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Ceco Environmental vs Perma-Pipe International: revenue, profit, margins and growth compared

Ceco Environmental brought in $774.4M of revenue in fiscal 2025, Perma-Pipe International $210.9M in fiscal 2026. Revenue changed by +38.8% at Ceco Environmental and +33.2% at Perma-Pipe International on the year before, so Ceco Environmental grew faster. Ceco Environmental kept 6.5% of its revenue as net profit, Perma-Pipe International 8.1%. Free cash flow was -$5.5M at Ceco Environmental and -$1.3M at Perma-Pipe International.

Side by side, latest fiscal year

CECOPPIH
Fiscal year endedFY2025 (December 31, 2025)FY2026 (January 31, 2026)
Revenue$774.4M$210.9M
Revenue growth+38.8%+33.2%
Net income$50.1M$17M
Net margin6.5%8.1%
Free cash flow-$5.5M-$1.3M
Free cash flow margin-0.7%-0.6%
Earnings per share (diluted)$1.37$2.09
Cash$33.1M$18.7M
Debt$212.4M$12.7M
Price to earnings53.615.2
Market value$4.3B$257.9M
Dividend yieldn/an/a
Rank by revenue in sector#287 of 451 · Industrials#354 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: $774.4MPPIH FY2019: $129MPPIH FY2019: $127.7MPPIH FY2020: $84.7MPPIH FY2021: $138.6MPPIH FY2023: $142.6MPPIH FY2024: $150.7MPPIH FY2025: $158.4MPPIH FY2026: $210.9MFY18FY19FY20FY21FY22FY23FY24FY25FY26
CECO $774.4MPPIH $210.9M
Net income
CECO FY2018: -$7.1MCECO FY2019: $17.7MCECO FY2020: $8.2MCECO FY2021: $1.4MCECO FY2022: $17.4MCECO FY2023: $12.9MCECO FY2024: $13MCECO FY2025: $50.1MPPIH FY2019: -$550KPPIH FY2019: $3.6MPPIH FY2020: -$7.6MPPIH FY2021: $6.1MPPIH FY2023: $5.9MPPIH FY2024: $10.5MPPIH FY2025: $9MPPIH FY2026: $17MFY18FY19FY20FY21FY22FY23FY24FY25FY26
CECO $50.1MPPIH $17M
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%PPIH FY2019: -0.4%PPIH FY2019: 2.8%PPIH FY2020: -9.0%PPIH FY2021: 4.4%PPIH FY2023: 4.2%PPIH FY2024: 6.9%PPIH FY2025: 5.7%PPIH FY2026: 8.1%FY18FY19FY20FY21FY22FY23FY24FY25FY26
CECO 6.5%PPIH 8.1%
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%PPIH FY2019: -1.0%PPIH FY2020: -33.7%PPIH FY2021: +63.6%PPIH FY2023: +2.9%PPIH FY2024: +5.7%PPIH FY2025: +5.1%PPIH FY2026: +33.2%FY19FY20FY21FY22FY23FY24FY25FY26
CECO +38.8%PPIH +33.2%
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: -$5.5MPPIH FY2019: $3.6MPPIH FY2019: $2.2MPPIH FY2020: -$1.8MPPIH FY2021: -$4.8MPPIH FY2023: -$8.2MPPIH FY2024: $3.6MPPIH FY2025: $11.1MPPIH FY2026: -$1.3MFY18FY19FY20FY21FY22FY23FY24FY25FY26
CECO -$5.5MPPIH -$1.3M

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

Questions about Ceco Environmental and Perma-Pipe International

Which is bigger by revenue, Ceco Environmental or Perma-Pipe International?

Ceco Environmental is bigger by revenue: $774.4M in fiscal 2025, against $210.9M for Perma-Pipe International in fiscal 2026.

Which keeps more of its revenue as profit, Ceco Environmental or Perma-Pipe International?

Ceco Environmental had a net margin of 6.5% in fiscal 2025; Perma-Pipe International had 8.1% in fiscal 2026.

Which grew revenue faster, Ceco Environmental or Perma-Pipe International?

In their latest fiscal years revenue changed by +38.8% at Ceco Environmental and +33.2% at Perma-Pipe International.

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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