Orion Group Holdings, Inc.
- Open
- 9.10
- Day high
- 9.49
- Day low
- 9.05
- Prev close
- 9.05
- Volume
- 311K
- Mkt cap
- $368M
- P/E (TTM)
- 96.6
- EPS (TTM)
- $0.09
- P/B
- 2.2
- P/S
- 0.4
- Yield
- —
- Per share
- —
- ▲Insiders net buying $321K over the last 3 months (4 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions reducing (13F)
Orion Group Holdings, Inc. (ORN) is a Industrials company listed on NYSE. The stock is up 27% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering ORN.
Orion Group Holdings, Inc. (ORN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ORN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.06 | $0.02 | -68.0% | $222M | -1.7% |
| Apr 29, 2026 | $-0.00 | $0.05 | +16229.0% | $216M | +9.2% |
| Mar 4, 2026 | $0.06 | $0.08 | +33.3% | $233M | +20.3% |
| Jul 29, 2025 | $-0.01 | $0.07 | +800.0% | $205M | -9.1% |
| Mar 4, 2025 | $0.15 | $0.16 | +6.7% | $217M | +17.6% |
| Oct 30, 2024 | $0.08 | $0.16 | +100.0% | $227M | -16.7% |
| Jul 24, 2024 | $-0.01 | $-0.16 | -1500.0% | $192M | -0.3% |
| Feb 28, 2024 | $0.04 | $0.08 | +88.2% | $202M | +13.3% |
| Oct 25, 2023 | $0.01 | $0.02 | +259.7% | $168M | -11.8% |
| Jul 26, 2023 | $-0.14 | $-0.14 | +0.0% | $183M | -3.1% |
| Mar 14, 2023 | $-0.00 | $-0.12 | -4900.0% | $196M | +17.0% |
| Oct 26, 2022 | $0.01 | $0.02 | +166.7% | $183M | +5.5% |
ORN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | Earle Edward Chipmanofficer: EVP & GENERAL COUNSEL | Buy | 5,000 | $9.81 |
| Aug 4, 2026 | Vasquez Alison Gautofficer: EVP AND CFO | Buy | 5,025 | $9.95 |
| Aug 4, 2026 | LEDFORD ROBERTdirector | Buy | 20,000 | $9.62 |
| Aug 4, 2026 | Sullivan Mary Edirector | Buy | 3,000 | $9.79 |
| Jun 25, 2026 | Vasquez Alison Gautofficer: EVP AND CFO | Tax | 2,325 | $15.56 |
| May 20, 2026 | LEDFORD ROBERTdirector | Grant | 7,236 | — |
| May 20, 2026 | Sullivan Mary Edirector | Grant | 7,236 | — |
| May 20, 2026 | Smith Quentin P. Jr.director | Grant | 7,236 | — |
| May 20, 2026 | Caliel Michael Jdirector | Grant | 7,236 | — |
| May 20, 2026 | SHANFELTER AUSTIN Jdirector | Grant | 7,236 | — |
| May 6, 2026 | FORAN MARGARET Mdirector | Sell | 10,695 | $15.70 |
| May 4, 2026 | FORAN MARGARET Mdirector | Sell | 20,000 | $14.62 |
| May 4, 2026 | FORAN MARGARET Mdirector | Sell | 10,000 | $14.62 |
| Apr 2, 2026 | Earle Edward Chipmanofficer: EVP & GENERAL COUNSEL | Tax | 2,884 | $11.24 |
| Apr 2, 2026 | Boone Travis Jdirector, officer: PRESIDENT & CEO | Tax | 15,377 | $11.24 |
Source: ORN SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full ORN insider & 13F page →ORN research & analysis
Orion Group Holdings, Inc. company profile
Overview
Orion Group Holdings, Inc. (NASDAQ:ORN) is a Houston-based specialty construction company founded in 1994 that operates across the continental United States, Alaska, Canada, and the Caribbean Basin. The company went public in December 2007 and has evolved into a leading provider of marine construction and concrete services, serving both public and private sector clients in the building, industrial, and infrastructure sectors.
Business
Orion Group Holdings operates as a specialty construction company focused on two primary business segments that together form a comprehensive infrastructure services platform. The Marine segment represents approximately 75-80% of total revenue and provides specialized marine construction services including construction, restoration, dredging, maintenance, and repair of marine transportation facilities. This includes building and maintaining public port facilities, cruise ship terminals, private industrial terminals, naval facilities, recreational marinas, and specialized marine environmental structures used for erosion control and environmental remediation. The marine division also handles underwater pipeline installation and maintenance, including pipeline intakes and outfalls for industrial facilities, wastewater discharge systems, and river crossing projects. Additionally, they provide bridge and causeway construction and repair services, along with specialized marine services such as diving, underwater inspection, salvage operations, and emergency marine repairs. The Concrete segment accounts for approximately 20-25% of revenue and focuses on light commercial, structural, and specialty concrete construction services. This segment has particularly strong presence in data center construction, having completed over 35 data center projects, capitalizing on the growing demand for digital infrastructure driven by artificial intelligence and cloud computing expansion. The concrete division also handles distribution centers, commercial buildings, and other structural concrete projects primarily in Texas markets. Both segments benefit from the company's specialized equipment fleet, technical expertise, and ability to handle complex projects in challenging environments that require specialized construction capabilities.
Revenue model
Orion generates revenue through project-based construction contracts using multiple pricing models. The majority of revenue comes from fixed-price contracts where the company bids a total project cost and earns profit by completing work efficiently under that budget. They also utilize cost-plus contracts for certain projects where clients pay actual costs plus a predetermined fee or percentage markup, which provides more predictable margins but typically lower overall returns. The company's primary customers include government agencies (particularly the U.S. Navy and Army Corps of Engineers), port authorities, private industrial companies, energy companies, and commercial developers. Government contracts, especially defense-related marine projects, provide substantial long-term revenue streams, with individual contracts sometimes exceeding $400 million in value. Several factors significantly impact Orion's profitability margins. Positive margin drivers include the company's specialized expertise in complex marine environments that limits competition, long-term infrastructure spending driven by the $1.2 trillion federal infrastructure bill, growing naval investment in Pacific region facilities, and the expanding data center construction market fueled by AI development. The company's disciplined bidding process and improved project management have also enhanced margins. Margin pressures come from material cost inflation, labor shortages in specialized construction trades, project execution risks inherent in complex marine environments, weather delays that can extend project timelines, and intense competition for certain types of projects. Supply chain disruptions and subcontractor performance issues can also impact project profitability, as experienced in recent quarters with logistics challenges on major projects.
Competitive moat
Orion's competitive moat stems primarily from its specialized technical capabilities and equipment in marine construction, which creates significant barriers to entry. Marine construction requires specialized vessels, diving equipment, underwater construction expertise, and regulatory knowledge that few companies possess. The complexity of working in marine environments, combined with strict safety and environmental regulations, limits the number of qualified competitors for many projects. The company's established relationships with government agencies, particularly the U.S. Navy, provide recurring business opportunities and create switching costs for clients who value proven performance on critical infrastructure projects. Orion's track record on complex projects like the $435 million Pearl Harbor dry dock contract demonstrates capabilities that are difficult to replicate quickly. However, the moat has notable limitations. The construction industry remains highly fragmented with numerous regional competitors, and larger general contractors can enter marine markets through acquisitions or partnerships. Government contracting, while providing stable demand, involves competitive bidding processes that can pressure margins. The concrete segment operates in a more commoditized market with lower barriers to entry, though Orion's specialization in data centers provides some differentiation. The company's moat is moderate rather than strong - sufficient to maintain market position and pricing power in specialized marine projects, but not immune to competitive pressures or cyclical industry downturns. Success depends heavily on execution quality and maintaining technical expertise rather than structural competitive advantages.
Risks & safety
The margin of safety appears moderate with mixed financial health indicators requiring careful monitoring. • Liquidity and Solvency: Current ratio of 1.38 provides adequate short-term liquidity coverage. Cash position of $13 million is relatively low, but the company maintains access to credit facilities. Debt-to-equity ratio of 0.61 represents manageable leverage levels. • Cash Flow Concerns: Free cash flow of -$12.5 million in Q1 2025 and -$1.4 million for full year 2024 indicates working capital challenges and capital expenditure needs. Operating cash flow volatility reflects the project-based nature of the business. • Valuation Metrics: EV/EBITDA of 7.9x appears reasonable for a cyclical construction company. Price-to-book ratio of 1.35x suggests modest premium to book value. The stock trades near tangible book value levels. • Other Considerations: Backlog of $729 million plus awarded projects totaling $890 million provides revenue visibility. However, project execution risks and working capital requirements create ongoing financial pressures. The company's turnaround efforts show progress but remain incomplete.
Recent development
Over the past few years, Orion has undergone significant strategic transformation focused on improving operational performance and positioning for growth. The company implemented a comprehensive three-point strategic plan beginning in 2022, emphasizing concrete business profitability improvement, strengthened business development capabilities, and strategic resource investments. Key operational improvements include new leadership in the concrete segment transferred from the successful marine division, implementation of disciplined bidding processes, and geographic refocusing on core Texas markets. The company completed a major rebranding effort, unifying operations under the Orion banner and investing heavily in new IT infrastructure and financial systems to improve operational efficiency. The business development transformation has been particularly successful, with the project pipeline expanding dramatically from $3 billion in 2022 to $16 billion by 2024. This growth reflects both improved market positioning and favorable industry tailwinds from federal infrastructure spending and naval investments. The company secured several landmark contracts, including the $435 million Pearl Harbor dry dock project and multiple data center construction projects. Recent strategic initiatives include office consolidation in Houston, procurement team strengthening, and preparation for significant equipment investments to support anticipated growth. The company has also focused on safety improvements and operational standardization across both segments. Management expects these foundational improvements to enable "transformational growth" beginning in 2026, particularly as large naval infrastructure projects and infrastructure bill funding materialize.
ORN company profile · for informational purposes only — not investment advice.
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