CECOCECO ENVIRONMENTAL CORP

Industrial & Commercial Fans & Blowers & Air Purifing Equip

Revenue: $774M; 39% YoY
Operating margin: 13.7%; 115% YoY
EBITDA: $131M; 162% YoY
Market cap: $3.0B
Employees: 1,540; $503K revenue each
Net debt / EBITDA: 5.1×; $667M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
12% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
133% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
40% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$503K · 64th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 41st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$324M	$423M	$545M	$558M	$774M	39%
Operating income	$10M	$22M	$35M	$35M	$106M	199%
Net income	$1M	$17M	$13M	$13M	$50M	286%
Operating cash flow	$13M	$30M	$45M	$25M	$6M	76%
Capex	$3M	$3M	$8M	$17M	$11M	35%
Stock-based comp	$3M	$4M	$5M	$8M	$13M	74%
Buybacks	$5M	$7M	$0	$5M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 26, 2026	DEZWIREK JASON	SCHEDULE 13D/A	20.1%	Active
Jan 6, 2023	KING LUTHER CAPITAL MANAGEMENT CORP	SC 13D/A	4.9%	Passive
Aug 17, 2022	KING LUTHER CAPITAL MANAGEMENT CORP	SC 13D/A	5.9%	Passive

Insider trading

Open-market buys, 12 mo: $3M · 3
Open-market sells, 12 mo: $10M · 4
Net: −$8M

Pay vs performance

No pay-versus-performance disclosure yet.