CECO Environmental (CECO) Financials

$45.59 -1.10 (-2.36%)

Closing price 04:00 PM Eastern

Extended Trading

$46.20 +0.61 (+1.35%)

As of 05:36 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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
Net Income / (Loss) Attributable to Common Shareholders	13	-5.60	-38	-3.03	-7.12	18	8.21	1.43	17	13	13
Consolidated Net Income / (Loss)	13	-5.73	-38	-3.03	-7.12	18	8.17	1.98	18	15	14
Net Income / (Loss) Continuing Operations	13	-5.73	-38	-3.03	-7.12	16	8.17	1.98	18	15	14
Total Pre-Tax Income	16	-3.10	-33	1.41	2.50	13	12	4.67	24	22	18
Total Operating Income	22	4.95	-26	8.02	14	18	13	9.86	22	35	35
Total Gross Profit	85	109	135	113	112	114	105	101	128	171	196
Total Revenue	263	367	417	345	337	342	316	324	423	545	558
Operating Revenue	263	367	417	345	337	342	316	324	423	545	558
Total Cost of Revenue	178	258	282	232	226	228	211	223	294	374	362
Operating Cost of Revenue	178	258	282	232	226	228	211	223	294	374	362
Total Operating Expenses	63	104	160	105	97	96	92	91	106	136	161
Selling, General & Admin Expense	62	93	102	96	97	94	77	82	93	123	147
Amortization Expense	-	-	-	-	-	-	8.80	7.79	6.81	8.18	9.06
Other Operating Expenses / (Income)	-	-	-	-	0.00	0.00	1.52	0.03	1.16	1.47	0.00
Restructuring Charge	1.27	7.94	0.52	1.90	0.00	1.56	3.69	1.45	4.62	3.86	4.76
Other Special Charges / (Income)	0.30	-	-	-	-	-	-	-	0.00	0.00	0.23
Total Other Income / (Expense), net	-5.45	-8.05	-7.40	-6.62	-12	-6.08	-1.50	-5.18	1.53	-13	-18
Interest Expense	3.14	5.96	7.71	6.72	7.14	5.40	3.54	2.95	5.42	13	13
Other Income / (Expense), net	-2.31	-2.08	0.31	0.11	-4.76	-0.68	2.03	-2.23	6.95	0.37	-4.69
Income Tax Expense	3.14	2.64	5.29	4.44	9.62	-4.36	3.67	2.69	5.43	7.02	3.27
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
Basic Earnings per Share	$0.51	($0.19)	($1.12)	($0.09)	($0.21)	($0.51)	$0.23	$0.04	$0.50	$0.37	$0.37
Weighted Average Basic Shares Outstanding	25.75M	28.79M	33.98M	34.45M	34.71M	34.99M	35.29M	35.35M	34.67M	34.67M	34.93M
Diluted Earnings per Share	$0.50	($0.19)	($1.12)	($0.09)	($0.21)	($0.50)	$0.23	$0.04	$0.50	$0.37	$0.36
Weighted Average Diluted Shares Outstanding	26.20M	28.79M	33.98M	34.45M	34.71M	35.48M	35.52M	35.59M	35.01M	35.33M	36.38M
Weighted Average Basic & Diluted Shares Outstanding	25.60M	29.50M	34.10M	33.70M	33.90M	34.99M	35.35M	35.05M	34.42M	34.85M	34.99M

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	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
Net Income / (Loss) Attributable to Common Shareholders	8.30	1.98	3.72	3.33	3.88	1.51	4.49	2.09	4.88	36	9.51
Consolidated Net Income / (Loss)	8.56	2.47	3.99	3.71	4.33	2.09	4.93	2.54	4.86	36	10
Net Income / (Loss) Continuing Operations	8.56	2.48	3.99	3.71	4.32	2.09	4.93	2.54	4.86	36	10
Total Pre-Tax Income	11	2.48	4.97	4.30	9.78	2.76	5.32	4.14	5.47	55	15
Total Operating Income	8.44	5.46	8.60	7.85	13	7.69	9.26	7.19	11	62	18
Total Gross Profit	38	35	40	43	53	45	49	45	57	62	67
Total Revenue	116	113	129	149	154	126	138	136	159	177	185
Operating Revenue	116	113	129	149	154	126	138	136	159	177	185
Total Cost of Revenue	79	78	89	106	101	81	88	90	102	115	118
Operating Cost of Revenue	79	78	89	106	101	81	88	90	102	115	118
Total Operating Expenses	29	29	31	35	41	37	40	38	45	0.29	49
Selling, General & Admin Expense	27	27	28	30	37	35	36	34	41	54	49
Amortization Expense	1.87	1.75	2.27	1.97	2.19	2.16	2.21	2.62	2.03	3.10	2.94
Other Operating Expenses / (Income)	-	-	0.16	1.26	-	-	0.64	0.00	-	-	-2.74
Restructuring Charge	0.72	0.49	0.33	1.60	1.43	0.19	0.48	1.20	2.34	8.14	0.03
Other Special Charges / (Income)	-	-	0.00	0.00	-	0.00	0.00	0.00	-	-65	0.00
Total Other Income / (Expense), net	2.26	-2.98	-3.63	-3.56	-2.88	-4.93	-3.93	-3.05	-5.81	-6.81	-3.44
Interest Expense	1.93	2.41	3.75	3.34	3.92	3.41	3.25	2.65	3.71	6.22	4.90
Other Income / (Expense), net	4.19	-0.57	0.12	-0.22	1.04	-1.51	-0.68	-0.40	-2.10	-0.59	1.45
Income Tax Expense	2.14	0.00	0.98	0.59	5.46	0.67	0.39	1.60	0.61	19	4.51
Net Income / (Loss) Attributable to Noncontrolling Interest	0.27	0.49	0.27	0.38	0.45	0.59	0.45	0.45	-0.02	0.46	0.60
Basic Earnings per Share	$0.23	$0.06	$0.11	$0.10	$0.10	$0.04	$0.13	$0.06	$0.14	$1.03	$0.27
Weighted Average Basic Shares Outstanding	34.67M	34.44M	34.62M	34.77M	34.67M	34.85M	34.92M	34.97M	34.93M	35.03M	35.29M
Diluted Earnings per Share	$0.23	$0.06	$0.11	$0.09	$0.11	$0.04	$0.12	$0.06	$0.14	$0.98	$0.26
Weighted Average Diluted Shares Outstanding	35.01M	35.20M	35.14M	35.30M	35.33M	36.18M	36.30M	36.49M	36.38M	36.69M	36.56M
Weighted Average Basic & Diluted Shares Outstanding	34.42M	34.59M	34.77M	34.81M	34.85M	34.94M	34.96M	34.98M	34.99M	35.27M	35.33M

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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
Net Change in Cash & Equivalents	-3.80	16	10	-18	15	-7.48	0.85	-5.82	15	8.86	-17
Net Cash From Operating Activities	18	13	70	6.57	22	10	4.42	13	30	45	25
Net Cash From Continuing Operating Activities	18	13	70	6.57	22	10	4.42	13	30	45	25
Net Income / (Loss) Continuing Operations	13	-5.73	-38	-3.03	-7.12	18	8.17	1.98	18	15	14
Consolidated Net Income / (Loss)	13	-5.73	-38	-3.03	-7.12	18	8.17	1.98	18	15	14
Depreciation Expense	11	17	19	16	13	11	9.92	9.85	11	13	15
Amortization Expense	0.56	1.06	1.05	1.03	1.14	1.06	0.42	0.40	0.37	0.43	0.50
Non-Cash Adjustments To Reconcile Net Income	1.89	9.51	73	-5.29	2.75	12	-23	6.91	-9.35	33	32
Changes in Operating Assets and Liabilities, net	-9.13	-8.72	15	-2.24	12	-31	8.67	-5.85	9.75	-16	-37
Net Cash From Investing Activities	-38	-35	-1.41	-0.66	38	-5.15	-9.24	-2.08	-48	-56	-105
Net Cash From Continuing Investing Activities	-38	-35	-1.41	-0.66	38	-5.15	-9.24	-2.08	-48	-56	-105
Purchase of Property, Plant & Equipment	-1.15	-0.76	-1.08	-1.03	-3.09	-5.66	-3.95	-2.62	-3.38	-8.38	-17
Acquisitions	-44	-37	-	-	-	-	-	0.00	-45	-48	-88
Sale of Property, Plant & Equipment	7.74	3.21	0.66	0.37	6.30	0.51	0.61	0.53	0.02	0.00	0.00
Net Cash From Financing Activities	16	39	-58	-24	-45	-12	3.72	-16	38	21	66
Net Cash From Continuing Financing Activities	16	39	-58	-24	-45	-12	3.72	-16	38	21	66
Repayment of Debt	-13	-121	-55	-12	-56	-12	4.19	-9.24	36	-49	81
Repurchase of Common Equity	-0.97	-	-0.19	-	-	0.00	0.00	-5.01	-7.02	0.00	-5.00
Payment of Dividends	-5.94	-7.98	-9.00	-7.79	-	0.00	0.00	-0.11	-1.43	-1.67	-2.11
Issuance of Debt	35	170	-	2.27	-	-	0.00	0.00	11	75	0.00
Other Financing Activities, net	-0.48	-2.44	4.69	-8.11	11	-0.48	-0.47	-1.43	0.07	-2.84	-7.98
Effect of Exchange Rate Changes	-	-0.49	-	-	-	-0.45	1.94	-1.48	-4.98	-0.44	-2.67
Cash Interest Paid	2.82	4.74	6.92	5.69	5.56	3.55	3.17	2.15	5.01	12	13
Cash Income Taxes Paid	8.67	5.08	6.42	3.05	10	5.91	2.16	-2.57	5.38	9.92	9.55

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	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
Net Change in Cash & Equivalents	10	-4.38	6.35	-0.22	7.11	-8.42	-10	2.01	-0.73	108	-110
Net Cash From Operating Activities	9.95	-12	11	30	15	1.22	6.67	15	1.83	-12	-7.67
Net Cash From Continuing Operating Activities	9.95	-12	11	30	15	1.22	6.67	15	1.83	-12	-7.67
Net Income / (Loss) Continuing Operations	8.56	2.47	3.99	3.71	4.33	2.09	4.93	2.54	4.86	36	10
Consolidated Net Income / (Loss)	8.56	2.47	3.99	3.71	4.33	2.09	4.93	2.54	4.86	36	10
Depreciation Expense	3.01	2.89	2.77	3.12	3.74	3.51	3.46	3.56	3.99	5.12	5.04
Amortization Expense	0.09	0.09	0.09	0.09	0.16	0.12	0.12	0.12	0.14	0.21	0.21
Non-Cash Adjustments To Reconcile Net Income	-16	9.38	28	-8.29	3.89	11	8.12	-6.05	19	-68	-12
Changes in Operating Assets and Liabilities, net	15	-27	-23	31	3.04	-16	-9.97	15	-26	14	-11
Net Cash From Investing Activities	-1.00	-27	-1.41	-26	-2.87	-2.69	-4.12	-19	-79	4.83	-1.02
Net Cash From Continuing Investing Activities	-1.00	-27	-1.41	-26	-2.87	-2.69	-4.12	-19	-79	4.83	-1.02
Purchase of Property, Plant & Equipment	-1.01	-2.51	-1.41	-1.59	-2.87	-3.12	-4.12	-4.00	-6.13	-3.39	-1.05
Acquisitions	-	-	-	-	-	0.42	-	-	-	-98	0.03
Net Cash From Financing Activities	-0.07	34	-4.86	-4.33	-4.03	-6.53	-10	2.05	80	116	-102
Net Cash From Continuing Financing Activities	-0.07	34	-4.86	-4.33	-4.03	-6.53	-10	2.05	80	116	-102
Repayment of Debt	0.27	34	-3.73	-1.73	-78	-1.75	-4.95	2.46	85	120	-101
Other Financing Activities, net	0.52	-0.23	-1.08	-2.12	0.58	-0.97	-2.95	-0.23	-3.56	-3.92	-0.38
Effect of Exchange Rate Changes	1.48	-0.06	1.21	-0.44	-1.15	-0.42	-2.63	4.24	-3.86	-0.41	0.48
Cash Interest Paid	1.77	2.34	3.04	3.15	3.57	3.27	3.31	3.14	3.62	3.99	6.95
Cash Income Taxes Paid	1.81	1.29	6.32	1.03	1.28	0.98	2.83	2.98	2.77	2.41	16

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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
Total Assets	412	599	499	439	393	409	419	416	505	600	760
Total Current Assets	143	228	213	174	161	179	183	189	241	281	331
Cash & Equivalents	18	34	46	30	44	36	36	30	46	55	38
Restricted Cash	1.20	5.32	1.50	0.59	0.76	1.36	1.82	2.09	1.06	0.67	0.37
Accounts Receivable	83	141	121	68	53	68	63	75	83	113	160
Inventories, net	23	33	21	21	21	21	17	17	27	34	43
Prepaid Expenses	9.05	9.06	14	11	12	9.90	12	11	12	12	17
Current Deferred & Refundable Income Taxes	4.19	4.72	1.59	1.93	-	8.23	7.79	2.78	1.27	0.82	3.83
Other Current Assets	-	-	-	34	30	35	45	51	71	67	70
Plant, Property, & Equipment, net	19	45	27	23	22	15	16	16	21	26	34
Total Noncurrent Assets	250	325	258	241	210	214	220	211	243	293	395
Goodwill	166	220	170	167	152	152	162	161	183	211	270
Intangible Assets	78	101	83	70	54	46	43	35	45	60	84
Noncurrent Deferred & Refundable Income Taxes	3.00	-	-	-	-	-	0.00	0.51	0.83	0.30	0.97
Other Noncurrent Operating Assets	3.15	3.93	5.46	4.61	3.14	16	15	14	14	21	41
Total Liabilities & Shareholders' Equity	412	599	499	439	393	409	419	416	505	600	760
Total Liabilities	231	354	309	252	214	216	216	210	287	363	508
Total Current Liabilities	78	148	146	108	104	115	109	117	147	203	245
Short-Term Debt	8.89	19	14	17	1.70	2.50	3.13	2.20	3.58	10	1.65
Accounts Payable	54	99	96	71	80	78	85	84	73	88	110
Accrued Expenses	-	-	-	-	-	-	-	-	34	44	48
Current Deferred Revenue	15	28	35	20	20	34	21	29	33	57	82
Current Deferred & Payable Income Tax Liabilities	0.41	1.58	1.54	-	1.81	0.00	0.54	1.49	3.21	1.23	2.61
Other Current Liabilities	-	-	-	-	-	-	-	-	-	2.50	1.70
Total Noncurrent Liabilities	153	206	162	144	110	100	106	94	140	160	263
Long-Term Debt	103	158	114	104	74	63	69	62	108	127	217
Noncurrent Deferred & Payable Income Tax Liabilities	22	18	13	10	8.76	5.94	6.97	8.39	8.67	8.84	11
Other Noncurrent Operating Liabilities	28	30	35	30	27	31	30	24	24	24	35
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	181	245	190	187	179	193	204	206	218	237	252
Total Preferred & Common Equity	181	239	190	187	179	193	203	205	213	233	248
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	181	239	190	187	179	193	203	205	213	233	248
Common Stock	169	244	245	249	252	254	256	253	251	255	256
Retained Earnings	19	5.47	-42	-53	-59	-46	-38	-37	-19	-6.39	6.57
Accumulated Other Comprehensive Income / (Loss)	-6.62	-9.58	-13	-8.92	-13	-15	-14	-12	-18	-16	-14
Noncontrolling Interest	-	5.87	-	-	-	0.00	0.95	1.40	4.92	4.85	4.20

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
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	3/31/2025	6/30/2025
Total Assets	482	486	568	583	600	589	598	622	957	877
Total Current Assets	219	223	275	291	285	272	281	276	476	383
Cash & Equivalents	34	35	41	48	48	47	37	39	146	37
Restricted Cash	1.04	1.03	0.97	0.94	0.75	0.47	0.39	0.23	0.21	0.09
Accounts Receivable	95	90	110	127	112	117	127	100	152	161
Inventories, net	24	25	30	32	38	38	38	38	53	60
Prepaid Expenses	12	14	12	16	15	11	20	27	37	30
Current Deferred & Refundable Income Taxes	0.89	0.87	1.25	6.46	6.58	0.74	3.22	3.83	3.86	3.86
Other Current Assets	51	57	80	62	65	59	55	69	83	91
Plant, Property, & Equipment, net	16	20	24	24	25	28	30	32	46	47
Total Noncurrent Assets	247	243	268	267	290	290	286	313	435	447
Goodwill	186	182	208	200	210	211	211	220	275	288
Intangible Assets	45	45	45	52	62	58	56	61	119	117
Noncurrent Deferred & Refundable Income Taxes	0.51	0.51	0.82	0.82	0.80	0.29	0.26	0.29	0.21	0.29
Other Noncurrent Operating Assets	15	15	15	14	17	20	19	31	41	42
Total Liabilities & Shareholders' Equity	482	486	568	583	600	589	598	622	957	877
Total Liabilities	271	281	345	355	370	353	358	376	667	573
Total Current Liabilities	144	140	172	188	203	196	207	213	279	285
Short-Term Debt	3.30	3.30	3.85	4.31	4.73	11	11	11	1.67	1.86
Accounts Payable	101	100	112	116	94	79	91	92	110	126
Accrued Expenses	-	-	-	-	44	46	45	44	59	54
Current Deferred Revenue	36	34	52	61	54	58	60	65	88	93
Current Deferred & Payable Income Tax Liabilities	3.09	1.80	3.19	3.79	3.47	0.82	1.21	0.00	20	8.51
Other Current Liabilities	0.50	0.50	1.00	2.50	2.50	1.50	0.00	1.70	0.70	1.70
Total Noncurrent Liabilities	127	141	174	167	167	157	151	162	388	288
Long-Term Debt	93	107	141	137	135	125	120	123	338	237
Noncurrent Deferred & Payable Income Tax Liabilities	10.00	9.81	8.71	7.99	7.59	9.52	9.95	9.62	26	29
Other Noncurrent Operating Liabilities	24	24	24	22	24	22	21	30	24	23
Commitments & Contingencies	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	290	303
Total Preferred & Common Equity	206	201	217	222	225	232	235	241	286	298
Preferred Stock	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	286	298
Common Stock	251	250	251	253	254	252	252	254	256	259
Retained Earnings	-30	-28	-17	-14	-10	-4.88	-0.39	1.69	43	52
Accumulated Other Comprehensive Income / (Loss)	-16	-21	-17	-17	-18	-16	-16	-14	-13	-13
Noncontrolling Interest	4.96	4.88	5.42	5.08	4.70	4.63	4.77	4.62	4.26	4.86

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	33.40%	39.59%	13.50%	-17.26%	-2.24%	1.34%	-7.56%	2.57%	30.38%	28.92%	2.40%
EBITDA Growth	109.20%	-34.42%	-125.89%	576.88%	-4.75%	20.77%	-11.47%	-30.46%	124.20%	19.41%	-4.48%
EBIT Growth	143.30%	-85.18%	-980.47%	132.20%	18.54%	80.34%	-11.51%	-50.41%	281.69%	20.04%	-12.11%
NOPAT Growth	146.70%	-80.17%	-616.51%	3.60%	-137.94%	158.39%	-61.58%	-54.59%	308.54%	36.31%	23.92%
Net Income Growth	99.44%	-143.85%	-567.14%	92.08%	-135.09%	348.66%	-53.85%	-75.73%	820.98%	-20.60%	-0.55%
EPS Growth	56.25%	-138.00%	-489.47%	91.96%	-133.33%	-138.10%	146.00%	-82.61%	1,150.00%	-26.00%	-2.70%
Operating Cash Flow Growth	-26.95%	-28.46%	450.76%	-90.56%	234.12%	-53.41%	-56.77%	200.79%	122.96%	50.59%	-44.39%
Free Cash Flow Firm Growth	85.43%	-312.91%	192.31%	-122.23%	182.12%	-33.65%	-164.30%	156.46%	-736.60%	52.50%	-535.90%
Invested Capital Growth	19.33%	41.41%	-30.89%	1.87%	-22.08%	5.68%	7.69%	-0.09%	18.94%	12.93%	35.46%
Revenue Q/Q Growth	2.88%	7.34%	-0.30%	-7.12%	6.41%	-1.28%	-2.01%	3.40%	5.71%	7.35%	0.88%
EBITDA Q/Q Growth	-5.05%	-8.10%	-111.58%	247.30%	116.12%	-0.12%	-5.28%	-3.84%	28.83%	4.04%	-8.57%
EBIT Q/Q Growth	-6.69%	-58.61%	-203.86%	123.82%	335.45%	5.03%	-9.67%	-6.07%	40.94%	3.13%	-12.83%
NOPAT Q/Q Growth	2.30%	227.69%	-221.67%	27.93%	-119,760.13%	43.48%	-45.69%	16.59%	31.56%	-8.10%	24.34%
Net Income Q/Q Growth	-6.49%	-764.86%	-494.09%	92.89%	63.75%	72.89%	-43.94%	-19.88%	63.08%	-22.60%	3.81%
EPS Q/Q Growth	-5.66%	-1,800.00%	-514.81%	92.80%	63.16%	-285.19%	140.35%	-20.00%	61.29%	-24.49%	9.09%
Operating Cash Flow Q/Q Growth	-12.14%	405.08%	-6.43%	-57.97%	94.25%	-42.15%	-77.87%	140.12%	30.26%	13.19%	-34.93%
Free Cash Flow Firm Q/Q Growth	-275.91%	36.04%	12.02%	-200.44%	-70.54%	-39.25%	-218.17%	439.83%	14.20%	21.57%	-1,910.32%
Invested Capital Q/Q Growth	12.34%	-6.19%	-20.63%	-6.12%	-6.67%	0.06%	2.91%	1.60%	1.15%	-0.77%	27.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	32.23%	29.71%	32.34%	32.81%	33.06%	33.38%	33.27%	31.14%	30.34%	31.39%	35.16%
EBITDA Margin	11.85%	5.57%	-1.27%	7.32%	7.13%	8.50%	8.14%	5.52%	9.49%	8.79%	8.20%
Operating Margin	8.23%	1.35%	-6.13%	2.33%	4.27%	5.28%	4.22%	3.04%	5.24%	6.34%	6.35%
EBIT Margin	7.35%	0.78%	-6.06%	2.36%	2.86%	5.08%	4.87%	2.35%	6.89%	6.41%	5.50%
Profit (Net Income) Margin	4.97%	-1.56%	-9.17%	-0.88%	-2.11%	5.18%	2.59%	0.61%	4.32%	2.66%	2.58%
Tax Burden Percent	80.65%	185.21%	116.05%	-214.98%	-285.18%	132.70%	69.00%	42.43%	77.09%	67.37%	81.52%
Interest Burden Percent	83.78%	-107.95%	130.54%	17.33%	25.91%	76.78%	77.01%	61.29%	81.38%	61.60%	57.60%
Effective Tax Rate	19.35%	0.00%	0.00%	314.98%	385.18%	-32.70%	31.00%	57.57%	22.91%	32.63%	18.48%
Return on Invested Capital (ROIC)	7.05%	1.06%	-5.55%	-6.49%	-17.19%	11.15%	4.01%	1.76%	6.56%	7.74%	7.68%
ROIC Less NNEP Spread (ROIC-NNEP)	0.94%	-7.13%	-24.99%	11.85%	43.21%	-10.26%	0.69%	-4.89%	9.01%	-4.26%	-3.32%
Return on Net Nonoperating Assets (RNNOA)	0.38%	-3.76%	-12.03%	4.88%	13.29%	-1.61%	0.11%	-0.79%	2.05%	-1.37%	-1.78%
Return on Equity (ROE)	7.44%	-2.69%	-17.58%	-1.61%	-3.90%	9.53%	4.12%	0.97%	8.61%	6.37%	5.89%
Cash Return on Invested Capital (CROIC)	-10.57%	-33.24%	30.97%	-8.34%	7.63%	5.62%	-3.39%	1.85%	-10.74%	-4.41%	-22.45%
Operating Return on Assets (OROA)	5.08%	0.57%	-4.60%	1.74%	2.32%	4.34%	3.72%	1.83%	6.32%	6.32%	4.52%
Return on Assets (ROA)	3.44%	-1.13%	-6.97%	-0.65%	-1.71%	4.42%	1.97%	0.47%	3.97%	2.62%	2.12%
Return on Common Equity (ROCE)	7.44%	-2.65%	-17.35%	-1.61%	-3.90%	9.53%	4.11%	0.96%	8.48%	6.23%	5.78%
Return on Equity Simple (ROE_SIMPLE)	7.22%	-2.40%	-20.13%	-1.62%	-3.99%	9.17%	4.03%	0.97%	8.57%	6.23%	5.82%
Net Operating Profit after Tax (NOPAT)	17	3.46	-18	-17	-41	24	9.21	4.18	17	23	29
NOPAT Margin	6.64%	0.94%	-4.29%	-5.00%	-12.17%	7.01%	2.91%	1.29%	4.04%	4.27%	5.17%
Net Nonoperating Expense Percent (NNEP)	6.11%	8.20%	19.44%	-18.33%	-60.40%	21.40%	3.33%	6.65%	-2.44%	12.00%	11.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	5.19%	6.21%	6.13%
Cost of Revenue to Revenue	67.77%	70.29%	67.66%	67.20%	66.94%	66.62%	66.73%	68.86%	69.66%	68.61%	64.84%
SG&A Expenses to Revenue	23.40%	25.30%	24.45%	27.85%	28.80%	27.64%	24.34%	25.24%	22.12%	22.56%	26.29%
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	24.00%	28.37%	38.47%	30.48%	28.80%	28.09%	29.04%	28.09%	25.10%	25.04%	28.81%
Earnings before Interest and Taxes (EBIT)	19	2.87	-25	8.13	9.64	17	15	7.63	29	35	31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	31	20	-5.30	25	24	29	26	18	40	48	46
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.04	1.04	2.45	0.95	1.32	1.40	1.22	1.09	1.88	3.03	4.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	28.24	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.41	0.67	1.11	0.52	0.70	0.79	0.78	0.69	0.95	1.30	1.90
Price to Earnings (P/E)	28.29	0.00	0.00	0.00	0.00	15.25	30.10	156.45	22.98	54.68	81.61
Dividend Yield	1.61%	3.63%	1.94%	5.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.54%	0.00%	0.00%	0.00%	0.00%	6.56%	3.32%	0.64%	4.35%	1.83%	1.23%
Enterprise Value to Invested Capital (EV/IC)	1.72	1.03	2.07	1.00	1.28	1.35	1.19	1.08	1.66	2.48	2.87
Enterprise Value to Revenue (EV/Rev)	1.76	1.07	1.31	0.78	0.79	0.87	0.90	0.79	1.11	1.45	2.23
Enterprise Value to EBITDA (EV/EBITDA)	14.83	19.14	0.00	10.60	11.13	10.28	11.00	14.33	11.72	16.56	27.16
Enterprise Value to EBIT (EV/EBIT)	23.90	136.45	0.00	32.93	27.77	17.18	18.39	33.61	16.14	22.69	40.45
Enterprise Value to NOPAT (EV/NOPAT)	26.47	112.96	0.00	0.00	0.00	12.46	30.72	61.28	27.50	34.04	43.05
Enterprise Value to Operating Cash Flow (EV/OCF)	26.18	30.97	7.85	40.74	12.19	29.19	63.98	19.27	15.85	17.75	50.04
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	5.47	0.00	14.69	24.69	0.00	58.39	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.72	0.68	0.64	0.43	0.34	0.36	0.31	0.51	0.58	0.87
Long-Term Debt to Equity	0.57	0.64	0.60	0.56	0.42	0.33	0.34	0.30	0.49	0.53	0.86
Financial Leverage	0.41	0.53	0.48	0.41	0.31	0.16	0.16	0.16	0.23	0.32	0.54
Leverage Ratio	2.17	2.37	2.52	2.49	2.28	2.16	2.09	2.04	2.17	2.43	2.78
Compound Leverage Factor	1.81	-2.56	3.29	0.43	0.59	1.66	1.61	1.25	1.77	1.49	1.60
Debt to Total Capital	38.17%	41.99%	40.33%	39.17%	29.90%	25.34%	26.29%	23.65%	33.76%	36.63%	46.49%
Short-Term Debt to Total Capital	3.03%	4.62%	4.43%	5.41%	0.67%	0.97%	1.13%	0.82%	1.09%	2.80%	0.35%
Long-Term Debt to Total Capital	35.13%	37.37%	35.90%	33.76%	29.23%	24.37%	25.16%	22.83%	32.68%	33.83%	46.14%
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	0.00%	1.39%	0.00%	0.00%	0.00%	0.00%	0.35%	0.52%	1.50%	1.29%	0.89%
Common Equity to Total Capital	61.83%	56.62%	59.67%	60.83%	70.10%	74.66%	73.37%	75.83%	64.74%	62.08%	52.61%
Debt to EBITDA	3.59	8.67	-24.27	4.76	3.17	2.25	2.82	3.57	2.77	2.87	4.79
Net Debt to EBITDA	2.97	6.74	-15.33	3.55	1.32	0.98	1.35	1.78	1.61	1.71	3.95
Long-Term Debt to EBITDA	3.30	7.72	-21.60	4.10	3.10	2.17	2.70	3.44	2.68	2.65	4.75
Debt to NOPAT	6.40	51.19	-7.18	-6.96	-1.86	2.73	7.89	15.25	6.51	5.89	7.58
Net Debt to NOPAT	5.29	39.78	-4.54	-5.20	-0.77	1.19	3.78	7.60	3.78	3.51	6.26
Long-Term Debt to NOPAT	5.89	45.56	-6.39	-6.00	-1.81	2.63	7.55	14.72	6.30	5.44	7.53
Altman Z-Score	2.01	1.22	1.62	1.28	1.56	1.76	1.65	1.56	2.04	2.41	2.27
Noncontrolling Interest Sharing Ratio	0.00%	1.38%	1.35%	0.00%	0.00%	0.00%	0.24%	0.58%	1.49%	2.14%	1.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.84	1.54	1.46	1.61	1.55	1.56	1.68	1.62	1.64	1.39	1.35
Quick Ratio	1.30	1.18	1.14	0.91	0.93	0.90	0.91	0.90	0.88	0.82	0.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-26	-108	100	-22	18	12	-7.77	4.39	-28	-13	-84
Operating Cash Flow to CapEx	0.00%	0.00%	16,610.74%	995.45%	0.00%	198.74%	132.37%	638.41%	883.20%	532.53%	142.99%
Free Cash Flow to Firm to Interest Expense	-8.35	-18.13	12.94	-3.30	2.55	2.24	-2.20	1.49	-5.16	-0.99	-6.48
Operating Cash Flow to Interest Expense	5.63	2.12	9.02	0.98	3.07	1.89	1.25	4.50	5.47	3.33	1.91
Operating Cash Flow Less CapEx to Interest Expense	7.73	2.53	8.97	0.88	3.52	0.94	0.31	3.80	4.85	2.70	0.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.69	0.73	0.76	0.74	0.81	0.85	0.76	0.78	0.92	0.99	0.82
Accounts Receivable Turnover	3.81	3.28	3.18	3.65	5.57	5.62	4.81	4.70	5.35	5.56	4.10
Inventory Turnover	7.34	9.24	10.45	10.92	10.81	11.00	11.12	12.98	13.51	12.33	9.43
Fixed Asset Turnover	13.16	11.49	11.54	13.62	14.80	18.25	20.06	20.15	22.98	23.15	18.58
Accounts Payable Turnover	4.05	3.38	2.90	2.79	2.99	2.87	2.58	2.64	3.74	4.64	3.67
Days Sales Outstanding (DSO)	95.85	111.12	114.72	100.06	65.58	64.95	75.93	77.72	68.26	65.59	89.07
Days Inventory Outstanding (DIO)	49.70	39.52	34.93	33.42	33.77	33.17	32.82	28.12	27.01	29.59	38.70
Days Payable Outstanding (DPO)	90.20	108.06	125.94	130.97	122.05	127.04	141.34	138.24	97.63	78.65	99.56
Cash Conversion Cycle (CCC)	55.34	42.58	23.71	2.50	-22.71	-28.92	-32.59	-32.40	-2.35	16.54	28.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	270	381	263	268	209	221	238	238	283	319	433
Invested Capital Turnover	1.06	1.13	1.29	1.30	1.41	1.59	1.38	1.36	1.62	1.81	1.48
Increase / (Decrease) in Invested Capital	44	112	-118	4.94	-59	12	17	-0.21	45	37	113
Enterprise Value (EV)	462	391	546	268	268	299	283	256	470	793	1,242
Market Capitalization	370	248	465	178	236	270	247	223	400	706	1,057
Book Value per Share	$7.01	$7.02	$5.56	$5.38	$5.11	$5.48	$5.71	$5.71	$6.22	$6.68	$7.08
Tangible Book Value per Share	($2.43)	($2.42)	($1.84)	($1.44)	($0.80)	($0.13)	($0.05)	$0.22	($0.43)	($1.11)	($3.02)
Total Capital	293	422	319	307	255	259	276	270	329	375	471
Total Debt	112	177	128	120	76	66	73	64	111	137	219
Total Long-Term Debt	103	158	114	104	74	63	69	62	108	127	217
Net Debt	92	138	81	90	32	29	35	32	65	82	181
Capital Expenditures (CapEx)	-6.59	-2.44	0.42	0.66	-3.21	5.15	3.34	2.08	3.36	8.38	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	55	60	33	52	14	30	39	43	51	33	50
Debt-free Net Working Capital (DFNWC)	74	100	81	83	59	67	77	75	98	89	88
Net Working Capital (NWC)	65	80	67	66	57	64	74	72	94	78	86
Net Nonoperating Expense (NNE)	4.39	9.20	20	-14	-34	6.26	1.04	2.20	-1.18	8.79	14
Net Nonoperating Obligations (NNO)	88	136	73	82	31	28	34	32	65	82	181
Total Depreciation and Amortization (D&A)	12	18	20	17	14	12	10	10	11	13	15
Debt-free, Cash-free Net Working Capital to Revenue	20.76%	16.40%	8.02%	15.13%	4.22%	8.73%	12.48%	13.12%	12.06%	6.12%	8.92%
Debt-free Net Working Capital to Revenue	28.12%	27.16%	19.36%	23.96%	17.39%	19.54%	24.45%	22.99%	23.08%	16.30%	15.77%
Net Working Capital to Revenue	24.74%	21.85%	15.98%	19.15%	16.89%	18.81%	23.46%	22.31%	22.23%	14.38%	15.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.51	($0.19)	($1.12)	($0.09)	($0.21)	$0.51	$0.23	$0.04	$0.50	$0.37	$0.37
Adjusted Weighted Average Basic Shares Outstanding	25.75M	28.79M	33.98M	34.45M	34.71M	34.99M	35.29M	35.35M	34.67M	34.67M	34.93M
Adjusted Diluted Earnings per Share	$0.50	($0.19)	($1.12)	($0.09)	($0.21)	$0.50	$0.23	$0.04	$0.50	$0.37	$0.36
Adjusted Weighted Average Diluted Shares Outstanding	26.20M	28.79M	33.98M	34.45M	34.71M	35.48M	35.52M	35.59M	35.01M	35.33M	36.38M
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	26.41M	33.07M	34.39M	34.74M	34.98M	35.28M	35.35M	35.05M	34.42M	34.85M	34.99M
Normalized Net Operating Profit after Tax (NOPAT)	19	11	23	12	10	14	12	7.91	21	26	33
Normalized NOPAT Margin	7.12%	3.09%	5.52%	3.47%	2.99%	4.02%	3.90%	2.44%	4.89%	4.75%	5.90%
Pre Tax Income Margin	6.16%	-0.84%	-7.90%	0.41%	0.74%	3.90%	3.75%	1.44%	5.61%	3.95%	3.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.17	0.48	-3.27	1.21	1.35	3.22	4.35	2.58	5.37	2.60	2.36
NOPAT to Interest Expense	5.57	0.58	-2.32	-2.57	-5.75	4.44	2.60	1.42	3.15	1.74	2.22
EBIT Less CapEx to Interest Expense	8.27	0.89	-3.33	1.11	1.80	2.27	3.41	1.88	4.75	1.98	1.03
NOPAT Less CapEx to Interest Expense	7.67	0.99	-2.37	-2.66	-5.30	3.49	1.66	0.71	2.53	1.11	0.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.40%	-139.12%	-23.51%	-257.25%	0.00%	0.00%	0.00%	5.40%	7.80%	11.49%	14.62%
Augmented Payout Ratio	52.84%	-139.12%	-24.01%	-257.25%	0.00%	0.00%	0.00%	258.25%	46.24%	11.49%	49.30%

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.38%	21.77%	22.59%	37.80%	32.05%	12.23%	6.46%	-9.29%	3.16%	39.87%	34.81%
EBITDA Growth	132.76%	10.36%	14.02%	53.13%	11.81%	24.70%	5.00%	-3.47%	-24.38%	579.21%	103.66%
EBIT Growth	202.37%	3.01%	13.56%	88.61%	8.39%	26.31%	-1.67%	-11.10%	-33.02%	892.65%	127.50%
NOPAT Growth	189.54%	46.52%	67.39%	180.11%	-17.19%	6.73%	24.21%	-35.04%	79.22%	602.58%	45.67%
Net Income Growth	471.25%	-12.14%	-15.54%	71.38%	-49.43%	-15.23%	23.56%	-31.60%	12.22%	1,641.14%	104.99%
EPS Growth	475.00%	-25.00%	-15.38%	50.00%	-52.17%	-33.33%	9.09%	-33.33%	27.27%	2,350.00%	116.67%
Operating Cash Flow Growth	224.62%	-5,850.99%	161.71%	-21.58%	52.28%	110.18%	-41.57%	-49.81%	-87.94%	-1,055.56%	-215.00%
Free Cash Flow Firm Growth	-1,607.28%	-62.46%	-55.49%	17.74%	19.09%	112.08%	88.35%	60.14%	-233.33%	-1,962.41%	-3,127.62%
Invested Capital Growth	18.94%	21.53%	18.13%	15.12%	12.93%	-0.15%	4.21%	5.76%	35.46%	48.75%	51.34%
Revenue Q/Q Growth	7.37%	-3.30%	14.76%	15.64%	2.89%	-17.81%	8.86%	-1.46%	17.01%	11.43%	4.92%
EBITDA Q/Q Growth	122.11%	-50.01%	47.27%	-6.35%	62.17%	-44.25%	24.01%	-13.90%	27.03%	400.77%	-62.82%
EBIT Q/Q Growth	212.00%	-61.32%	78.51%	-12.46%	79.30%	-54.92%	38.96%	-20.86%	35.09%	568.15%	-68.15%
NOPAT Q/Q Growth	178.81%	-19.13%	26.37%	-1.70%	-17.58%	4.24%	47.07%	-48.59%	127.41%	308.64%	-69.51%
Net Income Q/Q Growth	295.34%	-71.17%	61.60%	-6.97%	16.65%	-51.66%	135.55%	-48.50%	91.37%	649.99%	-72.27%
EPS Q/Q Growth	283.33%	-73.91%	83.33%	-18.18%	22.22%	-63.64%	200.00%	-50.00%	133.33%	600.00%	-73.47%
Operating Cash Flow Q/Q Growth	-74.07%	-220.78%	194.92%	163.82%	-49.65%	-91.92%	444.69%	126.62%	-87.90%	-739.82%	34.45%
Free Cash Flow Firm Q/Q Growth	11.26%	-36.29%	19.00%	16.03%	12.71%	120.35%	-178.09%	-187.36%	-629.95%	-13.69%	-35.34%
Invested Capital Q/Q Growth	1.15%	15.02%	-1.54%	0.49%	-0.77%	1.71%	2.76%	1.99%	27.10%	11.68%	4.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	32.38%	31.00%	30.82%	28.86%	34.60%	35.72%	35.66%	33.40%	35.76%	35.18%	36.20%
EBITDA Margin	13.51%	6.99%	8.96%	7.26%	11.44%	7.76%	8.84%	7.73%	8.39%	37.69%	13.36%
Operating Margin	7.25%	4.85%	6.66%	5.26%	8.23%	6.08%	6.73%	5.30%	7.11%	35.01%	9.74%
EBIT Margin	10.85%	4.34%	6.75%	5.11%	8.91%	4.89%	6.24%	5.01%	5.78%	34.68%	10.53%
Profit (Net Income) Margin	7.36%	2.19%	3.09%	2.48%	2.82%	1.66%	3.58%	1.87%	3.06%	20.62%	5.45%
Tax Burden Percent	80.01%	99.60%	80.22%	86.39%	44.30%	75.83%	92.60%	61.31%	88.90%	66.19%	69.14%
Interest Burden Percent	84.72%	50.73%	57.02%	56.27%	71.39%	44.71%	62.07%	61.00%	59.60%	89.85%	74.90%
Effective Tax Rate	19.99%	0.00%	19.78%	13.61%	55.81%	24.17%	7.40%	38.69%	11.11%	33.81%	30.86%
Return on Invested Capital (ROIC)	9.42%	7.25%	8.43%	7.67%	6.58%	7.93%	10.81%	5.43%	9.38%	34.90%	10.54%
ROIC Less NNEP Spread (ROIC-NNEP)	13.18%	3.45%	4.64%	3.96%	4.86%	4.03%	6.91%	3.43%	5.45%	31.70%	8.93%
Return on Net Nonoperating Assets (RNNOA)	3.00%	1.25%	1.63%	1.51%	1.56%	1.69%	2.77%	1.34%	2.92%	16.97%	4.86%
Return on Equity (ROE)	12.42%	8.49%	10.06%	9.17%	8.15%	9.62%	13.58%	6.77%	12.30%	51.87%	15.40%
Cash Return on Invested Capital (CROIC)	-10.74%	-13.34%	-9.50%	-5.63%	-4.41%	7.47%	3.66%	1.41%	-22.45%	-23.74%	-24.89%
Operating Return on Assets (OROA)	9.96%	3.75%	5.92%	4.78%	8.78%	4.72%	5.99%	4.54%	4.75%	27.29%	9.37%
Return on Assets (ROA)	6.75%	1.89%	2.71%	2.32%	2.78%	1.60%	3.44%	1.70%	2.51%	16.23%	4.85%
Return on Common Equity (ROCE)	12.23%	8.28%	9.83%	8.97%	7.97%	9.41%	13.29%	6.64%	12.07%	50.99%	15.13%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.27%	7.74%	8.31%	0.00%	6.10%	6.41%	5.76%	0.00%	17.06%	0.00%
Net Operating Profit after Tax (NOPAT)	6.75	5.46	6.90	6.78	5.59	5.83	8.57	4.41	10	41	12
NOPAT Margin	5.80%	4.85%	5.34%	4.54%	3.64%	4.61%	6.23%	3.25%	6.32%	23.18%	6.74%
Net Nonoperating Expense Percent (NNEP)	-3.76%	3.80%	3.79%	3.71%	1.72%	3.90%	3.90%	2.01%	3.93%	3.20%	1.61%
Return On Investment Capital (ROIC_SIMPLE)	2.05%	-	-	-	1.49%	-	-	-	2.13%	6.50%	2.30%
Cost of Revenue to Revenue	67.62%	69.00%	69.18%	71.14%	65.40%	64.28%	64.34%	66.60%	64.24%	64.82%	63.80%
SG&A Expenses to Revenue	22.91%	24.16%	22.02%	20.38%	23.98%	27.63%	26.52%	25.28%	25.90%	30.31%	26.33%
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	25.13%	26.15%	24.16%	23.61%	26.37%	29.64%	28.93%	28.10%	28.65%	0.17%	26.46%
Earnings before Interest and Taxes (EBIT)	13	4.89	8.72	7.64	14	6.17	8.58	6.79	9.17	61	20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	16	7.86	12	11	18	9.81	12	10	13	67	25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.88	2.22	2.08	2.46	3.03	3.47	4.29	4.09	4.27	2.79	3.35
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)	0.95	1.09	0.99	1.09	1.30	1.44	1.78	1.78	1.90	1.31	1.52
Price to Earnings (P/E)	22.98	29.00	28.99	32.04	54.68	64.49	76.34	82.45	81.61	16.82	19.03
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	4.35%	3.45%	3.45%	3.12%	1.83%	1.55%	1.31%	1.21%	1.23%	5.95%	5.25%
Enterprise Value to Invested Capital (EV/IC)	1.66	1.81	1.75	2.02	2.48	2.76	3.32	3.19	2.87	2.06	2.39
Enterprise Value to Revenue (EV/Rev)	1.11	1.33	1.20	1.28	1.45	1.60	1.95	1.96	2.23	1.64	1.84
Enterprise Value to EBITDA (EV/EBITDA)	11.72	14.45	13.26	14.16	16.56	17.98	21.96	21.69	27.16	9.71	10.47
Enterprise Value to EBIT (EV/EBIT)	16.14	20.17	18.50	19.23	22.69	24.72	30.67	30.79	40.45	11.60	12.46
Enterprise Value to NOPAT (EV/NOPAT)	27.50	32.65	26.60	25.71	34.04	37.60	43.49	46.75	43.05	15.94	18.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.85	33.09	11.74	16.52	17.75	15.47	20.82	28.44	50.04	83.56	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	36.87	92.58	232.76	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.51	0.65	0.62	0.61	0.58	0.57	0.55	0.54	0.87	1.17	0.79
Long-Term Debt to Equity	0.49	0.64	0.60	0.59	0.53	0.53	0.50	0.50	0.86	1.17	0.78
Financial Leverage	0.23	0.36	0.35	0.38	0.32	0.42	0.40	0.39	0.54	0.54	0.54
Leverage Ratio	2.17	2.36	2.43	2.49	2.43	2.52	2.53	2.57	2.78	2.94	2.72
Compound Leverage Factor	1.84	1.20	1.39	1.40	1.73	1.13	1.57	1.57	1.66	2.64	2.03
Debt to Total Capital	33.76%	39.53%	38.41%	37.82%	36.63%	36.48%	35.30%	35.17%	46.49%	53.94%	44.05%
Short-Term Debt to Total Capital	1.09%	1.05%	1.17%	1.28%	2.80%	2.85%	2.85%	2.79%	0.35%	0.27%	0.34%
Long-Term Debt to Total Capital	32.68%	38.49%	37.24%	36.55%	33.83%	33.64%	32.44%	32.38%	46.14%	53.68%	43.71%
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	1.50%	1.47%	1.38%	1.27%	1.29%	1.25%	1.29%	1.22%	0.89%	0.68%	0.90%
Common Equity to Total Capital	64.74%	58.99%	60.22%	60.91%	62.08%	62.27%	63.41%	63.61%	52.61%	45.38%	55.05%
Debt to EBITDA	2.77	3.56	3.35	3.04	2.87	2.72	2.60	2.67	4.79	3.31	2.07
Net Debt to EBITDA	1.61	2.52	2.20	1.99	1.71	1.78	1.86	1.89	3.95	1.88	1.75
Long-Term Debt to EBITDA	2.68	3.46	3.25	2.94	2.65	2.51	2.39	2.46	4.75	3.30	2.06
Debt to NOPAT	6.51	8.04	6.72	5.52	5.89	5.70	5.14	5.75	7.58	5.44	3.57
Net Debt to NOPAT	3.78	5.70	4.42	3.62	3.51	3.72	3.69	4.07	6.26	3.09	3.01
Long-Term Debt to NOPAT	6.30	7.83	6.52	5.34	5.44	5.25	4.73	5.29	7.53	5.42	3.54
Altman Z-Score	1.93	1.82	1.81	1.93	2.29	2.49	2.83	2.63	2.17	1.87	2.08
Noncontrolling Interest Sharing Ratio	1.49%	2.51%	2.29%	2.20%	2.14%	2.19%	2.11%	1.96%	1.85%	1.69%	1.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.64	1.61	1.55	1.40	1.39	1.38	1.36	1.30	1.35	1.71	1.34
Quick Ratio	0.88	0.88	0.93	0.79	0.82	0.83	0.79	0.65	0.81	1.07	0.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-38	-52	-42	-35	-31	6.30	-4.92	-14	-103	-117	-159
Operating Cash Flow to CapEx	998.29%	-478.35%	811.52%	1,890.83%	527.53%	39.28%	161.94%	377.35%	29.82%	-345.52%	-732.28%
Free Cash Flow to Firm to Interest Expense	-19.83	-21.66	-11.27	-10.62	-7.90	1.85	-1.51	-5.34	-27.86	-18.88	-32.43
Operating Cash Flow to Interest Expense	5.16	-4.99	3.04	9.01	3.87	0.36	2.05	5.71	0.49	-1.88	-1.57
Operating Cash Flow Less CapEx to Interest Expense	4.64	-6.04	2.67	8.54	3.14	-0.55	0.78	4.19	-1.16	-2.43	-1.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.92	0.86	0.88	0.93	0.99	0.97	0.96	0.91	0.82	0.79	0.89
Accounts Receivable Turnover	5.35	4.31	4.20	5.02	5.56	4.93	4.47	5.20	4.10	4.52	4.55
Inventory Turnover	13.51	11.69	11.53	11.24	12.33	11.05	10.71	9.53	9.43	8.69	8.65
Fixed Asset Turnover	22.98	22.08	23.01	22.42	23.15	21.64	20.81	19.30	18.58	16.48	17.06
Accounts Payable Turnover	3.74	3.02	2.96	3.62	4.64	3.96	3.63	3.86	3.67	4.19	3.92
Days Sales Outstanding (DSO)	68.26	84.64	86.83	72.78	65.59	74.01	81.64	70.13	89.07	80.72	80.23
Days Inventory Outstanding (DIO)	27.01	31.23	31.66	32.48	29.59	33.05	34.08	38.31	38.70	42.01	42.20
Days Payable Outstanding (DPO)	97.63	121.02	123.37	100.89	78.65	92.20	100.44	94.45	99.56	87.10	93.16
Cash Conversion Cycle (CCC)	-2.35	-5.15	-4.88	4.37	16.54	14.85	15.28	13.99	28.21	35.63	29.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	283	325	320	322	319	325	334	340	433	483	505
Invested Capital Turnover	1.62	1.49	1.58	1.69	1.81	1.72	1.73	1.67	1.48	1.51	1.56
Increase / (Decrease) in Invested Capital	45	58	49	42	37	-0.47	13	19	113	158	171
Enterprise Value (EV)	470	590	560	652	793	896	1,107	1,085	1,242	995	1,205
Market Capitalization	400	482	462	555	706	802	1,008	986	1,057	798	998
Book Value per Share	$6.22	$6.30	$6.42	$6.48	$6.68	$6.64	$6.73	$6.90	$7.08	$8.17	$8.46
Tangible Book Value per Share	($0.43)	($1.05)	($0.87)	($1.33)	($1.11)	($1.09)	($0.91)	($1.14)	($3.02)	($3.08)	($3.01)
Total Capital	329	367	369	370	375	372	371	379	471	630	542
Total Debt	111	145	142	140	137	136	131	133	219	340	239
Total Long-Term Debt	108	141	137	135	127	125	120	123	217	338	237
Net Debt	65	103	93	92	82	89	94	94	181	193	202
Capital Expenditures (CapEx)	1.00	2.51	1.41	1.59	2.87	3.12	4.12	4.00	6.13	3.39	1.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)	51	66	59	38	33	39	48	35	50	52	63
Debt-free Net Working Capital (DFNWC)	98	108	107	87	89	86	85	74	88	199	100
Net Working Capital (NWC)	94	104	103	82	78	75	74	63	86	197	98
Net Nonoperating Expense (NNE)	-1.81	2.99	2.91	3.07	1.26	3.74	3.64	1.87	5.16	4.51	2.38
Net Nonoperating Obligations (NNO)	65	103	93	92	82	89	94	94	181	193	202
Total Depreciation and Amortization (D&A)	3.10	2.98	2.86	3.21	3.89	3.63	3.58	3.68	4.13	5.32	5.25
Debt-free, Cash-free Net Working Capital to Revenue	12.06%	14.80%	12.56%	7.58%	6.12%	6.95%	8.42%	6.29%	8.92%	8.61%	9.59%
Debt-free Net Working Capital to Revenue	23.08%	24.34%	22.96%	17.10%	16.30%	15.37%	14.93%	13.32%	15.77%	32.72%	15.21%
Net Working Capital to Revenue	22.23%	23.47%	22.04%	16.17%	14.38%	13.48%	13.06%	11.41%	15.47%	32.44%	14.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$0.06	$0.11	$0.10	$0.10	$0.04	$0.13	$0.06	$0.14	$1.03	$0.27
Adjusted Weighted Average Basic Shares Outstanding	34.67M	34.44M	34.62M	34.77M	34.67M	34.85M	34.92M	34.97M	34.93M	35.03M	35.29M
Adjusted Diluted Earnings per Share	$0.23	$0.06	$0.11	$0.09	$0.11	$0.04	$0.12	$0.06	$0.14	$0.98	$0.26
Adjusted Weighted Average Diluted Shares Outstanding	35.01M	35.20M	35.14M	35.30M	35.33M	36.18M	36.30M	36.49M	36.38M	36.69M	36.56M
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	34.42M	34.59M	34.77M	34.81M	34.85M	34.94M	34.96M	34.98M	34.99M	35.27M	35.33M
Normalized Net Operating Profit after Tax (NOPAT)	7.33	4.17	7.17	8.17	9.86	6.08	9.60	5.14	12	3.65	13
Normalized NOPAT Margin	6.30%	3.70%	5.55%	5.47%	6.41%	4.81%	6.98%	3.79%	7.63%	2.06%	6.75%
Pre Tax Income Margin	9.19%	2.20%	3.85%	2.88%	6.36%	2.18%	3.87%	3.06%	3.45%	31.16%	7.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.55	2.03	2.33	2.29	3.49	1.81	2.64	2.56	2.48	9.86	3.98
NOPAT to Interest Expense	3.50	2.27	1.84	2.03	1.43	1.71	2.63	1.66	2.70	6.59	2.55
EBIT Less CapEx to Interest Expense	6.03	0.99	1.95	1.81	2.76	0.90	1.37	1.05	0.82	9.31	3.77
NOPAT Less CapEx to Interest Expense	2.98	1.22	1.47	1.55	0.69	0.79	1.37	0.15	1.05	6.04	2.34
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.80%	2.93%	6.54%	8.48%	11.49%	17.49%	14.42%	14.46%	14.62%	3.50%	2.61%
Augmented Payout Ratio	46.24%	2.93%	22.22%	10.94%	11.49%	38.73%	47.61%	50.45%	49.30%	7.60%	2.61%

Key Financial Trends

CECO Environmental Corp (NASDAQ: CECO) has shown steady financial performance over the last four years, with some noteworthy trends in its income, cash flow, and balance sheet metrics up to Q2 2025.

Positive Developments:

Operating revenue has grown consistently, from $105.4 million in Q2 2022 to $185.4 million in Q2 2025, indicating solid top-line growth.
Net income continuing operations increased from $4.7 million in Q2 2022 to over $10 million in Q2 2025, reflecting improving profitability.
Gross profit has risen from $31.7 million in Q2 2022 to $67.1 million in Q2 2025, showing better cost management relative to revenue.
Depreciation and amortization expenses have been stable, supporting consistent asset utilization without large unexpected charges.
Cash and equivalents surged from $34.4 million in Q2 2022 to $36.8 million in Q2 2025, indicating a healthy liquidity position despite volatile cash flows.
Total common equity increased from $205.5 million in Q2 2022 to $298.4 million in Q2 2025, enhancing the company's net worth and shareholder value.

Neutral Considerations:

The company maintains a large goodwill balance (~$288 million as of Q2 2025), which requires regular impairment assessments but has remained stable.
Interest expense fluctuated but remains manageable relative to operating income, with $4.9 million in Q2 2025 compared to $1.1 million three years prior.
The weighted average diluted shares outstanding increased slightly from about 35 million to 36.5 million shares, indicating some dilution over the period.

Negative Observations:

Net cash from continuing operating activities turned negative in Q2 2025 (-$7.7 million), after being positive in prior quarters, signaling potential operational cash flow pressures.
Significant repayments of debt occurred recently, with $101 million repaid in Q2 2025, leading to a substantial decrease in long-term debt from $338 million in Q1 2025 to $237 million in Q2 2025 – this debt reduction may affect liquidity.
Total liabilities increased from $271 million in Q2 2022 to $573 million in Q2 2025, nearly doubling, which could indicate higher leverage or increased obligations.
Fluctuations in restructuring charges and other special items have affected expenses, with spikes observed in some quarters, adding uncertainty to expense predictability.
The company’s net cash from financing activities swung from positive $115.7 million in Q1 2025 to negative $101.6 million in Q2 2025, reflecting large repayments or changes in financing strategy.

Summary: CECO Environmental has demonstrated steady revenue and net income growth over the last several years, bolstered by improvements in gross profit and common equity. However, recent quarters have seen operational cash flow challenges and significant debt repayments, impacting liquidity and balance sheet dynamics. Investors should monitor cash flow stability and the impact of debt reduction on the company’s overall financial flexibility going forward.

08/29/25 05:40 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

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 10 years?

CECO Environmental's net income appears to be on an upward trend, with a most recent value of $14.42 million in 2024, rising from $13.08 million in 2014. The previous period was $14.50 million in 2023. 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 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's revenue changed over the last 10 years?

Over the last 10 years, CECO Environmental's total revenue changed from $263.22 million in 2014 to $557.93 million in 2024, a change of 112.0%.

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 119.9% increase since 2014.

How much cash does CECO Environmental have?

In the past 10 years, CECO Environmental's cash and equivalents has ranged from $18.16 million in 2014 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 10 years?

Over the last 10 years, CECO Environmental's book value per share changed from 7.01 in 2014 to 7.08 in 2024, a change of 1.1%.

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This page (NASDAQ:CECO) was last updated on 8/29/2025 by MarketBeat.com Staff

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CECO Environmental (CECO) Financials

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