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ORN

Orion Group Holdings, Inc.

ORN

Orion Group Holdings, Inc. • NYSE
$10.00 ▲ 1.01% (+0.10)
Market Cap $399.01 M
52w High $11.49
52w Low $4.64
Dividend Yield 0%
P/E 37.04
Volume 72.30K
Outstanding Shares 39.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $225.097M ▲ $24.431M ▲ $3.301M ▲ 1.466% ▲ $0.08 ▲ $13.509M ▲
Q2-2025 $205.286M ▲ $22.365M ▲ $841K ▲ 0.41% ▲ $0.021 ▲ $8.254M ▲
Q1-2025 $188.653M ▼ $22.182M ▲ $-1.414M ▼ -0.75% ▼ $-0.04 ▼ $5.873M ▼
Q4-2024 $216.88M ▼ $20.645M ▲ $6.754M ▲ 3.114% ▲ $0.17 ▲ $13.927M ▲
Q3-2024 $226.675M $19.283M $4.262M 1.88% $0.12 $11.786M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.917M ▲ $422.375M ▼ $264.485M ▼ $157.89M ▲
Q2-2025 $1.732M ▼ $432.723M ▲ $279.53M ▲ $153.193M ▲
Q1-2025 $12.956M ▼ $416.31M ▼ $265.477M ▼ $150.833M ▲
Q4-2024 $28.316M ▲ $417.317M ▼ $266.638M ▼ $150.679M ▲
Q3-2024 $28.254M $430.329M $287.914M $142.415M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.301M ▲ $23.265M ▲ $-8.802M ▼ $-11.278M ▼ $3.185M ▲ $13.92M ▲
Q2-2025 $841K ▲ $-5.562M ▼ $-6.284M ▲ $622K ▲ $-11.224M ▲ $-12.694M ▼
Q1-2025 $-1.414M ▼ $-3.443M ▼ $-8.692M ▼ $-3.225M ▲ $-15.36M ▼ $-12.476M ▼
Q4-2024 $6.754M ▲ $13.363M ▼ $-2.76M ▼ $-10.541M ▲ $62K ▼ $9.916M ▼
Q3-2024 $4.262M $37.47M $-2.589M $-11.464M $23.417M $33.313M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Concrete Segment
Concrete Segment
 $70.00M ▲$60.00M ▼$70.00M ▲$80.00M ▲
Marine Segment
Marine Segment
 $140.00M ▲$130.00M ▼$140.00M ▲$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Orion’s revenue has been climbing again after a soft patch, showing that demand for its services is recovering. Profitability, however, is still thin and somewhat fragile. The business has moved from losses toward roughly breakeven results, with operating profit and cash earnings improving but not yet comfortably strong. This tells a story of a company in the middle of a turnaround: execution has clearly gotten better, but there is not much cushion if projects go off track or the market slows. Overall, the income statement reflects progress, but also ongoing sensitivity to project mix, cost control, and bidding discipline.

Balance Sheet

Balance Sheet The balance sheet looks relatively steady and modest in size, with no dramatic swings in assets or liabilities over the past few years. Debt is present but does not appear excessive for a construction business, and equity has started to rebuild after earlier pressure, indicating some repair of the company’s financial foundation. Cash levels are not large, so Orion is not sitting on a deep cash buffer, but it also does not appear overextended. In short, the balance sheet suggests a company that is reasonably balanced but still working to strengthen its financial resilience.

Cash Flow

Cash Flow Cash generation has been gradually improving. Operating cash flow has been consistently positive in recent years, which is important for a project-based contractor. Free cash flow has moved from being occasionally negative to more consistently near or slightly positive, helped by disciplined capital spending and better project performance. The company is not throwing off large amounts of excess cash yet, but the direction is favorable: more self-funded, less dependent on external financing, and slowly building financial flexibility—as long as project execution remains tight.

Competitive Edge

Competitive Edge Orion occupies specialized niches in marine and complex concrete construction, which gives it a distinct competitive position compared with more general contractors. Its work on ports, waterways, bridges, data centers, and industrial facilities relies on specialized equipment, experienced crews, and strict safety standards—factors that are not easy for new entrants to replicate. Regulatory protection in U.S. marine work, particularly through laws that restrict foreign-flagged vessels, further reinforces its position. Longstanding relationships with government agencies and large private customers add stickiness. The flip side is that Orion remains exposed to the cyclical nature of infrastructure and industrial spending and to the risks of a concentrated, project-based business model.

Innovation and R&D

Innovation and R&D Orion’s innovation is less about traditional lab-style R&D and more about engineering know-how, project methods, and specialized equipment. Its capabilities in dredging, marine infrastructure, and turnkey concrete work are built on years of refining techniques, investing in unique fleets and tools, and offering design-build and engineering services under one roof. The company has also positioned itself in higher-spec areas like data centers and complex industrial projects, which demand greater technical precision. While this is not “high tech” in a software sense, it is specialized, experience-based innovation that can support better margins and help Orion compete for complex, higher-value jobs.

Summary

Overall, Orion looks like a specialist contractor that has come through a challenging period and is in the midst of an operational and financial cleanup. Revenue is recovering, profits have improved but are still delicate, and cash flow trends are moving in the right direction. The balance sheet is serviceable, with manageable debt but limited excess cash, underscoring the importance of consistent project execution. Strategically, the company benefits from a protected and technically demanding niche in marine work, as well as growing opportunities in infrastructure, defense-related facilities, energy infrastructure, and data centers. The main tensions to watch are between a strengthening order pipeline and the inherent risks of a thin-margin, project-driven business where mispriced or delayed jobs can quickly erode gains.

NEWS

November 26, 2025 · 9:10 AM UTC

Orion Properties Announces that Director Nomination Notice from Kawa is Invalid

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November 21, 2025 · 9:40 AM UTC

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November 19, 2025 · 7:00 AM UTC

Orion Properties Confirms Receipt of Director Nominees

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November 7, 2025 · 10:00 AM UTC

Orion Updates Investors With Expansion Into Precious- and Critical-Mineral Properties

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