CECO Environmental Corp. — Earnings Quality Grade F
CECO · Industrials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 81 days, change -20 days YoY
AR growth 11.0% vs revenue growth 38.8%
Revenue grew 38.8% but CFFO declined -76.4%
Expense Quality
Inventory 26.7% vs COGS 39.6%. Normal
CapEx growth -34.7% vs revenue 38.8%. Normal
SG&A/Gross Profit = 74.6%, exceeds 70%
Gross margin 34.8%, change -0.4pp. Stable
Cash Flow Quality
CFFO/NI = 0.12. Only 12% of profit backed by cash
FCF is negative ($-0.0B)
Accruals ratio = 4.9%. Low accruals
Cash $0.0B covers only 14% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 124% of equity. Over 50%
Debt/EBITDA = 1.9x. Healthy
Other assets -21.4% vs revenue 38.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change 12% YoY. Normal
Manipulation Score
M-Score = -2.11 (grey zone)
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25