Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price73.66 USD
Fair value90.52
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markup71.53+3.0% to today ✓
2026-08-24Read Distribution70.92+3.9% to today
2026-07-02Read Markup96.74-23.9% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
CECO Environmental Corp. holds its Markup at $73.66. Consolidating, no directional conviction, held for 111 days.
As held on the ledger · 2026-10-02
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 111 days
Price at the screen
$73.66
Valuation
N/A trailing · 23.37 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.51
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
26.86%
Below 33%
Interest-bearing debt is just 26.9% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
22.94%
Below 49%
Money owed to the company is 22.9% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
CECO Environmental clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 27%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-10-02 screen. The gold marker is the market price at the same screen. A 22.9% margin of safety to the base estimate.
Third-party analyst targets: 7 covering, consensus None. The average target sits +60% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-02 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Scrubbing factory air at a rich valuation
Every industrial site that needs cleaner air or treated water eventually calls on specialists like this one to handle the mess. The business is growing revenue at 16 percent, clears an ethical screen and sits just below our fair value with a thin 7 percent margin of safety, yet the opportunity rating stays at none. A forward multiple of 28 times sits awkwardly next to a 2 percent profit margin and 5 percent return on equity, so the numbers do not support paying up.
The strong buy chorus from six analysts and their 114 dollar median target ignores how little cash this model actually throws off once the work is done. Unknown competitive protection leaves the firm exposed if larger engineering groups decide to bundle these services themselves. Industrial spending cycles can flatten quickly when capital budgets tighten, and current earnings already look stretched for the returns delivered.
High expectations built on modest profitability create the real gap here, not any flaw in the underlying need for cleaner operations. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CECO trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markup · changed$71.53+0.9%Entry 6
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 0.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 39% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 254%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (5 analysts) rates it none, with a mean price target of $94.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 11.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 39% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 254%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (5 analysts) rates it none, with a mean price target of $94.
2026-07-24Markup$79.93-17.4%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 17.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 39% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 254%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (5 analysts) rates it none, with a mean price target of $94.
2026-07-18Markup$96.74+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 39% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 254%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (5 analysts) rates it none, with a mean price target of $94.
2026-07-03Markup$96.74+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$96.74Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
