CECO vs ZWS: CECO Environmental and Zurn Elkay Water Solutions compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Zurn Elkay Water Solutions is the larger company, worth $7.5B, about 3.2 times CECO Environmental.
- CECO Environmental grew revenue faster over the last year (+53.7% vs +11.4%).
- Zurn Elkay Water Solutions keeps more of each dollar of revenue as operating profit (17.1% vs -0.6%).
- On earnings, Zurn Elkay Water Solutions is the cheaper stock (36.2x vs 168.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CECO | ZWS |
|---|---|---|
| Market cap | $2.3B | $7.5B |
| Share price | $65.82 | $46.57 |
| Revenue (last fiscal year) | $774M | $1.7B |
| Free cash flow (last fiscal year) | -$5M | $317M |
| Revenue growth, last year | +53.7% | +11.4% |
| Revenue growth per year, last 5 fiscal years | +24.3% | +16.8% |
| Operating margin | -0.60% | 17.1% |
| Net margin | -3.4% | 12.3% |
| Return on equity | -1.5% | 13.3% |
| P/E (trailing) | 168.4x | 36.2x |
| Price / free cash flow | — | 23.5x |
| EV / EBITDA | 46.0x | 19.5x |
| FCF growth the price implies | — | 7.1% |
| Dividend yield | — | 0.87% |
| Debt / equity | 0.80x | 0.67x |
| Fundamental grade | F | B |
| Superinvestors holding it | 4 | 1 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CECO Environmental
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $324M | $11M | 3.0% |
| 2022 | $423M | $26M | 5.2% |
| 2023 | $545M | $36M | 6.3% |
| 2024 | $558M | $7M | 6.3% |
| 2025 | $774M | -$5M | 13.7% |
Zurn Elkay Water Solutions
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $911M | $200M | 11.7% |
| 2022 | $1.3B | $89M | 8.4% |
| 2023 | $1.5B | $233M | 12.5% |
| 2024 | $1.6B | $272M | 15.6% |
| 2025 | $1.7B | $317M | 16.4% |
Where the revenue comes from
CECO Environmental · by segments, 2025
Engineered Systems Segment$544M70%
Industrial Process Solutions Segment$230M30%
Zurn Elkay Water Solutions · by segments, 2020
Process & Motion Control$1.4B66%
Water Management$710M34%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CECO in InvestinglyQuestions
Which is bigger, CECO Environmental or Zurn Elkay Water Solutions?
Zurn Elkay Water Solutions (ZWS), at $7.5B against $2.3B.
Is CECO or ZWS cheaper?
By trailing P/E, Zurn Elkay Water Solutions (36.2x) is cheaper than CECO Environmental (168.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, CECO or ZWS?
CECO Environmental: revenue grew +53.7% over the last year, against +11.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.