CECO Environmental Corp (NASDAQ: CECO) is an industrial environmental solutions company that designs, engineers, and installs air pollution control, industrial water treatment, and fluid handling systems for heavy industry. Revenue comes from fixed-price engineering and construction contracts, recognized on a cost-to-cost percentage-of-completion basis, supplemented by recurring service and maintenance contracts on installed systems. The company operates through two reported segments: an energy-focused segment serving hydrocarbon processing, power generation, and energy transition applications, and an Industrial Process Solutions segment serving aluminum can production, automobile manufacturing, food and beverage processing, semiconductor fabrication, steel and aluminum mills, and wood manufacturing. Net sales were $774.4 million in FY2025, up from $557.9 million in FY2024, with a gross margin of 34.8% and operating income of $105.9 million (13.7% of sales) in FY2025. The workforce includes approximately 520 engineers, designers, and project managers as of the filing date. CECO grew through acquisitions including EnviroCare, WK Group, and Verantis in FY2024, and divested its Global Pump Solutions business in FY2025.

Revenue model

Fixed-price engineering and construction contracts, recognized over time using cost-to-cost percentage-of-completion. Secondary revenue stream from repetitive service and maintenance contracts on installed systems, awarded as customers modify or expand existing installations.

Products and services

Air pollution control systems, catalyst recovery and regeneration systems, industrial water treatment systems, fluid handling equipment, process filtration systems, duct fabrication and installation, volatile organic compound and odor elimination systems, and desalination and aquaculture solutions.

Customers and end markets

Diversified industrial customer base across hydrocarbon processing and refining, petrochemicals, power generation, energy transition, aluminum beverage can production, automobile manufacturing, food and beverage processing, semiconductor fabrication, electronics production, steel and aluminum mills, wood manufacturing, desalination, and aquaculture. No single customer concentration disclosed in the excerpts.

Value-chain role

Engineer-to-order system integrator and installer. CECO designs highly-engineered solutions, manages projects through installation, and captures aftermarket service and maintenance revenue on installed base. Sits between industrial equipment manufacturers and end-use industrial operators.

Geographic exposure

International footprint disclosed qualitatively as global, with customers expanding domestically and into new international markets. Specific country or regional revenue breakdown not provided in the filing excerpts.

Source: SEC 10-K, filed 2026-03-02

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