Tearsheet

Orion (OEC)

Market Price (12/4/2025): $5.1 | Market Cap: $285.8 Mil
Sector: Materials | Industry: Specialty Chemicals

Orion (OEC)

Market Price (12/4/2025): $5.1
Market Cap: $285.8 Mil
Sector: Materials
Industry: Specialty Chemicals

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%	Weak multi-year price returns 2Y Excs Rtn is -128%, 3Y Excs Rtn is -145%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 226%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.3%, Rev Chg QQuarterly Revenue Change % is -2.7%
2	Attractive yield FCF Yield is 8.0%		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%
3	Megatrend and thematic drivers Megatrends include Water Infrastructure, Offshore Wind Development, and Renewable Energy Transition. Themes include Water Treatment & Delivery, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42%
2	Attractive yield FCF Yield is 8.0%
3	Megatrend and thematic drivers Megatrends include Water Infrastructure, Offshore Wind Development, and Renewable Energy Transition. Themes include Water Treatment & Delivery, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -128%, 3Y Excs Rtn is -145%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 226%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.3%, Rev Chg QQuarterly Revenue Change % is -2.7%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$5.10	$15.71	$27.48	$17.59	$18.02
Market Cap CYE ($ Mil)	285.8	906.0	1,597.3	1,071.3	1,095.4
Total Debt ($ Mil)	1,010.2	1,027.5	927.2	1,013.6	867.5
Total Cash ($ Mil)	51.3	44.2	37.5	60.8	65.7
Enterprise Value ($ Mil)	1,244.7	1,933.5	2,524.5	2,084.9	1,962.9
Valuation Ratios
P/S TTM	0.2	0.5	0.9	0.5	0.7
P/EBIT TTM	12.7	8.9	7.6	5.5	5.0
P/E TTM	-13.3	20.8	15.8	10.2	8.3
Sector Ratios
P/S TTM (Sector)	1.6	1.3	1.4	1.2	1.5
P/EBIT TTM (Sector)	6.7	6.9	6.7	4.9	6.0
P/E TTM (Sector)	-0.0	9.7	8.0	4.8	7.3

	12/4/25	2024	2023
Share Price CYE	$5.10	$15.71	$27.48
Market Cap CYE ($ Mil)	285.8	906.0	1,597.3
Total Debt ($ Mil)	1,010.2	1,027.5	927.2
Total Cash ($ Mil)	51.3	44.2	37.5
Enterprise Value ($ Mil)	1,244.7	1,933.5	2,524.5
Valuation Ratios
P/S TTM	0.2	0.5	0.9
P/EBIT TTM	12.7	8.9	7.6
P/E TTM	-13.3	20.8	15.8
Sector Ratios
P/S TTM (Sector)	1.6	1.3	1.4
P/EBIT TTM (Sector)	6.7	6.9	6.7
P/E TTM (Sector)	-0.0	9.7	8.0

	OEC	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	1.8
Rev Chg Q	-2.7%	7.1%
Rev Chg LTM	-4.3%	6.1%
Rev Chg 3Y Avg	-2.3%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	5.8%	18.8%
CFO/Rev LTM	11.9%	20.5%
Net Inc Mgn	-1.7%	13.1%
VALUATION	VERY LOW
P/S	0.2	3.2
P/CFO	1.9	15.8
P/FCF	12.4	20.5
P/E	-13.3	23.5
STABILITY	VERY POOR
Debt/Equity	2.39	0.20
Cash/Assets	0.03	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Backlog	679,000,000	9302025	Link
Bonding Capacity	1,500,000,000	10282025	Link
Number of Employees	1767	12312024	Link

Upcoming
12/12/2025	Dividend	Amount: $0.02 Payment On: 1/20/2026
2/18/2026	Earnings Release	Rev: - EPS: -

OEC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Orion S.A. (OEC) experienced a significant stock price decline of -51.4% between August 31, 2025, and December 4, 2025, primarily due to a series of unfavorable financial announcements and challenging market conditions.

1. Significantly Reduced Full-Year 2025 Guidance: On October 13, 2025, Orion announced preliminary third-quarter results and substantially lowered its full-year 2025 adjusted EBITDA guidance to a range of $220-$235 million, down from a previous forecast of $270-$290 million. This revised outlook, driven by weaker demand in Western tire markets and inventory adjustments, triggered an immediate negative reaction from investors.

2. Weak Third Quarter 2025 Financial Performance: The official third-quarter 2025 results, released on November 4, 2025, confirmed lower-than-expected performance. The company reported net sales of $450.9 million, a year-over-year decrease of $12.5 million, and adjusted EBITDA of $57.7 million, a 28% decline compared to the previous year. Adjusted diluted earnings per share of $0.29 missed analyst estimates.

3. Substantial Goodwill Impairment Charge: Orion's third-quarter results included a significant non-cash goodwill impairment charge of $80.8 million, which resulted in a net loss of $67.1 million for the quarter. This large one-off charge further negatively impacted the company's profitability and investor confidence.

4. Persistent Weakness in Western Tire Markets and Raw Material Impacts: The company consistently cited ongoing weakness in Western tire industry manufacturing rates, attributed to elevated imports, and adverse effects from lower oil prices and unfavorable raw material cost pass-throughs. These factors collectively impacted the Rubber segment's volumes and profitability, contributing to the overall decline.

5. Strategic Shift to Free Cash Flow and Cost Reduction Initiatives: In response to the challenging market, Orion announced an intensified focus on generating free cash flow and reducing debt. This included tactical decisions to reduce production levels and implement new cost optimization initiatives, such as rationalizing underperforming production lines, expected to yield savings by mid-2026. While aimed at long-term stability, these actions highlighted the immediate difficulties the company faced.

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Stock Movement Drivers

Fundamental Drivers

The -49.1% change in OEC stock from 9/3/2025 to 12/3/2025 was primarily driven by a -48.8% change in the company's P/S Multiple.

	9032025	12032025	Change
Stock Price ($)	10.07	5.13	-49.06%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1841.70	1829.20	-0.68%
P/S Multiple	0.31	0.16	-48.81%
Shares Outstanding (Mil)	56.15	56.05	0.19%
Cumulative Contribution			-49.06%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
OEC	-49.1%
Market (SPY)	6.2%	34.0%
Sector (XLB)	-2.2%	40.0%

Fundamental Drivers

The -54.6% change in OEC stock from 6/4/2025 to 12/3/2025 was primarily driven by a -54.8% change in the company's P/S Multiple.

	6042025	12032025	Change
Stock Price ($)	11.29	5.13	-54.56%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1852.30	1829.20	-1.25%
P/S Multiple	0.35	0.16	-54.80%
Shares Outstanding (Mil)	57.06	56.05	1.77%
Cumulative Contribution			-54.57%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
OEC	-54.6%
Market (SPY)	15.1%	29.8%
Sector (XLB)	1.6%	48.9%

Fundamental Drivers

The -72.8% change in OEC stock from 12/3/2024 to 12/3/2025 was primarily driven by a -72.7% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	18.88	5.13	-72.83%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1911.50	1829.20	-4.31%
P/S Multiple	0.57	0.16	-72.65%
Shares Outstanding (Mil)	58.19	56.05	3.69%
Cumulative Contribution			-72.86%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
OEC	-72.8%
Market (SPY)	14.3%	40.1%
Sector (XLB)	-4.3%	52.5%

Fundamental Drivers

The -72.6% change in OEC stock from 12/4/2022 to 12/3/2025 was primarily driven by a -73.0% change in the company's P/S Multiple.

	12042022	12032025	Change
Stock Price ($)	18.72	5.13	-72.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1961.50	1829.20	-6.74%
P/S Multiple	0.58	0.16	-72.97%
Shares Outstanding (Mil)	60.94	56.05	8.02%
Cumulative Contribution			-72.77%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
OEC	-78.9%
Market (SPY)	53.2%	39.5%
Sector (XLB)	11.8%	52.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
OEC Return	-10%	7%	-2%	56%	-43%	-68%	-73%
Peers Return	13%	33%	-33%	-1%	19%	13%	33%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
OEC Win Rate	58%	58%	42%	58%	50%	20%
Peers Win Rate	43%	48%	28%	37%	37%	36%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
OEC Max Drawdown	-67%	-11%	-27%	-2%	-46%	-72%
Peers Max Drawdown	-46%	-2%	-46%	-27%	-31%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: FUL, GEVO, FSI, LOOP, VRDE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	OEC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	67.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	128 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-67.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	203.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	336 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-65.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	191.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days

Compare to FUL, GEVO, FSI, LOOP, VRDE

In The Past

Orion's stock fell -40.2% during the 2022 Inflation Shock from a high on 5/6/2021. A -40.2% loss requires a 67.3% gain to breakeven.

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About Orion (OEC)

Orion Engineered Carbons S.A., together with its subsidiaries, manufactures and sells carbon black products in Germany, the United States, South Korea, Brazil, China, South Africa, the rest of Europe, and internationally. It operates in two segments, Specialty Carbon Black and Rubber Carbon Black. The company offers post-treated specialty carbon black grades for coatings and printing applications; high purity carbon black grades for the fiber industry; and conductive carbon black grades for polymers, coatings, and battery electrodes. It also provides rubber carbon black products for applications in mechanical rubber goods under the PUREX brand, as well as in tires under the ECORAX brand name. The company was formerly known as Orion Engineered Carbons S.à r.l. and changed its name to Orion Engineered Carbons S.A. in July 2014. Orion Engineered Carbons S.A. was founded in 1862 and is headquartered in Senningerberg, Luxembourg.

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Here are 1-3 brief analogies for Orion (OEC):

The Corning of carbon black, supplying an essential ingredient for tires, plastics, and coatings.
Like a highly specialized DuPont or 3M, focusing globally on the production of carbon black.

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Marine Construction: Provides specialized marine construction services including dredging, marine infrastructure (ports, piers, docks, and bridges), and coastal stabilization projects.
Concrete Construction: Offers comprehensive concrete construction services for industrial, commercial, and municipal projects, encompassing paving, structural concrete, and foundations.

AI Generated Analysis | Feedback

Orion Group Holdings, Inc. (symbol: OEC) is a specialty construction company that sells its services primarily to other companies and government entities, rather than directly to individuals. Therefore, its customers fall into business-to-business (B2B) and business-to-government (B2G) categories.

Based on their latest financial filings (10-K reports), Orion Group Holdings, Inc. does not have any single customer that accounts for 10% or more of its consolidated revenues. This indicates a diversified customer base, meaning there are no individually "major" customer companies to list by name and symbol.

Instead, Orion serves a broad range of clients across the infrastructure, marine, and building sectors. Its primary customer categories include:

Government Agencies: This encompasses federal, state, and local government bodies, as well as port authorities and municipalities, which commission public infrastructure projects such as dredging, marine construction, and heavy civil construction.
Private Developers: Companies engaged in developing commercial, industrial, or large-scale residential projects that require specialized concrete, civil, or marine construction services.
Industrial Companies: Various corporations across different industries that require specialized construction, maintenance, and repair services for their industrial facilities and operations.
Utility Companies: Entities responsible for providing public utilities (e.g., power, water, gas) that often require specialized marine or heavy civil construction services for their infrastructure projects.

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Corning Painter, Chief Executive Officer

Corning Painter was appointed CEO of Orion in September 2018. He began his career at Air Products in 1984, progressing through various commercial and operations positions in the U.S. and overseas. He held leadership roles in operations, supply chain, corporate strategy, and technology, eventually becoming Executive Vice President, Industrial Gases, before leaving Air Products in June 2018.

Jonathan Puckett, Chief Financial Officer

Jonathan Puckett will assume the role of Chief Financial Officer for Orion S.A. on December 1, 2025, succeeding Jeffrey Glajch. He brings over 30 years of financial leadership experience, predominantly within the chemical industry. Prior to joining Orion, Puckett spent 14 years at Celanese (NYSE: CE), where he most recently served as Vice President and CFO for the Acetyl Chain segment. His previous experience includes senior financial roles at Affiliated Computer Services, Inc., PWC LLP, and KPMG LLP.

Dr. Sandra Niewiem, Senior Vice President, Global Specialty Carbon Black & EMEA Region

Dr. Sandra Niewiem was appointed Senior Vice President Global Specialty Carbon Black and EMEA Region in September 2019. She joined Orion in December 2013, having previously served as Vice President Global Product Management and Business Development Specialty Carbon Black. Dr. Niewiem possesses over two decades of experience in process industries, engineering, and industrial goods, including more than thirteen years in management consulting.

Pedro Riveros, Senior Vice President, Global Rubber Carbon Black & Americas Region

Pedro Riveros joined Orion in June 2019. He has an extensive background from his long career at Air Products and Chemicals, where he held numerous business and general management roles across North and South America, managing significant profit and loss responsibilities. He is recognized for his experience in business management, strategy, applications development, and cross-functional collaboration.

Carlos Quinones, Senior Vice President, Global Operations

Carlos Quinones assumed the role of Senior Vice President, Global Operations, in June 2019. He has over 25 years of operations experience in various international chemical, petrochemical, and industrial gases companies, including Arco Chemical, Rohm and Haas/Dow Chemical, Praxair, and Air Products and Chemicals. His expertise includes deep chemical manufacturing experience, high-temperature reactions, waste heat optimization, and high-reliability systems.

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The accelerating development and adoption of sustainable and circular economy carbon black alternatives.

AI Generated Analysis | Feedback

Orion (symbol: OEC) operates in the carbon black market, with its main products and services categorized into two segments: Specialty Carbon Black and Rubber Carbon Black.

The addressable markets for Orion's main products and services are as follows:

Global Carbon Black Market: This overarching market was valued between USD 17.9 billion and USD 27.59 billion in 2024. It is projected to grow to between USD 25.4 billion by 2033 and USD 40.10 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) ranging from 3.57% to 4.8% during the forecast periods. The Asia Pacific region consistently dominates this market, holding significant market share in 2024.
Global Specialty Carbon Black Market: This market reached approximately USD 7.7 billion in 2024 and is projected to grow to approximately USD 12.6 billion by 2033, at a CAGR of 5.21% from 2025-2033. Other estimates place the 2024 market value between USD 3.0 billion and USD 3.14 billion, with projections reaching USD 4.89 billion by 2032 (CAGR of 5.7%) or USD 7.6 billion by 2034 (CAGR of 10.0%). The Asia Pacific region is the largest and dominating region for specialty carbon black. The U.S. specialty carbon black market was estimated at USD 490 million in 2024.
Global Rubber Carbon Black Market: The market size was estimated at USD 20.73 billion in 2024. It is projected to grow from USD 21.47 billion in 2025 to USD 30.5 billion by 2035, exhibiting a CAGR of 3.57%. The rubber segment accounted for 88% of the global carbon black demand in 2024. The Asia-Pacific region holds approximately 25% of the global market share for rubber carbon black.

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Orion S.A. (NYSE: OEC) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

Expansion in Specialty Carbon Black with a focus on high-growth applications: The Specialty segment is anticipated to be a significant driver of Orion's medium-term growth trajectory through innovation. The company is particularly focused on innovation in conductive grades for lithium-ion batteries and energy storage systems, targeting a healthy double-digit compound annual growth rate in these areas. This segment has already shown strong performance, with volumes increasing by 17% in the second quarter compared to the previous year, reflecting a broad-based demand recovery across almost all geographic markets.
Recovery and normalization of Rubber Carbon Black volumes: Despite recent softness in rubber demand due to elevated tire imports in key Western markets, management anticipates a normalization of demand and a potential recovery in late 2025 or early 2026. Orion's commercial strategy for its Rubber segment positions it well for 2025 and when trade flows rebalance within the global tire market.
Innovation and development of sustainable products: Orion is positioned as an industry leader in developing commercially viable sustainable products. This focus on sustainable innovations, particularly in coatings and polymer recovery, is expected to fuel growth across all regions.
Strategic initiatives and market expansion efforts: Analysts project a steady increase in Orion's revenue, driven by strategic initiatives and ongoing market expansion efforts, with forecasts reaching $2.07 billion by 2026.

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Share Repurchases

Orion (OEC) resumed opportunistic stock buyback activity starting in the third quarter of 2024.
The company repurchased approximately 2% of its shares outstanding in 2024, utilizing about $20 million for these repurchases.
From August 2024, through the first quarter of 2025, Orion spent approximately $36 million on share repurchases, buying back roughly 4% of its outstanding shares.

Share Issuance

Orion's number of shares outstanding decreased by 4.23% in the year leading up to November 4, 2025, due to repurchases, indicating no significant share issuances during this period.

Capital Expenditures

Orion reported capital expenditures of $233 million in 2022, $173 million in 2023, and $207 million in 2024.
Year-to-date as of Q3 2025, capital expenditures amounted to $112.3 million.
The company anticipates reduced capital spending for 2025 and 2026, which is expected to lead to higher free cash flow conversion and is part of initiatives to boost earnings and cash flow.

Better Bets than Orion (OEC)

	OEC	Better Performance than OEC
Metric	Value	INDUSTRY: Specialty Chemicals
Rev Chg LTM	-4.3%	DD (14.0%), PPG (8.5%), SHW (1.0%), ECL (0.6%), IFF (-3.0%)
Rev Chg 3Y Avg	-2.3%	ALB (6.2%), ECL (5.2%), RPM (2.5%), SHW (2.4%), DD (1.3%)
Op Mgn LTM	5.8%	ECL (17.3%), DD (15.9%), SHW (15.8%), PPG (13.8%), IFF (7.9%)
CFO/Rev LTM	11.9%	NEU (22.2%), ALB (18.3%), ECL (16.7%), DD (15.3%), SHW (14.2%)
FCF/Rev LTM	1.9%	SHW (10.4%), ECL (10.0%), DD (9.7%), PPG (4.6%), IFF (3.2%)
Total Yield	-6.9%	PPG (6.8%), SHW (3.9%), ECL (3.7%), IFF (-0.2%), DD (-0.3%)
P/S	0.2	TSE (0.0), ALTO (0.1)
P/Op Inc	4.0

	OEC	Better Performance than OEC
Metric	Value	SECTOR: Materials
Rev Chg LTM	-4.3%	AEM (35.2%), NEM (26.6%), SCCO (12.7%), LIN (1.3%), SHW (1.0%)
Rev Chg 3Y Avg	-2.3%	AEM (26.0%), NEM (23.9%), SCCO (7.1%), SHW (2.4%), LIN (0.6%)
Op Mgn LTM	5.8%	SCCO (50.3%), AEM (49.4%), NEM (43.5%), LIN (26.9%), SHW (15.8%)
CFO/Rev LTM	11.9%	AEM (55.2%), NEM (42.9%), SCCO (37.4%), LIN (29.8%), SHW (14.2%)
FCF/Rev LTM	1.9%	AEM (34.5%), NEM (28.5%), SCCO (28.2%), LIN (15.2%), SHW (10.4%)
Total Yield	-6.9%	NEM (9.0%), SCCO (6.1%), AEM (4.9%), LIN (4.2%), SHW (3.9%)
P/S	0.2	MAGN (0.2), ASTL (0.2), ZEUS (0.2), VHI (0.2), TROX (0.2)
P/Op Inc	4.0	KOP (2.9), VHI (3.2), OI (3.5)

	OEC	Better Performance than OEC
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-4.3%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-2.3%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	5.8%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	11.9%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	1.9%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-6.9%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%)
P/S	0.2	CNC (0.1), ACI (0.1), CAH (0.2), COR (0.2), SNX (0.2)
P/Op Inc	4.0	CHTR (2.8), JEF (3.0), IBKR (3.6), RCI (3.8), BCE (4.0)

		Best Bets In Materials Sector
	OEC
What You Pay
P/E	-13.4
P/EBIT	12.8
What You Get
Rev Chg Q	-2.7%
Rev Chg LTM	-4.3%
Rev Chg 3Y Avg	-2.3%
FCF/Rev 3Y Avg	2.4%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Can Orion Stock Recover If Markets Fall?	Return
2	Orion (OEC) Net Income Comparison	Financials
3	Orion (OEC) Operating Cash Flow Comparison	Financials
4	Orion (OEC) Operating Income Comparison	Financials
5	Orion (OEC) EBITDA Comparison	Financials
6	Orion (OEC) Revenue Comparison	Financials
7	Orion (OEC) Debt Comparison	Financials
8	Orion (OEC) Tax Expense Comparison	Financials
9	Why Orion Stock Moved: OEC Stock Has Lost 73% Since 2022 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
10	OEC Dip Buy Analysis

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to OEC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.1%	3.1%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.5%	0.5%	-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	30.9%	30.9%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.7%	12.7%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	-2.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.1%	3.1%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.5%	0.5%	-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	30.9%	30.9%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.7%	12.7%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	-2.5%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Orion

Peers to compare with:

Financials

	OEC	FUL	GEVO	FSI	LOOP	VRDE	Median
Name	Orion	H.B. Ful.	Gevo	Flexible.	Loop Ind.	Verde Bi.
Mkt Price	5.13	58.92	2.33	6.83	1.07	-	5.13
Mkt Cap	0.3	3.2	0.5	0.1	0.1	-	0.3
Rev LTM	1,829	3,502	80	37	11	-	80
Op Inc LTM	105	349	-49	6	-1	-	6
FCF LTM	34	121	-92	0	-1	-	0
FCF 3Y Avg	45	220	-109	1	-16	-	1
CFO LTM	217	242	-56	5	-1	-	5
CFO 3Y Avg	231	348	-55	6	-14	-	6

Growth & Margins

	OEC	FUL	GEVO	FSI	LOOP	VRDE	Median
Name	Orion	H.B. Ful.	Gevo	Flexible.	Loop Ind.	Verde Bi.
Rev Chg LTM	-4.3%	-1.3%	341.8%	-1.5%	11,012.0%	-	-1.3%
Rev Chg 3Y Avg	-2.3%	-1.7%	729.7%	-2.0%	3,661.4%	-	-1.7%
Rev Chg Q	-2.7%	-2.8%	725.3%	8.0%	-100.0%	-	-2.7%
QoQ Delta Rev Chg LTM	-0.7%	-0.7%	90.8%	2.3%	-0.2%	-	-0.2%
Op Mgn LTM	5.8%	10.0%	-60.6%	16.0%	-13.3%	-	5.8%
Op Mgn 3Y Avg	8.6%	10.5%	-494.2%	12.9%	-13,399.3%	-	8.6%
QoQ Delta Op Mgn LTM	-1.4%	0.2%	126.0%	3.2%	16.5%	-	3.2%
CFO/Rev LTM	11.9%	6.9%	-70.4%	13.4%	-8.5%	-	6.9%
CFO/Rev 3Y Avg	12.3%	9.8%	-303.8%	14.1%	-12,027.4%	-	9.8%
FCF/Rev LTM	1.9%	3.5%	-114.6%	1.0%	-10.9%	-	1.0%
FCF/Rev 3Y Avg	2.4%	6.2%	-691.7%	3.4%	-13,970.5%	-	2.4%

Valuation

	OEC	FUL	GEVO	FSI	LOOP	VRDE	Median
Name	Orion	H.B. Ful.	Gevo	Flexible.	Loop Ind.	Verde Bi.
Mkt Cap	0.3	3.2	0.5	0.1	0.1	-	0.3
P/S	0.2	0.9	3.8	1.6	6.4	-	1.6
P/EBIT	12.8	10.6	-6.4	10.5	-6.4	-	10.5
P/E	-13.4	28.5	-5.3	20.2	-6.1	-	-5.3
P/CFO	2.0	13.5	-5.4	12.3	-74.4	-	2.0
Total Yield	-6.9%	4.7%	-19.0%	5.0%	-16.5%	-	-6.9%
Dividend Yield	0.6%	1.1%	0.0%	0.0%	0.0%	-	0.0%
FCF Yield 3Y Avg	4.8%	5.7%	-49.1%	4.4%	-12.5%	-	4.4%
D/E	2.4	0.6	0.6	0.1	0.0	-	0.6
Net D/E	2.3	0.6	0.4	-0.0	-0.1	-	0.4

Returns

	OEC	FUL	GEVO	FSI	LOOP	VRDE	Median
Name	Orion	H.B. Ful.	Gevo	Flexible.	Loop Ind.	Verde Bi.
1M Rtn	-3.2%	2.7%	2.6%	-23.0%	-35.2%	-	-3.2%
3M Rtn	-49.1%	0.3%	42.9%	-31.1%	-32.3%	-	-31.1%
6M Rtn	-54.6%	6.0%	104.4%	56.7%	-31.8%	-	6.0%
12M Rtn	-72.8%	-21.4%	57.4%	78.7%	-22.7%	-	-21.4%
3Y Rtn	-72.6%	-23.8%	8.9%	130.6%	-61.1%	-	-23.8%
1M Excs Rtn	-3.2%	2.7%	2.7%	-23.0%	-35.1%	-	-3.2%
3M Excs Rtn	-55.6%	-8.8%	37.6%	-36.8%	-41.7%	-	-36.8%
6M Excs Rtn	-69.3%	-8.7%	89.7%	41.9%	-46.6%	-	-8.7%
12M Excs Rtn	-85.5%	-35.7%	27.7%	54.9%	-41.3%	-	-35.7%
3Y Excs Rtn	-144.6%	-94.3%	-55.1%	68.2%	-132.9%	-	-94.3%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/20/2025	2/15/2024	2/24/2023	2/17/2022	2/18/2021	2/20/2020
Key Financials
Total Revenue	1,829	1,878	1,894	2,031	1,547	1,136	1,476
EBITDA	166	228	327	303	328	161	244
Operating Income	105	162	205	197	146	74	147
Net Income	-32	44	104	106	135	18	87
EPS	-0.58	0.76	1.75	1.74	2.22	0.30	1.45
Growth Rates
Total Revenue Growth	-4.3%	-0.9%	-6.7%	31.3%	36.1%	-23.0%	-6.5%
EBITDA Growth	-28.2%	-30.3%	8.1%	-7.6%	103.5%	-33.9%	-17.2%
Operating Income Growth	-36.9%	-21.1%	4.2%	35.4%	95.7%	-49.5%	-14.3%
Net Income Growth	-199.7%	-57.3%	-2.5%	-21.2%	640.1%	-79.1%	-28.4%
Margins
EBITDA Margin	9.1%	12.1%	17.3%	14.9%	21.2%	14.2%	16.5%
Operating Income Margin	5.8%	8.6%	10.8%	9.7%	9.4%	6.5%	10.0%
Net Income Margin	-1.7%	2.4%	5.5%	5.2%	8.7%	1.6%	5.9%
Cash & Debt
Total Cash	51	44	38	61	66	69	75
Total Debt	1,010	1,028	927	1,014	868	825	696
Net Debt / (Cash)	959	983	890	953	802	756	621
Cash Flows
Net Cash from Operations	217	125	346	81	145	125	232
Free Cash from Operations	34	-81	173	-152	-70	-20	76
Returns to Shareholders
Dividends	5	5	5	5	-0	12	48
Share Repurchases	34	27	66	4	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/6/2025	5/7/2025	2/20/2025	11/7/2024	8/1/2024	5/2/2024	2/15/2024	11/2/2023	8/9/2023	5/4/2023	2/24/2023
Key Financials Quarterly
Total Revenue	451	466	478	434	463	477	503	468	466	459	501	462
Ebitda	-20	64	63	59	16	72	82	62	76	88	101	62
Operating Income	20	32	31	22	45	42	53	27	46	59	74	36
Net Income	-67	9	9	17	-20	20	27	5	26	30	42	12
EPS	-1.20	0.16	0.16	0.30	-0.35	0.35	0.46	0.08	0.45	0.51	0.70	0.20
Key Financials TTM
Total Revenue TTM	1,829	1,842	1,852	1,878	1,912	1,914	1,896	1,894	1,888	1,965	2,047	2,031
Ebitda TTM	166	201	209	228	231	291	308	327	327	330	322	303
Operating Income TTM	105	131	140	162	167	167	185	205	214	222	216	197
Net Income TTM	-32	15	27	44	32	78	88	104	111	116	116	106
Growth Rates Quarterly
Total Revenue Growth	-2.7%	-2.2%	-5.0%	-7.3%	-0.6%	4.0%	0.4%	1.3%	-14.2%	-15.2%	3.3%	17.7%
EBITDA Growth	-229.0%	-10.8%	-23.3%	-4.4%	-79.6%	-18.7%	-19.4%	-0.3%	-3.8%	10.1%	23.8%	50.0%
Operating Income Growth	-56.4%	-22.8%	-40.9%	-18.4%	-0.7%	-29.4%	-28.2%	-24.4%	-14.7%	11.3%	34.6%	179.1%
Net Income Growth	-232.2%	-56.1%	-65.9%	251.0%	-177.1%	-31.9%	-36.9%	-59.8%	-17.6%	1.3%	30.2%	1009.1%
Margins Quarterly
EBITDA Margin	-4.4%	13.7%	13.1%	13.6%	3.3%	15.1%	16.2%	13.2%	16.3%	19.3%	20.3%	13.4%
Operating Income Margin	4.4%	6.9%	6.5%	5.1%	9.8%	8.7%	10.5%	5.8%	9.8%	12.8%	14.7%	7.8%
Net Income Margin	-14.9%	1.9%	1.9%	4.0%	-4.4%	4.3%	5.3%	1.0%	5.6%	6.6%	8.4%	2.6%
Cash & Debt
Total Cash	51	43	38	44	53	34	44	38	59	77	77	61
Total Debt	1,010	1,022	972	1,028	970	834	814	927	812	856	895	1,014
Net Debt / (Cash)	959	980	935	983	917	800	770	890	753	779	818	953
Cash Flows Quarterly
FCF from Operations	69	54	0	94	-31	29	32	72	68	98	108	98
Cash Flows TTM
FCF from Operations TTM	217	118	93	125	103	201	270	346	371	338	217	81
Returns to Shareholders Quarterly
Dividends	1	1	1	1	1	1	1	1	1	1	1	1
Share Repurchases	-0	5	20	9	11	7	-0	7	9	20	29	4
Return on Invested Capital (ROIC) Quarterly
ROIC	8.2%	8.5%	6.6%	9.0%	12.9%	14.4%	18.2%	2.9%	17.9%	18.4%	23.2%	6.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	11.0%	12.8%	12.5%	13.5%	9.8%	13.1%	14.7%	14.6%	18.4%	18.2%	16.5%	12.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Rubber	1,283	1,356	949	691	968
Specialty	611	675	598	445	508
Corporate	0	0
Total	1,894	2,031	1,547	1,136	1,476

Operating Income by Segment

$ Mil	2024	2023	2020
Rubber	144	103	86
Specialty	61	103	84
Corporate	1	0	-23
Corporate Charges		-9
Gain related to litigation settlement		0
Total	205	197	147

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Rubber	1,014	1,086	912	789	697
Specialty	703	647	582	467	418
Corporate	116	156	137	134	143
Total	1,833	1,889	1,631	1,390	1,257

Price Behavior

Price Behavior

Market Price	$5.13
Market Cap ($ Bil)	0.3
First Trading Date	07/25/2014
Distance from 52W High	-72.8%
	50 Days	200 Days
DMA Price	$5.76	$9.95
DMA Trend	down	down
Distance from DMA	-11.0%	-48.5%
	3M	1YR
Volatility	63.2%	55.6%
Downside Capture	428.34	186.52
Upside Capture	-1.89	34.51
Correlation (SPY)	31.6%	39.7%

OEC Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.16	1.70	1.72	1.74	1.13	1.25
Up Beta	3.39	2.96	3.47	2.41	1.30	1.27
Down Beta	0.28	-0.34	-0.46	1.24	0.86	1.07
Up Capture	184%	41%	-19%	28%	26%	81%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	18	24	55	103	365
Down Capture	220%	304%	339%	256%	138%	109%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	23	38	69	144	382

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of OEC With Other Asset Classes (Last 1Y)
	OEC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-71.9%	-4.2%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	55.6%	20.1%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-2.07	-0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		52.2%	40.0%	11.7%	19.1%	41.8%	25.7%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of OEC With Other Asset Classes (Last 5Y)
	OEC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-20.7%	6.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	44.4%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	-0.37	0.24	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		59.6%	46.9%	8.9%	18.5%	40.2%	21.9%

Based On 10-Year Data

		Comparison of OEC With Other Asset Classes (Last 10Y)
	OEC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-7.2%	9.0%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	46.0%	20.8%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.01	0.39	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		61.3%	51.6%	3.4%	26.6%	44.0%	13.8%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	1,013,289
Short Interest: % Change Since 10312025	1.1%
Average Daily Volume	1,040,144
Days-to-Cover Short Interest	1
Basic Shares Quantity	56,046,000
Short % of Basic Shares	1.8%

Returns Analyses

	Title
0	Can Orion Stock Recover If Markets Fall?

SEC Filings

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Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2202025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2152024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8092023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	2172022	10-K 12/31/2021

External Quote Links

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Orion (OEC)

Market Price (12/4/2025): $5.1 | Market Cap: $285.8 MilSector: Materials | Industry: Specialty Chemicals

Orion (OEC)

Market Price (12/4/2025): $5.1Market Cap: $285.8 MilSector: MaterialsIndustry: Specialty Chemicals

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Market Price (12/4/2025): $5.1 | Market Cap: $285.8 Mil
Sector: Materials | Industry: Specialty Chemicals

Market Price (12/4/2025): $5.1
Market Cap: $285.8 Mil
Sector: Materials
Industry: Specialty Chemicals