# Orion Group Holdings, Inc. (ORN)

> Source: Nexqual · https://nexqual.com/ORN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Orion Group Holdings, Inc. (ORN), nexqual.com/ORN" · informational, not investment advice.

**Price:** USD 8.41 (-2.89% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 8.66 · day 8.29–8.6 · 52w 8.15–17.4 · market cap $341M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $896M, net income $3.6M (0.4% margin), free cash flow -$18.4M (SEC filings).
- Valuation: P/E 94.5x (avg 158.4x at the last 1 fiscal year-ends), EV/EBITDA 17.3x, net debt $96.6M.
- 1 of 80 tracked superinvestors hold ORN (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $607K; 2 not under a Rule 10b5-1 plan ($607K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $321K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.83 on a 1–5 scale) (6 analysts), mean target USD 14.98 (range 14–15.9).
- Total return with dividends: 1Y -2.2% vs S&P 500 +14.9%; 5Y +80.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.09, revenue estimate $246M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $601M | $748M | $712M | $796M | $852M | $896M |
| Gross profit | $41.0M | $50.7M | $61.7M | $91.2M | $106M | — |
| Operating income | -$9.3M | -$8.0M | -$6.6M | $11.5M | $14.6M | $8.2M |
| Net income | -$14.6M | -$12.6M | -$17.9M | -$1.6M | $2.5M | $3.6M |
| EPS (diluted) | -$0.47 | -$0.40 | -$0.55 | -$0.05 | $0.06 | — |
| Free cash flow | -$16.9M | -$5.0M | $8.3M | -$1.4M | -$10.8M | -$18.4M |
| Gross margin | 6.8% | 6.8% | 8.7% | 11.4% | 12.4% | — |
| Operating margin | -1.5% | -1.1% | -0.9% | 1.4% | 1.7% | 0.9% |
| Net margin | -2.4% | -1.7% | -2.5% | -0.2% | 0.3% | 0.4% |
| Revenue growth | -15.3% | +24.4% | -4.9% | +11.9% | +7.0% | — |
| Cash + short-term investments | $12.3M | $3.8M | $30.9M | $28.3M | $1.6M | — |
| Total debt | $39.4M | $35.7M | $37.2M | $23.2M | $7.9M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 94.5x · P/S 0.4x · EV/EBITDA 17.3x · EV/Sales 0.5x · P/B 2.1x · FCF yield -5.41% · Earnings yield 1.06% · Net debt $96.6M · EV $437M
P/E at fiscal year-ends: Dec 2025 158.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ORN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Tweedy Browne |  | 0.05% | $600K | Added +48.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-05 | Foran Margaret M | Director | 10,695 | $168K | 8.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01…2026-05-04 | Foran Margaret M | Director | 30,000 | $439K | 19% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $321K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-31 | Earle Edward Chipman | EVP & GENERAL COUNSEL | 5,000 | $49K | 9.81 | Too little history (no open-market trades in 2023) |
| 2026-07-31 | Vasquez Alison Gaut | EVP AND CFO | 5,025 | $50K | 9.95 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-31 | Sullivan Mary E | Director | 3,000 | $29K | 9.79 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-31 | Ledford Robert | Director | 20,000 | $192K | 9.62 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 6 analysts; mean target USD 14.98 (low 14, high 15.9).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | JP Morgan | Target lowered | Overweight | $16 → $14 |
| 2026-07-07 | Oppenheimer | Initiated | Outperform | $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.2% | +80.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.2% | +12.4% |
| Volatility (annualized) | 60.7% | 63.4% |
| Max drawdown | -51.3% (Jun 2026→Sep 2026) | -56.2% (Nov 2021→Feb 2022) |

## Peers (Engineering & Construction)
TPC (Tutor Perini Corporation) USD 76.88 -4.09% · AGX (Argan, Inc.) USD 330.3 -4.50% · ROAD (Construction Partners, Inc.) USD 83.93 -1.19% · GVA (Granite Construction Incorporat) USD 107.45 -2.08% · ECG (Everus Construction Group, Inc.) USD 97.05 -8.44% · KBR (KBR, Inc.) USD 39.53 +5.95%

## More
Full page: https://nexqual.com/ORN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name ORN in their own reports (relationship from ORN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Pelthos Therapeutics Inc. (PTHS) | 10-K 2026-03-19 | "In February 2025, LNHC entered into a non-exclusive Contract Management Agreement with Orion to manufacture and assemble various components related to the ZELSUVMI commercial drug product, including t…" |
| customer | TENAX THERAPEUTICS, INC. (TENX) | 10-K 2026-03-10 | "The amendment also (i) increased the Company's obligations to make certain non-refundable commercialization milestone payments to Orion, aggregating to up to $45.0 million, contingent upon achievement…" |
| partner | Amneal Pharmaceuticals, Inc. (AMRX) | 10-K 2026-02-27 | "Orion Corporation License Agreement" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Heavy Civil Marine Construction | $130.8M | 59.0% | -3.3% | $7.7M | 5.9% |
| Commercial Concrete | $91.0M | 41.0% | +30.1% | $4.2M | 4.6% |
| Corporate costs (not allocated) | — | — | — | -$13.2M | — |
| Total revenue | $221.9M | 100% | — | -$1.3M | -0.6% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Construction | $109.9M | 49.5% | -4.3% |
| Light Commercial | $84.4M | 38.0% | +47.0% |
| Dredging | $16.6M | 7.5% | -6.0% |
| Structural | $6.7M | 3.0% | -47.0% |
| Specialty Services | $4.3M | 2.0% | +56.3% |
| Total revenue | $221.9M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "The following forward-looking guidance reflects the Company's current expectations and beliefs as of July 28, 2026, and is subject to change."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.09 | $0.15 | -37.6% | $245.6M | 6 |
| Next quarter (ends 2026-12-31) | $0.09 | $0.14 | -38.3% | $245.8M | 6 |
| Current fiscal year (ends 2026-12-31) | $0.25 | $0.40 | -36.0% | $929.5M | 6 |
| Next fiscal year (ends 2027-12-31) | $0.44 | $0.66 | -33.2% | $1.00B | 6 |