CECO Environmental (CECO) Financials

$87.78 +9.61 (+12.29%)

Closing price 04:00 PM Eastern

Extended Trading

$88.02 +0.23 (+0.27%)

As of 07:51 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-5.60	-38	-3.03	-7.12	18	8.21	1.43	17	13	13	50
Consolidated Net Income / (Loss)	-5.73	-38	-3.03	-7.12	18	8.17	1.98	18	15	14	53
Net Income / (Loss) Continuing Operations	-5.73	-38	-3.03	-7.12	16	8.17	1.98	18	15	14	53
Total Pre-Tax Income	-3.10	-33	1.41	2.50	13	12	4.67	24	22	18	83
Total Operating Income	4.95	-26	8.02	14	18	13	9.86	22	35	35	106
Total Gross Profit	109	135	113	112	114	105	101	128	171	196	269
Total Revenue	367	417	345	337	342	316	324	423	545	558	774
Operating Revenue	367	417	345	337	342	316	324	423	545	558	774
Total Cost of Revenue	258	282	232	226	228	211	223	294	374	362	505
Operating Cost of Revenue	258	282	232	226	228	211	223	294	374	362	505
Total Operating Expenses	104	160	105	97	96	92	91	106	136	161	163
Selling, General & Admin Expense	93	102	96	97	94	77	82	93	123	147	201
Amortization Expense	-	-	-	-	-	8.80	7.79	6.81	7.45	8.72	16
Other Operating Expenses / (Income)	-	-	-	0.00	0.00	1.52	0.03	1.16	3.55	1.11	0.62
Restructuring Charge	7.94	0.52	1.90	0.00	1.56	3.69	1.45	4.62	2.51	4.21	9.56
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	0.00	0.00	-64
Total Other Income / (Expense), net	-8.05	-7.40	-6.62	-12	-6.08	-1.50	-5.18	1.53	-13	-18	-23
Interest Expense	5.96	7.71	6.72	7.14	5.40	3.54	2.95	5.42	13	13	21
Other Income / (Expense), net	-2.08	0.31	0.11	-4.76	-0.68	2.03	-2.23	6.95	0.37	-4.69	-2.10
Income Tax Expense	2.64	5.29	4.44	9.62	-4.36	3.67	2.69	5.43	7.02	3.27	30
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.13	-0.04	-	0.00	0.00	-0.04	0.56	0.85	1.59	1.46	3.06
Basic Earnings per Share	($0.19)	($1.12)	($0.09)	($0.21)	($0.51)	$0.23	$0.04	$0.50	$0.37	$0.37	$1.42
Weighted Average Basic Shares Outstanding	28.79M	33.98M	34.45M	34.71M	34.99M	35.29M	35.35M	34.67M	34.67M	34.93M	35.33M
Diluted Earnings per Share	($0.19)	($1.12)	($0.09)	($0.21)	($0.50)	$0.23	$0.04	$0.50	$0.37	$0.36	$1.37
Weighted Average Diluted Shares Outstanding	28.79M	33.98M	34.45M	34.71M	35.48M	35.52M	35.59M	35.01M	35.33M	36.38M	36.60M
Weighted Average Basic & Diluted Shares Outstanding	29.50M	34.10M	33.70M	33.90M	34.99M	35.35M	35.05M	34.42M	34.85M	34.99M	35.67M

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2026	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	3.72	3.33	3.88	1.51	4.49	2.09	4.88	-0.40	9.51	1.50	3.06
Consolidated Net Income / (Loss)	3.99	3.71	4.33	2.09	4.93	2.54	4.86	-0.25	10	1.81	4.75
Net Income / (Loss) Continuing Operations	3.99	3.71	4.32	2.09	4.93	2.54	4.86	-0.25	10	1.81	4.75
Total Pre-Tax Income	4.97	4.30	9.78	2.76	5.32	4.14	5.47	-3.75	15	2.29	11
Total Operating Income	8.60	7.85	13	7.69	9.26	7.19	11	1.88	18	9.40	17
Total Gross Profit	40	43	53	45	49	45	57	64	67	65	75
Total Revenue	129	149	154	126	138	136	159	206	185	198	215
Operating Revenue	129	149	154	126	138	136	159	206	185	198	215
Total Cost of Revenue	89	106	101	81	88	90	102	142	118	133	139
Operating Cost of Revenue	89	106	101	81	88	90	102	142	118	133	139
Total Operating Expenses	31	35	41	37	40	38	45	62	49	55	59
Selling, General & Admin Expense	28	30	37	35	36	34	41	46	49	47	51
Amortization Expense	2.27	1.97	2.19	2.16	2.21	2.16	2.03	4.00	2.94	6.14	3.99
Restructuring Charge	0.33	1.60	1.43	0.19	0.48	1.21	2.34	10	0.03	0.25	1.13
Total Other Income / (Expense), net	-3.63	-3.56	-2.88	-4.93	-3.93	-3.05	-5.81	-5.62	-3.44	-7.11	-5.65
Interest Expense	3.75	3.34	3.92	3.41	3.25	2.65	3.71	4.23	4.90	5.05	4.74
Other Income / (Expense), net	0.12	-0.22	1.04	-1.51	-0.68	-0.40	-2.10	-1.39	1.45	-2.06	-0.91
Income Tax Expense	0.98	0.59	5.46	0.67	0.39	1.60	0.61	-3.50	4.51	0.48	6.13
Net Income / (Loss) Attributable to Noncontrolling Interest	0.27	0.38	0.45	0.59	0.45	0.45	-0.02	0.15	0.60	0.31	1.69
Basic Earnings per Share	$0.11	$0.10	$0.10	$0.04	$0.13	$0.06	$0.14	($0.01)	$0.27	$0.04	$0.08
Weighted Average Basic Shares Outstanding	34.62M	34.77M	34.67M	34.85M	34.92M	34.97M	34.93M	35.69M	35.29M	35.36M	35.33M
Diluted Earnings per Share	$0.11	$0.09	$0.11	$0.04	$0.12	$0.06	$0.14	($0.01)	$0.26	$0.04	$0.09
Weighted Average Diluted Shares Outstanding	35.14M	35.30M	35.33M	36.18M	36.30M	36.49M	36.38M	35.69M	36.56M	36.40M	36.60M
Weighted Average Basic & Diluted Shares Outstanding	34.77M	34.81M	34.85M	34.94M	34.96M	34.98M	34.99M	35.87M	35.33M	35.64M	35.67M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	16	10	-18	15	-7.48	0.85	-5.82	15	8.86	-17	-4.97
Net Cash From Operating Activities	13	70	6.57	22	10	4.42	13	30	45	25	5.86
Net Cash From Continuing Operating Activities	13	70	6.57	22	10	4.42	13	30	45	25	5.86
Net Income / (Loss) Continuing Operations	-5.73	-38	-3.03	-7.12	18	8.17	1.98	18	15	14	53
Consolidated Net Income / (Loss)	-5.73	-38	-3.03	-7.12	18	8.17	1.98	18	15	14	53
Depreciation Expense	17	19	16	13	11	9.92	9.85	11	13	15	25
Amortization Expense	1.06	1.05	1.03	1.14	1.06	0.42	0.40	0.37	0.43	0.50	0.83
Non-Cash Adjustments To Reconcile Net Income	9.51	73	-5.29	2.75	12	-23	6.91	-9.35	33	32	-59
Changes in Operating Assets and Liabilities, net	-8.72	15	-2.24	12	-31	8.67	-5.85	9.75	-16	-37	-14
Net Cash From Investing Activities	-35	-1.41	-0.66	38	-5.15	-9.24	-2.08	-48	-56	-105	-1.08
Net Cash From Continuing Investing Activities	-35	-1.41	-0.66	38	-5.15	-9.24	-2.08	-48	-56	-105	-1.08
Purchase of Property, Plant & Equipment	-0.76	-1.08	-1.03	-3.09	-5.66	-3.95	-2.62	-3.38	-8.38	-17	-11
Acquisitions	-37	-	-	-	-	-	0.00	-45	-48	-88	-98
Sale of Property, Plant & Equipment	3.21	0.66	0.37	6.30	0.51	0.61	0.53	0.02	0.00	0.00	0.07
Other Investing Activities, net	-	-0.99	-	-	-	-	-	-	0.00	0.00	108
Net Cash From Financing Activities	39	-58	-24	-45	-12	3.72	-16	38	21	66	-12
Net Cash From Continuing Financing Activities	39	-58	-24	-45	-12	3.72	-16	38	21	66	-12
Repayment of Debt	-121	-55	-12	-56	-12	4.19	-9.24	36	-49	81	-7.80
Repurchase of Common Equity	-	-0.19	-	-	0.00	0.00	-5.01	-7.02	0.00	-5.00	0.00
Payment of Dividends	-7.98	-9.00	-7.79	-	0.00	0.00	-0.11	-1.43	-1.67	-2.11	-1.61
Issuance of Debt	170	-	2.27	-	-	0.00	0.00	11	75	0.00	0.00
Other Financing Activities, net	-2.44	4.69	-8.11	11	-0.48	-0.47	-1.43	0.07	-2.84	-7.98	-2.15
Effect of Exchange Rate Changes	-0.49	-	-	-	-0.45	1.94	-1.48	-4.98	-0.44	-2.67	1.80
Cash Interest Paid	4.74	6.92	5.69	5.56	3.55	3.17	2.15	5.01	12	13	20
Cash Income Taxes Paid	5.08	6.42	3.05	10	5.91	2.16	-2.57	5.38	9.92	9.55	25

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	6.35	-0.22	7.11	-8.42	-10	2.01	-0.73	108	-110	-4.04	0.35
Net Cash From Operating Activities	11	30	15	1.22	6.67	15	1.83	-12	-7.67	15	9.96
Net Cash From Continuing Operating Activities	11	30	15	1.22	6.67	15	1.83	-12	-7.67	15	9.96
Net Income / (Loss) Continuing Operations	3.99	3.71	4.33	2.09	4.93	2.54	4.86	36	10	1.81	4.75
Consolidated Net Income / (Loss)	3.99	3.71	4.33	2.09	4.93	2.54	4.86	36	10	1.81	4.75
Depreciation Expense	2.77	3.12	3.74	3.51	3.46	3.56	3.99	5.12	5.04	8.57	6.16
Amortization Expense	0.09	0.09	0.16	0.12	0.12	0.12	0.14	0.21	0.21	0.22	0.20
Non-Cash Adjustments To Reconcile Net Income	28	-8.29	3.89	11	8.12	-6.05	19	-68	-12	-1.75	22
Changes in Operating Assets and Liabilities, net	-23	31	3.04	-16	-9.97	15	-26	14	-11	6.42	-23
Net Cash From Investing Activities	-1.41	-26	-2.87	-2.69	-4.12	-19	-79	4.83	-1.02	-2.29	-2.60
Net Cash From Continuing Investing Activities	-1.41	-26	-2.87	-2.69	-4.12	-19	-79	4.83	-1.02	-2.29	-2.60
Purchase of Property, Plant & Equipment	-1.41	-1.59	-2.87	-3.12	-4.12	-4.00	-6.13	-3.39	-1.05	-4.24	-2.67
Net Cash From Financing Activities	-4.86	-4.33	-4.03	-6.53	-10	2.05	80	116	-102	-17	-8.72
Net Cash From Continuing Financing Activities	-4.86	-4.33	-4.03	-6.53	-10	2.05	80	116	-102	-17	-8.72
Repayment of Debt	-3.73	-1.73	-78	-1.75	-4.95	2.46	85	120	-101	-18	-8.67
Payment of Dividends	-0.60	-0.77	-0.30	-0.80	-0.30	-0.60	-0.40	-0.40	-	-0.80	-0.40
Other Financing Activities, net	-1.08	-2.12	0.58	-0.97	-2.95	-0.23	-3.56	-3.92	-0.38	1.80	0.35
Effect of Exchange Rate Changes	1.21	-0.44	-1.15	-0.42	-2.63	4.24	-3.86	-0.41	0.48	0.03	1.71
Cash Interest Paid	3.04	3.15	3.57	3.27	3.31	3.14	3.62	3.99	6.95	4.92	4.55
Cash Income Taxes Paid	6.32	1.03	1.28	0.98	2.83	2.98	2.77	2.41	16	3.78	2.31

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	599	499	439	393	409	419	416	505	600	760	894
Total Current Assets	228	213	174	161	179	183	189	241	281	331	410
Cash & Equivalents	34	46	30	44	36	36	30	46	55	38	33
Restricted Cash	5.32	1.50	0.59	0.76	1.36	1.82	2.09	1.06	0.67	0.37	0.08
Accounts Receivable	141	121	68	53	68	63	75	83	113	160	173
Inventories, net	33	21	21	21	21	17	17	27	34	43	54
Prepaid Expenses	9.06	14	11	12	9.90	12	11	12	12	17	29
Current Deferred & Refundable Income Taxes	4.72	1.59	1.93	-	8.23	7.79	2.78	1.27	0.82	3.83	4.99
Other Current Assets	-	-	34	30	35	45	51	71	67	70	116
Plant, Property, & Equipment, net	45	27	23	22	15	16	16	21	26	34	48
Total Noncurrent Assets	325	258	241	210	214	220	211	243	293	395	436
Goodwill	220	170	167	152	152	162	161	183	211	270	288
Intangible Assets	101	83	70	54	46	43	35	45	60	84	107
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	0.00	0.51	0.83	0.30	0.97	0.45
Other Noncurrent Operating Assets	3.93	5.46	4.61	3.14	16	15	14	14	21	41	40
Total Liabilities & Shareholders' Equity	599	499	439	393	409	419	416	505	600	760	894
Total Liabilities	354	309	252	214	216	216	210	287	363	508	571
Total Current Liabilities	148	146	108	104	115	109	117	147	203	245	306
Short-Term Debt	19	14	17	1.70	2.50	3.13	2.20	3.58	10	1.65	1.88
Accounts Payable	99	96	71	80	78	85	84	73	88	110	118
Accrued Expenses	-	-	-	-	-	-	-	34	44	48	58
Current Deferred Revenue	28	35	20	20	34	21	29	33	57	82	124
Current Deferred & Payable Income Tax Liabilities	1.58	1.54	-	1.81	0.00	0.54	1.49	3.21	1.23	2.61	4.74
Other Current Liabilities	-	-	-	-	-	-	-	-	2.50	1.70	0.00
Total Noncurrent Liabilities	206	162	144	110	100	106	94	140	160	263	265
Long-Term Debt	158	114	104	74	63	69	62	108	127	217	211
Noncurrent Deferred & Payable Income Tax Liabilities	18	13	10	8.76	5.94	6.97	8.39	8.67	8.84	11	28
Other Noncurrent Operating Liabilities	30	35	30	27	31	30	24	24	24	35	26
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	245	190	187	179	193	204	206	218	237	252	323
Total Preferred & Common Equity	239	190	187	179	193	203	205	213	233	248	318
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	239	190	187	179	193	203	205	213	233	248	318
Common Stock	244	245	249	252	254	256	253	251	255	256	270
Retained Earnings	5.47	-42	-53	-59	-46	-38	-37	-19	-6.39	6.57	57
Accumulated Other Comprehensive Income / (Loss)	-9.58	-13	-8.92	-13	-15	-14	-12	-18	-16	-14	-8.90
Noncontrolling Interest	5.87	-	-	-	0.00	0.95	1.40	4.92	4.85	4.20	5.65

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	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2026	6/30/2025	9/30/2025
Total Assets	482	486	568	583	600	589	598	622	1,027	877	892
Total Current Assets	219	223	275	291	285	272	281	276	539	383	395
Cash & Equivalents	34	35	41	48	48	47	37	39	45	37	33
Restricted Cash	1.04	1.03	0.97	0.94	0.75	0.47	0.39	0.23	0.10	0.09	0.09
Accounts Receivable	95	90	110	127	112	117	127	100	279	161	160
Inventories, net	24	25	30	32	38	38	38	38	60	60	58
Prepaid Expenses	12	14	12	16	15	11	20	27	41	30	29
Current Deferred & Refundable Income Taxes	0.89	0.87	1.25	6.46	6.58	0.74	3.22	3.83	11	3.86	6.34
Other Current Assets	51	57	80	62	65	59	55	69	104	91	110
Plant, Property, & Equipment, net	16	20	24	24	25	28	30	32	48	47	48
Total Noncurrent Assets	247	243	268	267	290	290	286	313	440	447	448
Goodwill	186	182	208	200	210	211	211	220	291	288	292
Intangible Assets	45	45	45	52	62	58	56	61	109	117	111
Noncurrent Deferred & Refundable Income Taxes	0.51	0.51	0.82	0.82	0.80	0.29	0.26	0.29	0.00	0.29	1.16
Other Noncurrent Operating Assets	15	15	15	14	17	20	19	31	40	42	44
Total Liabilities & Shareholders' Equity	482	486	568	583	600	589	598	622	1,027	877	892
Total Liabilities	271	281	345	355	370	353	358	376	710	573	578
Total Current Liabilities	144	140	172	188	203	196	207	213	406	285	298
Short-Term Debt	3.30	3.30	3.85	4.31	4.73	11	11	11	5.34	1.86	1.93
Accounts Payable	101	100	112	116	94	79	91	92	138	126	128
Accrued Expenses	-	-	-	-	44	46	45	44	71	54	61
Current Deferred Revenue	36	34	52	61	54	58	60	65	184	93	107
Current Deferred & Payable Income Tax Liabilities	3.09	1.80	3.19	3.79	3.47	0.82	1.21	0.00	7.42	8.51	0.79
Other Current Liabilities	0.50	0.50	1.00	2.50	2.50	1.50	0.00	1.70	0.00	1.70	0.00
Total Noncurrent Liabilities	127	141	174	167	167	157	151	162	304	288	280
Long-Term Debt	93	107	141	137	135	125	120	123	248	237	219
Noncurrent Deferred & Payable Income Tax Liabilities	10.00	9.81	8.71	7.99	7.59	9.52	9.95	9.62	26	29	35
Other Noncurrent Operating Liabilities	24	24	24	22	24	22	21	30	30	23	26
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	210	205	222	227	230	236	240	246	317	303	314
Total Preferred & Common Equity	206	201	217	222	225	232	235	241	312	298	309
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	206	201	217	222	225	232	235	241	312	298	309
Common Stock	251	250	251	253	254	252	252	254	265	259	266
Retained Earnings	-30	-28	-17	-14	-10	-4.88	-0.39	1.69	56	52	54
Accumulated Other Comprehensive Income / (Loss)	-16	-21	-17	-17	-18	-16	-16	-14	-8.98	-13	-10
Noncontrolling Interest	4.96	4.88	5.42	5.08	4.70	4.63	4.77	4.62	5.00	4.86	4.36

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,641,031.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,641,031.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	3.46	-18	-17	-41	24	9.21	4.18	17	23	29	68
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.19%	6.21%	6.13%	12.67%
Earnings before Interest and Taxes (EBIT)	2.87	-25	8.13	9.64	17	15	7.63	29	35	31	104
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	20	-5.30	25	24	29	26	18	40	48	46	129
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-108	100	-22	18	12	-7.77	4.39	-28	-13	-84	-1.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	381	263	268	209	221	238	238	283	319	433	502
Increase / (Decrease) in Invested Capital	112	-118	4.94	-59	12	17	-0.21	45	37	113	70
Book Value per Share	$7.02	$5.56	$5.38	$5.11	$5.48	$5.71	$5.71	$6.22	$6.68	$7.08	$8.91
Tangible Book Value per Share	($2.42)	($1.84)	($1.44)	($0.80)	($0.13)	($0.05)	$0.22	($0.43)	($1.11)	($3.02)	($2.17)
Total Capital	422	319	307	255	259	276	270	329	375	471	536
Total Debt	177	128	120	76	66	73	64	111	137	219	212
Total Long-Term Debt	158	114	104	74	63	69	62	108	127	217	211
Net Debt	138	81	90	32	29	35	32	65	82	181	179
Capital Expenditures (CapEx)	-2.44	0.42	0.66	-3.21	5.15	3.34	2.08	3.36	8.38	17	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	60	33	52	14	30	39	43	51	33	50	73
Debt-free Net Working Capital (DFNWC)	100	81	83	59	67	77	75	98	89	88	106
Net Working Capital (NWC)	80	67	66	57	64	74	72	94	78	86	104
Net Nonoperating Expense (NNE)	9.20	20	-14	-34	6.26	1.04	2.20	-1.18	8.79	14	15
Net Nonoperating Obligations (NNO)	136	73	82	31	28	34	32	65	82	181	179
Total Depreciation and Amortization (D&A)	18	20	17	14	12	10	10	11	13	15	26
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.19)	($1.12)	($0.09)	($0.21)	$0.51	$0.23	$0.04	$0.50	$0.37	$0.37	$1.42
Adjusted Weighted Average Basic Shares Outstanding	28.79M	33.98M	34.45M	34.71M	34.99M	35.29M	35.35M	34.67M	34.67M	34.93M	35.33M
Adjusted Diluted Earnings per Share	($0.19)	($1.12)	($0.09)	($0.21)	$0.50	$0.23	$0.04	$0.50	$0.37	$0.36	$1.37
Adjusted Weighted Average Diluted Shares Outstanding	28.79M	33.98M	34.45M	34.71M	35.48M	35.52M	35.59M	35.01M	35.33M	36.38M	36.60M
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	33.07M	34.39M	34.74M	34.98M	35.28M	35.35M	35.05M	34.42M	34.85M	34.99M	35.67M
Normalized Net Operating Profit after Tax (NOPAT)	11	23	12	10	14	12	7.91	21	26	33	33
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,641,031.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,641,031.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	6.90	6.78	5.59	5.83	8.57	4.41	10	41	12	7.42	7.22
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.49%	-	-	-	2.13%	6.50%	2.30%	1.39%	1.35%
Earnings before Interest and Taxes (EBIT)	8.72	7.64	14	6.17	8.58	6.79	9.17	61	20	7.34	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12	11	18	9.81	12	10	13	67	25	16	22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-42	-35	-31	6.30	-4.92	-14	-103	-117	-159	-154	-63
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	320	322	319	325	334	340	433	483	505	502	502
Increase / (Decrease) in Invested Capital	49	42	37	-0.47	13	19	113	158	171	161	70
Book Value per Share	$6.42	$6.48	$6.68	$6.64	$6.73	$6.90	$7.08	$8.17	$8.46	$8.75	$8.91
Tangible Book Value per Share	($0.87)	($1.33)	($1.11)	($1.09)	($0.91)	($1.14)	($3.02)	($3.08)	($3.01)	($2.65)	($2.17)
Total Capital	369	370	375	372	371	379	471	630	542	534	536
Total Debt	142	140	137	136	131	133	219	340	239	221	212
Total Long-Term Debt	137	135	127	125	120	123	217	338	237	219	211
Net Debt	93	92	82	89	94	94	181	193	202	188	179
Capital Expenditures (CapEx)	1.41	1.59	2.87	3.12	4.12	4.00	6.13	3.39	1.05	4.24	2.67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	59	38	33	39	48	35	50	52	63	66	73
Debt-free Net Working Capital (DFNWC)	107	87	89	86	85	74	88	199	100	99	106
Net Working Capital (NWC)	103	82	78	75	74	63	86	197	98	97	104
Net Nonoperating Expense (NNE)	2.91	3.07	1.26	3.74	3.64	1.87	5.16	4.51	2.38	5.61	2.47
Net Nonoperating Obligations (NNO)	93	92	82	89	94	94	181	193	202	188	179
Total Depreciation and Amortization (D&A)	2.86	3.21	3.89	3.63	3.58	3.68	4.13	5.32	5.25	8.79	6.36
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.11	$0.10	$0.10	$0.04	$0.13	$0.06	$0.14	$1.03	$0.27	$0.04	$0.08
Adjusted Weighted Average Basic Shares Outstanding	34.62M	34.77M	34.67M	34.85M	34.92M	34.97M	34.93M	35.03M	35.29M	35.36M	35.33M
Adjusted Diluted Earnings per Share	$0.11	$0.09	$0.11	$0.04	$0.12	$0.06	$0.14	$0.98	$0.26	$0.04	$0.09
Adjusted Weighted Average Diluted Shares Outstanding	35.14M	35.30M	35.33M	36.18M	36.30M	36.49M	36.38M	36.69M	36.56M	36.40M	36.60M
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	34.77M	34.81M	34.85M	34.94M	34.96M	34.98M	34.99M	35.27M	35.33M	35.64M	35.67M
Normalized Net Operating Profit after Tax (NOPAT)	7.17	8.17	9.86	6.08	9.60	5.14	12	3.65	13	8.25	12
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

Financials Breakdown Chart

Key Financial Trends

CECO Environmental (NASDAQ:CECO) shows a clear revenue uptrend in 2025 with improving profitability in the latest quarter, alongside meaningful debt reduction. While cash flow from operations has been mixed across 2024–2025, the Q4 2025 results indicate a return to positive operating cash flow and ongoing deleveraging. Below are the top takeaways drawn from the last four years of quarterly statements.

Revenue has trended up through 2025, with Q4 2025 operating revenue of about $214.7 million, up from $176.7 million in Q1 2025 (roughly +21% QoQ). This suggests stronger topline momentum into year-end.
Gross margin remains solid in Q4 2025, with Total Gross Profit at $75.38 million on $214.69 million of revenue (about 35% gross margin), indicating healthy underlying product/service profitability.
Operating margin in Q4 2025 is roughly 7.7% (Total Operating Income of about $16.53 million on $214.69 million in revenue), signaling improved operating efficiency as revenue grows.
Debt deleveraging occurred in 2025, with long-term debt falling from about $338 million in Q1 2025 to roughly $219 million by Q2–Q3 2025, a meaningful reduction in leverage over the period.

Operating cash flow has been choppy in 2025, turning positive in Q4 2025 (Net Cash From Continuing Operating Activities ≈ $9.96 million) after negative readings in Q1–Q3 2025, indicating a late-year liquidity uptick but ongoing quarterly variability.
Investing cash flow has remained negative across quarters, reflecting ongoing capex and acquisitions. Net cash from investing activities in 2025 has generally been a cash outflow, suggesting continued investment in assets and opportunities rather than cash preservation.
Financing activity has been a source of cash outflows in 2025 due to debt repayments, contributing to overall negative net cash from financing activities across quarters (e.g., sizable debt repayments in several quarters), which weighs on near-term liquidity despite improving earnings.

Near-term operating cash flow was negative in early 2025 (e.g., Q1 2025 around -$11.7 million and Q2 2025 around -$7.7 million), highlighting a period of cash-flow headwinds despite improving revenue later in the year.
Financing activities in 2025 ran negative due to debt repayments and related outflows, totaling a substantial cash outflow across the year (notably large repayments in Q2 2025 and continued outflows in subsequent quarters), which can pressure liquidity despite improving earnings.

05/05/26 10:56 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About CECO Environmental's Financials

When does CECO Environmental's financial year end?

According to the most recent income statement we have on file, CECO Environmental's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has CECO Environmental's net income changed over the last 10 years?

CECO Environmental's net income appears to be on an upward trend, with a most recent value of $53.11 million in 2025, falling from -$5.73 million in 2015. The previous period was $14.42 million in 2024. Check out CECO Environmental's forecast to explore projected trends and price targets.

What is CECO Environmental's operating income?

CECO Environmental's total operating income in 2025 was $105.86 million, based on the following breakdown:

Total Gross Profit: $269.23 million
Total Operating Expenses: $163.37 million

How has CECO Environmental's revenue changed over the last 10 years?

Over the last 10 years, CECO Environmental's total revenue changed from $367.42 million in 2015 to $774.38 million in 2025, a change of 110.8%.

How much debt does CECO Environmental have?

CECO Environmental's total liabilities were at $570.59 million at the end of 2025, a 12.4% increase from 2024, and a 61.3% increase since 2015.

How much cash does CECO Environmental have?

In the past 10 years, CECO Environmental's cash and equivalents has ranged from $29.90 million in 2017 to $54.78 million in 2023, and is currently $33.14 million as of their latest financial filing in 2025.

How has CECO Environmental's book value per share changed over the last 10 years?

Over the last 10 years, CECO Environmental's book value per share changed from 7.02 in 2015 to 8.91 in 2025, a change of 26.8%.

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Financial statements for NASDAQ:CECO last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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CECO Environmental (CECO) Financials

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CECO Environmental (CECO) Financials

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