Orion (ORN)
Market Price (10/29/2026): $8.31 | Market Cap: $337.4 MilSector: Industrials | Industry: Construction & Engineering
Orion (ORN)
Market Price (10/29/2026): $8.31Market Cap: $337.4 MilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Offshore Wind Development, and Water Infrastructure. Themes include Offshore Wind Project Development, Subsea Cable Infrastructure, Show more. | Weak multi-year price returns3Y Excs Rtn is -31% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 63x, P/EPrice/Earnings or Price/(Net Income) is 93x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.1% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% Key risksORN key risks include [1] significant revenue concentration in a limited number of projects and related execution challenges, Show more. |
| Megatrend and thematic driversMegatrends include Offshore Wind Development, and Water Infrastructure. Themes include Offshore Wind Project Development, Subsea Cable Infrastructure, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -31% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 63x, P/EPrice/Earnings or Price/(Net Income) is 93x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.1% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% |
| Key risksORN key risks include [1] significant revenue concentration in a limited number of projects and related execution challenges, Show more. |
Qualitative Assessment
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Orion (ORN) stock has lost about 50% since 6/30/2026 because of the following key factors:
1. Disappointing Fiscal Q2 2026 Earnings and Reduced Full-Year Guidance. The company reported adjusted EPS of $0.02 for fiscal Q2 2026 (ended June 30, 2026), significantly missing the consensus estimate of $0.06. Revenue also came in slightly below forecasts at $221.9 million. This led to a 16.71% drop in shares to $9.97 on July 29, 2026, from a previous close of $11.97. Following these results, management reduced its full-year 2026 adjusted EBITDA guidance from a range of $54-$58 million to $50-$54 million, and adjusted EPS guidance was cut from $0.36-$0.42 to $0.23-$0.30.
2. Persistent Negative Free Cash Flow and High Capital Expenditures. Orion is projecting negative free cash flow for the entirety of fiscal year 2026. This is largely attributed to substantial capital investments in fleet assets, including the modernization of a dredge barge. Capital expenditures are anticipated to be at the higher end of the $25 million to $35 million annual range, nearing $30 million. The company's operating cash flow remained negative through the first three quarters of fiscal 2026.
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Orion (ORN) stock has lost about 50% since 6/30/2026 because of the following key factors:
1. Disappointing Fiscal Q2 2026 Earnings and Reduced Full-Year Guidance. The company reported adjusted EPS of $0.02 for fiscal Q2 2026 (ended June 30, 2026), significantly missing the consensus estimate of $0.06. Revenue also came in slightly below forecasts at $221.9 million. This led to a 16.71% drop in shares to $9.97 on July 29, 2026, from a previous close of $11.97. Following these results, management reduced its full-year 2026 adjusted EBITDA guidance from a range of $54-$58 million to $50-$54 million, and adjusted EPS guidance was cut from $0.36-$0.42 to $0.23-$0.30.
2. Persistent Negative Free Cash Flow and High Capital Expenditures. Orion is projecting negative free cash flow for the entirety of fiscal year 2026. This is largely attributed to substantial capital investments in fleet assets, including the modernization of a dredge barge. Capital expenditures are anticipated to be at the higher end of the $25 million to $35 million annual range, nearing $30 million. The company's operating cash flow remained negative through the first three quarters of fiscal 2026.
3. Slower Project Award Cycles Impacting Backlog Conversion. Despite a robust pipeline of submitted bids, approximately $2 billion, the rate at which these bids convert into actual project awards has slowed. This resulted in a fiscal Q3 2026 book-to-bill ratio of roughly 0.7x, indicating that new contracts are not being secured as quickly as existing ones are completed. Specifically, the concrete segment's backlog decreased to $139 million as of September 30, 2026, from $160 million at December 31, 2025.
4. Overall Weakening Profitability on a Nine-Month Basis. While fiscal Q3 2026 showed strong performance, the company's profitability declined over the longer nine-month period ending September 30, 2026. Operating income for this period fell to $6.411 million from $9.586 million in the corresponding period of the previous year. Concurrently, the adjusted EBITDA margin for the nine-month period decreased to 5.0% from 5.2%.
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Stock Movement Drivers
Fundamental Drivers
The -50.7% change in ORN stock from 6/30/2026 to 10/28/2026 was primarily driven by a -58.8% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.82 | 8.30 | -50.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 880 | 896 | 1.9% |
| Net Income Margin (%) | 1.0% | 0.4% | -58.8% |
| P/E Multiple | 78.5 | 93.2 | 18.7% |
| Shares Outstanding (Mil) | 40 | 40 | -0.9% |
| Cumulative Contribution | -50.7% |
Market Drivers
6/30/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| ORN | -50.7% | |
| Market (SPY) | 3.4% | 51.8% |
| Sector (XLI) | -9.0% | 53.2% |
Fundamental Drivers
The -23.9% change in ORN stock from 3/31/2026 to 10/28/2026 was primarily driven by a -46.7% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.90 | 8.30 | -23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 852 | 896 | 5.2% |
| Net Income Margin (%) | 0.3% | 0.4% | 37.7% |
| P/E Multiple | 174.8 | 93.2 | -46.7% |
| Shares Outstanding (Mil) | 40 | 40 | -1.4% |
| Cumulative Contribution | -23.9% |
Market Drivers
3/31/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| ORN | -23.9% | |
| Market (SPY) | 19.1% | 50.0% |
| Sector (XLI) | 4.4% | 52.1% |
Fundamental Drivers
The -0.2% change in ORN stock from 9/30/2025 to 10/28/2026 was primarily driven by a -67.8% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.32 | 8.30 | -0.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 837 | 896 | 7.0% |
| Net Income Margin (%) | 1.2% | 0.4% | -67.8% |
| P/E Multiple | 31.7 | 93.2 | 194.3% |
| Shares Outstanding (Mil) | 40 | 40 | -1.8% |
| Cumulative Contribution | -0.2% |
Market Drivers
9/30/2025 to 10/28/2026| Return | Correlation | |
|---|---|---|
| ORN | -0.2% | |
| Market (SPY) | 16.9% | 44.5% |
| Sector (XLI) | 10.2% | 49.6% |
Fundamental Drivers
The 54.9% change in ORN stock from 9/30/2023 to 10/28/2026 was primarily driven by a 56.0% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.36 | 8.30 | 54.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 721 | 896 | 24.4% |
| P/S Multiple | 0.2 | 0.4 | 56.0% |
| Shares Outstanding (Mil) | 32 | 40 | -20.2% |
| Cumulative Contribution | 54.9% |
Market Drivers
9/30/2023 to 10/28/2026| Return | Correlation | |
|---|---|---|
| ORN | 54.9% | |
| Market (SPY) | 86.9% | 36.2% |
| Sector (XLI) | 72.8% | 39.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ORN Return | -24% | -37% | 108% | 48% | 36% | -8% | 84% |
| Peers Return | 48% | 1% | 60% | 66% | 50% | 8% | 547% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| ORN Win Rate | 50% | 42% | 58% | 50% | 50% | 60% | |
| Peers Win Rate | 65% | 53% | 63% | 57% | 62% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ORN Max Drawdown | -45% | -47% | -32% | -56% | -46% | -51% | |
| Peers Max Drawdown | -25% | -36% | -31% | -22% | -40% | -50% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: STRL, BBCP, PRIM, MTZ, PWR.
[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] 2026 data is for the year up to 10/28/2026 (YTD)
How Low Can It Go
| Event | ORN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.5% | -18.8% |
| % Gain to Breakeven | 50.3% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -21.5% | -7.8% |
| % Gain to Breakeven | 27.3% | 8.5% |
| Time to Breakeven | 104 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.5% | -6.7% |
| % Gain to Breakeven | 21.2% | 7.1% |
| Time to Breakeven | 73 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.3% | -24.5% |
| % Gain to Breakeven | 86.3% | 32.4% |
| Time to Breakeven | 538 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.6% | -33.7% |
| % Gain to Breakeven | 174.5% | 50.9% |
| Time to Breakeven | 262 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -42.1% | -19.2% |
| % Gain to Breakeven | 72.8% | 23.8% |
| Time to Breakeven | 1912 days | 105 days |
In The Past
Orion's stock fell -33.5% during the 2025 US Tariff Shock. Such a loss loss requires a 50.3% gain to breakeven.
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| Event | ORN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.5% | -18.8% |
| % Gain to Breakeven | 50.3% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -21.5% | -7.8% |
| % Gain to Breakeven | 27.3% | 8.5% |
| Time to Breakeven | 104 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.3% | -24.5% |
| % Gain to Breakeven | 86.3% | 32.4% |
| Time to Breakeven | 538 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.6% | -33.7% |
| % Gain to Breakeven | 174.5% | 50.9% |
| Time to Breakeven | 262 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -42.1% | -19.2% |
| % Gain to Breakeven | 72.8% | 23.8% |
| Time to Breakeven | 1912 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -54.3% | -12.2% |
| % Gain to Breakeven | 118.7% | 13.9% |
| Time to Breakeven | 256 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -67.3% | -6.8% |
| % Gain to Breakeven | 205.4% | 7.3% |
| Time to Breakeven | 311 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -42.6% | -17.9% |
| % Gain to Breakeven | 74.3% | 21.8% |
| Time to Breakeven | 514 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -76.6% | -53.4% |
| % Gain to Breakeven | 327.2% | 114.4% |
| Time to Breakeven | 165 days | 1085 days |
In The Past
Orion's stock fell -33.5% during the 2025 US Tariff Shock. Such a loss loss requires a 50.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Orion (ORN)
Orion Group Holdings, Inc. (ORN) is a specialty construction company primarily operating across the continental United States, Alaska, Canada, and the Caribbean Basin. The company divides its operations into two main segments: Marine and Concrete construction, serving the vital building, industrial, and infrastructure sectors.
Its robust Marine segment specializes in a comprehensive range of services, including the construction, restoration, dredging, maintenance, and repair of critical marine infrastructure. This encompasses a diverse portfolio of projects such as public and private port facilities, cruise ship terminals, various underwater pipelines (e.g., for industrial, wastewater, or transmission purposes), overwater bridges and causeways, and marine environmental structures designed for erosion control and wetlands creation. Orion's marine expertise is crucial for maintaining and developing essential waterways and coastal assets.
Complementing its marine operations, Orion's Concrete segment provides light commercial, structural, and other concrete construction services. Across both segments, Orion serves a broad customer base, including government agencies, port authorities, industrial operators, and private developers who require specialized and reliable construction solutions for foundational infrastructure within its extensive geographic footprint.
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Quanta Services for marine infrastructure.
Granite Construction for marine and complex concrete projects.
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Orion Group Holdings, Inc. (ORN) Major Services:
- Marine Infrastructure Construction & Maintenance: Provides comprehensive services for constructing, restoring, dredging, maintaining, and repairing marine transportation facilities, overwater bridges, causeways, and marine environmental structures.
- Marine Pipeline Services: Specializes in the installation, removal, and maintenance of underwater buried pipeline transmission lines, industrial intakes and outfalls, and river crossings.
- Specialty Marine Support Services: Offers a range of specialized services including design, salvage, demolition, surveying, towing, diving, underwater inspection, and excavation in marine environments.
- Concrete Construction: Delivers light commercial, structural, and other general concrete construction services.
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Orion Group Holdings, Inc. (ORN) sells primarily to other companies and governmental entities rather than individuals. Based on the provided description, specific customer names are not listed. However, its major customers can be categorized by the types of organizations it serves:
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Governmental and Public Sector Entities: This includes various federal, state, and local government agencies and public authorities. Examples derived from the project types are U.S. Navy (for special-use terminals), state departments of transportation (for bridges and causeways), municipal port authorities (for public port facilities), and local water/wastewater districts (for pipeline outfalls and environmental structures).
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Industrial Corporations: Companies operating in sectors such as energy (e.g., oil and gas for pipelines), chemical manufacturing, and other heavy industries that require specialized marine infrastructure for their operations. This includes private terminals and the installation/maintenance of pipeline intakes and outfalls for industrial facilities.
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Commercial Marine and Infrastructure Developers: This category encompasses private entities that own or develop commercial marine facilities, such as cruise ship lines (for cruise ship port facilities), private terminal operators, and owners/operators of recreational marinas and docks.
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Commercial Developers and General Contractors: For its light commercial, structural, and other concrete construction services, Orion serves various commercial clients, potentially acting as a specialized subcontractor to larger general contractors or directly serving developers for these specific construction needs.
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Travis Boone, President and Chief Executive Officer
Travis Boone was appointed President and Chief Executive Officer of Orion Group Holdings, Inc. in September 2022. Prior to joining Orion, he spent 23 years at AECOM and its legacy companies, where he started as a bridge engineer and rose to become Chief Executive of the West Region. In that role, he led a large multidisciplinary business that encompassed approximately 8,000 people across 88 offices and generated $2.3 billion in revenue. His career also includes various positions with other contracting companies in the utility/pipeline construction and commercial building construction industries.
Alison Vasquez, Executive Vice President, Chief Financial Officer, and Treasurer
Alison Vasquez is set to become the Executive Vice President, Chief Financial Officer, and Treasurer of Orion Group Holdings, Inc., effective June 23, 2025. She brings over 25 years of experience in finance and accounting within public companies. Before joining Orion, Ms. Vasquez served as Senior Vice President and Chief Accounting Officer at KBR, Inc., where she oversaw a team of more than 350 financial professionals and held various leadership roles, including Vice President of Investor Relations and Vice President of Finance. Her professional background also includes positions at Energy Transfer LP, Noble Corporation, Arthur Andersen, and PricewaterhouseCoopers. Her expertise includes auditing, investor relations, and mergers and acquisitions.
E. Chipman Earle, Executive Vice President, Chief Administrative Officer, Chief Compliance Officer, General Counsel and Secretary
E. Chipman Earle joined Orion Group Holdings in November 2023. Prior to Orion, he served as Vice President, General Counsel, Chief Administrative Officer, Chief Compliance Officer, and Corporate Secretary of Newpark Resources, Inc. from 2018 to 2023. He also held senior legal and compliance positions at Bristow Group, Inc. (2012-2017) and Transocean, Ltd. (2006-2012). He began his legal career in private practice, specializing in corporate and securities law at firms such as Baker Botts L.L.P. and Wilson Sonsini Goodrich & Rosati.
Scott Cromack, Executive Vice President
Scott Cromack became an Executive Vice President at Orion Group Holdings in March 2019, bringing over 30 years of experience to the company. Before his tenure at Orion, he served as a Senior Vice President at Texas Sterling Construction Co. Throughout his career, Mr. Cromack has held numerous construction and project management roles at companies including Peter Kiewit Sons, Inc. and Zachry Construction Corporation.
Austin Shanfelter, Chairman of the Board
Austin Shanfelter has been the Chairman of the Board of Orion Group Holdings since January 1, 2021, and a Director since 2007. He previously served as Interim CEO and CFO for the company from April to September 2022. With a career in the telecommunication, power, and specialty construction industry dating back to 1981, he has held significant leadership roles, including President and CEO of MasTec, Inc. Mr. Shanfelter has also served as Chairman of Global HR Research LLC and as a Board Member of Sabre Industries. Additionally, he has served as the chairman of the board of directors for UniTek Global Services, a privately held fiber optic construction company, since August 2023, and on the Board of Directors of Cardinal Infrastructure Group, Inc. since December 2025.
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The key risks to Orion Group Holdings, Inc. (ORN) primarily stem from the inherent nature of the construction industry and specific operational challenges within its segments.
- Inherent Risks of Construction Contracting: Orion faces significant risks common to the construction sector, including volatility in supply chain, labor availability, and regulatory changes. Furthermore, the company undertakes projects under fixed-price contracts, exposing it to potential cost overruns or unexpected expenses that could materially impact profitability if project execution deviates from plans.
- Profitability Challenges in the Concrete Segment: The Concrete segment has demonstrated ongoing margin challenges, reporting an adjusted EBITDA loss of $10.8 million and a negative adjusted EBITDA margin of -3.5% in 2025. This indicates a consistent struggle to generate profits from a significant portion of its operations.
- Declining Backlog: Despite identifying a large opportunity pipeline, Orion's total backlog decreased to $640 million at the end of 2025, from $729 million a year prior. A declining backlog, even with new contract awards, suggests potential future revenue challenges if the company struggles to convert its pipeline into new secured projects at a sufficient rate.
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Addressable Markets for Orion Group Holdings, Inc. (ORN)
Marine Construction Services
The addressable market for marine construction services in the United States is substantial. In 2024, the U.S. marine construction market generated a revenue of approximately USD 11,513.6 million, with projections indicating growth to USD 15,235.9 million by 2030, at a Compound Annual Growth Rate (CAGR) of 4.8% from 2025 to 2030. Another report stated the U.S. marine construction sector's sales were USD 8 billion in 2023.
Dredging, a key component of marine construction, also represents a significant market. The market size for Dredging Services in the U.S. was approximately USD 2.5 billion in 2024 and is expected to remain around USD 2.5 billion in 2025. Other estimates for the United States Dredging Market include a valuation of USD 5.2 billion in 2023, with an anticipated CAGR of 2.7% through 2029, and a projected growth from USD 5.45 billion in 2025 to USD 6.55 billion by 2031 at a 3.11% CAGR. Furthermore, the U.S. dredging market is valued at USD 5.32 billion in 2025 and is expected to reach USD 6.56 billion by 2033, growing at a CAGR of 2.65% from 2026 to 2033.
Specialty Concrete Construction Services
For concrete construction services, the U.S. market for concrete contractors was valued at USD 110.4 billion in 2025 and USD 110.5 billion in 2026. The broader U.S. concrete market, which includes concrete materials, was estimated at USD 351,372.5 million (or approximately USD 351.37 billion) in 2024. This market is expected to grow to USD 541,383.5 million (or approximately USD 541.38 billion) by 2035, demonstrating a CAGR of around 4.01% from 2025 to 2035. Another source indicates the U.S. concrete market is expected to reach USD 442,145.0 million by 2030, with a CAGR of 3.9% from 2025 to 2030.
The U.S. precast concrete market, a segment relevant to Orion's services, was valued at USD 21.3 billion in 2024 and is projected to reach USD 34.5 billion by 2032, with a CAGR of 6.4% during the period of 2025–2032. Another estimate places the U.S. precast concrete market size at USD 20.85 billion in 2024, with a forecast to reach USD 36.45 billion by 2033.
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Orion Group Holdings, Inc. (ORN) is expected to experience future revenue growth over the next two to three years driven by several key factors:
- Expansion and Demand in the Marine Segment: Orion's Marine segment is anticipated to benefit from strong market activity and heightened demand for port infrastructure expansion, as well as a strengthening pipeline of marine projects. This includes significant U.S. Navy contracts, such as the construction of a submarine dry dock at Pearl Harbor, and large international projects like the Grand Bahama Shipyard contract for floating dry docks. The acquisition of a large Jones Act derrick barge in December 2025 also aims to increase capacity and execution flexibility within this segment.
- Growth in Data Center and Mission-Critical Construction within the Concrete Segment: The Concrete segment is positioned for growth through its expanding presence in data centers and other mission-critical construction markets. As of late 2025, data center projects accounted for approximately 40% of Concrete segment revenue, with management expecting this share to increase in 2026. The company has secured multiple data center, cold storage, and manufacturing projects, driven by robust AI investment and a domestic focus on reshoring manufacturing.
- Strategic Acquisitions: Strategic acquisitions are a key driver for future growth. The February 2026 acquisition of J.E. McAmis is specifically highlighted as bolstering Orion's heavy marine, jetty, and breakwater construction capabilities, which is expected to enhance its market reach and drive future revenue.
- Robust Project Pipeline: Orion possesses a substantial opportunity pipeline, valued at approximately $23 billion. This pipeline includes numerous near-term opportunities, with over a dozen projects individually exceeding $100 million, indicating a strong outlook for future contract awards across both the Marine and Concrete segments.
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Share Issuance
- In September 2024, Orion Group Holdings priced an underwritten public offering of 4,860,000 shares of common stock at $5.15 per share, generating approximately $25.0 million in gross proceeds.
- The company also granted underwriters a 30-day option to purchase up to an additional 729,000 shares of common stock in connection with the September 2024 offering.
- As part of the J.E. McAmis acquisition completed in February 2026, Orion issued 182,392 shares of common stock.
Outbound Investments
- On February 3, 2026, Orion completed the acquisition of J.E. McAmis (JEM) for $50.0 million in cash, a $12.0 million subordinated note, 182,392 shares of common stock, and contingent earn-out payments, aiming to strengthen heavy marine, jetty, and breakwater construction capabilities.
- In late 2025, the company purchased a large derrick barge to increase capacity and execution flexibility, enabling pursuit of a broader range of marine and defense-related work.
Capital Expenditures
- Orion anticipates capital expenditures for the full year 2026 to be in the range of $25 million to $35 million.
- This projected range for 2026 is consistent with the capital expenditures made in the prior year, 2025.
- A primary focus of capital expenditures in late 2025 was the purchase of a large derrick barge to expand marine capacity and flexibility for defense-related work.
Peer Outperformance in Construction & Engineering
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ORN | Orion | 7.7% | 93.2x | -4.3% | 85.3% | 88.6% | — |
| APG | APi | 7.5% | 51.7x | 20.5% | 143.7% | 186.0% | +97pp |
| PRIM | Primoris Services | 11.4% | 28.5x | -47.5% | 156.2% | 185.3% | +97pp |
| MYRG | MYR | 6.3% | 26.4x | 28.2% | 150.3% | 169.4% | +81pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 64.8% | 56.5% | 152.9% | MATX 192% · KEX 169% |
| Construction & Engineering ← | 29 | -5.2% | 126.2% | 139.5% | STRL 1525% · FIX 1441% · AGX 816% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 1.9% | 67.2% | 92.9% | CAT 279% · ALSN 242% · WAB 220% |
| Aerospace & Defense | 52 | -10.9% | 62.3% | 65.7% | ATI 887% · FTAI 758% · HWM 567% |
| Trading Companies & Distributors | 19 | 16.5% | 42.9% | 56.6% | DXPE 413% · URI 232% · AIT 216% |
| Industrial Machinery & Supplies & Components | 72 | 2.6% | 59.6% | 38.7% | CRS 836% · MLI 349% · SYM 292% |
| Electrical Components & Equipment | 37 | -4.7% | 90.8% | 37.1% | POWL 2001% · VRT 850% · BE 680% |
| Diversified Support Services | 34 | 13.2% | 42.9% | 33.3% | CXW 258% · OPLN 151% · CACI 140% |
| Rail Transportation | 7 | 34.4% | 57.7% | 28.1% | CSX 53% · UNP 38% · NSC 28% |
| Building Products | 32 | -7.1% | 20.4% | 20.4% | GFF 361% · TT 163% · JCI 137% |
| Cargo Ground Transportation | 16 | 29.4% | 9.2% | 5.1% | R 259% · XPO 243% · ARCB 39% |
| Industrial Conglomerates | 17 | 9.5% | 8.1% | -0.8% | CSW 116% · DD 82% · CSL 62% |
| Agricultural & Farm Machinery | 15 | -0.7% | -14.5% | -6.6% | DE 96% · TTC 19% · AGCO -4% |
| Security & Alarm Services | 9 | -54.1% | 32.4% | -13.1% | BCO 55% |
| Data Processing & Outsourced Services | 6 | -24.0% | 0.3% | -17.8% | EXLS 66% · BR 8% · G -16% |
| Office Services & Supplies | 9 | 17.3% | 16.5% | -21.6% | PBI 207% · TILE 145% · HNI 49% |
| Environmental & Facilities Services | 29 | -31.8% | 35.4% | -22.8% | GEO 241% · CLH 179% · RSG 91% |
| Research & Consulting Services | 13 | 0.5% | -17.8% | -28.7% | HURN 289% · BAH 14% · FCN 10% |
| Passenger Airlines | 11 | 0.3% | 38.8% | -32.7% | LTM 2998% · UAL 125% · DAL 113% |
| Passenger Ground Transportation | 3 | -30.2% | 58.3% | -37.7% | UBER 46% · CAR -38% · LYFT -65% |
| Air Freight & Logistics | 12 | -25.5% | -7.0% | -40.7% | FDX 78% · EXPD 71% · CHRW 46% |
| Human Resource & Employment Services | 22 | 13.8% | -6.8% | -43.7% | ADP 43% · FA 18% · PAYX 2% |
| Airport Services | 4 | -53.7% | -57.5% | -86.1% | JOBY -42% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Orion Earnings Notes | 12/16/2025 | |
| Orion Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 126.43 |
| Mkt Cap | 7.6 |
| Rev LTM | 5,361 |
| Op Inc LTM | 422 |
| FCF LTM | 166 |
| FCF 3Y Avg | 345 |
| CFO LTM | 388 |
| CFO 3Y Avg | 448 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.3% |
| Rev Chg 3Y Avg | 12.6% |
| Rev Chg Q | 18.0% |
| QoQ Delta Rev Chg LTM | 4.3% |
| Op Inc Chg LTM | 24.4% |
| Op Inc Chg 3Y Avg | 41.9% |
| Op Mgn LTM | 5.6% |
| Op Mgn 3Y Avg | 5.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 6.6% |
| CFO/Rev 3Y Avg | 7.7% |
| FCF/Rev LTM | 2.6% |
| FCF/Rev 3Y Avg | 5.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Marine | 545 | 521 | 396 | 339 | 264 |
| Concrete | 307 | 275 | 316 | 409 | 337 |
| Total | 852 | 796 | 712 | 748 | 601 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Marine | 30 | 2 | 4 | 10 | 6 |
| Concrete | -15 | 9 | -10 | -18 | -15 |
| Total | 15 | 12 | -7 | -8 | -9 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Marine | 315 | 316 | 319 | 239 | 237 |
| Concrete | 99 | 101 | 98 | 128 | 115 |
| Total | 415 | 417 | 417 | 367 | 352 |
Price Behavior
| Market Price | $8.30 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 12/20/2007 | |
| Distance from 52W High | -51.6% | |
| 50 Days | 200 Days | |
| DMA Price | $9.01 | $11.85 |
| DMA Trend | down | down |
| Distance from DMA | -7.9% | -30.0% |
| 3M | 1YR | |
| Volatility | 44.7% | 60.4% |
| Downside Capture | 299.47 | 224.18 |
| Upside Capture | 160.18 | 187.62 |
| Correlation (S&P 500) | 44.0% | 44.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.20 | 1.68 | 3.20 | 2.45 | 2.07 | 1.58 |
| Up Beta | 0.15 | 0.38 | 1.97 | 2.06 | 1.48 | 1.21 |
| Down Beta | 1.00 | 1.25 | 6.36 | 2.64 | 2.04 | 1.20 |
| Up Capture | 101% | 164% | 138% | 231% | 378% | 1233% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 12 | 22 | 28 | 64 | 123 | 378 |
| Down Capture | 206% | 294% | 401% | 255% | 164% | 112% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 10 | 19 | 35 | 60 | 124 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORN | |
|---|---|---|---|---|
| ORN | -4.7% | 60.4% | 0.15 | - |
| Sector ETF (XLI) | 9.1% | 17.2% | 0.33 | 48.6% |
| Equity (SPY) | 13.7% | 12.7% | 0.72 | 43.7% |
| Gold (GLD) | 1.8% | 28.3% | 0.05 | 19.5% |
| Commodities (DBC) | 48.4% | 20.6% | 1.80 | -14.1% |
| Real Estate (VNQ) | 2.8% | 13.9% | -0.05 | 5.1% |
| Bitcoin (BTCUSD) | -29.4% | 43.4% | -0.68 | 10.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORN | |
|---|---|---|---|---|
| ORN | 12.3% | 63.6% | 0.45 | - |
| Sector ETF (XLI) | 11.7% | 17.6% | 0.50 | 31.3% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 28.7% |
| Gold (GLD) | 17.5% | 18.9% | 0.74 | 8.5% |
| Commodities (DBC) | 9.1% | 19.5% | 0.35 | 0.3% |
| Real Estate (VNQ) | 0.6% | 18.9% | -0.08 | 16.5% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 15.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORN | |
|---|---|---|---|---|
| ORN | 0.8% | 62.3% | 0.28 | - |
| Sector ETF (XLI) | 13.3% | 20.1% | 0.58 | 35.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 32.0% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 3.4% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 7.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 23.5% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/15/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -24.1% | -15.0% | -22.1% |
| 4/29/2026 | 3.9% | 33.7% | 24.0% |
| 3/4/2026 | -0.1% | -12.7% | -16.2% |
| 10/29/2025 | 17.8% | 23.3% | 14.2% |
| 7/30/2025 | -14.8% | -21.4% | -23.1% |
| 4/29/2025 | 0.9% | 17.5% | 31.3% |
| 3/4/2025 | -10.4% | -16.9% | -14.7% |
| 10/30/2024 | 12.7% | 44.6% | 60.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 12 |
| # Negative | 10 | 13 | 12 |
| Median Positive | 4.1% | 21.4% | 19.5% |
| Median Negative | -7.1% | -8.2% | -8.6% |
| Max Positive | 17.8% | 44.6% | 60.9% |
| Max Negative | -24.7% | -25.0% | -23.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -24.1% | -15.0% | -22.1% |
| 4/29/2026 | 3.9% | 33.7% | 24.0% |
| 3/4/2026 | -0.1% | -12.7% | -16.2% |
| 10/29/2025 | 17.8% | 23.3% | 14.2% |
| 7/30/2025 | -14.8% | -21.4% | -23.1% |
| 4/29/2025 | 0.9% | 17.5% | 31.3% |
| 3/4/2025 | -10.4% | -16.9% | -14.7% |
| 10/30/2024 | 12.7% | 44.6% | 60.9% |
| 7/25/2024 | 8.0% | -1.5% | -0.9% |
| 4/25/2024 | 1.1% | 3.4% | 19.6% |
| 2/28/2024 | -13.4% | 4.6% | 18.5% |
| 10/25/2023 | 7.8% | -8.2% | -5.1% |
| 7/27/2023 | 9.5% | 23.0% | 36.4% |
| 5/10/2023 | 0.4% | 0.0% | 1.2% |
| 3/15/2023 | 4.3% | -4.3% | -10.6% |
| 10/27/2022 | -1.6% | -9.9% | -3.2% |
| 7/28/2022 | -0.4% | -1.9% | 19.3% |
| 4/28/2022 | 3.8% | 21.5% | 14.8% |
| 3/3/2022 | -24.7% | -25.0% | -20.5% |
| 10/28/2021 | 1.1% | -3.2% | -6.6% |
| 7/29/2021 | -3.8% | -5.2% | -2.2% |
| 4/30/2021 | 1.5% | 7.8% | 10.4% |
| 2/25/2021 | -0.5% | -5.1% | -3.6% |
| 10/29/2020 | 13.4% | 21.4% | 56.5% |
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 12 |
| # Negative | 10 | 13 | 12 |
| Median Positive | 4.1% | 21.4% | 19.5% |
| Median Negative | -7.1% | -8.2% | -8.6% |
| Max Positive | 17.8% | 44.6% | 60.9% |
| Max Negative | -24.7% | -25.0% | -23.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 03/01/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 03/07/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 03/02/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 10/26/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 900.00 Mil | 925.00 Mil | 950.00 Mil | 0 | Affirmed | Guidance: 925.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 50.00 Mil | 52.00 Mil | 54.00 Mil | -7.1% | Lowered | Guidance: 56.00 Mil for 2026 | |
| 2026 Adjusted EPS | Reported | 0.23 | 0.27 | 0.3 | -32.1% | Lowered | Guidance: 0.39 for 2026 | |
| 2026 Capital Expenditures | Reported | 25.00 Mil | 30.00 Mil | 35.00 Mil | 0 | Affirmed | Guidance: 30.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 900.00 Mil | 925.00 Mil | 950.00 Mil | 0 | Affirmed | Guidance: 925.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 54.00 Mil | 56.00 Mil | 58.00 Mil | 0 | Affirmed | Guidance: 56.00 Mil for 2026 | |
| 2026 Adjusted EPS | Reported | 0.36 | 0.39 | 0.42 | 0 | Affirmed | Guidance: 0.39 for 2026 | |
| 2026 Capital Expenditures | Reported | 25.00 Mil | 30.00 Mil | 35.00 Mil | 0 | Affirmed | Guidance: 30.00 Mil for 2026 | |
Q4 2025 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 900.00 Mil | 925.00 Mil | 950.00 Mil | 9.8% | Higher New | Actual: 842.50 Mil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 54.00 Mil | 56.00 Mil | 58.00 Mil | 24.4% | Higher New | Actual: 45.00 Mil for 2025 | |
| 2026 Adjusted EPS | Reported | 0.36 | 0.39 | 0.42 | 95.0% | Higher New | Actual: 0.2 for 2025 | |
| 2026 Capital Expenditures | Reported | 25.00 Mil | 30.00 Mil | 35.00 Mil | 0 | Same New | Actual: 30.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 825.00 Mil | 842.50 Mil | 860.00 Mil | 2.1% | Raised | Guidance: 825.00 Mil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 44.00 Mil | 45.00 Mil | 46.00 Mil | 2.3% | Raised | Guidance: 44.00 Mil for 2025 | |
| 2025 Adjusted EPS | Reported | 0.18 | 0.2 | 0.22 | 42.9% | Raised | Guidance: 0.14 for 2025 | |
| 2025 Capital Expenditures | Reported | 25.00 Mil | 30.00 Mil | 35.00 Mil | 0.0% | Affirmed | Guidance: 30.00 Mil for 2025 | |
Insider Activity
Updated 9/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Vasquez, Alison Gaut | EVP AND CFO | Direct | Buy | 8042026 | 9.95 | 5,025 | 49,999 | 600,055 | Form |
| 2 | Earle, Edward Chipman | EVP & GENERAL COUNSEL | Direct | Buy | 8042026 | 9.81 | 5,000 | 49,050 | 1,471,912 | Form |
| 3 | Sullivan, Mary E | Direct | Buy | 8042026 | 9.79 | 3,000 | 29,362 | 2,719,902 | Form | |
| 4 | Ledford, Robert | Direct | Buy | 8042026 | 9.62 | 20,000 | 192,430 | 414,802 | Form | |
| 5 | Foran, Margaret M | Direct | Sell | 5062026 | 15.70 | 10,695 | 167,912 | 1,834,482 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Vasquez, Alison Gaut | EVP AND CFO | Direct | Buy | 8042026 | 9.95 | 5,025 | 49,999 | 600,055 | Form |
| 2 | Earle, Edward Chipman | EVP & GENERAL COUNSEL | Direct | Buy | 8042026 | 9.81 | 5,000 | 49,050 | 1,471,912 | Form |
| 3 | Sullivan, Mary E | Direct | Buy | 8042026 | 9.79 | 3,000 | 29,362 | 2,719,902 | Form | |
| 4 | Ledford, Robert | Direct | Buy | 8042026 | 9.62 | 20,000 | 192,430 | 414,802 | Form | |
| 5 | Foran, Margaret M | Direct | Sell | 5062026 | 15.70 | 10,695 | 167,912 | 1,834,482 | Form | |
| 6 | Foran, Margaret M | Direct | Sell | 5042026 | 14.62 | 10,000 | 146,200 | 1,864,649 | Form | |
| 7 | Foran, Margaret M | Direct | Sell | 5042026 | 14.62 | 20,000 | 292,400 | 2,010,849 | Form | |
| 8 | Vasquez, Alison Gaut | EVP AND CFO | Direct | Buy | 3092026 | 11.85 | 4,218 | 49,983 | 682,643 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction & Engineering Resources |
| Engineering News-Record (ENR) |
| Construction Dive |
| Civil Engineering Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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