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Ceco Environmental vs Fuel Tech: revenue, profit, margins and growth compared

Ceco Environmental brought in $774.4M of revenue in fiscal 2025, Fuel Tech $26.7M in fiscal 2025. Revenue changed by +38.8% at Ceco Environmental and +6.1% at Fuel Tech on the year before, so Ceco Environmental grew faster. Ceco Environmental kept 6.5% of its revenue as net profit, Fuel Tech -8.7%. Free cash flow was -$5.5M at Ceco Environmental and $2.3M at Fuel Tech.

Side by side, latest fiscal year

CECOFTEK
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$774.4M$26.7M
Revenue growth+38.8%+6.1%
Net income$50.1M-$2.3M
Net margin6.5%-8.7%
Free cash flow-$5.5M$2.3M
Free cash flow margin-0.7%8.8%
Earnings per share (diluted)$1.37-$0.08
Cash$33.1M$11.9M
Debt$212.4Mn/a
Price to earnings53.6n/a
Market value$4.3B$53.5M
Dividend yieldn/an/a
Rank by revenue in sector#287 of 451 · Industrials#420 of 451 · Industrials

Over the years

Revenue
CECO FY2018: $337.3MCECO FY2019: $341.9MCECO FY2020: $316MCECO FY2021: $324.1MCECO FY2022: $422.6MCECO FY2023: $544.8MCECO FY2024: $557.9MCECO FY2025: $774.4MFTEK FY2018: $56.5MFTEK FY2019: $30.5MFTEK FY2020: $22.6MFTEK FY2021: $24.3MFTEK FY2022: $26.9MFTEK FY2023: $27.1MFTEK FY2024: $25.1MFTEK FY2025: $26.7MFY18FY19FY20FY21FY22FY23FY24FY25
CECO $774.4MFTEK $26.7M
Net income
CECO FY2018: -$7.1MCECO FY2019: $17.7MCECO FY2020: $8.2MCECO FY2021: $1.4MCECO FY2022: $17.4MCECO FY2023: $12.9MCECO FY2024: $13MCECO FY2025: $50.1MFTEK FY2018: -$28KFTEK FY2019: -$7.9MFTEK FY2020: -$4.3MFTEK FY2021: $54KFTEK FY2022: -$1.4MFTEK FY2023: -$1.5MFTEK FY2024: -$1.9MFTEK FY2025: -$2.3MFY18FY19FY20FY21FY22FY23FY24FY25
CECO $50.1MFTEK -$2.3M
Net margin
CECO FY2018: -2.1%CECO FY2019: 5.2%CECO FY2020: 2.6%CECO FY2021: 0.4%CECO FY2022: 4.1%CECO FY2023: 2.4%CECO FY2024: 2.3%CECO FY2025: 6.5%FTEK FY2018: -0.0%FTEK FY2019: -25.8%FTEK FY2020: -19.0%FTEK FY2021: 0.2%FTEK FY2022: -5.4%FTEK FY2023: -5.7%FTEK FY2024: -7.7%FTEK FY2025: -8.7%FY18FY19FY20FY21FY22FY23FY24FY25
CECO 6.5%FTEK -8.7%
Revenue growth
CECO FY2019: +1.3%CECO FY2020: -7.6%CECO FY2021: +2.6%CECO FY2022: +30.4%CECO FY2023: +28.9%CECO FY2024: +2.4%CECO FY2025: +38.8%FTEK FY2019: -46.1%FTEK FY2020: -26.0%FTEK FY2021: +7.6%FTEK FY2022: +11.0%FTEK FY2023: +0.5%FTEK FY2024: -7.2%FTEK FY2025: +6.1%FY19FY20FY21FY22FY23FY24FY25
CECO +38.8%FTEK +6.1%
Free cash flow
CECO FY2018: $18.9MCECO FY2019: $4.6MCECO FY2020: $476KCECO FY2021: $10.7MCECO FY2022: $26.3MCECO FY2023: $36.3MCECO FY2024: $7.5MCECO FY2025: -$5.5MFTEK FY2018: $4.4MFTEK FY2019: -$3.9MFTEK FY2020: -$3MFTEK FY2021: $677KFTEK FY2022: -$4.3MFTEK FY2023: $278KFTEK FY2024: -$3.8MFTEK FY2025: $2.3MFY18FY19FY20FY21FY22FY23FY24FY25
CECO -$5.5MFTEK $2.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Ceco Environmental and Fuel Tech

Which is bigger by revenue, Ceco Environmental or Fuel Tech?

Ceco Environmental is bigger by revenue: $774.4M in fiscal 2025, against $26.7M for Fuel Tech in fiscal 2025.

Which keeps more of its revenue as profit, Ceco Environmental or Fuel Tech?

Ceco Environmental had a net margin of 6.5% in fiscal 2025; Fuel Tech had -8.7% in fiscal 2025.

Which grew revenue faster, Ceco Environmental or Fuel Tech?

In their latest fiscal years revenue changed by +38.8% at Ceco Environmental and +6.1% at Fuel Tech.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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