Orion Group Holdings (ORN)
NYSE:ORN
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Orion Group Holdings
(NYSE:ORN)
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Rating:57Neutral
Price Target:
$15.00
▲(25.31% Upside)
Action:ReiteratedDate:04/29/26
The score is held back mainly by weak cash-flow conversion (negative, volatile free cash flow) and a very expensive P/E multiple, despite improving leverage and a solid earnings-call backdrop (strong Q1 growth, expanding backlog/pipeline). Technicals are neutral-to-soft in the near term with the stock below key short/mid-term moving averages.
Positive Factors
Large backlog and $24B pursuit pipeline
A $668M backlog plus a $24B pursuit pipeline provides durable revenue visibility and an expanded funnel of award opportunities over several years. This supports steadier bid conversion, scale benefits in procurement and a multi-year growth runway in core marine and concrete markets.
Negative Factors
Very thin overall profitability and margin sensitivity
Extremely narrow corporate margins leave earnings vulnerable to minor cost overruns, pricing pressure or project delays. With limited operating cushion, small execution issues can materially swing profitability and strain the ability to fund growth or absorb unexpected project losses.
Read all positive and negative factors
Positive Factors
Negative Factors
Large backlog and $24B pursuit pipeline
A $668M backlog plus a $24B pursuit pipeline provides durable revenue visibility and an expanded funnel of award opportunities over several years. This supports steadier bid conversion, scale benefits in procurement and a multi-year growth runway in core marine and concrete markets.
Read all positive factors
Orion Group Holdings (ORN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$591.81M
Dividend YieldN/A
Average Volume (3M)348.04K
Price to Earnings (P/E)23.3
Beta (1Y)1.98
Revenue Growth6.74%
EPS Growth250.16%
CountryUS
Employees1,767
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.21
Shares Outstanding40,479,280
10 Day Avg. Volume220,780
30 Day Avg. Volume348,041
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 Cap1.13
Enterprise Value/Revenue0.76
Enterprise Value/Gross Profit6.18
Enterprise Value/Ebitda17.64
Forecast
1Y Price Target
$16.67Price Target Upside39.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.38
Revenue Forecast (FY)$915.46M
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 Conc...
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) Mari...
Orion Group Holdings Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call highlighted substantial positive momentum driven by a breakout quarter in the Concrete segment (large YoY revenue and adjusted EBITDA gains), a deep $24 billion pursuit pipeline, strong post-quarter award momentum and healthy cash flow and balance sheet flexibility. Offsetting items include a softer Marine quarter with lower revenue and EBITDA versus prior year, conservative guidance (no upward revision despite momentum), modest acquisition-related debt and operational risks from fuel, tariffs and local resource constraints. Taken together, the material positives (notably the outsized Concrete performance and large pipeline/backlog growth) outweigh the near-term Marine softness and conservative posture.Positive Updates
Overall Revenue and Profit Growth
First quarter revenue of $216.0 million, representing +15% year-over-year growth; GAAP net income of $4.7 million; adjusted EBITDA of $8.7 million, up +7% year-over-year; adjusted EPS of $0.05.
Negative Updates
Marine Segment Softness and Margin Compression
Marine revenue declined to $110.0 million from $127.0 million year-over-year (≈ -13.4%); adjusted EBITDA declined to $12.0 million from $17.0 million (≈ -29.4%); segment margin at 11% this quarter; management attributes weakness to ramp-down of large projects and early-stage phasing of new projects.
Read all updates
Q1-2026 Updates
Positive
Negative
Overall Revenue and Profit Growth
First quarter revenue of $216.0 million, representing +15% year-over-year growth; GAAP net income of $4.7 million; adjusted EBITDA of $8.7 million, up +7% year-over-year; adjusted EPS of $0.05.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 guidance (initiated last month) while taking a conservative posture, citing a strong start to the year: Q1 revenue $216M, GAAP net income $4.7M, adjusted EBITDA $8.7M and adjusted EPS $0.05 (revenue +15% YoY, adjusted EBITDA +7% YoY). Backlog ended the quarter at $668M (including nearly $220M of new awards/change orders) and the pursuit pipeline remains robust at $24B (roughly $8B each in 2026, 2027 and 2028+), with over $200M of April awards not yet under contract (notably a $100M port renovation, $40M dredging and $24M data center). Segment performance included Marine revenue $110M/adjusted EBITDA $12M (11% margin) and Concrete revenue $106M/adjusted EBITDA $8.6M (8% margin), and the balance sheet showed just over $70M of debt (including $53M drawn on the UMB facility) with net leverage around 1.5x; management said they will hold guidance for now and revisit as Q2 bookings and execution progress.Orion Group Holdings Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
68
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 879.91M | 852.26M | 796.39M | 711.78M | 748.32M | 601.36M |
| Gross Profit | 108.48M | 105.61M | 91.16M | 61.66M | 50.74M | 40.97M |
| EBITDA | 37.98M | 42.29M | 31.39M | 15.68M | 11.06M | 4.70M |
| Net Income | 8.59M | 2.49M | -1.64M | -17.88M | -12.61M | -14.56M |
Balance Sheet | ||||||
| Total Assets | 478.72M | 414.65M | 417.32M | 416.89M | 367.15M | 351.75M |
| Cash, Cash Equivalents and Short-Term Investments | 6.25M | 1.59M | 28.32M | 30.94M | 3.78M | 12.29M |
| Total Debt | 50.32M | 44.30M | 94.46M | 85.49M | 66.56M | 69.21M |
| Total Liabilities | 312.06M | 255.62M | 266.64M | 295.42M | 229.35M | 203.65M |
| Stockholders Equity | 166.67M | 159.03M | 150.68M | 121.47M | 137.80M | 148.10M |
Cash Flow | ||||||
| Free Cash Flow | -1.97M | -10.80M | -1.42M | 8.27M | -5.02M | -16.91M |
| Operating Cash Flow | 36.43M | 28.07M | 12.68M | 17.18M | 9.56M | 69.00K |
| Investing Cash Flow | -57.53M | -13.70M | -11.48M | 2.17M | -9.70M | 10.63M |
| Financing Cash Flow | 16.09M | -39.39M | -3.82M | 7.81M | -8.37M | 6.00K |
Orion Group Holdings Technical Analysis
Positive
11.97
Price Trends
12.13
Negative
11.47
Positive
9.92
Positive
Market Momentum
0.05
Negative
56.21
Neutral
70.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ORN, the sentiment is Positive. The current price of 11.97 is above the 20-day moving average (MA) of 11.30, below the 50-day MA of 12.13, and above the 200-day MA of 9.92, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 56.21 is Neutral, neither overbought nor oversold. The STOCH value of 70.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $399.54M | -30.18 | 3.32% | ― | -4.25% | -67.60% | |
59 Neutral | $315.54M | 12.61 | 3.91% | 1.11% | 17.14% | -90.59% | |
58 Neutral | $377.20M | -92.28 | -13.58% | ― | 18.45% | 43.66% | |
57 Neutral | $591.81M | 23.32 | 5.40% | ― | 6.74% | 250.16% | |
42 Neutral | $57.90M | -184.50 | -501.93% | ― | -21.22% | -158.43% |
* Industrials Sector Average
ORN
Orion Group Holdings
14.62
7.18
96.51%
ESOA
Energy Services of America
17.15
8.25
92.65%
MTRX
Matrix Service Company
13.41
1.33
11.01%
BBCP
Concrete Pumping Holdings
7.91
1.73
27.99%
SLND
Southland Holdings
1.07
-2.17
-66.98%
Orion Group Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Orion Group Returns to Profitability With Strong Q1 Results
Positive
Apr 29, 2026
On April 28, 2026, Orion Group Holdings reported first-quarter 2026 results showing a return to profitability, with revenue rising 15% year over year to $216.3 million and GAAP net income reaching $4.7 million, or $0.12 per diluted share, driven l...
Executive/Board ChangesShareholder Meetings
Orion Group Announces Board Changes and Director Retirements
Neutral
Mar 17, 2026
On March 17, 2026, Orion Group Holdings announced that long-serving independent director Thomas N. Amonett, a Board and Audit Committee member since 2007 and former long-time chair of the Nominating Governance Committee, will retire from the Boar...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Orion Group Highlights 2025 Results and McAmis Acquisition
Positive
Mar 4, 2026
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...
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.