CECO Environmental

CECO

Industrial - Pollution & Treatment Controls · Industrials

Price

$79.93

-0.37 (-0.46%)

Market Cap

$2.87B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+2.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 35.6M (2021) → 36.6M (2025)

CECO Environmental Corp. provides industrial air quality and fluid handling systems worldwide. It operates in two segments: Engineered Systems Segment and Industrial Process Solutions Segment. The company engineers, designs, builds, and installs systems that capture, clean, and destroy air- and water-borne emissions from industrial facilities as well as fluid handling, gas separation, and filtration systems. It offers dampers and diverters, selective catalytic reduction and selective non-catalyt

Winston Score History

Politician Trades

1 trades / 12mo

1 Congressional buy and 0 sells on CECO in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+21.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-91.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

11.8%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~2 years

$45M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$45M cash & investments at current burn rate

Growth context

CECO Environmental is growing revenue at 22% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

35.1%

Modest — 35.1% gross margin

Operating Margin

7.7%

Modest — 7.7% operating margin

ROCE

4.9%

Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+33.5%

Fast-growing sales (33.5% YoY)

EPS YoY

-64.1%

Earnings shrinking (-64.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

137%

Turns 137% of profit into real cash

FCF Margin

0.5%

Thin free cash flow (0.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.09

Conservative — low debt load (0.09)

Interest Cover

3.17x

Tight — interest eats into profit (3.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

163.7x

Expensive — P/E 163.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+116.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (163.7 → 47.0)

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Dividends

Not applicable for this business.

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