Orion Group Holdings (ORN) AI Stock Analysis

• Market Cap: $412.46M
• Dividend Yield: N/A
• Average Volume (3M): 467.29K
• Price to Earnings (P/E): 158.3
• Beta (1Y): 2.09
• Revenue Growth: 7.02%
• EPS Growth: N/A
• Country: US
• Employees: 1,767
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.08
• Shares Outstanding: 40,083,300
• 10 Day Avg. Volume: 600,035
• 30 Day Avg. Volume: 467,285
• 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 Cap: 1.10
• Enterprise Value/Revenue: 0.53
• Enterprise Value/Gross Profit: 4.31
• Enterprise Value/Ebitda: 11.71
• 1Y Price Target: $16.67
• Price Target Upside: 68.04% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.41
• Revenue Forecast (FY): $903.56M

• Rating: 55 Neutral
• Price Target: $11.00 ▲(10.89% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

ORN scores mid-range: improving operations and a materially stronger balance sheet support the rating, and upbeat 2026 guidance/pipeline are additional positives. Offsetting these, weak recent free-cash-flow performance, very high P/E valuation, and bearish near-term technical momentum limit the overall score.

Positive Factors

Stronger balance sheet

Material de-leveraging and a lower net debt position improve financial flexibility. A stronger capital structure lowers refinancing risk, supports funded M&A and equipment investments, and gives management room to absorb project timing swings without forcing distressed asset sales or dilutive financing.

Large project pipeline

A multibillion-dollar, growing pipeline provides durable revenue optionality and multi-quarter visibility into awards. This breadth across marine and concrete markets supports secular demand capture from infrastructure and defense spending and reduces reliance on a small number of one-off contracts.

Marine competitive advantage

Scale, specialized fleet and marquee marine contracts create high barriers to entry. Strong margins and portfolio of large government and port projects underpin steadier revenue in marine work and position Orion to win complex, capital-intensive jobs that smaller peers can’t execute reliably.

Negative Factors

Weak cash conversion

Inconsistent free cash flow undermines the quality of reported earnings and limits self‑funding for capex, working capital or acquisitions. Reliance on external financing raises execution risk during project cost overruns or award delays and constrains shareholder return capacity.

Concrete segment margin pressure

Low and volatile margins in Concrete, driven by project timing, corporate allocations and closeout variability, mean earnings are sensitive to execution. Continued sub‑par profitability in this segment could erode consolidated margins and require further restructuring or pricing discipline to restore durable returns.

Book-to-bill < 1 and timing risk

A book-to-bill below 1 and award timing delays reduce near-term revenue visibility and increase quarter-to-quarter volatility. Dependence on award timing makes backlog fragile and heightens risk that revenue lags the company’s capacity and investment, pressuring margins if utilization dips.

Orion Group Holdings Business Overview & Revenue Model

Company Description

Orion Group Holdings, Inc. operates as a specialty construction company in the building, industrial, and infrastructure sectors in the continental United States, Alaska, Canada, and the Caribbean Basin. It operates in two segments, Marine and Concrete. The company provides various marine construction services, including construction, restoration, dredging, maintenance, and repair of marine transportation facilities and pipelines, bridges and causeways, and marine environmental structures. Its marine transportation facility projects comprise public port facilities, cruise ship port facilities, private terminals, special-use navy terminals, recreational use marinas and docks, and other marine-based facilities. The company also offers on-going maintenance and repair, inspection, emergency repair, and demolition and salvage services to marine transportation facilities. Its marine pipeline service projects include the installation and removal of underwater buried pipeline transmission lines; the installation of pipeline intakes and outfalls for industrial facilities; the construction of pipeline outfalls for wastewater and industrial discharges; river crossing and directional drilling; the creation of hot taps and tie-ins; and inspection, maintenance, and repair services. The company's bridge and causeway projects include the construction, repair, and maintenance of overwater bridges and causeways, as well as the development of fendering systems in marine environments; and marine environmental structures used for erosion control, wetlands creation, and environmental remediation. The company also provides specialty services, such as design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation, and repair services. In addition, it offers light commercial, structural, and other concrete construction services. Orion Group Holdings, Inc. was founded in 1994 and is headquartered in Houston, Texas.

How the Company Makes Money

Orion Group Holdings primarily makes money by delivering project-based construction services under customer contracts and recognizing revenue as contract performance obligations are satisfied. The company’s key revenue streams are tied to (1) Marine construction contracts—work such as marine transportation infrastructure, dredging-related or marine civil activities, bridges, docks/berths, bulkheads, breakwaters, and other waterfront/nearshore structures—where revenue is earned from contract prices based on progress toward completion (often using cost-to-cost or similar measures) and, in some cases, unit-price or time-and-materials arrangements. (2) Concrete services contracts—structural and related concrete work for commercial construction—where revenue is similarly driven by awarded jobs and recognized as work is performed. Profitability depends on winning bids and executing projects efficiently, managing labor and equipment utilization, controlling materials/subcontractor costs, and limiting schedule delays, change-order disputes, and cost overruns. Orion’s earnings can also be influenced by the mix of public-sector versus private-sector work (public infrastructure spending cycles, permitting and procurement timing), the timing and size of backlog conversion into revenue, and project risk management (estimating accuracy, weather and site conditions, and claims/change orders). Specific significant partnerships: null.

Orion Group Holdings Financial Statement Overview

Summary

Fundamentals are improving with revenue growth into 2025, better margins, and a return to profitability, plus a notably stronger balance sheet from sharply reduced leverage. The main drag is cash-flow quality and consistency: despite better operating cash flow, recent negative free cash flow and historically volatile cash generation increase execution risk and reduce confidence in earnings durability.

Income Statement

Revenue has grown meaningfully from 2023 to 2025 (2025 revenue up ~7% vs. 2024 and materially above 2023), and profitability has improved sharply versus the loss-making period in 2021–2024, returning to a small profit in 2025. Gross margin has also trended up from the 2022–2023 lows, supporting the recovery. Offsetting this, net margins remain very thin (~0.3% in 2025) and results have been volatile over the last several years (profits in 2020, losses in 2021–2024), which limits confidence in earnings durability.

Balance Sheet

Leverage improved substantially in 2025, with debt down sharply and debt-to-equity improving to ~0.28x from ~0.63x in 2024, indicating a stronger capital structure. Equity has been relatively stable, and overall assets have held steady across the period. The main weakness is that shareholder returns are still modest (2025 return on equity ~1.6%) following several years of negative returns, suggesting the balance sheet is healthier, but profitability is not yet strong enough to consistently compound equity value.

Cash Flow

Operating cash flow improved in 2025 (higher than 2024), which is a positive sign for underlying cash generation. However, free cash flow was negative in both 2024 and 2025, implying cash outflows after investment needs, and cash conversion remains weak versus reported earnings in 2025 (free cash flow below net income). Cash flow has also been inconsistent over time, ranging from strong positive free cash flow in 2020 to very weak performance in 2021 and mixed results thereafter.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	852.26M	796.39M	711.78M	748.32M	601.36M
Gross Profit	105.61M	91.16M	61.66M	50.74M	40.97M
EBITDA	42.66M	31.39M	15.68M	11.06M	4.70M
Net Income	2.49M	-1.64M	-17.88M	-12.61M	-14.56M
Balance Sheet
Total Assets	414.65M	417.32M	416.89M	367.15M	351.75M
Cash, Cash Equivalents and Short-Term Investments	1.59M	28.32M	30.94M	3.78M	12.29M
Total Debt	44.30M	94.46M	85.49M	66.56M	69.21M
Total Liabilities	255.62M	266.64M	295.42M	229.35M	203.65M
Stockholders Equity	159.03M	150.68M	121.47M	137.80M	148.10M
Cash Flow
Free Cash Flow	-10.80M	-1.42M	8.27M	-5.02M	-16.91M
Operating Cash Flow	28.07M	12.68M	17.18M	9.56M	69.00K
Investing Cash Flow	-13.70M	-11.48M	2.17M	-9.70M	10.63M
Financing Cash Flow	-39.39M	-3.82M	7.81M	-8.37M	6.00K

Orion Group Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.92
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 9.92 is below the 20-day moving average (MA) of 12.28, below the 50-day MA of 12.24, and above the 200-day MA of 9.66, indicating a neutral trend. The MACD of -0.74 indicates Positive momentum. The RSI at 26.41 is Positive, neither overbought nor oversold. The STOCH value of 2.38 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ORN.

Orion Group Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GLDD	76 Outperform	$1.13B	11.94	14.83%	―	12.53%	35.68%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ESOA	58 Neutral	$244.16M	12.61	3.91%	1.11%	16.80%	-98.32%
MTRX	58 Neutral	$285.78M	-92.28	-13.58%	―	17.16%	24.10%
BBCP	58 Neutral	$346.50M	-30.18	3.32%	―	-8.98%	-38.23%
ORN	55 Neutral	$412.46M	158.32	1.60%	―	7.02%	―
SLND	42 Neutral	$40.31M	-0.77	-84.16%	―	-9.10%	21.10%

Orion Group Holdings Corporate Events

Orion Group Highlights 2025 Results and McAmis Acquisition

On March 4, 2026, Orion Group Holdings posted its fourth-quarter and full-year 2025 investor presentation, highlighting 2025 revenue of $852 million, adjusted EBITDA of $45 million, a year-end backlog of $640 million and a workforce of about 2,000 employees. The materials underscore Orion’s strong safety record, leading ENR rankings in marine ports and concrete, and a diversified customer base supported by long-term infrastructure, defense and data center demand tailwinds.

The presentation details that the Marine segment generated $545 million of 2025 revenue and $80 million of contribution adjusted EBITDA, supported by major contracts such as a $460 million U.S. Navy submarine dry dock at Pearl Harbor and a $120 million Grand Bahama Shipyard dry dock project. In Concrete, Orion reported $307 million of 2025 revenue and $12 million of contribution adjusted EBITDA, with operations centered on data centers, high-rise buildings and industrial facilities in Texas, Florida and Arizona.

Orion also disclosed it closed the acquisition of J.E. McAmis on February 3, 2026, paying $60 million plus contingent consideration to bolster its heavy civil and jetty construction capabilities and expand its footprint in the Pacific Northwest, Canada, Alaska, Hawaii and Florida. The company emphasized its high barriers to entry, extensive specialized equipment fleet, strong balance sheet and a roughly $23 billion opportunity pipeline, positioning it as a mission-critical contractor poised to benefit from U.S. infrastructure spending, naval expansion and coastal rehabilitation initiatives.

The most recent analyst rating on (ORN) stock is a Buy with a $17.00 price target. To see the full list of analyst forecasts on Orion Group Holdings stock, see the ORN Stock Forecast page.

Orion Group completes marine contractor acquisition boost

On February 3, 2026, Orion Group Holdings completed the approximately $60 million acquisition of heavy civil marine contractor J.E. McAmis, Inc. and JEM Marine Leasing LLC, whose business spans jetty and breakwater construction, dredging, environmental restoration, and dam and spillway work. The deal consideration includes about $46 million in cash funded largely through Orion’s credit facility, a $12 million five-year subordinated note and roughly $2 million in Orion stock, plus contingent payments tied to profits on existing backlog and near-term project pursuits, while the acquired entities have joined Orion’s credit agreement as guarantors. The transaction significantly enhances Orion’s heavy marine construction capabilities, adds Jones Act-compliant marine assets and a $1.4 billion opportunity pipeline, and is expected to be accretive to adjusted EBITDA and margins in 2026, strengthening Orion’s competitive position in U.S. marine infrastructure markets and expanding its geographic reach and customer base, including relationships with the U.S. Department of Defense and U.S. Army Corps of Engineers.

The most recent analyst rating on (ORN) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Orion Group Holdings stock, see the ORN Stock Forecast page.

Orion Group Secures New $120 Million Credit Facility

On December 23, 2025, Orion Group Holdings entered into a new $120 million senior credit facility with UMB Bank, replacing its prior $88 million credit agreement and fully repaying the earlier facility, including a make-whole payment of about $1.1 million; the transaction was announced publicly on December 29, 2025. The five-year facility, maturing in December 2030, comprises a $60 million revolving line of credit, a $20 million equipment term loan and a $40 million acquisition term loan, plus a $25 million uncommitted accordion, and is secured by substantially all of the company’s and its domestic subsidiaries’ assets, with covenants that cap senior leverage at 3.0x and require a minimum fixed-charge coverage ratio of 1.2x; borrowings are priced off SOFR or an ABR-based rate with margins tied to leverage, delivering roughly a 225-basis-point reduction versus the prior facility and enhancing Orion’s liquidity, lowering its cost of capital and providing additional capacity to fund acquisitions, working capital and general corporate purposes, thereby supporting its stated growth strategy and financial flexibility.

The most recent analyst rating on (ORN) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Orion Group Holdings stock, see the ORN Stock Forecast page.