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1. Company Snapshot

1.a. Company Description

Orion Group Holdings, Inc.operates as a specialty construction company in the building, industrial, and infrastructure sectors in the continental United States, Alaska, Canada, and the Caribbean Basin.It operates in two segments, Marine and Concrete.


The company provides various marine construction services, including construction, restoration, dredging, maintenance, and repair of marine transportation facilities and pipelines, bridges and causeways, and marine environmental structures.Its marine transportation facility projects comprise public port facilities, cruise ship port facilities, private terminals, special-use navy terminals, recreational use marinas and docks, and other marine-based facilities.The company also offers on-going maintenance and repair, inspection, emergency repair, and demolition and salvage services to marine transportation facilities.


Its marine pipeline service projects include the installation and removal of underwater buried pipeline transmission lines; the installation of pipeline intakes and outfalls for industrial facilities; the construction of pipeline outfalls for wastewater and industrial discharges; river crossing and directional drilling; the creation of hot taps and tie-ins; and inspection, maintenance, and repair services.The company's bridge and causeway projects include the construction, repair, and maintenance of overwater bridges and causeways, as well as the development of fendering systems in marine environments; and marine environmental structures used for erosion control, wetlands creation, and environmental remediation.The company also provides specialty services, such as design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation, and repair services.


In addition, it offers light commercial, structural, and other concrete construction services.Orion Group Holdings, Inc.was founded in 1994 and is headquartered in Houston, Texas.

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1.b. Last Insights on ORN

The recent performance of Orion Group Holdings, Inc. has been driven by several positive factors. The company's Q1 2025 earnings and revenue beat expectations, with a quarterly earnings of $0.01 per share, beating the Zacks Consensus Estimate of a loss of $0.11 per share. This compares to a loss of $0.12 per share in the same quarter last year. Additionally, the company's gross margin increased to 25.4% (+230 bps) on revenue of $79.7M, and it expects 5% revenue growth and improved bottom-line performance in FY'26. Furthermore, Orion has been awarded $100 million in new contracts, and its CEO and General Counsel were honored with executive leadership awards. The company's turnaround under CEO Travis Boone has driven a 300% rally, mainly by fixing the loss-making Concrete business and improving execution.

1.c. Company Highlights

2. Orion Group Holdings 2025 Earnings: Resilient Growth Amid Mixed Segment Performance

Orion Group Holdings reported 2025 full‑year revenue of $852 million, up 6.3% YoY, and operating income of $15 million, reflecting a modest margin expansion. Adjusted EBITDA rose to $45 million, while adjusted EPS climbed to $0.25, surpassing analyst expectations of $0.06 (Staff, 2025). The company generated $28 million in operating cash flow and $14 million in free cash flow, underscoring solid liquidity.

Publication Date: Apr -13

📋 Highlights
  • Revenue and EBITDA Growth in Marine Segment: Marine segment revenue rose 4.5% to $545 million, with adjusted EBITDA more than doubling to $56 million.
  • Concrete Segment Challenges: Concrete revenue grew 12% to $307 million but reported a $11 million adjusted EBITDA loss due to corporate allocations.
  • Strong Liquidity and Capital Structure: Secured a new $120 million credit facility, boosting liquidity and supporting organic growth and acquisitions.
  • Record Opportunity Pipeline: Total pipeline reached $23 billion, with Marine at $19.4 billion (up 21% sequentially) and Concrete at $2.4 billion.
  • 2026 Guidance: Revenue expected to increase to $900–$950 million, adjusted EBITDA to $54–$58 million, and adjusted EPS to $0.36–$0.42.

Marine Segment Performance

The Marine unit delivered $545 million in revenue, a 4.5% annual increase, and more than doubled its adjusted EBITDA to $56 million, driven by strong project execution and the newly acquired J. E. McAmus pipeline of $1.4 billion. The segment’s win rate remains steady at 15‑20%, with a robust $8.5 billion pipeline poised for 2026 awards.

Concrete Segment Challenges

Concrete revenue reached $307 million, up 12% YoY, yet the segment posted an $11 million EBITDA loss due to corporate allocations and delayed project closeouts. Management highlighted a $2.4 billion pipeline, particularly in data‑center and mission‑critical construction, positioning for a rebound as projects mature.

Liquidity and Capital Structure

Orion closed a $120 million senior credit facility, reducing debt‑to‑EBITDA to 1.1 and lowering the cost of capital. The facility enhances flexibility for organic growth and strategic acquisitions, while the newly purchased derrick barge is expected to generate measurable returns within 6‑8 months.

Growth Outlook and Pipeline

Guidance for 2026 projects revenue of $900‑$950 million, adjusted EBITDA $54‑$58 million, and EPS $0.36‑$0.42, reflecting upper‑single‑digit organic growth. The marine pipeline is expected to spike in Q3, while the concrete segment should trend upward as data‑center projects expand from $500 k to $50 m scopes.

Valuation Snapshot

At current market price, Orion trades at a P/E of 184.59, P/B of 2.89, and EV/EBITDA of 12.97, indicating a premium valuation that reflects its high‑growth pipeline and strong cash‑flow generation. ROIC stands at 5.17% and ROE at 1.6%, underscoring efficient capital deployment.

3. NewsRoom

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5 Heavy Construction Stocks to Watch as Infrastructure Picks Up

Apr -16

Source: zacks.com

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Uranium Royalty, Orion and Ontario Teachers' Pension Plan to Create a Leading Royalty Platform Through Combination of Uranium Royalty and Sweetwater Royalties

Apr -16

Source: prnewswire.com

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Orion S.A. Announces First Quarter 2026 Earnings Release Date and Conference Call Information

Apr -15

Source: businesswire.com

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Orion Reiterates Expectations for Increased Growth and Profitability in FY 2026 and FY 2027; Strong Profitable Growth Drive Highlights Sally Washlow's First Year as CEO

Apr -15

Source: globenewswire.com

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NASA, Lockheed Unpack Successes and Failures of Orion Capsule

Apr -13

Source: youtube.com

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Will Marine Segment Growth Support Orion Group Amid Backlog Pressure?

Apr -13

Source: zacks.com

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Splashdown! Lockheed Martin-Built Orion Spacecraft Safely Returns Astronauts to Earth, Completing NASA's Artemis II Mission

Apr -11

Source: prnewswire.com

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Orion Group Stock Up 42% in 6 Months: Should You Buy, Hold or Sell?

Apr -09

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.66%)

6. Segments

Marine

Expected Growth: 12%

Orion Group Holdings' Marine segment growth is driven by increasing demand for dredging and coastal protection services, expansion of offshore wind farms, and rising investments in port and harbor infrastructure development. Additionally, the company's strategic acquisitions and focus on operational efficiency have contributed to its 12% growth.

Concrete

Expected Growth: 18%

Orion Group Holdings' concrete segment growth is driven by increasing infrastructure spending, rising demand for residential and commercial construction, and strategic acquisitions. Additionally, the company's focus on sustainability and innovative products, such as high-strength concrete, contributes to its 18% growth.

7. Detailed Products

Marine Construction

Orion Group Holdings, Inc. provides a range of marine construction services, including the construction of piers, docks, and other marine infrastructure.

Dredging

The company offers dredging services to deepen or widen waterways, and to remove sediment and debris from the seafloor.

Environmental Remediation

Orion Group Holdings, Inc. provides environmental remediation services to clean up contaminated soil, water, and air.

Geotechnical Services

The company offers geotechnical services, including site investigation, soil testing, and foundation design.

Survey and Mapping

Orion Group Holdings, Inc. provides survey and mapping services, including hydrographic surveys and geophysical surveys.

Specialty Services

The company offers specialty services, including demolition, salvage, and heavy lifting.

8. Orion Group Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Orion Group Holdings, Inc. is medium due to the availability of alternative investment options for customers.

Bargaining Power Of Customers

The bargaining power of customers for Orion Group Holdings, Inc. is low due to the company's diversified customer base and lack of concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Orion Group Holdings, Inc. is medium due to the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants for Orion Group Holdings, Inc. is high due to the relatively low barriers to entry in the financial services industry.

Intensity Of Rivalry

The intensity of rivalry for Orion Group Holdings, Inc. is high due to the highly competitive nature of the financial services industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.21%
Debt Cost 7.77%
Equity Weight 68.79%
Equity Cost 7.77%
WACC 7.77%
Leverage 45.37%

11. Quality Control: Orion Group Holdings, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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NV5 Global

A-Score: 4.9/10

Value: 4.2

Growth: 5.0

Quality: 5.3

Yield: 0.0

Momentum: 7.0

Volatility: 8.0

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A-Score: 4.9/10

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Quality: 6.6

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Volatility: 3.0

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A-Score: 4.6/10

Value: 6.0

Growth: 4.7

Quality: 4.3

Yield: 0.0

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Volatility: 3.0

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Orion Holdings

A-Score: 4.2/10

Value: 6.0

Growth: 5.6

Quality: 4.2

Yield: 0.0

Momentum: 7.0

Volatility: 2.3

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Value: 8.7

Growth: 4.8

Quality: 4.1

Yield: 0.0

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A-Score: 3.6/10

Value: 3.0

Growth: 8.0

Quality: 6.1

Yield: 0.0

Momentum: 2.0

Volatility: 2.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.97$

Current Price

11.97$

Potential

-0.00%

Expected Cash-Flows