CECO ENVIRONMENTAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CECO ENVIRONMENTAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	417	345	337	342	316	324	423	545	558	774
Cost of revenue	282	232	226	228	211	223	294	374	362	505
Gross profit	135	113	112	114	105	101	128	171	196	269
Selling, general and administrative	81.7	89	87.5	86	76.9	81.8	93.5	123	147	201
Operating income	-25.6	8.02	10	18	13.3	9.86	22.2	34.6	35.4	106
Interest expense	7.71	6.72	7.14	5.4	3.54	2.95	5.42	13.4	13	20.9
Other non-operating income	0.31	0.11	-0.37	-0.75	2.03	-2.23	6.95	0.37	-4.69	-2.1
Pre-tax income	-33	1.41	2.5	13.3	11.8	4.67	23.7	21.5	17.7	82.8
Income tax	5.29	4.44	9.62	-4.36	3.67	2.69	5.43	7.02	3.27	29.7
Net income to minority interests	-0.04				-0.04	0.56	0.85	1.59	1.46	3.06
Net income	-38.2	-3.03	-7.12	17.7	8.21	1.43	17.4	12.9	13	50.1
EBITDA	-6.66	24.1	23.3	28.6	23.3	19.7	32.8	47.1	49.9	131
EPS, basic	-1.12	-0.09	-0.21	-0.51	0.23	0.04	0.50	0.37	0.37	1.42
EPS, diluted	-1.12	-0.09	-0.21	-0.50	0.23	0.04	0.50	0.37	0.36	1.37
Shares, basic (weighted)	34	34.4	34.7	35	35.3	35.3	34.7	34.7	34.9	35.3
Shares, diluted (weighted)	34	34.4	34.7	35.5	35.5	35.6	35	35.3	36.4	36.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	45.8	29.9	43.7	35.6	36	29.9	45.5	54.8	37.8	33.1
Receivables	83.1	68	53.2	68.4	63	75	83.1	113	160	173
Inventory	21.5	21	20.8	20.6	17.3	17.1	26.5	34.1	42.6	54
Other current assets	13.6	10.8	10.1	9.9	11.5	10.8	12.2	11.8	16.9	29.5
Total current assets	213	174	161	179	183	189	241	281	331	410
Property, plant and equipment	27.3	23.4	22.2	15.3	16.2	15.9	20.8	26.2	33.8	47.8
Lease right-of-use assets				13.6	11.4	16.3	11.4	16.3	25.1	28.3
Goodwill	170	167	152	152	162	161	183	211	270	288
Intangible assets	60.7	50	36	31.3	29.6	25.8	35.3	50.5	74.1	97
Total assets	499	439	393	409	419	416	505	600	760	894
Accounts payable	59	45.4	52	48.8	55.9	56.2	73.4	87.7	110	118
Accrued liabilities	8.23	5.25	7.58	5.71	5.08	6.07	33.8	44.3	47.5	57.6
Deferred revenue		20.1	20.1	34.4	20.7	28.9	32.7	56.9	81.5	124
Short-term debt	8.83	11.3		2.5	3.13	2.2	3.58	10.5	1.65	1.88
Total current liabilities	146	108	104	115	109	117	147	203	245	306
Long-term debt	114	104	74.5	63	69.5	61.6	108	127	217	211
Lease liabilities				11.1	9.31	8.76	8.45	11.4	20.2	23
Other non-current liabilities	34.9	30.4	26.9	20.4	20.6	14.8	15.1	12.6	14.4	3.32
Total liabilities	309	252	214	216	216	210	287	363	508	571
Total debt	123	115	74.5	65.5	72.6	63.8	111	137	219	212
Paid-in capital	245	248	251	254	255	253	250	255	255	269
Retained earnings	-41.7	-52.7	-59.4	-46.3	-38.1	-36.7	-19.3	-6.39	6.57	56.6
Treasury stock	-0.36	-0.36	-0.36	-0.36	-0.36
Other comprehensive income	-13	-8.92	-13.4	-14.5	-14.5	-12.1	-18	-16.3	-14.4	-8.9
Shareholders' equity	190	187	179	193	203	205	213	233	248	318
Minority interests					0.95	1.4	4.92	4.85	4.2	5.65
Total equity	190	187	179	193	204	206	218	237	252	323
Total liabilities and equity	499	439	393	409	419	416	505	600	760	894
Shares outstanding	34.3	34.7	35	35.3	35.5	35	34.4	34.8	35	35.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-38.3	-3.03	-7.12	17.7	8.17	1.98	18.3	14.5	14.4	53.1
Depreciation and amortization	18.9	16.1	13.3	10.6	9.92	9.85	10.6	12.5	14.5	24.9
Stock-based compensation	2.28	1.77	3.19	2.67	1.76	3.34	3.9	4.53	7.51	13.1
Deferred income tax	-3.75	-3.12	-0.04	-0.94	1.04	0	-0.04	-0.12	-3.61	6.31
Change in receivables	13.3	14.1	-6.08	-15.6	8.37	-13.2	-6.75	-26.9	-52.4	-6.77
Change in inventory	9.45	0.89	-1.7	-0.21	4.37	-0.2	-6.02	-6.9	-9.81	-3.18
Change in payables	-6.59	-15.8	21.3	-4.03	0.34	0.81	19.8	13.9	36.2	7.22
Cash from operations	69.6	6.57	22	10.2	4.42	13.3	29.6	44.6	24.8	5.86
Capital expenditures	-1.08	-1.03	-3.09	-5.66	-3.95	-2.62	-3.38	-8.38	-17.4	-11.3
Cash from investing	-1.41	-0.66	38.3	-5.15	-9.24	-2.08	-48.3	-56.5	-105	-1.08
Debt issued						0	11	75	0	0
Debt repaid	-41.8	-11.2	-41.4	-2.95	-5.01	-2.74	-3.12	-4.99	-114	-2.2
Share buybacks	-0.19				0	-5.01	-7.02	0	-5	0
Dividends paid	-9	-7.79
Cash from financing	-58	-24.1	-44.9	-12.1	3.72	-15.6	38.2	21.1	65.9	-11.6
Exchange rate effect	-1.71	0.88	-1.53	-0.45	1.94	-1.48	-4.98	-0.44	-2.67	1.8
Net change in cash	8.49	-17.3	13.8	-7.48	0.85	-5.82	14.6	8.86	-17.2	-4.97
Free cash flow	68.5	5.54	18.9	4.57	0.48	10.7	26.3	36.3	7.46	-5.48
Interest paid	6.92	5.69	5.56	3.55	3.17	2.15	5.01	12.1	13.3	20.4
Income taxes paid	6.42	3.05	10.2	5.91	2.16	-2.57	5.38	9.92	9.55	24.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $73.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.1%	Gross profit / revenue.
Operating margin	-0.6%	Operating income / revenue.
Pre-tax margin	-3.9%	Pre-tax income / revenue.
Net margin	-3.4%	Net income / revenue.
FCF margin	-2.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.8%	Cash from operations / revenue.
Return on equity (ROE)	-1.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.8%	Net income / average total assets.
Return on invested capital (ROIC)	-0.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	23.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	38.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	37.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	28.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	199.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	68.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	51.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	161.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	58.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	41.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	286.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	42.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	43.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	280.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	39.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	42.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-76.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-41.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-173.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	28.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.50x	Current assets / current liabilities.
Quick ratio	0.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.5%	Total debt / total assets.
Liabilities / assets	44.3%	Total liabilities / total assets.
Net debt	$666.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-0.23x	Operating income / interest expense.
Working capital	$327.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	67.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$424.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	5.14x	Revenue / average property, plant and equipment.
Inventory turnover	2.90x	Cost of revenue / average inventory.
Days inventory	126 days	365 x average inventory / cost of revenue.
Receivables turnover	1.97x	Revenue / average receivables.
Days sales outstanding	185 days	365 x average receivables / revenue.
Days payables	117 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	195 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.71	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.85	Revenue / diluted weighted shares.
FCF per share	-$0.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.17	Cash from operations / diluted weighted shares.
Book value per share	$35.52	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.27	Tangible book value / shares outstanding.
Cash per share	$1.04	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.30B	Share price x shares outstanding.
Enterprise value	$4.97B	Market cap + total debt - cash - short-term investments.
P/S	4.77x	Market cap / revenue.
P/B	2.07x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	5.50x	Enterprise value / revenue.
FCF yield	-0.5%	Free cash flow / market cap.
Earnings yield	-0.7%	Net income / market cap (the inverse of P/E).

What was CECO ENVIRONMENTAL CORP's revenue in fiscal 2025?

CECO ENVIRONMENTAL CORP reported revenue of $774.4M for fiscal 2025, 38.8% higher than the year before.

Was CECO ENVIRONMENTAL CORP profitable in fiscal 2025?

Yes. Net income was $50.1M, a net margin of 6.5%.

How much free cash flow did CECO ENVIRONMENTAL CORP generate in fiscal 2025?

Cash from operations of $5.9M minus capital expenditures of $11.3M left free cash flow of -$5.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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