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Side-by-side financial comparison of CECO ENVIRONMENTAL CORP (CECO) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
CECO ENVIRONMENTAL CORP is the larger business by last-quarter revenue ($214.7M vs $61.1M, roughly 3.5× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs 1.4%, a 8.9% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 35.4%). Perma-Pipe International Holdings, Inc. produced more free cash flow last quarter ($12.4M vs $7.3M). Over the past eight quarters, CECO ENVIRONMENTAL CORP's revenue compounded faster (30.4% CAGR vs 23.4%).
CECO Environmental Corp. is an American industrial technology company founded in 1966 and headquartered in Dallas, Texas. It is publicly traded on the Nasdaq Stock Market under the ticker symbol CECO. The company provides air pollution control technology, products, and services for industrial markets, including manufacturing, chemical processing, energy, and refining.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
CECO vs PPIH — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $214.7M | $61.1M |
| Net Profit | $3.1M | $6.3M |
| Gross Margin | 35.1% | 34.4% |
| Operating Margin | 7.7% | 18.6% |
| Net Margin | 1.4% | 10.3% |
| Revenue YoY | 35.4% | 47.1% |
| Net Profit YoY | -37.3% | 153.5% |
| EPS (diluted) | $0.09 | $0.77 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $214.7M | $61.1M | ||
| Q3 25 | $197.6M | $47.9M | ||
| Q2 25 | $185.4M | $46.7M | ||
| Q1 25 | $176.7M | $45.0M | ||
| Q4 24 | $158.6M | $41.6M | ||
| Q3 24 | $135.5M | $37.5M | ||
| Q2 24 | $137.5M | $34.3M | ||
| Q1 24 | $126.3M | $40.2M |
| Q4 25 | $3.1M | $6.3M | ||
| Q3 25 | $1.5M | $851.0K | ||
| Q2 25 | $9.5M | $5.0M | ||
| Q1 25 | $36.0M | $1.8M | ||
| Q4 24 | $4.9M | $2.5M | ||
| Q3 24 | $2.1M | $3.3M | ||
| Q2 24 | $4.5M | $1.4M | ||
| Q1 24 | $1.5M | $8.6M |
| Q4 25 | 35.1% | 34.4% | ||
| Q3 25 | 32.7% | 30.1% | ||
| Q2 25 | 36.2% | 35.8% | ||
| Q1 25 | 35.2% | 33.7% | ||
| Q4 24 | 35.8% | 33.9% | ||
| Q3 24 | 33.4% | 35.9% | ||
| Q2 24 | 35.7% | 30.6% | ||
| Q1 24 | 35.7% | 30.0% |
| Q4 25 | 7.7% | 18.6% | ||
| Q3 25 | 4.8% | 6.7% | ||
| Q2 25 | 9.7% | 16.9% | ||
| Q1 25 | 35.0% | 12.1% | ||
| Q4 24 | 7.1% | 13.4% | ||
| Q3 24 | 5.3% | 16.4% | ||
| Q2 24 | 6.7% | 9.1% | ||
| Q1 24 | 6.1% | 11.3% |
| Q4 25 | 1.4% | 10.3% | ||
| Q3 25 | 0.8% | 1.8% | ||
| Q2 25 | 5.1% | 10.6% | ||
| Q1 25 | 20.4% | 3.9% | ||
| Q4 24 | 3.1% | 6.0% | ||
| Q3 24 | 1.5% | 8.8% | ||
| Q2 24 | 3.3% | 4.2% | ||
| Q1 24 | 1.2% | 21.5% |
| Q4 25 | $0.09 | $0.77 | ||
| Q3 25 | $0.04 | $0.10 | ||
| Q2 25 | $0.26 | $0.61 | ||
| Q1 25 | $0.98 | $0.23 | ||
| Q4 24 | $0.14 | $0.31 | ||
| Q3 24 | $0.06 | $0.40 | ||
| Q2 24 | $0.12 | $0.18 | ||
| Q1 24 | $0.04 | $1.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $33.1M | $27.2M |
| Total DebtLower is stronger | $212.4M | $12.7M |
| Stockholders' EquityBook value | $317.5M | $85.8M |
| Total Assets | $893.8M | $217.0M |
| Debt / EquityLower = less leverage | 0.67× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $33.1M | $27.2M | ||
| Q3 25 | $32.8M | $17.3M | ||
| Q2 25 | $36.8M | $18.8M | ||
| Q1 25 | $146.5M | $15.7M | ||
| Q4 24 | $37.8M | $13.3M | ||
| Q3 24 | $38.7M | $9.5M | ||
| Q2 24 | $36.5M | $7.7M | ||
| Q1 24 | $46.6M | $5.8M |
| Q4 25 | $212.4M | $12.7M | ||
| Q3 25 | $220.9M | — | ||
| Q2 25 | $238.7M | — | ||
| Q1 25 | $339.7M | $15.2M | ||
| Q4 24 | $218.9M | — | ||
| Q3 24 | $133.4M | — | ||
| Q2 24 | $130.8M | — | ||
| Q1 24 | $135.7M | $15.2M |
| Q4 25 | $317.5M | $85.8M | ||
| Q3 25 | $309.2M | $80.2M | ||
| Q2 25 | $298.4M | $77.9M | ||
| Q1 25 | $285.8M | $72.1M | ||
| Q4 24 | $247.7M | $71.2M | ||
| Q3 24 | $241.3M | $68.6M | ||
| Q2 24 | $235.0M | $65.5M | ||
| Q1 24 | $231.5M | $65.7M |
| Q4 25 | $893.8M | $217.0M | ||
| Q3 25 | $891.9M | $189.0M | ||
| Q2 25 | $876.6M | $178.3M | ||
| Q1 25 | $957.1M | $165.2M | ||
| Q4 24 | $759.7M | $160.7M | ||
| Q3 24 | $621.5M | $157.8M | ||
| Q2 24 | $598.1M | $155.7M | ||
| Q1 24 | $589.0M | $155.7M |
| Q4 25 | 0.67× | 0.15× | ||
| Q3 25 | 0.71× | — | ||
| Q2 25 | 0.80× | — | ||
| Q1 25 | 1.19× | 0.21× | ||
| Q4 24 | 0.88× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.59× | 0.23× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $10.0M | $17.3M |
| Free Cash FlowOCF − Capex | $7.3M | $12.4M |
| FCF MarginFCF / Revenue | 3.4% | 20.2% |
| Capex IntensityCapex / Revenue | 1.2% | 8.1% |
| Cash ConversionOCF / Net Profit | 3.26× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $-5.5M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.0M | $17.3M | ||
| Q3 25 | $15.3M | $-2.0M | ||
| Q2 25 | $-7.7M | $733.0K | ||
| Q1 25 | $-11.7M | $6.0M | ||
| Q4 24 | $1.8M | $5.2M | ||
| Q3 24 | $15.1M | $2.8M | ||
| Q2 24 | $6.7M | $-73.0K | ||
| Q1 24 | $1.2M | $7.1M |
| Q4 25 | $7.3M | $12.4M | ||
| Q3 25 | $11.0M | $-4.6M | ||
| Q2 25 | $-8.7M | $-194.0K | ||
| Q1 25 | $-15.1M | $4.7M | ||
| Q4 24 | $-4.3M | $4.8M | ||
| Q3 24 | $11.1M | $2.2M | ||
| Q2 24 | $2.5M | $-662.0K | ||
| Q1 24 | $-1.9M | $4.2M |
| Q4 25 | 3.4% | 20.2% | ||
| Q3 25 | 5.6% | -9.6% | ||
| Q2 25 | -4.7% | -0.4% | ||
| Q1 25 | -8.5% | 10.5% | ||
| Q4 24 | -2.7% | 11.6% | ||
| Q3 24 | 8.2% | 5.8% | ||
| Q2 24 | 1.9% | -1.9% | ||
| Q1 24 | -1.5% | 10.5% |
| Q4 25 | 1.2% | 8.1% | ||
| Q3 25 | 2.1% | 5.3% | ||
| Q2 25 | 0.6% | 2.0% | ||
| Q1 25 | 1.9% | 2.9% | ||
| Q4 24 | 3.9% | 0.8% | ||
| Q3 24 | 3.0% | 1.7% | ||
| Q2 24 | 3.0% | 1.7% | ||
| Q1 24 | 2.5% | 7.2% |
| Q4 25 | 3.26× | 2.74× | ||
| Q3 25 | 10.18× | -2.40× | ||
| Q2 25 | -0.81× | 0.15× | ||
| Q1 25 | -0.33× | 3.42× | ||
| Q4 24 | 0.37× | 2.07× | ||
| Q3 24 | 7.24× | 0.86× | ||
| Q2 24 | 1.49× | -0.05× | ||
| Q1 24 | 0.81× | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
