A Business at a Glance
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Orion Group Holdings Inc
ORN
$526M
Mkt Cap
$12.69
-1.78%
Orion Group Holdings Inc (ORN) has a current P/E ratio of 47.0, compared to its historical median P/E of 7.8. The stock is currently considered Expensive based on its historical valuation range.
Orion Group Holdings Inc (ORN) has a 5-year average return on invested capital (ROIC) of -3.0%. This is below average and may indicate limited pricing power.
Orion Group Holdings Inc (ORN) has a market capitalization of $514M. It is classified as a small-cap stock.
Orion Group Holdings Inc (ORN) does not currently pay a regular dividend.
Based on historical P/E analysis, Orion Group Holdings Inc (ORN) appears expensive. The current P/E of 47.0 is 506% above its historical median of 7.8. The estimated fair value CAGR (P/E method) is -4.8%.
Orion Group Holdings Inc (ORN) operates in the Heavy Construction Other Than Bldg Const - Contractors industry, within the Industrials sector.
Orion Group Holdings Inc (ORN) reported annual revenue of $852 million in its most recent fiscal year, based on SEC EDGAR filings.
Item 1. BUSINESS Business Overview Orion Group Holdings, Inc. is a leading specialty construction company focused on large-scale, mission-critical, capital projects within the marine and infrastructure sectors. Unless the context otherwise requires, all references herein to “Orion,” the “Company,” the “Registrant,” “we,” “us,” or “our” refer to Orion Group Holdings, Inc. and its consolidated subsidiaries and affiliates. Orion is a Delaware corporation, and its common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol ORN. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. As of December 31, 2025, we had a workforce of over 2,000 employees who are committed to delivering projects with predictable excellence and guided by our core values: Safety, Quality, Delivery, Teamwork, and Integrity.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 880M | 852M | 796M | 712M | 748M | 601M |
| Net Income | 8.6M | 2.5M | -1.6M | -18M | -13M | -15M |
| EPS | $0.21 | $0.06 | $-0.05 | $-0.55 | $-0.40 | $-0.47 |
| Free Cash Flow | -2.0M | -11M | -1.4M | 8.3M | -5.0M | -17M |
| ROIC | 23.8% | 7.4% | 7.6% | -12.6% | -8.8% | -8.6% |
| Gross Margin | 12.3% | 12.4% | 11.4% | 8.7% | 6.8% | 6.8% |
| Debt/Equity | 0.43 | 0.23 | 0.34 | 0.52 | 0.37 | 0.37 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | 13M | 15M | 12M | -6.6M | -8.0M | -9.3M |
| Operating Margin | 1.5% | 1.7% | 1.4% | -0.9% | -1.1% | -1.5% |
| ROE | 5.2% | 1.6% | -1.2% | -13.8% | -8.8% | -9.5% |
| Shares Outstanding | 40M | 41M | 33M | 33M | 32M | 31M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 386M | 466M | 578M | 579M | 521M | 708M | 710M | 601M | 748M | 712M | 796M | 852M | 880M |
| Gross Margin | 11.6% | 8.6% | 11.7% | 11.6% | 3.2% | 9.0% | 11.9% | 6.8% | 6.8% | 8.7% | 11.4% | 12.4% | 12.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 35M | 48M | 65M | 66M | 53M | 61M | 65M | 60M | 63M | 69M | 83M | 93M | 97M |
| EBIT | 9.9M | -8.0M | 4.1M | 1.5M | -101M | 2.2M | 27M | -9.3M | -8.0M | -6.6M | 12M | 15M | 13M |
| Op. Margin | 2.6% | -1.7% | 0.7% | 0.3% | -19.3% | 0.3% | 3.7% | -1.5% | -1.1% | -0.9% | 1.4% | 1.7% | 1.5% |
| Net Income | 6.9M | -8.1M | -3.6M | 400K | -94M | -5.4M | 20M | -15M | -13M | -18M | -1.6M | 2.5M | 8.6M |
| Net Margin | 1.8% | -1.7% | -0.6% | 0.1% | -18.1% | -0.8% | 2.8% | -2.4% | -1.7% | -2.5% | -0.2% | 0.3% | 1.0% |
| Non-Recurring | 2.4M | 5.9M | 8.0M | 674K | 73M | 1.8M | 9.0M | 11M | 5.0M | 8.5M | 2.9M | 2.5M | 2.5M |
| Returns on Capital | |||||||||||||
| ROIC | 3.0% | -2.5% | 1.2% | 0.5% | -36.9% | 0.9% | 11.5% | -8.6% | -8.8% | -12.6% | 7.6% | 7.4% | 23.8% |
| ROE | 2.9% | -3.5% | -1.6% | 0.2% | -50.6% | -3.8% | 13.6% | -9.5% | -8.8% | -13.8% | -1.2% | 1.6% | 5.2% |
| ROA | 2.0% | -1.7% | -0.8% | 0.1% | -25.3% | -1.5% | 5.0% | -3.8% | -3.5% | -4.6% | -0.4% | 0.6% | 1.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 12M | 25M | 23M | 34M | 22M | -716K | 46M | 69K | 9.6M | 17M | 13M | 28M | 36M |
| Free Cash Flow | -6.8M | 4.4M | 4.4M | 23M | 4.2M | -18M | 31M | -17M | -5.0M | 8.3M | -1.4M | -11M | -2.0M |
| Owner Earnings | -13M | -5.2M | -13M | 2.3M | -12M | -30M | 20M | -25M | -14M | -3.7M | -6.9M | 8.9M | 16M |
| CapEx | 19M | 21M | 19M | 11M | 18M | 17M | 15M | 17M | 15M | 8.9M | 14M | 39M | 38M |
| Maint. CapEx | 23M | 28M | 34M | 29M | 32M | 26M | 24M | 23M | 21M | 19M | 16M | 14M | 15M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25M | 24M |
| D&A | 23M | 28M | 34M | 29M | 32M | 26M | 24M | 23M | 21M | 19M | 16M | 14M | 15M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 80.8% | N/A | 31.9% | 24601.4% | 152.5% | 51.9% | 111.2% | N/A | 105.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 436K | 3.1M | 0 | 0 | 0 | 0 | 188K | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 1.6M | 2.3M | 2.3M | 2.3M | 2.2M | 2.8M | 2.0M | 2.4M | 2.8M | 2.0M | 4.0M | 5.5M | 5.7M |
| Debt Repayment | 0 | 32M | 0 | 88M | 48M | 70M | 48M | 49M | 28M | 104M | 15M | 23M | 23M |
| Balance Sheet | |||||||||||||
| Net Debt | -7.3M | 116M | 120M | 91M | 126M | 90M | 52M | 43M | 48M | 32M | 23M | 35M | 66M |
| Cash & Equiv. | 39M | 1.3M | 305K | 9.1M | 8.7M | 128K | 1.6M | 12M | 3.8M | 31M | 28M | 1.6M | 6.3M |
| Long-Term Debt | 3.5M | 95M | 82M | 63M | 76M | 68M | 30M | 259K | 716K | 24M | 23M | 6.1M | 66M |
| Debt/Equity | 0.30 | 0.52 | 0.53 | 0.47 | 0.95 | 0.65 | 0.33 | 0.37 | 0.37 | 0.52 | 0.34 | 0.23 | 0.43 |
| Interest Coverage | 14.3 | -2.5 | 0.7 | 0.3 | -12.7 | 0.3 | 5.4 | -1.8 | -1.8 | -0.6 | 0.9 | 1.6 | 9.1 |
| Equity | 237M | 228M | 226M | 231M | 142M | 138M | 159M | 148M | 138M | 121M | 151M | 159M | 167M |
| Total Assets | 352M | 461M | 448M | 433M | 313M | 395M | 414M | 352M | 367M | 417M | 417M | 415M | 479M |
| Total Liabilities | 116M | 234M | 221M | 202M | 171M | 257M | 255M | 204M | 229M | 295M | 267M | 256M | 312M |
| Intangibles | 34M | 95M | 88M | 88M | 15M | 12M | 10M | 8.6M | 7.3M | 0 | N/A | N/A | 9.3M |
| Retained Earnings | 73M | 65M | 62M | 63M | -32M | -37M | -17M | -32M | -44M | -62M | -64M | -61M | -57M |
| Working Capital | 61M | 75M | 78M | 70M | 51M | 62M | 55M | 36M | 31M | 56M | 78M | 74M | 76M |
| Current Assets | 151M | 193M | 195M | 192M | 137M | 212M | 235M | 198M | 220M | 272M | 269M | 278M | 261M |
| Current Liabilities | 91M | 118M | 118M | 122M | 86M | 150M | 181M | 162M | 189M | 216M | 191M | 204M | 185M |
| Per Share Data | |||||||||||||
| EPS | 0.25 | -0.29 | -0.13 | 0.01 | -3.31 | -0.18 | 0.67 | -0.47 | -0.40 | -0.55 | -0.05 | 0.06 | 0.21 |
| Owner EPS | -0.48 | -0.19 | -0.48 | 0.06 | -0.42 | -0.99 | 0.67 | -0.81 | -0.45 | -0.11 | -0.21 | 0.22 | 0.39 |
| Book Value | 8.61 | 8.19 | 8.12 | 5.78 | 4.96 | 4.64 | 5.28 | 4.78 | 4.37 | 3.74 | 4.58 | 3.84 | 4.12 |
| Cash Flow/Share | 0.43 | 0.91 | 0.83 | 0.85 | 0.77 | -0.02 | 1.53 | 0.00 | 0.30 | 0.53 | 0.39 | 0.68 | 0.58 |
| Dividends/Share | 0.00 | 0.00 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 27.5M | 27.8M | 27.8M | 40.0M | 28.5M | 29.8M | 30.2M | 31.0M | 31.5M | 32.5M | 32.9M | 41.5M | 40.5M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 7.8 | N/A | N/A | N/A | N/A | N/A | 59.4 |
| P/FCF | N/A | N/A | N/A | N/A | 28.2 | N/A | 5.0 | N/A | N/A | 19.5 | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 100.5 | 7.1 | N/A | N/A | N/A | 21.0 | N/A | 44.6 |
| Price/Book | N/A | N/A | N/A | N/A | 0.8 | 1.1 | 1.0 | 0.8 | 0.5 | 1.3 | 1.6 | N/A | 3.1 |
| Price/Sales | N/A | N/A | N/A | N/A | 0.4 | 0.2 | 0.1 | 0.3 | 0.1 | 0.2 | 0.3 | N/A | 0.6 |
| FCF Yield | N/A | N/A | N/A | N/A | 3.5% | -12.0% | 20.0% | -14.6% | -6.8% | 5.1% | -0.6% | N/A | -0.4% |
| Market Cap | 0 | 0 | 0 | 0 | 119M | 149M | 157M | 116M | 73M | 161M | 248M | 0 | 514M |
| Avg. Price | 0.00 | 0.00 | 0.00 | 0.00 | 7.05 | 3.95 | 3.30 | 5.39 | 2.69 | 3.54 | 7.56 | 0.00 | 12.69 |
| Year-End Price | 0.00 | 0.00 | 0.00 | 0.00 | 4.17 | 5.00 | 5.20 | 3.75 | 2.33 | 4.96 | 7.53 | 0.00 | 12.69 |
Orion Group Holdings Inc passes 1 of 9 quality checks, indicating weak fundamentals.
Orion Group Holdings Inc trades at 47.0x trailing earnings, compared to its 15-year median P/E of 7.8x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average gross margin is 9.2%. At current prices, the estimated annualized return to fair value is -8.0%.
Orion Group Holdings Inc (ORN) has a net profit margin of 0.3%. This is a modest margin.
Orion Group Holdings Inc (ORN) generated $-11 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Orion Group Holdings Inc (ORN) has a debt-to-equity ratio of 0.23. This indicates a conservatively financed balance sheet.
Orion Group Holdings Inc (ORN) reported earnings per share (EPS) of $0.06 in its most recent fiscal year.
Orion Group Holdings Inc (ORN) has a return on equity (ROE) of 1.6%. This indicates moderate shareholder returns.
Orion Group Holdings Inc (ORN) has a 5-year average gross margin of 9.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for Orion Group Holdings Inc (ORN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Orion Group Holdings Inc (ORN) has a book value per share of $3.84, based on its most recent annual SEC filing.
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