Orion Group Holdings, Inc. ORN
Orion Group Holdings (ORN) remains a hold as the stock has slipped further to $9.10 (as of 2026-08-24) — below the July 31 insider cluster-buy prices of $9.62–$9.95 — with an RSI near 30 signaling oversold conditions but no fundamental catalyst yet confirmed for a reversal. FY2025 showed genuine progress: first net profit in five years ($2.5M), gross margin expansion to 12.4%, and total debt cut from $94.5M to $64.8M, yet the 1.4% operating margin, negative FCF of -$10.8M, and a 96.8x P/E on $0.063 diluted EPS leave no margin for execution errors.
The four-insider cluster purchase on 2026-07-31 (~$320K) is a constructive signal but too small to anchor a buy thesis; the call stays hold pending evidence that H2 2026 backlog converts into materially higher earnings and positive free cash flow.
What could go wrong
- Margin fragility. FY2025 operating margin of just 1.4% on $852.3M revenue means even modest project cost overruns or Marine-segment delays could push the company back into operating losses, as occurred in FY2022 and FY2023.
- Negative free cash flow. FY2025 FCF of -$10.8M driven by $38.9M capex against $28.1M operating cash flow; persistent cash burn could pressure the balance sheet despite debt reduction from $94.5M to $64.8M.
- Valuation stretched on thin earnings. P/E of 96.8x on $0.063 diluted EPS leaves the stock vulnerable to de-rating if quarterly results disappoint; P/S of 0.41x is only modestly above the peer median of 0.36x.
- Technical downtrend. Stock at $9.10 trades well below both the 50-day MA ($12.63) and 200-day MA ($12.12) as of 2026-08-24; a sustained break below $9 could trigger further institutional selling.
What would change my mind
Where this comes from: FMP annual fundamentals, fiscal year ended 2025-12-31 · FMP annual fundamentals, FY2024 and FY2025 · derived_metrics and fundamentals, fiscal year 2025 · insider transactions, Form 4 data. Orin's read on ORN; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All ORN filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 8-K | 21 Sep | — | on file |
| 8-K/A | 4 Aug | Orion Group Holdings, Inc. | read |
| 13G/A | 29 Jul | — | on file |
| 10-Q | 29 Jul | Orion Group Holdings, Inc. | read |
| 8-K | 29 Jul | Orion Group Holdings, Inc. | read |
| 8-K | 20 May | Orion Group Holdings, Inc. | read |
| 10-Q | 29 Apr | Orion Group Holdings, Inc. | read |
| 8-K | 29 Apr | Orion Group Holdings, Inc. | read |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $28.5M | 0.0% of fund |
| Gendell Jeffrey L | $18.6M | 0.2% of fund |
| Geode Capital Management | $16.4M | 0.0% of fund |
| State Street | $13.2M | 0.0% of fund |
| Citadel Advisors | $11.7M | 0.0% of fund |
| Vanguard Portfolio Management | $7.4M | 0.0% of fund |
39 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 53 Form 4 filings, net −$2.7M. Of the 50 on hand, 7 were open-market purchases and 6 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about ORN
Orin answers questions about ORN from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 95.7× | — | 44.5× |
| EV/EBITDA | 13.0× | — | — |
| P/S | 0.41× | — | — |
| P/B | 2.2× | — | — |
What Wall Street published
$15
$15 – $15 · +67% against today's price
- 9 buy or overweight
- 4 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| ORNOrion Group Holdings, Inc. | $364M | 95.7× | 13.0× | 11.8% | 0.4% | 2% |
| MTRXMatrix Service Company | $275M | — | 10.5× | 7.3% | -0.3% | -2% |
The median is of the 1 peers listed above and nothing else — check it against the column. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.