales Outstanding (DSO)	89.07	65.59	68.26
Days Inventory Outstanding (DIO)	38.70	29.59	27.01
Days Payable Outstanding (DPO)	99.56	78.65	97.63
Cash Conversion Cycle (CCC)	28.21	16.54	-2.35
Capital & Investment Metrics	-	-	-
Invested Capital	433	319	283
Invested Capital Turnover	1.48	1.81	1.62
Increase / (Decrease) in Invested Capital	113	37	45
Enterprise Value (EV)	1,242	793	470
Market Capitalization	1,057	706	400
Book Value per Share	$7.08	$6.68	$6.22
Tangible Book Value per Share	($3.02)	($1.11)	($0.43)
Total Capital	471	375	329
Total Debt	219	137	111
Total Long-Term Debt	217	127	108
Net Debt	181	82	65
Capital Expenditures (CapEx)	17	8.38	3.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	50	33	51
Debt-free Net Working Capital (DFNWC)	88	89	98
Net Working Capital (NWC)	86	78	94
Net Nonoperating Expense (NNE)	14	8.79	-1.18
Net Nonoperating Obligations (NNO)	181	82	65
Total Depreciation and Amortization (D&A)	15	13	11
Debt-free, Cash-free Net Working Capital to Revenue	8.92%	6.12%	12.06%
Debt-free Net Working Capital to Revenue	15.77%	16.30%	23.08%
Net Working Capital to Revenue	15.47%	14.38%	22.23%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.37	$0.37	$0.50
Adjusted Weighted Average Basic Shares Outstanding	34.93M	34.67M	34.67M
Adjusted Diluted Earnings per Share	$0.36	$0.37	$0.50
Adjusted Weighted Average Diluted Shares Outstanding	36.38M	35.33M	35.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	34.99M	34.85M	34.42M
Normalized Net Operating Profit after Tax (NOPAT)	33	26	21
Normalized NOPAT Margin	5.90%	4.75%	4.89%
Pre Tax Income Margin	3.17%	3.95%	5.61%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	2.36	2.60	5.37
NOPAT to Interest Expense	2.22	1.74	3.15
EBIT Less CapEx to Interest Expense	1.03	1.98	4.75
NOPAT Less CapEx to Interest Expense	0.88	1.11	2.53
Payout Ratios	-	-	-
Dividend Payout Ratio	14.62%	11.49%	7.80%
Augmented Payout Ratio	49.30%	11.49%	46.24%

This table displays calculated financial ratios and metrics derived from CECO Environmental's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	39.87%	3.16%	-9.29%	6.46%	12.23%	32.05%	37.80%	22.59%	21.77%	24.38%	35.55%
EBITDA Growth	579.21%	-24.38%	-3.47%	5.00%	24.70%	11.81%	53.13%	14.02%	10.36%	132.76%	228.33%
EBIT Growth	892.65%	-33.02%	-11.10%	-1.67%	26.31%	8.39%	88.61%	13.56%	3.01%	202.37%	1,085.16%
NOPAT Growth	602.58%	79.22%	-35.04%	24.21%	6.73%	-17.19%	180.11%	67.39%	46.52%	189.54%	680.51%
Net Income Growth	1,641.14%	12.22%	-31.60%	23.56%	-15.23%	-49.43%	71.38%	-15.54%	-12.14%	471.25%	281.10%
EPS Growth	2,350.00%	27.27%	-33.33%	9.09%	-33.33%	-52.17%	50.00%	-15.38%	-25.00%	475.00%	250.00%
Operating Cash Flow Growth	-1,055.56%	-87.94%	-49.81%	-41.57%	110.18%	52.28%	-21.58%	161.71%	-5,850.99%	224.62%	526.93%
Free Cash Flow Firm Growth	-1,962.41%	-233.33%	60.14%	88.35%	112.08%	19.09%	17.74%	-55.49%	-62.46%	-1,607.28%	-1,251.47%
Invested Capital Growth	48.75%	35.46%	5.76%	4.21%	-0.15%	12.93%	15.12%	18.13%	21.53%	18.94%	19.47%
Revenue Q/Q Growth	11.43%	17.01%	-1.46%	8.86%	-17.81%	2.89%	15.64%	14.76%	-3.30%	7.37%	2.88%
EBITDA Q/Q Growth	400.77%	27.03%	-13.90%	24.01%	-44.25%	62.17%	-6.35%	47.27%	-50.01%	122.11%	-30.27%
EBIT Q/Q Growth	568.15%	35.09%	-20.86%	38.96%	-54.92%	79.30%	-12.46%	78.51%	-61.32%	212.00%	-47.29%
NOPAT Q/Q Growth	308.64%	127.41%	-48.59%	47.07%	4.24%	-17.58%	-1.70%	26.37%	-19.13%	178.81%	-41.26%
Net Income Q/Q Growth	649.99%	91.37%	-48.50%	135.55%	-51.66%	16.65%	-6.97%	61.60%	-71.17%	295.34%	-54.15%
EPS Q/Q Growth	600.00%	133.33%	-50.00%	200.00%	-63.64%	22.22%	-18.18%	83.33%	-73.91%	283.33%	-53.85%
Operating Cash Flow Q/Q Growth	-739.82%	-87.90%	126.62%	444.69%	-91.92%	-49.65%	163.82%	194.92%	-220.78%	-74.07%	307.62%
Free Cash Flow Firm Q/Q Growth	-13.69%	-629.95%	-187.36%	-178.09%	120.35%	12.71%	16.03%	19.00%	-36.29%	11.26%	-58.72%
Invested Capital Q/Q Growth	11.68%	27.10%	1.99%	2.76%	1.71%	-0.77%	0.49%	-1.54%	15.02%	1.15%	3.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.18%	35.76%	33.40%	35.66%	35.72%	34.60%	28.86%	30.82%	31.00%	32.38%	29.91%
EBITDA Margin	37.69%	8.39%	7.73%	8.84%	7.76%	11.44%	7.26%	8.96%	6.99%	13.51%	6.53%
Operating Margin	35.01%	7.11%	5.30%	6.73%	6.08%	8.23%	5.26%	6.66%	4.85%	7.25%	2.56%
EBIT Margin	34.68%	5.78%	5.01%	6.24%	4.89%	8.91%	5.11%	6.75%	4.34%	10.85%	3.73%
Profit (Net Income) Margin	20.62%	3.06%	1.87%	3.58%	1.66%	2.82%	2.48%	3.09%	2.19%	7.36%	2.00%
Tax Burden Percent	66.19%	88.90%	61.31%	92.60%	75.83%	44.30%	86.39%	80.22%	99.60%	80.01%	87.34%
Interest Burden Percent	89.85%	59.60%	61.00%	62.07%	44.71%	71.39%	56.27%	57.02%	50.73%	84.72%	61.25%
Effective Tax Rate	33.81%	11.11%	38.69%	7.40%	24.17%	55.81%	13.61%	19.78%	0.00%	19.99%	12.66%
Return on Invested Capital (ROIC)	34.90%	9.38%	5.43%	10.81%	7.93%	6.58%	7.67%	8.43%	7.25%	9.42%	3.48%
ROIC Less NNEP Spread (ROIC-NNEP)	31.70%	5.45%	3.43%	6.91%	4.03%	4.86%	3.96%	4.64%	3.45%	13.18%	2.99%
Return on Net Nonoperating Assets (RNNOA)	16.97%	2.92%	1.34%	2.77%	1.69%	1.56%	1.51%	1.63%	1.25%	3.00%	0.77%
Return on Equity (ROE)	51.87%	12.30%	6.77%	13.58%	9.62%	8.15%	9.17%	10.06%	8.49%	12.42%	4.25%
Cash Return on Invested Capital (CROIC)	-23.74%	-22.45%	1.41%	3.66%	7.47%	-4.41%	-5.63%	-9.50%	-13.34%	-10.74%	-12.68%
Operating Return on Assets (OROA)	27.29%	4.75%	4.54%	5.99%	4.72%	8.78%	4.78%	5.92%	3.75%	9.96%	3.30%
Return on Assets (ROA)	16.23%	2.51%	1.70%	3.44%	1.60%	2.78%	2.32%	2.71%	1.89%	6.75%	1.77%
Return on Common Equity (ROCE)	50.99%	12.07%	6.64%	13.29%	9.41%	7.97%	8.97%	9.83%	8.28%	12.23%	4.19%
Return on Equity Simple (ROE_SIMPLE)	17.06%	0.00%	5.76%	6.41%	6.10%	0.00%	8.31%	7.74%	8.27%	0.00%	5.58%
Net Operating Profit after Tax (NOPAT)	41	10	4.41	8.57	5.83	5.59	6.78	6.90	5.46	6.75	2.42
NOPAT Margin	23.18%	6.32%	3.25%	6.23%	4.61%	3.64%	4.54%	5.34%	4.85%	5.80%	2.23%
Net Nonoperating Expense Percent (NNEP)	3.20%	3.93%	2.01%	3.90%	3.90%	1.72%	3.71%	3.79%	3.80%	-3.76%	0.48%
Return On Investment Capital (ROIC_SIMPLE)	6.50%	2.13%	-	-	-	1.49%	-	-	-	2.05%	-
Cost of Revenue to Revenue	64.82%	64.24%	66.60%	64.34%	64.28%	65.40%	71.14%	69.18%	69.00%	67.62%	70.09%
SG&A Expenses to Revenue	30.31%	25.90%	25.28%	26.52%	27.63%	23.98%	20.38%	22.02%	24.16%	22.91%	23.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.17%	28.65%	28.10%	28.93%	29.64%	26.37%	23.61%	24.16%	26.15%	25.13%	27.35%
Earnings before Interest and Taxes (EBIT)	61	9.17	6.79	8.58	6.17	14	7.64	8.72	4.89	13	4.05
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	67	13	10	12	9.81	18	11	12	7.86	16	7.08
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.79	4.27	4.09	4.29	3.47	3.03	2.46	2.08	2.22	1.88	1.55
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.31	1.90	1.78	1.78	1.44	1.30	1.09	0.99	1.09	0.95	0.78
Price to Earnings (P/E)	16.82	81.61	82.45	76.34	64.49	54.68	32.04	28.99	29.00	22.98	30.14
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.95%	1.23%	1.21%	1.31%	1.55%	1.83%	3.12%	3.45%	3.45%	4.35%	3.32%
Enterprise Value to Invested Capital (EV/IC)	2.06	2.87	3.19	3.32	2.76	2.48	2.02	1.75	1.81	1.66	1.40
Enterprise Value to Revenue (EV/Rev)	1.64	2.23	1.96	1.95	1.60	1.45	1.28	1.20	1.33	1.11	0.98
Enterprise Value to EBITDA (EV/EBITDA)	9.71	27.16	21.69	21.96	17.98	16.56	14.16	13.26	14.45	11.72	12.53
Enterprise Value to EBIT (EV/EBIT)	11.60	40.45	30.79	30.67	24.72	22.69	19.23	18.50	20.17	16.14	18.89
Enterprise Value to NOPAT (EV/NOPAT)	15.94	43.05	46.75	43.49	37.60	34.04	25.71	26.60	32.65	27.50	30.04
Enterprise Value to Operating Cash Flow (EV/OCF)	83.56	50.04	28.44	20.82	15.47	17.75	16.52	11.74	33.09	15.85	17.14
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	232.76	92.58	36.87	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.17	0.87	0.54	0.55	0.57	0.58	0.61	0.62	0.65	0.51	0.54
Long-Term Debt to Equity	1.17	0.86	0.50	0.50	0.53	0.53	0.59	0.60	0.64	0.49	0.52
Financial Leverage	0.54	0.54	0.39	0.40	0.42	0.32	0.38	0.35	0.36	0.23	0.26
Leverage Ratio	2.94	2.78	2.57	2.53	2.52	2.43	2.49	2.43	2.36	2.17	2.22
Compound Leverage Factor	2.64	1.66	1.57	1.57	1.13	1.73	1.40	1.39	1.20	1.84	1.36
Debt to Total Capital	53.94%	46.49%	35.17%	35.30%	36.48%	36.63%	37.82%	38.41%	39.53%	33.76%	34.94%
Short-Term Debt to Total Capital	0.27%	0.35%	2.79%	2.85%	2.85%	2.80%	1.28%	1.17%	1.05%	1.09%	1.05%
Long-Term Debt to Total Capital	53.68%	46.14%	32.38%	32.44%	33.64%	33.83%	36.55%	37.24%	38.49%	32.68%	33.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.68%	0.89%	1.22%	1.29%	1.25%	1.29%	1.27%	1.38%	1.47%	1.50%	1.55%
Common Equity to Total Capital	45.38%	52.61%	63.61%	63.41%	62.27%	62.08%	60.91%	60.22%	58.99%	64.74%	63.51%
Debt to EBITDA	3.31	4.79	2.67	2.60	2.72	2.87	3.04	3.35	3.56	2.77	3.55
Net Debt to EBITDA	1.88	3.95	1.89	1.86	1.78	1.71	1.99	2.20	2.52	1.61	2.38
Long-Term Debt to EBITDA	3.30	4.75	2.46	2.39	2.51	2.65	2.94	3.25	3.46	2.68	3.44
Debt to NOPAT	5.44	7.58	5.75	5.14	5.70	5.89	5.52	6.72	8.04	6.51	8.50
Net Debt to NOPAT	3.09	6.26	4.07	3.69	3.72	3.51	3.62	4.42	5.70	3.78	5.71
Long-Term Debt to NOPAT	5.42	7.53	5.29	4.73	5.25	5.44	5.34	6.52	7.83	6.30	8.24
Altman Z-Score	1.87	2.17	2.63	2.83	2.49	2.29	1.93	1.81	1.82	1.93	1.64
Noncontrolling Interest Sharing Ratio	1.69%	1.85%	1.96%	2.11%	2.19%	2.14%	2.20%	2.29%	2.51%	1.49%	1.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.71	1.35	1.30	1.36	1.38	1.39	1.40	1.55	1.61	1.64	1.59
Quick Ratio	1.07	0.81	0.65	0.79	0.83	0.82	0.79	0.93	0.88	0.88	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-117	-103	-14	-4.92	6.30	-31	-35	-42	-52	-38	-43
Operating Cash Flow to CapEx	-345.52%	29.82%	377.35%	161.94%	39.28%	527.53%	1,890.83%	811.52%	-478.35%	998.29%	4,105.56%
Free Cash Flow to Firm to Interest Expense	-18.88	-27.86	-5.34	-1.51	1.85	-7.90	-10.62	-11.27	-21.66	-19.83	-27.49
Operating Cash Flow to Interest Expense	-1.88	0.49	5.71	2.05	0.36	3.87	9.01	3.04	-4.99	5.16	24.47
Operating Cash Flow Less CapEx to Interest Expense	-2.43	-1.16	4.19	0.78	-0.55	3.14	8.54	2.67	-6.04	4.64	23.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.82	0.91	0.96	0.97	0.99	0.93	0.88	0.86	0.92	0.88
Accounts Receivable Turnover	4.52	4.10	5.20	4.47	4.93	5.56	5.02	4.20	4.31	5.35	5.00
Inventory Turnover	8.69	9.43	9.53	10.71	11.05	12.33	11.24	11.53	11.69	13.51	12.95
Fixed Asset Turnover	16.48	18.58	19.30	20.81	21.64	23.15	22.42	23.01	22.08	22.98	22.12
Accounts Payable Turnover	4.19	3.67	3.86	3.63	3.96	4.64	3.62	2.96	3.02	3.74	2.96
Days Sales Outstanding (DSO)	80.72	89.07	70.13	81.64	74.01	65.59	72.78	86.83	84.64	68.26	73.03
Days Inventory Outstanding (DIO)	42.01	38.70	38.31	34.08	33.05	29.59	32.48	31.66	31.23	27.01	28.18
Days Payable Outstanding (DPO)	87.10	99.56	94.45	100.44	92.20	78.65	100.89	123.37	121.02	97.63	123.50
Cash Conversion Cycle (CCC)	35.63	28.21	13.99	15.28	14.85	16.54	4.37	-4.88	-5.15	-2.35	-22.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	483	433	340	334	325	319	322	320	325	283	280
Invested Capital Turnover	1.51	1.48	1.67	1.73	1.72	1.81	1.69	1.58	1.49	1.62	1.56
Increase / (Decrease) in Invested Capital	158	113	19	13	-0.47	37	42	49	58	45	46
Enterprise Value (EV)	995	1,242	1,085	1,107	896	793	652	560	590	470	390
Market Capitalization	798	1,057	986	1,008	802	706	555	462	482	400	311
Book Value per Share	$8.17	$7.08	$6.90	$6.73	$6.64	$6.68	$6.48	$6.42	$6.30	$6.22	$5.82
Tangible Book Value per Share	($3.08)	($3.02)	($1.14)	($0.91)	($1.09)	($1.11)	($1.33)	($0.87)	($1.05)	($0.43)	($0.79)
Total Capital	630	471	379	371	372	375	370	369	367	329	316
Total Debt	340	219	133	131	136	137	140	142	145	111	110
Total Long-Term Debt	338	217	123	120	125	127	135	137	141	108	107
Net Debt	193	181	94	94	89	82	92	93	103	65	74
Capital Expenditures (CapEx)	3.39	6.13	4.00	4.12	3.12	2.87	1.59	1.41	2.51	1.00	0.94
Debt-free, Cash-free Net Working Capital (DFCFNWC)	52	50	35	48	39	33	38	59	66	51	50
Debt-free Net Working Capital (DFNWC)	199	88	74	85	86	89	87	107	108	98	86
Net Working Capital (NWC)	197	86	63	74	75	78	82	103	104	94	83
Net Nonoperating Expense (NNE)	4.51	5.16	1.87	3.64	3.74	1.26	3.07	2.91	2.99	-1.81	0.26
Net Nonoperating Obligations (NNO)	193	181	94	94	89	82	92	93	103	65	74
Total Depreciation and Amortization (D&A)	5.32	4.13	3.68	3.58	3.63	3.89	3.21	2.86	2.98	3.10	3.03
Debt-free, Cash-free Net Working Capital to Revenue	8.61%	8.92%	6.29%	8.42%	6.95%	6.12%	7.58%	12.56%	14.80%	12.06%	12.49%
Debt-free Net Working Capital to Revenue	32.72%	15.77%	13.32%	14.93%	15.37%	16.30%	17.10%	22.96%	24.34%	23.08%	21.55%
Net Working Capital to Revenue	32.44%	15.47%	11.41%	13.06%	13.48%	14.38%	16.17%	22.04%	23.47%	22.23%	20.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.03	$0.14	$0.06	$0.13	$0.04	$0.10	$0.10	$0.11	$0.06	$0.23	$0.06
Adjusted Weighted Average Basic Shares Outstanding	35.03M	34.93M	34.97M	34.92M	34.85M	34.67M	34.77M	34.62M	34.44M	34.67M	34.46M
Adjusted Diluted Earnings per Share	$0.98	$0.14	$0.06	$0.12	$0.04	$0.11	$0.09	$0.11	$0.06	$0.23	$0.06
Adjusted Weighted Average Diluted Shares Outstanding	36.69M	36.38M	36.49M	36.30M	36.18M	35.33M	35.30M	35.14M	35.20M	35.01M	34.87M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.27M	34.99M	34.98M	34.96M	34.94M	34.85M	34.81M	34.77M	34.59M	34.42M	34.27M
Normalized Net Operating Profit after Tax (NOPAT)	3.65	12	5.14	9.60	6.08	9.86	8.17	7.17	4.17	7.33	3.55
Normalized NOPAT Margin	2.06%	7.63%	3.79%	6.98%	4.81%	6.41%	5.47%	5.55%	3.70%	6.30%	3.27%
Pre Tax Income Margin	31.16%	3.45%	3.06%	3.87%	2.18%	6.36%	2.88%	3.85%	2.20%	9.19%	2.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.86	2.48	2.56	2.64	1.81	3.49	2.29	2.33	2.03	6.55	2.58
NOPAT to Interest Expense	6.59	2.70	1.66	2.63	1.71	1.43	2.03	1.84	2.27	3.50	1.54
EBIT Less CapEx to Interest Expense	9.31	0.82	1.05	1.37	0.90	2.76	1.81	1.95	0.99	6.03	1.98
NOPAT Less CapEx to Interest Expense	6.04	1.05	0.15	1.37	0.79	0.69	1.55	1.47	1.22	2.98	0.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.50%	14.62%	14.46%	14.42%	17.49%	11.49%	8.48%	6.54%	2.93%	7.80%	10.72%
Augmented Payout Ratio	7.60%	49.30%	50.45%	47.61%	38.73%	11.49%	10.94%	22.22%	2.93%	46.24%	80.61%

Frequently Asked Questions About CECO Environmental's Financials

When does CECO Environmental's fiscal year end?

According to the most recent income statement we have on file, CECO Environmental's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has CECO Environmental's net income changed over the last 2 years?

CECO Environmental's net income appears to be on a downward trend, with a most recent value of $14.42 million in 2024, falling from $18.26 million in 2022. The previous period was $14.50 million in 2023. View CECO Environmental's forecast to see where analysts expect CECO Environmental to go next.

What is CECO Environmental's operating income?

CECO Environmental's total operating income in 2024 was $35.40 million, based on the following breakdown:

Total Gross Profit: $196.15 million
Total Operating Expenses: $160.74 million

How has CECO Environmental revenue changed over the last 2 years?

Over the last 2 years, CECO Environmental's total revenue changed from $422.63 million in 2022 to $557.93 million in 2024, a change of 32.0%.

How much debt does CECO Environmental have?

CECO Environmental's total liabilities were at $507.81 million at the end of 2024, a 40.0% increase from 2023, and a 77.2% increase since 2022.

How much cash does CECO Environmental have?

In the past 2 years, CECO Environmental's cash and equivalents has ranged from $37.83 million in 2024 to $54.78 million in 2023, and is currently $37.83 million as of their latest financial filing in 2024.

How has CECO Environmental's book value per share changed over the last 2 years?

Over the last 2 years, CECO Environmental's book value per share changed from 6.22 in 2022 to 7.08 in 2024, a change of 13.8%.

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This page (NASDAQ:CECO) was last updated on 6/1/2025 by MarketBeat.com Staff

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CECO Environmental (CECO) Financials

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CECO Environmental (CECO) Financials

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