CECO ENVIRONMENTAL CORP.
CECO · Industrials · $2.7B mkt cap · FY2025 filings · · not refreshed in 36 days · Shallow moat ·
Doesn't clear the bar
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $324M to $774M, increasing; diluted EPS 0.04 to 1.37, increasing.
Median gross margin 32.9% over 10y, very stable.
Median ROIC 5.0%, above the 12% hurdle in 10% of years.
Net debt/EBITDA 1.4x, interest coverage 5x.
Owner earnings changed trend unclear over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $17M
- $5.31
- $8.60
- $75.63
- 1324% above value if growth stopped today
What today’s price assumes: owner earnings growing ~70%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
17 years of fundamentals
The business, in plain English
CECO ENVIRONMENTAL CORP. booked $774M of revenue in FY2025 in the Industrials sector and kept 34.8% of it as gross profit — a moderate-margin business by that measure. After every other cost, 6.5% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $141M (FY2010) to $774M (FY2025) — about 12.0% a year compounded over 15 years.
It earned 13.8% on invested capital in the latest filed year, FY2025. Across the full 16-year measurable filed record, median ROIC was 6.2%. Over the v3 recent window (10 measurable filed years), median ROIC was 5.0%. The Returns on Capital filter above scores it 4/100.
The balance sheet carried $212M of total debt in FY2025 against $63.6M of owner earnings — roughly 3.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 44/100.
Put together: Business Trend is the strongest of the five filters (95/100) and Returns on Capital the weakest (4/100), which is how CECO lands at 47/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in CECO’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for CECO.
Industrials context
#193 of 446 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #191INVX INNOVEX INTERNATIONAL, INC.47.5 out of 100, Shallow moatShallow moat
- #192SPXC SPX TECHNOLOGIES, INC.47.1 out of 100, Shallow moatShallow moat
- #194AZTA AZENTA, INC.46.9 out of 100, Shallow moatShallow moat
- #195CNH CNH INDUSTRIAL N.V.46.8 out of 100, Shallow moatShallow moat
Compare CECO with its nearest peers →All Industrials companies on the Index →
Common questions about CECO
- Does CECO ENVIRONMENTAL CORP. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores CECO ENVIRONMENTAL CORP. (CECO) 46.9 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 95, pricing power 56, returns on capital 4, balance-sheet safety 44, capital allocation 36.
- Is CECO trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $5.31 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $75.63, that is 1324% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has CECO's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 46.9 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.