CECO Environmental

CECO

Industrial - Pollution & Treatment Controls · Industrials

Exchange

United States

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

CECO Environmental Corp. helps industrial companies clean up air pollution and manage fluids and gases safely. Its main products include air filtration systems, industrial fans, scrubbers, and fluid handling equipment. Customers are factories, refineries, power plants, and other heavy industries that need to meet environmental regulations.

CECO makes money by selling equipment and providing engineering services and aftermarket parts. The company operates mainly in North America but also has a presence in Europe, the Middle East, and Asia. With a gross margin around 34%, it earns decent profits on its specialized systems, and its technical expertise in niche industrial applications creates some switching costs for customers. The key growth driver is tightening environmental regulations worldwide, which push more industrial operators to invest in pollution control — but the main risk is that its project-based revenue can be lumpy and sensitive to slowdowns in industrial capital spending.

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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

+53.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-396.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

11.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

$61M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

CECO Environmental grew revenue 54% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

30.3%

Modest — 30.3% gross margin

Profit after running costs

Operating Margin

-11.6%

Losing money on operations — -11.6%

Return on the money invested

ROCE

0.4%

Weak — 0.4% 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 growth

Sales YoY

+39.0%

Fast-growing sales (+39.0% YoY)

Profit growth

EPS YoY

-138.8%

Earnings shrinking (-138.8% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-0.7%

Burning cash (-0.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.35

Conservative — low debt load (0.35)

Covers its interest

Interest Cover

0.44x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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