CECO CECO ENVIRONMENTAL CORP
Price Chart
Executive Summary
CECO issued a post-closing update on its acquisition of Thermon Group, providing initial full-year 2026 combined guidance. Revenue is expected between $1.275B and $1.375B (up ~20% YoY at midpoint), Adjusted EBITDA between $195M and $225M (up ~25% YoY at midpoint), and free cash flow at least 55% of Adjusted EBITDA. Management also highlighted strong early orders and that cost synergies of $40M+ are on track.
Actionable Insight
The strong combined guidance and early synergy capture support a positive re-rating. Monitor the June 9 investor call for further detail on order momentum and margin trajectory. The stock has historically reacted well to positive catalysts (100% win rate at T+20).
Key Facts
- Thermon acquisition closed June 1, 2026; initial integration phase on track with no operating challenges.
- Full-year 2026 combined revenue guidance: $1.275B–$1.375B, up ~20% YoY at midpoint.
- Full-year 2026 Adjusted EBITDA guidance: $195M–$225M, up ~25% YoY at midpoint.
- Free cash flow expected to be at least 55% of Adjusted EBITDA.
- Management expects $40M or more in cost synergies.
- Legacy CECO businesses booked orders greatly exceeding previous records in early June.
- Guidance reflects seven months (June–December) of Thermon contribution.
Financial Impact
Revenue guidance midpoint ~$1.325B vs prior standalone run rate; Adjusted EBITDA guidance midpoint ~$210M; $40M+ cost synergies targeted.
Risk Factors
- Integration risk remains; any operational hiccup could delay synergy realization.
- Substantial debt incurred for the acquisition may pressure balance sheet flexibility.
- Forward-looking guidance is subject to macroeconomic and supply chain uncertainties.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-263664 |
| Document: ceco-ex99_1.htm | 0001193125-26-263664 |
| Document: 0001193125-26-263664-index-headers.html | 0001193125-26-263664 |
| Document: 0001193125-26-263664-index.html | 0001193125-26-263664 |
| Document: 0001193125-26-263664.txt | 0001193125-26-263664 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 14, 2026
today
|
Institutional Cluster
| — | awaiting T+5 | — | — |
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Jun 11, 2026
3d ago
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Institutional Cluster
| $95.63 awaiting T+5 | awaiting T+5 | — | $96.74 (+1.16%) |
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Jun 9, 2026
5d ago
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8-K
| $93.41 awaiting T+5 | awaiting T+5 | — | $96.74 (+3.56%) |
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Jun 1, 2026
13d ago
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8-K
| $79.03 $78.02 | ▼ −1.28% | ▲ +1.47% | $96.74 (+22.41%) |
|
Jun 1, 2026
13d ago
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Press Release
| $79.03 $78.02 | ▼ −1.28% | ▲ +1.47% | $96.74 (+22.41%) |
|
May 28, 2026
17d ago
|
8-K
| $83.31 $79.47 | ▼ −4.61% | ▼ −4.56% | $96.74 (+16.12%) |
|
May 15, 2026
4w ago
|
Press Release
| $80.84 $81.71 | ▲ +1.08% | ▲ +0.11% | $96.74 (+19.67%) |
|
Apr 29, 2026
6w ago
|
Insider Cluster
| $72.48 $87.78 | ▲ +21.11% | ▲ +18.00% | $96.74 (+33.47%) |
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Apr 23, 2026
7w ago
|
EFFECT
| $64.80 $72.48 | ▲ +11.85% | ▲ +10.37% | $96.74 (+49.29%) |
|
Apr 15, 2026
8w ago
|
Press Release
| $64.69 $63.83 | ▼ −1.33% | ▼ −2.97% | $96.74 (+49.54%) |
US Market Status
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