CECO · Ceco Environmental Corp
Price & Indicators
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Aug 6, 2026TL;DR. CECO reported record orders and backlog, sharply higher revenue and adjusted EBITDA, and raised the lower ends of its 2026 revenue and adjusted EBITDA guidance. Thermon integration synergies are ahead of plan, but acquisition-related costs contributed to a GAAP net loss and increased leverage remained near the high end of the stated range.
- + Orders reached a record $798.5 million, up 191 percent, while backlog rose to $1,819.1 million, up 164 percent
- + Revenue increased 54 percent to $285.0 million and adjusted EBITDA increased 73 percent to $40.2 million
- + CECO raised 2026 revenue guidance to $1.300 billion-$1.375 billion and adjusted EBITDA guidance to $200 million-$225 million
- − The company reported a GAAP net loss of $34.8 million, compared with net income of $9.5 million
- − GAAP free cash flow declined to negative $24.3 million, despite a $53.2 million adjusted free-cash-flow result
- − Quarter-end leverage was 2.7 times trailing-12-month bank EBITDA, near the high end of the previously communicated range
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $60.5M | Six months ended June 30, 2026 | — |
| Adjusted EBITDA margin non-GAAP | 14.1% | Q2 2026 | — |
| Adjusted Free Cash Flow non-GAAP | $37.5M | Six months ended June 30, 2026 | — |
| Backlog | $1.82B | Q2 2026 | — |
| Free Cash Flow non-GAAP | -$40M | Six months ended June 30, 2026 | — |
| Net cash provided by (used in) operating activities, as adjusted non-GAAP | $45.1M | Six months ended June 30, 2026 | — |
| Non-GAAP EPS (diluted) non-GAAP | $0.47 | Q2 2026 | — |
| Non-GAAP gross profit non-GAAP | $159.9M | Six months ended June 30, 2026 | — |
| Non-GAAP gross profit margin non-GAAP | 32.6% | Six months ended June 30, 2026 | — |
| Non-GAAP net income non-GAAP | $35.4M | Six months ended June 30, 2026 | — |
| Non-GAAP operating income non-GAAP | $32.1M | the three months ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Operating (loss) income as reported in accordance with GAAP -33.2M
+7.8M Amortization expense
+45.5M Acquisition and integration expense
+0M Gain on sale of Global Pump Solutions business
+12M Other expense (income)
= Non-GAAP operating income 32.1M
|
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| Non-GAAP operating margin non-GAAP | 11.3% | the three months ended June 30, 2026 filing | — |
| Orders | $798.5M | Q2 2026 | — |
| Sales pipeline | $8.5B | Q2 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Pollution & Treatment Controls — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CECO
this stock
Ceco Environmental Corp
|
$4.14B | +23.1% | +38.8% | — | 3.4% |
|
VLTO
Veralto Corp
|
$23.86B | -5.1% | +6.0% | 25.0 | 2.7% |
|
ZWS
Zurn Elkay Water Solutions Corp
|
$7.75B | +2.5% | +19.4% | 37.5 | 2.9% |
|
PCT
PureCycle Technologies, Inc.
|
$1.01B | -48.9% | — | — | 28.0% |
|
ADUR
Aduro Clean Technologies Inc.
|
$441.09M | +18.5% | — | — | 8.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CECO | +0.2% | -0.9% | +10.2% | +5.8% | +23.1% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | +0.4% | -0.5% | -2.0% | +4.9% | +10.2% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.