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Orion Group Holdings
(NYSE:ORN)
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Rating:50Neutral
Price Target:
$9.00
▼(-3.54% Downside)
Action:Reiterated
Date:09/22/26
The score is primarily weighed down by mixed fundamentals (thin profitability, higher leverage, and negative free cash flow) and weak technicals (below key moving averages with negative MACD). The key offset is improving business momentum and visibility discussed on the earnings call (strong Concrete results, bookings, and backlog), but the very high P/E limits valuation support.
Positive Factors
Revenue Turnaround
The return to profitability alongside materially stronger revenue growth indicates that Orion’s core project activity is recovering. If the improvement persists, greater scale and better execution can support earnings expansion, strengthen operating capacity, and improve the company’s competitive position over the next several quarters.
Negative Factors
Thin Profitability
Net profitability below 1% leaves Orion with limited protection against cost overruns, project delays, unfavorable mix, or changes in execution conditions. Even with revenue growth, such a narrow earnings buffer makes consolidated results fragile and limits the company’s ability to compound returns consistently.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Turnaround
The return to profitability alongside materially stronger revenue growth indicates that Orion’s core project activity is recovering. If the improvement persists, greater scale and better execution can support earnings expansion, strengthen operating capacity, and improve the company’s competitive position over the next several quarters.
Read all positive factors
Orion Group Holdings (ORN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$352.71M
Dividend YieldN/A
Average Volume (3M)509.42K
Price to Earnings (P/E)92.7
Beta (1Y)1.91
Revenue Growth7.05%
EPS Growth-67.59%
CountryUS
Employees2,076
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.09
Shares Outstanding40,495,290
10 Day Avg. Volume490,148
30 Day Avg. Volume509,424
Financial Highlights & Ratios
PEG Ratio-0.68
Price to Book (P/B)2.48
Price to Sales (P/S)0.46
P/FCF Ratio-36.49
Enterprise Value/Market Cap2.34
Enterprise Value/Revenue0.92
Enterprise Value/Gross Profit7.82
Enterprise Value/Ebitda21.06
Forecast
1Y Price Target
$14.75Price Target Upside58.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.25
Revenue Forecast (FY)$930.49M
Orion Group Holdings Business Overview & Revenue Model
Company Description
Orion Group Holdings, Inc. functions as a specialized construction company, contributing its expertise across the building, industrial, and infrastructure sectors. Its operations span a wide geographical area, encompassing the continental United S...
How the Company Makes Money
Orion Group Holdings primarily makes money by performing construction and dredging projects under contract for customers (including government agencies and private-sector clients). Revenue is recognized based on the performance of contracted work—...
Orion Group Holdings Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Neutral
The call presented a mix of notable operational strengths and near-term execution/timing challenges. Concrete performance, a large $27B opportunity pipeline (with $1.6B quoted), strong bookings ($275M) and an above-industry win rate are material positives. However, marine timing delays produced lower equipment utilization, a decline in gross profit, a Q2 GAAP loss, and meaningful declines in adjusted EBITDA (-~28%) and adjusted EPS (-~71%). Management emphasized these are timing issues with strong back-half visibility (90% of marine work under contract for H2) and integration benefits from the Pacific Rock & Dredge acquisition. Overall the fundamentals appear intact but the quarter reflected a near-term profitability setback tied to project timing.Positive Updates
Revenue Growth
Total revenue of $222.0M in Q2 FY26, an increase of 8% year-over-year.
Negative Updates
Marine Timing Delays
Marine segment experienced client-related delays (site readiness and client-provided materials) that postponed mobilizations and starts, reducing revenue and equipment utilization in the quarter; management characterized this as a timing issue rather than demand weakness.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Total revenue of $222.0M in Q2 FY26, an increase of 8% year-over-year.
Read all positive updates
Company Guidance
Orion reset full‑year 2026 guidance to revenue of $900–$950 million, adjusted EBITDA of $50–$54 million (midpoint implies ~15% growth vs. 2025), adjusted EPS of $0.23–$0.30 (midpoint ~6% growth vs. 2025) and capex of $25–$35 million (unchanged). Management pointed to Q2 results and forward visibility supporting the guidance: Q2 revenue $222 million (+8% YoY), gross profit $23 million (down $3M YoY), GAAP loss $4.1M vs. $0.8M GAAP income LY, adjusted EBITDA $7.9M (vs. $11M LY), adjusted EPS $0.02 (vs. $0.07 LY), backlog $722M, bookings >$275M in the quarter (1.25x book‑to‑bill), a $27B pipeline with ~$1.6B quoted awaiting award (up from ~$1.0B at the start of the year), net leverage 2.3x, Concrete segment organic strength (over 30% top‑line and ~45% adjusted EBITDA growth in Q2; roughly 50% of Concrete revenue from data centers this quarter), and management said ~90% of marine work and ~80% of overall business for the back half are under contract, supporting a stronger back half of 2026 and optimism for 2027.Orion Group Holdings Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
58
Neutral
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 896.50M | 852.26M | 796.39M | 711.78M | 748.32M | 601.36M |
| Gross Profit | 105.61M | 105.61M | 91.16M | 61.66M | 50.74M | 40.97M |
| EBITDA | 39.19M | 42.29M | 41.35M | 22.45M | 15.87M | 9.80M |
| Net Income | 3.60M | 2.49M | -1.64M | -17.88M | -12.61M | -14.56M |
Balance Sheet | ||||||
| Total Assets | 496.24M | 414.65M | 417.32M | 416.89M | 367.15M | 351.75M |
| Cash, Cash Equivalents and Short-Term Investments | 2.53M | 1.59M | 28.32M | 30.94M | 3.78M | 12.29M |
| Total Debt | 148.78M | 64.81M | 94.46M | 85.49M | 66.56M | 69.21M |
| Total Liabilities | 331.78M | 255.62M | 266.64M | 295.42M | 229.35M | 203.65M |
| Stockholders Equity | 164.46M | 159.03M | 150.68M | 121.47M | 137.80M | 148.10M |
Cash Flow | ||||||
| Free Cash Flow | -18.43M | -10.80M | -1.42M | 8.27M | -5.02M | -16.91M |
| Operating Cash Flow | 24.37M | 28.07M | 12.68M | 17.18M | 9.56M | 69.00K |
| Investing Cash Flow | -61.02M | -13.70M | -11.48M | 2.17M | -9.70M | 10.63M |
| Financing Cash Flow | 39.14M | -39.39M | -3.82M | 7.81M | -8.37M | 6.00K |
Orion Group Holdings Technical Analysis
Negative
9.33
Price Trends
9.07
Negative
11.16
Negative
11.88
Negative
Market Momentum
-0.16
Positive
45.50
Neutral
40.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ORN, the sentiment is Negative. The current price of 9.33 is above the 20-day moving average (MA) of 8.86, above the 50-day MA of 9.07, and below the 200-day MA of 11.88, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 45.50 is Neutral, neither overbought nor oversold. The STOCH value of 40.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ORN.
Orion Group Holdings Risk Analysis
Orion Group Holdings disclosed 34 risk factors in its most recent earnings report. Orion Group Holdings reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Orion Group Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $472.69M | 55.31 | 3.58% | 1.39% | 6.91% | 4.11% | |
65 Neutral | $172.78M | 15.37 | 14.64% | 1.51% | 21.21% | 252.85% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | $274.71M | -105.43 | -1.86% | ― | 13.56% | 91.27% | |
50 Neutral | $352.71M | 92.66 | 2.22% | ― | 7.05% | -67.59% | |
46 Neutral | $40.28M | -0.10 | 331.10% | ― | -32.66% | -397.97% |
* Industrials Sector Average
ORN
Orion Group Holdings
8.71
0.00
0.00%
ESOA
Energy Services of America
9.26
-1.66
-15.20%
MTRX
Matrix Service Company
9.71
-4.61
-32.19%
BBCP
Concrete Pumping Holdings
9.38
3.08
48.77%
SLND
Southland Holdings
0.74
-3.82
-83.77%
Orion Group Holdings Corporate Events
Business Operations and StrategyExecutive/Board Changes
Orion Group Holdings Extends Executive Leadership Employment Terms
Positive
Sep 21, 2026
On September 18, 2026, Orion Group Holdings, Inc. amended existing employment agreements for President and Chief Executive Officer Travis J. Boone and Executive Vice President, General Counsel, Chief Administrative Officer, Chief Compliance Office...
Business Operations and StrategyFinancial Disclosures
Orion Group Holdings Resets Guidance After Q2 Results
Negative
Jul 29, 2026
On July 28, 2026, Orion Group Holdings reported second-quarter 2026 results showing contract revenue up 8% year over year to $221.9 million, driven by strong demand and new awards in its Concrete segment. Despite the revenue growth, the company po...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.