What are the investment strengths of Orion Group Holdings Inc (ORN)?

P/S of 0.52x vs industry median 1.29x - trading at 60% discount on sales basis despite positive operating income Asset turnover 1.96x generates 836M revenue on 422M assets - operational efficiency partially offsets margin weakness

What are the investment risks for Orion Group Holdings Inc (ORN)?

Net margin 1.1% vs industry 4.0% with 5Y EPS decline of -19% - structurally unprofitable business model Cash of 4.9M covers only 2.5% of current liabilities (198M) - severe liquidity risk if AR collection slows

Orion Group Holdings Inc

ORN

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Orion Group Holdings Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-12

Snapshot

FCF negative (-1.3M TTM) despite 27.6M operating cash flow - capex of 29M consuming all cash generation[Free Cash Flow TTM]
AR of 213M is 51% of total assets and 43x cash (4.9M) - extreme collection risk concentration[Accounts Receivable]
Asset turnover 1.96x vs industry median 1.16x - capital efficiency 69% above peers despite thin margins[Asset Turnover TTM]

Watch Triggers

Accounts Receivable: DSO exceeds 100 days or AR grows faster than revenue — AR is 213M vs 4.9M cash - collection issues would trigger liquidity crisis
Free Cash Flow TTM: Remains negative for 2+ consecutive quarters — Cannot fund operations internally; would need debt or dilution
Gross Margin TTM: Falls below 12% — At 13% gross margin, any compression eliminates operating profitability

Bull Case

P/S of 0.52x vs industry median 1.29x - trading at 60% discount on sales basis despite positive operating income

PS RatioOperating Income TTM

Asset turnover 1.96x generates 836M revenue on 422M assets - operational efficiency partially offsets margin weakness

Asset Turnover TTMTotal Revenue TTM

Bear Case

Net margin 1.1% vs industry 4.0% with 5Y EPS decline of -19% - structurally unprofitable business model

Net Margin TTMEPS Growth 5Y

Cash of 4.9M covers only 2.5% of current liabilities (198M) - severe liquidity risk if AR collection slows

Cash and EquivalentsCurrent Liabilities

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Margin expansion potential if gross profit growth (10% 1Y) continues while revenue flat

1-3ylow

Gross margin 13% improving vs flat revenue (-0.7% 1Y)
Operating leverage on fixed cost base
Interest expense 10.4M compressing as debt paid

Gross profit 1Y growth 9.9% vs revenue -0.7%Debt/equity 0.52 manageableOperating income 16.9M positive TTM

Valuation Context

Caveats

Public Strategies Rankings

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ORN Fundamentals

Construction → Heavy and Civil Engineering Construction

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$435.17M		—
Enterprise Value	$498.39M		—
P/E Ratio	182		—
Total Revenue - TTM	$852.26M	+7.0%	—
Earnings Per Share (diluted) - TTM	$0.06		—
Operating Margin - TTM	1.42%	+0.3%	—
Net Margin - TTM	0.29%	+0.5%	—
Free Cash Flow - TTM	$-10.8M		—
Return on Common Equity - TTM	1.61%	+2.8%	—
Beta 5Y (Monthly)	unknown		—

ORN Dividend History

No dividends

ORN Stock Splits

No stock splits

ORN SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/04/26	12/31/25	Unknown	0001402829-26-000011
10/29/25	09/30/25	10-Q	0001402829-25-000061
07/30/25	06/30/25	10-Q	0001402829-25-000048
04/30/25	03/31/25	10-Q	0001402829-25-000025
03/06/25	12/31/24	Unknown	0001402829-25-000005
10/31/24	09/30/24	10-Q	0001402829-24-000076
07/26/24	06/30/24	10-Q	0001402829-24-000056
04/26/24	03/31/24	10-Q	0001402829-24-000026
03/01/24	12/31/23	10-K	0001402829-24-000015
10/27/23	09/30/23	10-Q	0001402829-23-000057
07/28/23	06/30/23	10-Q	0001402829-23-000043
05/15/23	03/31/23	10-Q	0001402829-23-000029
03/16/23	12/31/22	10-K	0001402829-23-000010
10/28/22	09/30/22	10-Q	0001402829-22-000054
07/29/22	06/30/22	10-Q	0001402829-22-000044
04/29/22	03/31/22	10-Q	0001402829-22-000024
03/07/22	12/31/21	10-K	0001402829-22-000007
10/29/21	09/30/21	10-Q	0001402829-21-000028
07/30/21	06/30/21	10-Q	0001402829-21-000022
04/30/21	03/31/21	10-Q	0001402829-21-000014
03/02/21	12/31/20	10-K	0001402829-21-000004
10/30/20	09/30/20	10-Q	0001402829-20-000038
07/31/20	06/30/20	10-Q	0001402829-20-000027
05/01/20	03/31/20	10-Q	0001402829-20-000018
02/28/20	12/31/19	10-K	0001402829-20-000007
11/01/19	09/30/19	10-Q	0001402829-19-000051
08/02/19	06/30/19	10-Q	0001402829-19-000036
05/09/19	03/31/19	10-Q	0001402829-19-000024
03/27/19	12/31/18	10-K	0001402829-19-000010
11/02/18	09/30/18	10-Q	0001402829-18-000043
08/03/18	06/30/18	10-Q	0001402829-18-000036
05/04/18	03/31/18	10-Q	0001402829-18-000011
03/13/18	12/31/17	10-K	0001402829-18-000003
11/09/17	09/30/17	10-Q	0001628280-17-011311
08/03/17	06/30/17	10-Q	0001402829-17-000031
05/05/17	03/31/17	10-Q	0001402829-17-000019
03/24/17	12/31/16	10-K	0001402829-17-000009
11/08/16	09/30/16	10-Q	0001402829-16-000067
08/05/16	06/30/16	10-Q	0001402829-16-000061
05/06/16	03/31/16	10-Q	0001402829-16-000046
03/15/16	12/31/15	10-K	0001402829-16-000040
11/09/15	09/30/15	10-Q	0001402829-15-000035
08/07/15	06/30/15	10-Q	0001402829-15-000018
05/06/15	03/31/15	10-Q	0001402829-15-000015
02/27/15	12/31/14	10-K	0001402829-15-000007
10/31/14	09/30/14	10-Q	0001402829-14-000055
08/01/14	06/30/14	10-Q	0001402829-14-000044
05/02/14	03/31/14	10-Q	0001402829-14-000035
03/27/14	12/31/13	10-K	0001402829-14-000030
11/04/13	09/30/13	10-Q	0001402829-13-000028
08/02/13	06/30/13	10-Q	0001402829-13-000020
05/03/13	03/31/13	10-Q	0001402829-13-000010
03/06/13	12/31/12	10-K	0001402829-13-000003
11/01/12	09/30/12	10-Q	0001402829-12-000027
08/03/12	06/30/12	10-Q	0001402829-12-000022
05/04/12	03/31/12	10-Q	0001402829-12-000015
03/06/12	12/31/11	10-K	0001402829-12-000008
11/03/11	09/30/11	10-Q	0001402829-11-000039
08/05/11	06/30/11	10-Q	0001402829-11-000027
05/06/11	03/31/11	10-Q	0001402829-11-000017
03/08/11	12/31/10	10-K	0001144204-11-013310
11/05/10	09/30/10	10-Q	0001402829-10-000015
08/06/10	06/30/10	10-Q	0001402829-10-000012
05/10/10	03/31/10	10-Q	0001402829-10-000005
03/09/10	12/31/09	10-K	0001402829-10-000003
11/06/09	09/30/09	10-Q	0001402829-09-000055
08/06/09	06/30/09	10-Q	0001402829-09-000040
05/08/09	03/30/09	10-Q	0001402829-09-000014
03/16/09	12/31/08	10-K	0001402829-09-000005
11/07/08	09/30/08	10-Q	0001402829-08-000039
08/11/08	06/30/08	10-Q	0001402829-08-000035
05/08/08	03/30/08	Unknown	--
03/19/08	12/31/07	10-K	0001402829-08-000010
09/30/07	09/30/07	Unknown	--
06/30/07	06/30/07	Unknown	--
03/31/07	03/30/07	Unknown	--
12/31/06	12/31/06	Unknown	--
09/30/06	09/30/06	Unknown	--
06/30/06	06/30/06	Unknown	--
03/31/06	03/30/06	Unknown	--
12/31/05	12/31/05	Unknown	--
09/30/05	09/30/05	Unknown	--
06/30/05	06/30/05	Unknown	--
03/31/05	03/30/05	Unknown	--