Arq Inc (ARQ) is undervalued and Ceco Environmental Corp (CECO) is overvalued.
Against our estimates of intrinsic value, ARQ trades at the wider discount: a margin of safety of +40%, against -949% for CECO.
Values as of the 22 Sept 2026 close.
A 1.5x revenue multiple, discounted for its losses, values the shares at $3.48; the price of $2.07 is 40% below that value.
Leak Score 56/100 on 2 of 12 signals
Discounting its cash flows at 10.7% values the shares at $7.03; the price of $73.71 is 949% above that value, and 72% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | ARQ | CECO |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $2.07 | $73.71 |
| Intrinsic value | $3.48 | $7.03 |
| Margin of safety | +40% | -949% |
| Leak Score | 56/100 (2/12) | 0/100 (2/12) |
| Market cap | $90M | $4.3B |
| Revenue growth, 5 years | 12.3% | 19.6% |
| Operating margin | -6.6% | 5.8% |
| Net margin | -42.3% | -3.4% |
| Return on equity | -27.1% | -2.6% |
| Debt to equity | 0.23 | 0.37 |
| Forward P/E | 124.2x | 23.4x |
| P/B | 0.5x | 2.1x |