olivLaw · US equity research
CECO Environmental Corp. CECO
Industrial & Commercial Fans & Blowers & Air Purifing Equip · SIC 3564 · Vertical: Industrial machinery and computer equipment (SIC 356x)
CECO Environmental is an environmentally focused industrial group delivering technology for industrial air, industrial water and the energy transition. After the Thermon acquisition, closed on June 1, 2026, the company reported second-quarter 2026 orders of $798.5 million and backlog rising to $1,819.1 million, which visibly changes its profile.
At the close of 04 Nov 2026, CECO Environmental Corp. (CECO) stock was 45.40 USD (−9.58% on the day), with market capitalisation 2.7 bn USD, beta 1.33, 52-week range 45.40–99.67 USD. Latest reported quarter (Q2 2026): revenue of 285.0 m USD (+53.7% YoY), net income of -34.8 m USD (−465.6% YoY), diluted EPS -0.80 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.9
- weak (30–45)
- Bollinger (20, 2)
- 42.82 – 69.20
- in the lower half of the band · %B 0.10 · band width 47.1%
- SMA 50 / 200
- 65.98 / 71.63
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -5.50 / -5.06
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −39.4% | −1.1% | −38.3 pp | — |
| 3 months | −34.3% | −0.5% | −33.9 pp | — |
| 6 months | −47.4% | +4.4% | −51.8 pp | — |
| Year to date | −24.1% | +12.3% | −36.5 pp | — |
| 1 year | −15.3% | +13.5% | −28.9 pp | +8.3% |
| 3 years | +182.9% | +76.4% | +106.5 pp | +40.5% |
| 5 years | +504.5% | +63.7% | +440.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 135.5 m | 158.6 m | 176.7 m | 185.4 m | 197.6 m | 214.7 m | 205.9 m | 285.0 m |
| Cost of revenue | 90.2 m | 101.9 m | 114.5 m | 118.3 m | 133.0 m | 139.3 m | 142.0 m | 198.5 m |
| Gross profit | 45.3 m | 56.7 m | 62.2 m | 67.1 m | 64.6 m | 75.4 m | 63.9 m | 86.5 m |
| SG&A | 34.3 m | 41.1 m | 53.5 m | 48.8 m | 47.0 m | 51.3 m | 46.1 m | 63.9 m |
| Operating income | 7.2 m | 11.3 m | 61.9 m | 18.1 m | 9.4 m | 16.5 m | 1.9 m | -33.2 m |
| Depreciation & amortisation | 3.6 m | 4.0 m | 5.1 m | 5.0 m ≈ | 8.6 m ≈ | 6.2 m | 6.1 m | 12.0 m ≈ |
| Interest expense | 2.6 m | 3.7 m | 6.2 m | 4.9 m | 5.1 m | 4.7 m | 4.2 m | 9.1 m |
| Pre-tax income | 4.1 m | 5.5 m | 55.1 m | 14.6 m | 2.3 m | 10.9 m | -3.7 m | -44.6 m |
| Income tax | 1.6 m | 606.0 k | 18.6 m | 4.5 m | 483.0 k | 6.1 m | -3.5 m | -10.1 m |
| Net income | 2.1 m | 4.9 m | 36.0 m | 9.5 m | 1.5 m | 3.1 m | -398.0 k | -34.8 m |
| Diluted EPS | 0.06 | 0.13 ≈ | 0.98 | 0.26 | 0.04 | 0.08 ≈ | -0.01 | -0.80 |
| Operating cash flow | 15.1 m ≈ | 1.8 m | -11.7 m | -7.7 m ≈ | 15.3 m ≈ | 10.0 m | -13.1 m | -19.3 m ≈ |
| Capex | 4.0 m ≈ | 6.1 m | 3.4 m | 1.0 m ≈ | 4.2 m ≈ | 2.7 m | 2.6 m | 4.9 m ≈ |
| Share repurchases | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 337.3 m | 341.9 m | 316.0 m | 324.1 m | 422.6 m | 544.8 m | 557.9 m | 774.4 m |
| Revenue YoY | −2.2% | +1.3% | −7.6% | +2.6% | +30.4% | +28.9% | +2.4% | +38.8% |
| Net income | -7.1 m | 17.7 m | 8.2 m | 1.4 m | 17.4 m | 12.9 m | 13.0 m | 50.1 m |
| Net income YoY | unavailable | unavailable | −53.6% | −82.6% | +1,121.4% | −25.9% | +0.4% | +286.3% |
| Diluted EPS | -0.21 | -0.50 | 0.23 | 0.04 | 0.50 | 0.37 | 0.36 | 1.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −82.6% | +1,150.0% | −26.0% | −2.7% | +280.6% |
| net % | -2.1% | 5.2% | 2.6% | 0.4% | 4.1% | 2.4% | 2.3% | 6.5% |
| Free cash flow | 18.9 m | 4.6 m | 476.0 k | 10.7 m | 26.3 m | 36.3 m | 7.5 m | -5.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 33.1 m USD
- Financial debt
- 212.4 m USD
- Net debt
- 179.3 m USD
- Equity
- 323.2 m USD
- Total assets
- 893.8 m USD
- Debt / equity
- 0.66x
- Current ratio
- 1.34x
- ROE
- 17.4%
- ROA
- 6.1%
- FCF margin
- -0.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 316.0 m | 324.1 m | 422.6 m | 544.8 m | 557.9 m | 774.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 210.9 m | 223.2 m | 294.4 m | 373.8 m | 361.8 m | 505.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 105.1 m | 100.9 m | 128.2 m | 171.0 m | 196.1 m | 269.2 m | SEC (XBRL)· 02 Mar 2026verified |
| SG&A | 76.9 m | 81.8 m | 93.5 m | 122.9 m | 146.7 m | 200.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | 13.3 m | 9.9 m | 22.2 m | 34.6 m | 35.4 m | 105.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 9.9 m | 9.9 m | 10.6 m | 12.5 m | 14.5 m | 24.9 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | 23.3 m ≈ | 19.7 m ≈ | 32.8 m ≈ | 47.1 m ≈ | 49.9 m ≈ | 130.7 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 3.5 m | 3.0 m | 5.4 m | 13.4 m | 13.0 m | 20.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | 11.8 m | 4.7 m | 23.7 m | 21.5 m | 17.7 m | 82.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 3.7 m | 2.7 m | 5.4 m | 7.0 m | 3.3 m | 29.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | 8.2 m | 1.4 m | 17.4 m | 12.9 m | 13.0 m | 50.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | 0.23 | 0.04 | 0.50 | 0.37 | 0.36 | 1.37 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 35.5 m | 35.6 m | 35.0 m | 35.3 m | 36.4 m | 36.6 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 36.0 m | 29.9 m | 45.5 m | 54.8 m | 37.8 m | 33.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 63.0 m | 75.0 m | 83.1 m | 112.7 m | 159.5 m | 172.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | 17.3 m | 17.1 m | 26.5 m | 34.1 m | 42.6 m | 54.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 183.5 m | 189.0 m | 240.7 m | 281.4 m | 331.0 m | 410.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 16.2 m | 15.9 m | 20.8 m | 26.2 m | 33.8 m | 47.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 161.8 m | 161.2 m | 183.2 m | 211.3 m | 269.7 m | 288.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 29.6 m | 25.8 m | 35.3 m | 50.5 m | 74.1 m | 97.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 419.3 m | 416.2 m | 504.7 m | 600.3 m | 759.7 m | 893.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 85.0 m | 84.1 m | 73.4 m | 87.7 m | 109.7 m | 117.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 3.1 m | 2.2 m | 3.6 m | 10.5 m | 1.7 m | 1.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 69.5 m | 61.6 m | 107.6 m | 126.8 m | 217.2 m | 210.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 109.4 m | 116.7 m | 146.7 m | 203.1 m | 244.7 m | 305.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 215.7 m | 210.2 m | 286.6 m | 362.8 m | 507.8 m | 570.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 203.6 m | 206.0 m | 218.1 m | 237.5 m | 251.9 m | 323.2 m | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.4 m | 13.3 m | 29.6 m | 44.6 m | 24.8 m | 5.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 3.9 m | 2.6 m | 3.4 m | 8.4 m | 17.4 m | 11.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | 476.0 k ≈ | 10.7 m ≈ | 26.3 m ≈ | 36.3 m ≈ | 7.5 m ≈ | -5.5 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -9.2 m | -2.1 m | -48.3 m | -56.5 m | -105.3 m | -1.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 3.7 m | -15.6 m | 38.2 m | 21.1 m | 65.9 m | -11.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 0 | 5.0 m | 7.0 m | 0 | 5.0 m | 0 | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn USD
Key indicators
Coverage and freshness
Score by group
79% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.3% | 21 (vs peers) | 13% |
| Net margin · Quality | -3.4% | 26 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 22.4% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 39.9% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 24.3x | 0 (vs peers) | 13% |
| Interest coverage · Balance sheet | -0.2x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.5x | 58 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 121.1x | 0 (vs peers) | 13% |
| FCF yield · Valuation | -0.8% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet12/100 · 3/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality23/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation0/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CECO ENVIRONMENTAL CORP. (CECO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 774.4 m USD in 2025; YoY growth 38.8%; net margin -3.4%; ROE -2.6%; net debt/EBITDA 24.3x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 22.4%
- EPS CAGR 3Y: 39.9%
What contradicts it
- ROIC: -0.3%
- Net margin: -3.4%
- Net debt / EBITDA: 24.3x
- Interest coverage: -0.2x
- EV/EBITDA: 121.1x
- FCF yield: -0.8%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Industrial machinery and computer equipment (SIC 356x) · same industry group (3-digit SIC) · compared with 36 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ITWIllinois Tool Works Inc | 83.4 bn | 26.1 | 101.7% | 19.4% | +0.9% | +18% / +21% |
| IRIngersoll Rand Inc. | 32.3 bn | 23.7 | 13.4% | 17.2% | +5.7% | +5% / +18% |
| XYLXylem Inc. | 23.2 bn | 22.3 | 10.1% | 11.9% | +5.5% | −28% / −4% |
| SYMSymbotic Inc. | 22.7 bn | 780.5 | 1.8% | 0.3% | +25.7% | −55% / −29% |
| NDSNNordson Corporation | 18.4 bn | 33.4 | 17.8% | 18.6% | +3.8% | +39% / +41% |
| ITTItt Inc. | 18.0 bn | 39.4 | 11.5% | 8.9% | +8.5% | +9% / +86% |
| IEXIdex Corp | 17.2 bn | 32.4 | 13.3% | 14.6% | +5.8% | +34% / +16% |
| ZBRAZebra Technologies Corporation | 15.7 bn | 26.8 | 16.5% | 9.8% | +8.3% | +32% / +40% |
| RBCRbc Bearings Incorporated | 15.1 bn | 42.7 | 10.5% | 17.5% | +14.3% | +7% / +85% |
| RRXRegal Rexnord Corp | 11.5 bn | 50.1 | 3.4% | 3.8% | −1.6% | +19% / +45% |
| GGGGraco Inc. | 11.2 bn | 22.5 | 20.4% | 22.4% | +5.8% | −15% / −14% |
| FLSFlowserve Corp | 10.3 bn | 40.7 | 11.1% | — | unavailable | +14% / +112% |
| DCIDonaldson Company, Inc. | 9.9 bn | 22.2 | 28.2% | 11.7% | +5.3% | −5% / +41% |
| ZWSZurn Elkay Water Solutions Corporation | 7.5 bn | 26.3 | 17.7% | 15.9% | +8.3% | −5% / +53% |
| TKRTimken Co | 7.3 bn | 26.4 | 8.9% | 5.9% | +0.2% | +31% / +47% |
| GTESGates Industrial Corporation Ltd. | 6.1 bn | 17.0 | 10.6% | 10.4% | +1.0% | +7% / +100% |
| ESABESAB Corporation | 4.9 bn | 31.7 | 6.7% | 5.1% | +3.7% | −30% / +2% |
| CECOCeco Environmental Corp. | 2.7 bn | — | -2.6% | -3.4% | +38.8% | −15% / +183% |
| EFXTEnerflex Ltd | 2.5 bn | 39.3 | 6.0% | 2.5% | +6.5% | +46% / +377% |
| OUSTOuster, Inc. | 2.4 bn | — | -11.3% | -20.4% | +52.5% | +46% / +555% |
| HSAIHesai Group | 2.0 bn | 30.4 | 6.9% | 14.4% | +52.1% | −32% / +23% |
| GRCThe Gorman-Rupp Company | 2.0 bn | 26.3 | 17.0% | 10.2% | +3.4% | +59% / +134% |
| CHRNChronoscale Holdings Corporation | 1.8 bn | — | -42.0% | -70.3% | +459.4% | +155% / −54% |
| GHMGraham Corporation | 816.0 m | 67.1 | 7.5% | 4.5% | +16.9% | +21% / +275% |
| TWINTwin Disc, Incorporated | 370.7 m | 11.9 | 16.3% | 8.0% | +11.9% | +64% / +86% |
1- and 3-year price returns: for CECO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CECO Environmental is an environmentally focused industrial group delivering technology for industrial air, industrial water and the energy transition. After the Thermon acquisition, closed on June 1, 2026, the company reported second-quarter 2026 orders of $798.5 million 3 and backlog rising to $1,819.1 million 3, which visibly changes its profile.
SWOT
Strengths
- The company has a large installed base and a full offer from engineering to service, which strengthens customer relationships.
- Over five decades of experience and a specialised technical team are assets that smaller rivals would find hard to replicate.
- Growth in orders and backlog in the second quarter of 2026 points to sustained demand for the portfolio.
Weaknesses
- Fixed-price contracts can lead to losses if actual costs exceed estimates, and the risk rises on large projects.
- The second-quarter net result was negative, reflecting acquisition and integration costs and amortisation.
- Higher debt after the Thermon acquisition reduces short-term financial flexibility.
Opportunities
- Demand from power, natural gas and energy transition could grow if industrial investment continues.
- Thermon integration synergies, ahead of plan, could improve margins.
- Emerging markets and expanding recurring aftermarket revenue from the installed base could bring more predictable income.
Threats
- Tariffs and the Middle East conflict could affect costs and deliveries.
- Inflation in materials and labour could cut margins if prices cannot be passed on to customers.
- Lower industrial investment in a weak economy could delay orders and lengthen sales cycles.
Risks
- Thermon integrationhigh
Integrating a large acquisition may delay synergies or raise costs, affecting results in 2026 and beyond.
- Fixed-price contractshigh
Wrong cost estimates on fixed-price projects can reduce margins or cause losses on individual projects.
- Delays and cancellationsmedium
Customers can postpone or cancel orders, so backlog may not always reflect future revenue.
- Material and energy pricesmedium
Rising steel, resin and transport costs can grow faster than the prices customers accept.
- Product liabilitylow
Liability or warranty claims can be costly to defend and could exceed insurance coverage.
Investment thesis
What would need to be true (bull case)
- If Thermon synergies materialise and backlog converts into revenue, the company could show solid margin and cash flow growth.
- The raised 2026 guidance suggests management sees sustained demand and good execution control.
- The installed base and recurring services could stabilise revenue during slowdowns in industrial investment.
What would break the thesis
- Higher debt after the acquisition and the negative second-quarter net result could limit flexibility if the market weakens.
- Fixed-price contracts and volatile costs could compress margins, especially on large projects.
What to watch
- Thermon integration results and synergy captureQ3 2026
- Development of backlog and new ordersQ3 2026
- Delivery against raised 2026 revenue and adjusted EBITDA outlook2026
- Debt levels and free cash flow trendnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CECO presents itself as a diversified environmentally focused industrial company helping customers in energy, hydrocarbon processing, semiconductor production, electric vehicles and aluminum can making meet emission standards and reduce consumption. The company says it has an installed base of systems and equipment in excess of $10 billion 1, which it aims to convert into more recurring revenue from aftermarket and services. Its annual report for 2025 notes approximately 520 engineers and project managers 1.
The business relies on engineered, configured and made-to-order products, with most projects on fixed-price terms. Backlog at December 31, 2025 was $793.1 million 1, and revenue timing depends on project delivery schedules. The Thermon acquisition, agreed on February 23, 2026, changed the size and structure of the company during 2026 2.
Operationally, CECO combines engineering platforms, fabrication through third-party partners and aftermarket services. According to the August 2026 release, integration of Thermon is progressing ahead of pre-acquisition plans 3.
Segments
Engineered Systems
The Engineered Systems segment serves power generation, hydrocarbon processing, water and wastewater treatment, oily water separation and natural gas infrastructure. It includes emissions management, fluid bed cyclones, thermal acoustics, separation and filtration 1.
Industrial Process Solutions
The Industrial Process Solutions segment offers contamination control, exhaust air treatment, VOC abatement and process filtration for aluminum can producers, automotive, semiconductor and battery recycling customers 1.
Market context
CECO describes the industrial environmental market as highly fragmented, with many regional suppliers, and estimates it at several billion dollars globally 1. Demand is supported by stricter regulation, gas and energy transition investment and reshoring of production. Public funding for green investment in the US and Europe has added support for environmental projects 1.
The company notes that demand can slow when customers postpone capital spending, making the market sensitive to the economic cycle and energy prices. In the second quarter of 2026 revenue rose year on year, partly due to the Thermon consolidation, which makes comparisons harder 2.
Trends
- Stricter environmental regulationtailwind
Industrial companies face tighter rules on emissions and wastewater, which could increase demand for CECO equipment if investment continues 1.
- Energy transition and natural gasmixed
The shift from coal and oil toward natural gas, LNG and renewables could support new plants and pipelines, but investment depends on policy and energy prices 1.
- Reshoring of productiontailwind
Moving supply chains closer to customers could support demand for new installations if the trend persists 1.
Competitive position
CECO says its markets are highly fragmented and that it competes with numerous local, regional and national manufacturers on performance, quality, lead time and safety 1. The company argues no single competitor has a comparable product and service portfolio, though this advantage could be challenged if rivals broaden their offers.
The Thermon acquisition adds industrial heat tracing technology and engineering experience, which may shift competitive positioning. The annual report does not name competitors with tickers, so US listings cannot be confirmed 1.
- Regional equipment manufacturers for environmental systems
Local and regional producers in the same product lines, as described by CECO; not named in the source.
- Regional engineering and installation firms
Small firms offering engineering, fabrication and installation in fragmented markets, per the annual report.
- Aftermarket and spare parts providers
Rivals that could capture recurring service revenue CECO wants to grow.
- Competitive landscape after the Thermon deal
Direct comparison with named competitors is not detailed in the sources provided, so no further firms are named.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- CECO Environmental (CECO) Raises Guidance After Thermon Deal — Can the Momentum Last?Yahoo Finance — News · 07 Sept 2026 · EN
The latest news item in our archive is from 07 Sept 2026; the newest SEC filing is from 05 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report05 Oct 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report (amendment)03 Aug 2026Financial statements and exhibits
- Current report09 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jun 2026Acquisition or disposition of assets · Creation of a direct financial obligation · Departure or appointment of officers · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report28 May 2026Departure or appointment of officers · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report28 Apr 2026Results of operations · Financial statements and exhibits
- Current report02 Apr 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CECO Environmental Corp. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CECO Environmental Corp. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CECO Environmental Corp. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.