TTEK

CECO Environmental and Tetra Tech are compared as rivals in environmental and industrial services. CECO shows strong growth in power and gas infrastructure projects with a $1.8B backlog, but faces challenges from rising debt ($727.7M) following the Thermon acquisition and GAAP losses.

Tetra Tech benefits from water, defense, and digital projects with improved cash flow and lower leverage (0.88x net debt to EBITDA). Both stocks carry a Zacks Rank #3 (Hold), but Tetra Tech appears better positioned for long-term growth with stronger fundamentals and lower valuation.

CECO Environmental Corp. reported a 73% year-over-year increase in adjusted EBITDA to $40.2 million in Q2 2026, with margins expanding 154 basis points to 14.1%. The company raised its 2026 adjusted EBITDA guidance to $200-$225 million and expects mid-teens margins, supported by a $1.8 billion backlog and the Thermon acquisition.