One-glance verdict
Overvalued
$-0.12 our estimate vs market $9.36
Wall Street consensus: $15.32 (-13,012.8% lower than our fair-value estimate)
7991% below our estimate, beyond the bull case
Fundamentals snapshot
Orion Group Holdings, Inc.
ORN · NYQ · Industrials · Engineering & Construction
Current price
$9.36
52-week range
$7.48 - $17.40
Market cap
$379.04M
Balance sheet
Stretched
1.37x Concerning
Net debt $160.17M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 3.2% last year.
- Reward Returns 2.3% on equity, ahead of 20% of its peers.
- Reward Free cash flow was positive in 5/10 years.
What this company does
Orion Group Holdings, Inc.
Orion Group Holdings is a specialty construction company that focuses on two main areas: projects on or near water, like building ports and bridges, and concrete work for large buildings like data centers. It earns money by completing these large-scale government and private jobs, which means its success often depends on spending for major infrastructure (the basic physical systems of a country, like transportation and power) and new commercial construction.
How the company got here
Orion Group Holdings started in 1994 as a company that managed marine construction projects. Over the years, it has grown by expanding its own operations and by purchasing other companies, a strategy known as growth by acquisition. These purchases helped the company add new skills, serve more locations, and build up its fleet of equipment. In 2016, the company changed its name from Orion Marine Group to Orion Group Holdings, Inc. to reflect its broader focus. It continues to acquire other firms to strengthen its capabilities, such as buying a concrete construction company in 2017 and a heavy civil marine contractor in 2026.
What it actually does
Think of Orion Group Holdings as a highly specialized construction crew for big, complex projects. They work on infrastructure (the basic physical structures needed for a society to function, like bridges and ports), industrial, and building projects across the United States, Canada, and the Caribbean. The company provides its services both on the water, like building a new dock for a cruise ship, and on land, like pouring the concrete foundation for a large data center. Their clients are often government agencies and large corporations that need expert help with challenging construction jobs.
Marine
This is the company's largest and oldest business, focused on construction projects in or around water. The Marine segment builds and repairs things like port facilities for large ships, U.S. Navy bases, and over-water bridges. It also performs dredging (the process of clearing out sediment and debris from the bottom of rivers, ports, and channels to keep them deep enough for ships to pass through). Customers for this segment are typically government bodies, like the U.S. Army Corps of Engineers, and private companies that operate in and around waterways.
Concrete
This part of the company focuses on providing concrete construction services for buildings on land. This involves everything from preparing the ground to pouring and finishing concrete for the foundations and structures of large buildings. Their customers are developers and general contractors building things like massive data centers, warehouses, hospitals, and apartment buildings. This segment represents the company's effort to be a key player in land-based construction, complementing its marine work.
What management is betting on now
The company's leadership is focused on capturing what it sees as a historic market opportunity for large infrastructure projects. Their strategy involves leveraging their expertise in marine construction to win contracts funded by new government spending, such as the Infrastructure Investment and Jobs Act. They are also targeting growth in defense-related projects, like work for the U.S. Navy, and the continued boom in data center construction driven by artificial intelligence. Finally, the company plans to continue making strategic acquisitions (buying other companies) to expand into new regions and add more capabilities.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$-19.97M
FY2024 Q3
$33.31M
FY2024 Q4
$9.92M
FY2025 Q1
$-12.48M
FY2025 Q2
$-12.69M
FY2025 Q3
$13.92M
FY2025 Q4
$454.00K
FY2026 Q1
$-3.65M
Revenue
$216.30M
Net income
$4.69M
Diluted EPS
0.12
Operating cash flow
$4.92M
Free cash flow
$-3.65M
Fetching…
Sources
Revenue
$233.22M
Net income
$-240.00K
Diluted EPS
0.00
Operating cash flow
$13.81M
Free cash flow
$454.00K
Fetching…
Sources
Revenue
$225.10M
Net income
$3.30M
Diluted EPS
0.08
Operating cash flow
$23.27M
Free cash flow
$13.92M
Fetching…
Sources
Revenue
$205.29M
Net income
$841.00K
Diluted EPS
0.02
Operating cash flow
$-5.56M
Free cash flow
$-12.69M
Fetching…
Sources
Revenue
$188.65M
Net income
$-1.41M
Diluted EPS
-0.04
Operating cash flow
$-3.44M
Free cash flow
$-12.48M
Fetching…
Sources
Revenue
$216.88M
Net income
$6.75M
Diluted EPS
0.22
Operating cash flow
$13.36M
Free cash flow
$9.92M
Fetching…
Sources
Revenue
$226.68M
Net income
$4.26M
Diluted EPS
0.12
Operating cash flow
$37.47M
Free cash flow
$33.31M
Fetching…
Sources
Revenue
$192.17M
Net income
$-6.60M
Diluted EPS
-0.20
Operating cash flow
$-15.33M
Free cash flow
$-19.97M
Fetching…
Sources
Is it cheap or expensive?
Fair value $-0.12 vs current price $9.36
Wall Street consensus is the average analyst price target: $15.32 (-13,012.8% lower than our fair-value estimate).
Our most-likely fair value is $-0.12 a share — about 101.3% below today's price of $9.36, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Stretched
Net debt $160.2M. Interest coverage 1.4x.
Net debt
$160.17M
Interest coverage
1.37x
Orion Group Holdings, Inc.'s profit covers its interest bill about 1.4 times over. and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
ORN
BASELINE
Orion Group Holdings, Inc.
Total debt $162.70M Interest coverage 1.37x This is the baseline the peer rows are being compared against.
Total debt $19.46M Interest coverage 0.79x -42% vs ORN Carries about 1.7x less debt cushion than ORN.
Total debt $1.28B Interest coverage 14.42x +953% vs ORN Carries about 10.5x more debt cushion than ORN.
Total debt $464.86M Interest coverage 4.60x +236% vs ORN Carries about 3.4x more debt cushion than ORN.
Total debt $336.82M Interest coverage 20.90x +1,425% vs ORN Carries about 15.3x more debt cushion than ORN.
What you should know
The case for and against ORN
3 Rewards
0 Risks
Rewards
-
Revenue grew 3.2% last year.
-
Returns 2.3% on equity, ahead of 20% of its peers.
-
Free cash flow was positive in 5/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
117.00x
Forward P/E
20.80x
P/B
2.30x
P/S
0.42x
EV/EBITDA
16.35x
PEG ratio
28.96x
Profitability
How much profit each dollar creates
Gross margin
11.8%
Operating margin
-0.7%
Net margin
0.4%
ROE
2.3%
ROA
1.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.99x
Current ratio
1.52x
Quick ratio
1.45x
Total debt
$162.70M
Total cash
$2.53M
Growth
How the business has been compounding
Revenue TTM
$879.91M
Revenue 5Y CAGR
9.1%
EPS TTM
0.08
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$36.43M
Free CF TTM
$-10.80M
FCF margin
-1.2%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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