CECO Environmental
Builds industrial emissions, water-treatment, ducting, and process-heating systems.
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Profile
Supplies engineered industrial air, water, emissions-control, ducting, and process-heating systems worldwide. Revenue spans Engineered Systems, Industrial Process Solutions, and the Thermon-based Thermal Solutions segment, with demand tied to customer capital projects and environmental requirements.
Designs, manufactures, and services equipment that manages industrial air, water, emissions, noise, and temperature. Engineered Systems covers emissions controls, gas-liquid separation and filtration, water-treatment packages, dampers, expansion joints, and acoustical equipment. Industrial Process Solutions supplies ductwork, air-pollution and contamination controls, and process filtration. Thermal Solutions, added through Thermon, provides electric and steam heat tracing, process heating, temperature controls, and temporary power.
Serves power generation, hydrocarbon processing, semiconductor production, metals, and other industrial customers worldwide. Competes through application engineering, product performance, delivery, and service across a portfolio of specialized brands.
Demand depends on customer capital spending and environmental rules, while most projects use fixed-price contracts. The Thermon acquisition created the Thermal Solutions segment and added integration execution as a structural dependency.
Company facts
Categories
Key statistics
Year to date +16.6% · Average volume (30d) 929.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Northland Securities | Target | $118 | $125 | |
| Aug 5, 2026 | Cowen & Co. | Initiate | Buy | ||
| Jun 12, 2026 | Northland Securities | Target | $73 | $118 | |
| Jun 10, 2026 | Lake Street | Reiterate | Buy | $80 | $111 |
| Jun 10, 2026 | Needham | Reiterate | Buy | $90 | $110 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.26 | $0.47 | +84.3% | $282.2M | $285.0M | +1.0% | −0.76% |
| Apr 28, 2026Q1 FY26 | $0.12 | $0.36 | +200.0% | $198.9M | $205.9M | +3.5% | −2.44% |
| Feb 24, 2026Q4 FY25 | $0.43 | $0.30 | −30.2% | $205.4M | $214.7M | +4.5% | +8.02% |
| Oct 29, 2025Q3 FY25 | $0.25 | $0.26 | +4.0% | $190.4M | $197.6M | +3.8% | −0.19% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $176.7M | $185.4M | $197.6M | $214.7M | $214.7M | $285.0M | |
| Gross profit | $62.2M | $67.1M | $64.6M | $71.4M | $75.4M | $86.5M | |
| Operating income | $61.9M | $18.1M | $9.4M | $17.7M | $16.5M | −$33.2M | |
| Net income | $36.0M | $9.5M | $1.5M | $3.1M | $3.1M | −$34.8M | |
| Diluted EPS | $0.98 | $0.26 | $0.04 | $0.08 | $0.08 | −$0.80 | |
| Gross margin | 35.2% | 36.2% | 32.7% | 33.3% | 35.1% | 30.3% | |
| Operating margin | 35.0% | 9.7% | 4.8% | 8.2% | 7.7% | -11.6% |
Fiscal years (4-quarter sums)FY21 $324.1M · FY22 $422.6M · FY23 $544.8M · FY24 $557.9M · FY25 $774.4M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $61.1M · Total debt $762.7M · Total assets $3.73B · Shareholders' equity $2.08B
Dividends
No dividends on record.
Ownership
Shares outstanding 58.40M · Float 51.52M · 88.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 2.22M | 6.30% | 13G | Jul 16, 2025 |
| FMR LLC | 2.17M | 6.20% | 13G | Aug 6, 2025 |
| T. Rowe Price Investment Management, Inc. | 2.13M | 6.00% | 13G | May 15, 2026 |
| American Century Investment Management, Inc. | 2.04M | 5.70% | 13G | Feb 13, 2026 |
| Jason Dezwirek · director | 1.37M | 2.34% | Form 4 | Jun 26, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 24, 2026 | Peter K. Johansson | officer: SVP, Chief Financial Officer | −30,000 | $96.49 |
| Jun 25, 2026 | Jason Dezwirek | director | −34,000 | $97.28 |
| Jun 24, 2026 | Jason Dezwirek | director | −34,000 | $96.61 |
| Jun 1, 2026 | Richard F. Wallman | director | +20,000 | $76.85 |
| May 1, 2026 | Munish Nanda | director | −11,218 | $74.00 |
Peers
- Donaldson
Global industrial filtration leader; dominant in dust and fume collection
- Xylem
Global water technology leader with $8.6B revenue and industrial treatment depth
- Babcock & Wilcox Enterprises
Global boiler and emissions-control OEM serving power and industrial markets
- Pentair
Industrial water filtration and reuse specialist; $4.2B revenue
- Emerson Electric
Process automation giant offering BMS and heat tracing for oil & gas markets
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| CECO Environmental | $69.67 | −0.10% | $4.07B | — | 26.1 | 4.5 | +53.7% |
| Donaldson | $91.89 | −0.01% | $10.65B | 23.9 | 21.0 | 2.7 | +8.0% |
| Xylem | $112.64 | +1.19% | $25.99B | 26.5 | 18.9 | 2.8 | +1.5% |
| Babcock & Wilcox Enterprises | $7.15 | −0.21% | $1.07B | — | 26.1 | 1.3 | +121.9% |
| Pentair | $61.28 | −0.67% | $9.84B | 15.5 | 12.7 | 2.5 | −17.0% |
| Emerson Electric | $156.00 | +0.53% | $86.93B | 34.0 | 22.0 | 4.7 | +7.0% |
| Median | 25.2 | 21.0 | 2.7 | +7.0% |