Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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
Safe
Financial health
9.5
Distress distance
Clean
Earnings quality
6
Forensic signals
301.9
P / E (ttm)
15.8%
ROE
$4.2B
Market cap
0.0%
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 (red flags, auditor quality, say on pay, board independence). 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 9.5, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
30d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 21 to 30 FY2024→FY2025 (against cost of goods sold; inventory +27% vs -11% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
+1.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +5% over the last 3 years to FY2025 (+1.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~4%.
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.
+14.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +14.9% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +27% against -11% in cost of sales and receivables up +8% against revenue +0%. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 9% of net operating assets.
Key fundamentals
Latest Revenue$866.6M
Revenue Growth YoY+0.0%
Revenue CAGR (3yr)+27.0%
Net Margin5.8%
Free Cash Flow-$5.5M
Return on Equity15.8%
Debt / Equity0.67x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ceco Environmental Corp's actual 10-K/10-Q/8-K filings?
Return on invested capital.Return on invested capital is 12.4% in the latest fiscal year and rising from 5% — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.
-15%
FY2016→FY2017
Dividend — cut.The payout was CUT ~15% in FY2017 (from FY2016) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.