Orion Group Holdings, Inc. (ORN) Stock

Orion Group Holdings, Inc. (ORN) is a Industrials stock trading at $9.09 (as of 2026-09-02), with a market capitalization of $367.75M and a trailing P/E of 42.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Orion Group Holdings, Inc. is a specialty construction contractor providing marine construction services and related maintenance, repair, and demolition across the continental United States, Alaska, Canada, and the Caribbean Basin. It operates in two segments, Marine and Concrete, serving public and private marine transportation facilities, terminals, marinas, bridges, causeways, and underwater pipeline projects.

Understand Orion Group Holdings, Inc.: how it makes money

Orion builds and repairs ports, bridges, causeways, and concrete structures (including data centers) across North America and the Caribbean, earning revenue from project-based construction contracts. Marine work is the larger segment, while the data-center concrete niche is a fast-growing driver of new bookings.

Profit is a function of project execution and segment mix: thin 12% gross margins mean a single cost overrun or fuel spike can push the quarter to a loss.

Revenue by segment (latest quarter)
Marine$0.1B
Concrete$0.1B

Business quality (Weak): Operating margin is negative (0.4% below breakeven) and the stock trades at 50.9x earnings versus a 24x industry norm, so the market is pricing in a turnaround that has not yet shown up in the P&L.

Valuation: At 51× earnings, ORN trades 117% above the Construction average (23×).

Bull case

  • Data centers drive the mix shift: Concrete data centers represented roughly 40% of quarterly revenue in Q1 FY26. That high-growth niche is pulling Orion toward a more diversified, higher-volume book beyond traditional marine work.
  • Pipeline spans multiple years: Management outlined a $24 billion pipeline evenly distributed across 2026, 2027, and later periods, giving investors multi-year revenue visibility well beyond this quarter.
  • Defense spend is a tailwind: A $1.5 trillion proposed defense budget could expand Orion's maritime infrastructure opportunity, feeding port modernization and naval facility upgrades directly into the Marine segment backlog.

Bear case

  • Marine earnings still soft: Marine revenue fell to $110 million and adjusted EBITDA to just $12 million in the quarter. The larger segment has yet to show the growth the data-center story implies.
  • Guidance held despite strong quarter: Management kept full-year guidance unchanged even after a 15% revenue beat and April bookings in port renovation, dredging, and data centers, signaling they are not yet confident in converting pipeline into booked work.
  • Valuation prices in perfection: Orion trades at 50.9x earnings versus a 24x construction-industry average, a 117% premium, while operating margin is still negative at 0.4% below breakeven. Any margin miss or project delay reprices the stock sharply.
Valuation — source: SEC EDGAR (first-party)
Price$9.09
Market Cap$367.75M
P/E Ratio42.8
EV / EBITDA16.2
Price / Book2.21
Price / Sales0.42
FCF Yield-2.9%
DCF Value (model)$2.75
DCF Upside vs Price-69.7%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$852.26M
Net Margin0.3%
Revenue Growth (YoY)14.7%
EPS Growth (YoY)-400.0%
FCF Growth (YoY)-70.7%
Financial Health — source: SEC EDGAR
Altman Z-Score3.03 (safe)
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Stock P/E42.8
Sector P/E (Industrials)25.7
Industry P/E (Construction)22.8
vs Sector66.4%
vs Industry87.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBRANDES INVESTMENT PARTNERS, LP ($56.24M)
Institutional Holders Tracked10
Company
SectorIndustrials
IndustryConstruction
CEOTravis J. Boone
Employees1,767
CountryUS
IPO Date2007-12-20

Orion Group Holdings, Inc. earnings call transcripts

  • ORN Q1 FY26 earnings call transcript (reported 2026-04-28) · analysis
  • ORN Q4 FY25 earnings call transcript (reported 2026-03-03) · analysis

All ORN earnings calls

Related Companies (Construction; 8 comparable construction companies)

  • Southland Holdings, Inc. (SLND)
  • Shimmick Corporation Common Stock (SHIM)
  • Cardinal Infrastructure Group Inc. Class A Common Stock (CDNL)
  • Sterling Infrastructure, Inc. (STRL)
  • Construction Partners, Inc. (ROAD)
  • Matrix Service Company (MTRX)
  • Argan, Inc. (AGX)
  • Granite Construction Incorporated (GVA)
ORN earnings history · ORN institutional & insider holders · ORN KPIs & operating metrics · ORN financials · ORN investor presentations & press releases · ORN SEC filings · ORN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.