Orion Digital (ORIO) AI Stock Analysis

• Market Cap: C$34.48M
• Dividend Yield: N/A
• Average Volume (3M): 47.40K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.34
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• Employees: 178
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -0.07
• Shares Outstanding: 23,968,550
• 10 Day Avg. Volume: 41,937
• 30 Day Avg. Volume: 47,396
• PEG Ratio: 0.11
• Price to Book (P/B): 0.50
• Price to Sales (P/S): 0.53
• P/FCF Ratio: 1.84
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$5.47
• Price Target Upside: 248.61% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.37
• Revenue Forecast (FY): C$71.02M

• Rating: 54 Neutral
• Price Target: C$1.50 ▼(-4.46% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is held back mainly by uneven profitability (net losses and below-breakeven EBIT) and bearish technicals (below major moving averages with negative MACD). Offsetting these are a meaningful 2025 cash-flow turnaround and a more constructive earnings-call outlook with raised EBITDA guidance and solid operational growth indicators.

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 stock trading app; Moka; and MogoMoney that provides online personal loans. In addition, the company offers digital loans and mortgages; and operates a payments platform that powers next-generation card programs for companies in Europe and Canada. The company was formerly known as Mogo Inc. and changed its name to Orion Digital Corp. in December 2025. Orion Digital Corp. is headquartered in Vancouver, Canada.

Orion Digital Financial Statement Overview

Summary

Financials show a mixed but improving picture: cash flow rebounded sharply in 2025 (strong positive operating/free cash flow), but revenue has been volatile and profitability remains inconsistent with net income still negative and EBIT below breakeven. Balance sheet leverage is manageable but less favorable over time as debt-to-equity has risen and equity has declined.

Income Statement

Profitability is improving but still inconsistent. Revenue has been volatile (down ~2% in 2025 after growth in 2024), while gross margin remains strong in recent years (~73% in 2025). Losses have narrowed materially versus 2022’s very large net loss, and EBITDA turned positive in 2023–2025, but net income remains negative in 2025 and EBIT is still below breakeven, indicating the core cost structure is not yet consistently profitable.

Balance Sheet

Leverage looks manageable but trending less favorable. Debt is substantial relative to equity (debt-to-equity ~1.17 in 2025, up from ~0.95 in 2023), while equity has declined since 2021, reducing balance-sheet cushion. Returns on equity remain negative across all years provided, reflecting ongoing losses and limiting internally generated capital.

Cash Flow

Cash generation strengthened meaningfully in 2025. Operating cash flow and free cash flow both turned strongly positive in 2025 (~$19.5M each) after negative results in 2021–2024, indicating better working-capital and/or underlying cash profitability. A key watch item is volatility: cash flow swung from very strong positive in 2020 to multi-year negatives before rebounding, so sustainability of the 2025 level remains the main risk.

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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Orion Digital Corporate Events

Orion Digital Grows Wealth and Payments Platforms as Recurring Revenue Hits 62% of Sales

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-driven recurring income. Wealth and payments revenue rose 27% for the year, wealth assets under management climbed 17% to $498 million, European payments volume increased 14% to $11.1 billion, and improved gross margins alongside $7.1 million in adjusted EBITDA and $19.6 million in operating cash flow underscore stronger unit economics and a solid balance sheet that support its role in the critical infrastructure layers of increasingly automated financial systems.

The most recent analyst rating on (TSE:ORIO) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Orion Digital stock, see the TSE:ORIO Stock Forecast page.