Pulling SEC filings + quote and writing the call…

CECO ENVIRONMENTAL CORP
Next earnings Jul 27, 2026 · consensus $0.32 EPS, $267M rev
Last earnings +14.4% on 2026-04-28
Real growth and energy-transition tailwinds, but 69x P/E, collapsed cash flow and a pending Thermon deal cap the upside.
Sources: SEC EDGAR (CIK 0000003197, latest 10-Q filed 2026-04-30) · EODHD · analysis by claude-code · as of 6/25/2026, 12:45:01 PM.
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Middling fundamentals and a rich price (~45% above fair value) leave little margin of safety — a wait-and-see.
CECO is firing on the operating cylinders: FY2025 revenue jumped 38.8% to $774M, operating income tripled to $106M, and diluted EPS surged 280.6% to $1.37 as the Industrial Process Solutions and Engineered Systems segments rode the demand for emissions control, natural-gas infrastructure and water treatment that management explicitly ties to the Infrastructure Investment and Jobs Act and the global energy transition. ROE of 15.8% and a 199% jump in operating income confirm operating leverage on the four-year revenue ramp from $324M (FY2021) to $774M.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $324M | $423M | $545M | $558M | $774M |
| Gross profit | $101M | $128M | $171M | $196M | $269M |
| Operating income | $9.86M | $22.2M | $34.6M | $35.4M | $106M |
| Net income | $1.43M | $17.4M | $12.9M | $13.0M | $50.1M |
| Diluted EPS | $0.04 | $0.50 | $0.37 | $0.36 | $1.37 |
| Net margin | 0.4% | 4.1% | 2.4% | 2.3% | 6.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Reg FD investor update/exhibit; post-merger-close disclosure with no new financial details
Closed Thermon combination: new debt, officer/bylaw changes — merger consummation
Shareholders approved Thermon deal at special meeting; director slate confirmed
Q1'26 10-Q filed amid pending Thermon merger; continued top-line strength
Q1'26 earnings release; growth momentum from record FY25 continues
Entered material agreement — likely merger-related financing/amendment
FY25 revenue $774M (+39%), net income $50M (+286%), EPS $1.37 — breakout year
Announced definitive merger agreement with Thermon Group — transformative deal
Q3'25 10-Q: backlog and margin expansion driving FY25 outperformance
1070 tracked peers · median
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Last 90 days: 1 open-market buy · 0 sales
| 2026-06-08 | Harris-Peterson Candace Chief Human Resources Officer | Award | 3.10K | |
| 2026-06-01 | SACHS VALERIE GENTILE Director | Award | 3.19K | |
| 2026-06-01 | WALLMAN RICHARD F Director | Award | 3.44K | |
| 2026-06-01 | WALLMAN RICHARD F Director | Buy | 20.0K @ $76.85 | $1.54M |
| 2026-06-01 | SIEGEL LAURIE Director | Award | 2.21K | |
| 2026-06-01 | KNOWLING ROBERT E JR Director | Award | 2.21K | |
| 2026-06-01 | Nanda Munish Director | Award | 2.21K | |
| 2026-06-01 | Mannarino Claudio A Director | Award | 1.11K | |
| 2026-06-01 | DEZWIREK JASON Director | Award | 2.21K |
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.