Latest Ratios: P/E Ratio 58.9x · EV/EBITDA 37.7x · ROE 17.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $2.2B | $1.1B | $717M | $409M | $222M | $247M | $653M | $396M | $416M | $343M |
| Enterprise Value | $2.9B | $2.2B | $1.3B | $817M | $487M | $267M | $301M | $703M | $429M | $506M | $426M |
| P/E Ratio → | 58.89 | 43.69 | 83.97 | 54.81 | 23.36 | 155.36 | 30.26 | 36.78 | — | — | — |
| P/S Ratio | 3.74 | 2.83 | 1.93 | 1.32 | 0.97 | 0.68 | 0.78 | 1.91 | 1.18 | 1.21 | 0.82 |
| P/B Ratio | 9.14 | 6.78 | 4.28 | 3.02 | 1.87 | 1.08 | 1.21 | 3.38 | 2.22 | 2.23 | 1.80 |
| P/FCF | — | — | 144.61 | 19.76 | 15.56 | 20.76 | 519.38 | 142.73 | 21.02 | 75.08 | 5.00 |
| P/OCF | 493.81 | 373.78 | 43.45 | 16.05 | 13.79 | 16.68 | 55.92 | 63.81 | 18.06 | 63.33 | 4.93 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.82 | 2.31 | 1.50 | 1.15 | 0.82 | 0.95 | 2.06 | 1.27 | 1.47 | 1.02 |
| EV / EBITDA | 37.68 | 28.49 | 25.86 | 17.36 | 14.85 | 13.57 | 12.93 | 24.57 | 18.57 | 21.00 | — |
| EV / EBIT | 55.81 | 21.03 | 42.03 | 23.39 | 17.57 | 22.21 | 19.57 | 37.49 | 44.51 | 48.33 | — |
| EV / FCF | — | — | 173.04 | 22.54 | 18.53 | 25.03 | 632.25 | 153.69 | 22.74 | 91.36 | 6.21 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.7% | 32.7% | 35.2% | 31.4% | 30.3% | 31.1% | 33.3% | 33.4% | 33.1% | 32.8% | 32.3% |
| Operating Margin | 6.7% | 6.7% | 6.3% | 6.3% | 5.2% | 3.0% | 4.2% | 5.3% | 3.0% | 2.3% | -6.1% |
| Net Profit Margin | 6.5% | 6.5% | 2.3% | 2.4% | 4.1% | 0.4% | 2.6% | 5.2% | -2.1% | -0.9% | -9.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 17.4% | 5.3% | 5.7% | 8.2% | 0.7% | 4.1% | 9.5% | -3.9% | -1.6% | -17.6% |
| ROA | 6.1% | 6.1% | 1.9% | 2.3% | 3.8% | 0.3% | 1.9% | 4.4% | -1.7% | -0.6% | -7.0% |
| ROIC | 10.0% | 10.0% | 6.6% | 8.2% | 6.1% | 2.9% | 4.0% | 5.9% | 3.1% | 2.2% | -5.8% |
| ROCE | 9.4% | 9.4% | 7.8% | 9.2% | 6.7% | 3.2% | 4.3% | 6.1% | 3.2% | 2.3% | -6.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.99 | 0.65 | 0.57 | 0.37 | 0.45 | 0.45 | 0.43 | 0.64 | 0.68 |
| Debt / EBITDA | 0.32 | 0.32 | 5.01 | 3.30 | 3.77 | 3.83 | 3.93 | 3.04 | 3.30 | 4.98 | — |
| Net Debt / Equity | — | -0.03 | 0.84 | 0.42 | 0.36 | 0.22 | 0.26 | 0.26 | 0.18 | 0.48 | 0.43 |
| Net Debt / EBITDA | -0.11 | -0.11 | 4.25 | 2.14 | 2.38 | 2.32 | 2.31 | 1.75 | 1.41 | 3.74 | — |
| Debt / FCF | — | — | 28.43 | 2.78 | 2.97 | 4.27 | 112.88 | 10.96 | 1.72 | 16.28 | 1.21 |
| Interest Coverage | 4.96 | 4.96 | 2.36 | 2.60 | 5.11 | 4.08 | 4.35 | 3.47 | 1.35 | 1.56 | -3.27 |
Net cash position: cash ($33M) exceeds total debt ($25M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 1.35 | 1.39 | 1.64 | 1.62 | 1.68 | 1.56 | 1.55 | 1.61 | 1.46 |
| Quick Ratio | 1.16 | 1.16 | 1.18 | 1.22 | 1.46 | 1.47 | 1.52 | 1.38 | 1.35 | 1.42 | 1.31 |
| Cash Ratio | 0.11 | 0.11 | 0.15 | 0.27 | 0.31 | 0.26 | 0.35 | 0.32 | 0.42 | 0.28 | 0.31 |
| Asset Turnover | — | 0.87 | 0.73 | 0.91 | 0.84 | 0.78 | 0.74 | 0.82 | 0.86 | 0.79 | 0.84 |
| Inventory Turnover | 9.65 | 9.65 | 8.49 | 10.97 | 11.10 | 13.09 | 12.16 | 11.07 | 10.85 | 11.06 | 13.13 |
| Days Sales Outstanding | — | 81.50 | 150.11 | 120.12 | 133.09 | 142.36 | 125.37 | 110.22 | 89.72 | 107.83 | 106.07 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 1.9% | 2.6% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 2.3% | 1.2% | 1.8% | 4.3% | 0.6% | 3.3% | 2.7% | — | — | — |
| FCF Yield | — | — | 0.7% | 5.1% | 6.4% | 4.8% | 0.2% | 0.7% | 4.8% | 1.3% | 20.0% |
| Buyback Yield | 0.0% | 0.0% | 0.5% | 0.0% | 1.7% | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.5% | 0.0% | 1.7% | 2.3% | 0.0% | 0.0% | 0.0% | 1.9% | 2.7% |
| Shares Outstanding | — | $37M | $36M | $35M | $35M | $36M | $36M | $35M | $35M | $34M | $34M |
Operating margin scalability concerns
Based on current market data, CECO trades at a TTM P/E of 67.06, which appears to price in significant future earnings expansion that may be difficult to justify given the company's historical volatility and the modest operating margins reported in recent quarterly filings.
The forward P/E of 50.49 suggests that investors are paying a substantial premium for anticipated growth, likely betting on the company's pivot toward high-growth semiconductor and EV end-markets. However, this valuation multiple appears stretched relative to the company's inconsistent net margin performance, warranting caution regarding whether the current growth trajectory can sustain such elevated pricing.
As reported in financial statements, CECO's ROIC has struggled to consistently exceed 4.0% over the last ten quarters, suggesting that the company's aggressive acquisition strategy has yet to generate the returns on invested capital necessary to create long-term shareholder value beyond the cost of capital.
The persistent gap between ROIC and the company's growth rate indicates that capital is being deployed into projects or acquisitions that are not yet yielding significant operational efficiency. Investors should monitor whether future integration of recent acquisitions can drive a structural improvement in these returns, as current levels appear insufficient for a company trading at such high valuation multiples.
According to recent quarterly data, CECO's cash conversion cycle has fluctuated significantly, reaching as high as 75 days in 2025Q3, which highlights the inherent difficulty in managing working capital within a project-based industrial business model that relies on long-cycle engineering contracts.
The high DSO, which has frequently exceeded 100 days, suggests that the company faces structural challenges in collecting payments from customers, potentially tying up liquidity in unbilled receivables. This inefficiency appears to be a primary driver of the company's volatile free cash flow, as the timing of project milestones often dictates cash availability more than underlying operational profitability.
Based on reported figures, CECO has maintained a remarkably low debt-to-equity ratio of 0.08% as of 2026Q1, which provides the company with a fortress-like balance sheet that stands in stark contrast to the higher leverage typically seen in the broader industrial sector.
This minimal debt burden insulates the firm from interest rate volatility and provides significant dry powder for future M&A or internal R&D investments. While this conservative stance is a clear strength, it also raises questions about whether management is under-utilizing its balance sheet to drive higher returns on equity through more efficient capital structures.
The P/E ratio is frequently misapplied to CECO, as it obscures the impact of non-recurring acquisition costs and stock-based compensation that significantly distort net income, making EV/EBITDA a more reliable metric for assessing the company's true operational earning power and valuation relative to industrial peers.
Because CECO utilizes percentage-of-completion accounting, reported net income can be highly sensitive to project timing and accounting adjustments, which the P/E ratio fails to normalize. Investors should prioritize EV/EBITDA and free cash flow metrics to better understand the company's underlying cash-generating capacity, as the P/E ratio likely provides a misleading picture of the firm's actual economic performance.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CECO stock.
CECO Environmental Corp.'s current P/E ratio is 58.9x. The historical average is 55.2x. This places it at the 71th percentile of its historical range.
CECO Environmental Corp.'s current EV/EBITDA is 37.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.8x.
CECO Environmental Corp.'s return on equity (ROE) is 17.4%. The historical average is 2.8%.
Based on historical data, CECO Environmental Corp. is trading at a P/E of 58.9x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CECO Environmental Corp. has 32.7% gross margin and 6.7% operating margin.
CECO Environmental Corp.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.