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Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 8, 2026

Ceco Environmental Corp (CECO)

A forensic read on Ceco Environmental Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.4
Distress distance
2
Forensic signals
17.7%
ROE
38.8%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Ceco Environmental Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.4, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns — halted.

What the filings flag

stopped
FY2024→FY2025
Shareholder returns — halted. Capital returns have STOPPED — $5M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
13.3%
FY2025
Return on invested capital. Return on invested capital is 13.3% in the latest fiscal year and rising across FY2023–FY2025 from 6.6%. After-tax operating profit was $23M in FY2023 and $69M in FY2025, with operating income at 6.3% of revenue in FY2023, 6.3% in FY2024 and 13.7% in FY2025. The capital base behind it grew +47% across FY2023–FY2025, from $353M to $518M, and the return did not fall doing it, so the dollars added over that window earned at least the 6.6% the older base was already earning.

Key fundamentals

Latest Revenue$774.4M
Revenue Growth YoY+38.8%
Revenue CAGR (2yr)+19.2%
Net Margin6.5%
Free Cash Flow-$5.5M
Return on Equity17.7%
Debt / Equity0.67x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.