CECO ENVIRONMENTAL CORP
CECO · Industrial & Commercial Fans & Blowers & Air Purifing Equip · 35.9M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Reference price $97.28 · est. market cap ~$3.5B — last insider sale, 2026-06-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Clearly above-average air-pollution-control equipment maker with top-quartile returns and explosive growth, tempered by weak cash conversion.
Strengths
- ROE 15.8% (72.9th), operating margin 13.7% (78.2nd), revenue +38.8% and net income +286%
- Record backlog $793M and solid interest coverage (5.1x, 72.9th)
Risks
- Negative FCF (-$5.5M) and very weak OCF margin (0.8%, 34.4th) — earnings not converting to cash
- Fixed-price contract/percentage-of-completion estimation risk; moderate leverage (D/E 0.66)
Notable findings
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
34.8%
Operating margin
13.7%
Net margin
6.5%
Return on equity
15.8%
Return on assets
5.6%
ROIC
15.8%
Revenue growth (QoQ)
-4.1%
Net-income growth
286.3%
Debt / equity
0.7×
Net debt / EBITDA
1.4×
Interest coverage
5.1×
Current ratio
1.3×
Free cash flow
-$5M
EBITDA
$131M
Tangible book value
-$68M
Cash & investments
$33M
Cash runway
24q
Stock comp / revenue
1.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-25 | DEZWIREK JASON | Sell | 34K | $97.28 |
| 2026-06-24 | DEZWIREK JASON | Sell | 34K | $96.61 |
| 2026-06-24 | Johansson Peter K. | Sell | 30K | $96.49 |
| 2026-06-08 | Harris-Peterson Candace | Grant | 3.1K | — |
| 2026-06-01 | SIEGEL LAURIE | Grant | 2.2K | — |
| 2026-06-01 | KNOWLING ROBERT E JR | Grant | 2.2K | — |
| 2026-06-01 | Nanda Munish | Grant | 2.2K | — |
| 2026-06-01 | Mannarino Claudio A | Grant | 1.1K | — |
| 2026-06-01 | DEZWIREK JASON | Grant | 2.2K | — |
| 2026-06-01 | Harris-Peterson Candace | Grant | 3.1K | — |
| 2026-06-01 | Harris-Peterson Candace | Grant | 2.7K | — |
| 2026-06-01 | Harris-Peterson Candace | Grant | 6.3K | — |
| 2026-06-01 | Harris-Peterson Candace | Grant | 1.4K | — |
| 2026-06-01 | Harris-Peterson Candace | Grant | 4.7K | — |
| 2026-06-01 | Harris-Peterson Candace | Grant | 625 | — |
| 2026-06-01 | GEORGE MARCUS J | Grant | 37K | — |
| 2026-06-01 | GEORGE MARCUS J | Grant | 2.2K | — |
| 2026-06-01 | RICHEY VICTOR L JR | Grant | 6.4K | — |
| 2026-06-01 | SACHS VALERIE GENTILE | Grant | 3.2K | — |
| 2026-06-01 | WALLMAN RICHARD F | Grant | 3.4K | — |
| 2026-06-01 | WALLMAN RICHARD F | Buy | 20K | $76.85 |
| 2026-05-01 | Nanda Munish | Sell | 11K | $74.00 |
| 2026-04-29 | WALLMAN RICHARD F | Buy | 5.0K | $73.80 |
| 2026-04-29 | WALLMAN RICHARD F | Buy | 10K | $73.25 |
| 2026-03-31 | Gleason Todd R | Tax withheld | 2.1K | $59.58 |
| 2026-03-31 | Gregory Alyson Noel | Tax withheld | 175 | $59.58 |
| 2026-03-31 | Johansson Peter K. | Tax withheld | 653 | $59.58 |
| 2026-03-17 | Gregory Alyson Noel | Tax withheld | 139 | $57.06 |
| 2026-03-17 | Kovachev Kiril | Tax withheld | 346 | $57.06 |
| 2026-03-17 | Johansson Peter K. | Tax withheld | 1.6K | $57.06 |
| 2026-03-16 | Kovachev Kiril | Grant | 1.8K | — |
| 2026-03-16 | Gregory Alyson Noel | Grant | 3.2K | — |
| 2026-03-16 | Johansson Peter K. | Grant | 3.9K | — |
| 2026-03-15 | Gleason Todd R | Grant | 75K | — |
| 2026-03-15 | Gregory Alyson Noel | Tax withheld | 150 | $54.50 |
| 2026-03-15 | Kovachev Kiril | Tax withheld | 380 | $54.50 |
| 2026-03-15 | Johansson Peter K. | Grant | 16K | — |
| 2026-03-15 | Johansson Peter K. | Tax withheld | 5.0K | $54.85 |
| 2026-03-15 | Johansson Peter K. | Tax withheld | 1.7K | $54.50 |
| 2026-03-15 | Gleason Todd R | Tax withheld | 30K | $54.85 |
| 2026-03-07 | Gregory Alyson Noel | Tax withheld | 287 | $52.53 |
| 2026-03-07 | Gleason Todd R | Tax withheld | 3.6K | $52.53 |
| 2026-01-15 | Gregory Alyson Noel | Grant | 8.5K | — |
| 2025-09-22 | Gleason Todd R | Option exercise | 98K | $12.72 |
| 2025-09-22 | Gleason Todd R | Sell | 98K | $50.45 |
| 2025-09-19 | Gleason Todd R | Sell | 16K | $50.38 |
| 2025-09-19 | Gleason Todd R | Option exercise | 102K | $12.72 |
| 2025-09-19 | Gleason Todd R | Sell | 85K | $49.10 |
| 2025-09-19 | Gleason Todd R | Sell | 700 | $51.15 |
| 2025-09-18 | Gleason Todd R | Sell | 100K | $51.30 |
| 2025-09-18 | Gleason Todd R | Option exercise | 100K | $12.72 |
| 2025-09-05 | WALLMAN RICHARD F | Buy | 3.0K | $46.93 |
| 2025-08-29 | WALLMAN RICHARD F | Buy | 3.0K | $44.25 |
| 2025-08-29 | WALLMAN RICHARD F | Buy | 1.5K | $44.25 |
| 2025-08-15 | Johansson Peter K. | Tax withheld | 2.3K | $44.61 |
| 2025-07-31 | DEZWIREK JASON | Sell | 20K | $43.79 |
| 2025-07-31 | DEZWIREK JASON | Sell | 10K | $43.07 |
| 2025-07-30 | DEZWIREK JASON | Sell | 4.3K | $41.36 |
| 2025-07-30 | DEZWIREK JASON | Sell | 44K | $43.09 |
| 2025-07-30 | Mannarino Claudio A | Sell | 440 | $40.41 |
| 2025-07-30 | DEZWIREK JASON | Sell | 22K | $42.34 |
| 2025-07-30 | Mannarino Claudio A | Sell | 7.8K | $41.98 |
| 2025-07-30 | Mannarino Claudio A | Sell | 12K | $41.25 |
| 2025-07-05 | Kovachev Kiril | Tax withheld | 460 | $30.00 |
| 2025-06-27 | Watkins-Asiyanbi Joycelynn | Tax withheld | 1.6K | $29.60 |
| 2025-06-03 | Mannarino Claudio A | Grant | 3.1K | — |
| 2025-06-03 | Nanda Munish | Grant | 6.3K | — |
| 2025-06-03 | WALLMAN RICHARD F | Grant | 9.8K | — |
| 2025-06-03 | DEZWIREK JASON | Grant | 6.3K | — |
| 2025-06-03 | SACHS VALERIE GENTILE | Grant | 9.1K | — |
| 2025-06-03 | SIEGEL LAURIE | Grant | 6.3K | — |
| 2025-04-01 | Gleason Todd R | Tax withheld | 3.6K | $23.09 |
| 2025-03-31 | Watkins-Asiyanbi Joycelynn | Tax withheld | 688 | $22.80 |
| 2025-03-31 | Johansson Peter K. | Sell | 22K | $22.80 |
| 2025-03-31 | Johansson Peter K. | Tax withheld | 653 | $22.80 |
| 2025-03-31 | Gleason Todd R | Tax withheld | 2.1K | $22.80 |
| 2025-03-27 | Johansson Peter K. | Sell | 5.6K | $24.15 |
| 2025-03-17 | Kovachev Kiril | Grant | 4.3K | — |
| 2025-03-17 | Johansson Peter K. | Grant | 12K | — |
| 2025-03-17 | Watkins-Asiyanbi Joycelynn | Grant | 11K | — |
| 2025-03-15 | Johansson Peter K. | Tax withheld | 6.5K | $23.25 |
| 2025-03-15 | Gleason Todd R | Grant | 203K | — |
| 2025-03-15 | Gleason Todd R | Tax withheld | 76K | $23.25 |
| 2025-03-15 | Johansson Peter K. | Grant | 22K | — |
| 2025-03-15 | Watkins-Asiyanbi Joycelynn | Grant | 11K | — |
| 2025-03-15 | Watkins-Asiyanbi Joycelynn | Tax withheld | 4.4K | $23.25 |
| 2025-03-15 | Kovachev Kiril | Tax withheld | 464 | $23.25 |
| 2025-03-07 | Gleason Todd R | Tax withheld | 3.5K | $24.24 |
| 2025-02-26 | WALLMAN RICHARD F | Buy | 1.0K | $25.15 |
| 2025-02-26 | WALLMAN RICHARD F | Buy | 14K | $25.19 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | Reg FDExhibits | filing ↗ |
| 2026-06-01 | Acquisition/dispositionDebt obligationExec/director change5.03Reg FDExhibits | filing ↗ |
| 2026-05-28 | Exec/director changeShareholder voteReg FDExhibits | filing ↗ |
| 2026-04-28 | ResultsExhibits | filing ↗ |
| 2026-04-02 | Material agreementExhibits | filing ↗ |
| 2026-02-24 | Material agreementReg FDExhibits | filing ↗ |
| 2026-02-24 | ResultsExhibits | filing ↗ |
| 2026-02-04 | Material agreementDebt obligationExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-09 | 0001193125-26-263664 ↗ |
| 8-K | 2026-06-01 | 2026-06-01 | 0001104659-26-068661 ↗ |
| 8-K | 2026-05-28 | 2026-05-27 | 0001104659-26-067250 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001193125-26-197428 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001193125-26-183496 ↗ |
| 8-K | 2026-04-02 | 2026-03-30 | 0001193125-26-139875 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001193125-26-085815 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001193125-26-065166 ↗ |
| 8-K | 2026-02-24 | 2026-02-23 | 0001104659-26-018825 ↗ |
| 8-K | 2026-02-04 | 2026-01-30 | 0001193125-26-036815 ↗ |
| 10-Q | 2025-10-28 | 2025-09-30 | 0001193125-25-252944 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001193125-25-252209 ↗ |