Orion Digital (TSE:ORIO)
TSX:ORIO
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Orion Digital
(TSX:ORIO)
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Rating:51Neutral
Price Target:
C$1.50
â–²(0.67% Upside)
Action:ReiteratedDate:04/11/26
The score is primarily supported by the sharp 2025 cash-flow improvement and better operating profitability (EBITDA margin up, strong gross margin). This is tempered by continued net losses and rising leverage, while technical indicators point to a weaker longer-term trend (below 50/100/200-day averages) and valuation remains constrained by negative earnings.
Positive Factors
Margin Profile
Orion's very high gross margin (~73%) and improving EBITDA (~13% in 2025) reflect strong unit economics common in software businesses. Sustained gross margins provide pricing power and operating leverage potential, enabling durable improvement in operating profitability as revenue stabilizes.
Negative Factors
Persistent Net Losses
Despite margin improvements, the company still reports a ~-13% net margin, indicating operating income has not fully covered interest, taxes and nonoperating items. Ongoing losses erode retained capital and constrain the timeline for sustainable profitability and shareholder returns without structural improvement.
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Positive Factors
Negative Factors
Margin Profile
Orion's very high gross margin (~73%) and improving EBITDA (~13% in 2025) reflect strong unit economics common in software businesses. Sustained gross margins provide pricing power and operating leverage potential, enabling durable improvement in operating profitability as revenue stabilizes.
Read all positive factors
Orion Digital (ORIO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$33.76M
Dividend YieldN/A
Average Volume (3M)27.17K
Price to Earnings (P/E)―
Beta (1Y)2.20
Revenue Growth-4.35%
EPS Growth36.17%
CountryCA
Employees178
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.07
Shares Outstanding23,943,550
10 Day Avg. Volume21,303
30 Day Avg. Volume27,171
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)0.50
Price to Sales (P/S)0.53
P/FCF Ratio1.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$5.47Price Target Upside267.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.37
Revenue Forecast (FY)C$71.02M
Orion Digital Business Overview & Revenue Model
Company Description
Orion Digital Corp. operates as a financial technology company in Canada, Europe, and internationally. The company's digital solutions to help its members improve their path to wealth creation and financial freedom. It also provides MogoTrade, a s...
How the Company Makes Money
Orion Digital generates revenue through a diversified business model. The company primarily makes money by offering subscription-based software-as-a-service (SaaS) tools, licensing its technologies, and providing bespoke development services to en...
Orion Digital Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
46
Neutral
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 68.11M | 71.15M | 65.22M | 68.95M | 40.78M |
| Gross Profit | 49.74M | 56.62M | 41.47M | 46.24M | 46.04M |
| EBITDA | 8.59M | 7.13M | -2.20M | -22.51M | -4.46M |
| Net Income | -8.54M | -13.68M | -17.89M | -165.68M | -33.21M |
Balance Sheet | |||||
| Total Assets | 173.63M | 189.65M | 207.76M | 221.49M | 393.87M |
| Cash, Cash Equivalents and Short-Term Investments | 17.70M | 34.62M | 16.13M | 29.27M | 69.21M |
| Total Debt | 84.62M | 85.62M | 88.90M | 87.73M | 88.72M |
| Total Liabilities | 101.31M | 108.43M | 114.04M | 110.61M | 124.09M |
| Stockholders Equity | 72.32M | 81.22M | 93.72M | 110.89M | 269.78M |
Cash Flow | |||||
| Free Cash Flow | 19.47M | -1.35M | -12.59M | -34.95M | -37.61M |
| Operating Cash Flow | 19.52M | -1.27M | -9.17M | -27.01M | -29.64M |
| Investing Cash Flow | -8.81M | -2.79M | -3.09M | -9.15M | -39.59M |
| Financing Cash Flow | -1.52M | -3.52M | -861.00K | -3.08M | 125.86M |
Orion Digital Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
Performance Comparison
Orion Digital Corporate Events
Business Operations and StrategyFinancial Disclosures
Orion Digital Grows Wealth and Payments Platforms as Recurring Revenue Hits 62% of Sales
Positive
Mar 12, 2026
Orion Digital reported fourth-quarter 2025 revenue of $17.4 million and full-year revenue of $68.6 million, with subscription and services reaching 62% of total revenue as the company exits non-core businesses and deepens its focus on platform-dri...
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.