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Specialty industrial machinery · Industrials · Fiscal year ends Dec 31
CECO Environmental reported revenue of $774M in the fiscal year ended Dec 2025, up 38.8% from the year before. Operating income was $106M, an operating margin of 13.7%, and net income was $50M. Operating cash flow of $6M less capital expenditure of $11M left free cash flow of −$5M. Net debt was $179M.
Ranks among the 34 specialty industrial machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 324 | 423 | 545 | 558 | 774 |
| Cost of revenue | 223 | 294 | 374 | 362 | 505 |
| Gross profit | 101 | 128 | 171 | 196 | 269 |
| Selling, general & admin | 81.8 | 93.5 | 123 | 147 | 201 |
| Operating income | 9.9 | 22.2 | 34.6 | 35.4 | 106 |
| Interest expense | 3.0 | 5.4 | 13.4 | 13.0 | 20.9 |
| Pre-tax income | 4.7 | 23.7 | 21.5 | 17.7 | 82.8 |
| Income tax | 2.7 | 5.4 | 7.0 | 3.3 | 29.7 |
| Net income | 1.4 | 17.4 | 12.9 | 13.0 | 50.1 |
| Diluted EPS | 0.04 | 0.50 | 0.37 | 0.36 | 1.37 |
| Diluted shares | 35.6 | 35.0 | 35.3 | 36.4 | 36.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 29.9 | 45.5 | 54.8 | 37.8 | 33.1 |
| Receivables | 75.0 | 83.1 | 113 | 160 | 173 |
| Inventory | 17.1 | 26.5 | 34.1 | 42.6 | 54.0 |
| Current assets | 189 | 241 | 281 | 331 | 410 |
| Net PP&E | 15.9 | 20.8 | 26.2 | 33.8 | 47.8 |
| Goodwill | 161 | 183 | 211 | 270 | 288 |
| Total assets | 416 | 505 | 600 | 760 | 894 |
| Payables | 56.2 | 73.4 | 87.7 | 110 | 118 |
| Deferred revenue | 28.9 | 32.7 | 56.9 | 81.5 | 124 |
| Current liabilities | 117 | 147 | 203 | 245 | 306 |
| Short-term debt | 2.2 | 3.6 | 10.5 | 1.7 | 1.9 |
| Long-term debt | 61.6 | 108 | 127 | 217 | 211 |
| Total liabilities | 210 | 287 | 363 | 508 | 571 |
| Shareholders' equity | 205 | 213 | 233 | 248 | 318 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 13.3 | 29.6 | 44.6 | 24.8 | 5.9 |
| Capital expenditure | 2.6 | 3.4 | 8.4 | 17.4 | 11.3 |
| Free cash flow | 10.7 | 26.3 | 36.3 | 7.5 | −5.5 |
| Depreciation & amortisation | 9.9 | 10.6 | 12.5 | 14.5 | 24.9 |
| Stock-based compensation | 3.3 | 3.9 | 4.5 | 7.5 | 13.1 |
| Share buybacks | 5.0 | 7.0 | 0.0 | 5.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.4% | 28.9% | 2.4% | 38.8% |
| Operating income growth (YoY) | – | 124.8% | 56.0% | 2.4% | 199.0% |
| EPS growth (YoY) | – | 1150.0% | −26.0% | −2.7% | 280.6% |
| Gross margin | 31.1% | 30.3% | 31.4% | 35.2% | 34.8% |
| Operating margin | 3.0% | 5.2% | 6.3% | 6.3% | 13.7% |
| Net margin | 0.4% | 4.1% | 2.4% | 2.3% | 6.5% |
| Return on equityBlank when equity is negative | 0.7% | 8.2% | 5.5% | 5.2% | 15.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.3% | 6.2% | 8.7% | 6.9% | 18.0% |
| Free cash flow margin | 3.3% | 6.2% | 6.7% | 1.3% | −0.7% |
| Cash conversion (CFO ÷ net income) | 9.33x | 1.70x | 3.46x | 1.92x | 0.12x |
| Receivable days | 84 | 72 | 75 | 104 | 81 |
| Inventory days | 28 | 33 | 33 | 43 | 39 |
| Payable days | 92 | 91 | 86 | 111 | 85 |
| Interest cover | 3.34x | 4.09x | 2.58x | 2.72x | 5.06x |
| Debt ÷ equity | 0.31x | 0.52x | 0.59x | 0.88x | 0.67x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 33.9 | 65.7 | 82.5 | 181 | 179 |
| Current ratio | 1.62x | 1.64x | 1.39x | 1.35x | 1.34x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.