The company maintains a debt-to-equity ratio of 0.53 as of 2025Q4, though the reported $3.3B cash balance appears to be a material data error requiring verification.
Orion Energy Systems, Inc. (OESX) balance sheet — 22-year assets, liabilities & shareholders' equity history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 |
|---|
| Total Current Assets | 35.95M | 37.68M | 35.5M | 44.82M | 50.36M | 51.25M | 56.53M | 54.97M | 41.38M | 29.45M | 43.88M | 43.88M | 51.13M | 55.05M | 50.34M | 53.61M | 67.24M | 70.47M | 67.71M | 78.37M | 116.9M | 22.62M | 14.47M |
| Cash & Short-Term Investments | 3.74M | 3.27B | 5.97M | 5.16M | 15.99M | 14.47M | 19.39M | 28.75M | 8.73M | 9.42M | 17.31M | 17.31M | 15.54M | 20M | 18.04M | 15.4M | 24.03M | 12.57M | 24.36M | 42.65M | 80.72M | 285K | 1.09M |
| Cash Only | 3.74M | 3.27B | 5.97M | 5.16M | 15.99M | 14.47M | 19.39M | 28.75M | 8.73M | 9.42M | 17.31M | 17.31M | 15.54M | 20M | 17.57M | 14.38M | 23.01M | 11.56M | 23.36M | 36.16M | 78.31M | 285K | 1.09M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 470K | 1.02M | 1.02M | 1.01M | 1M | 6.49M | 2.4M | 0 | 0 |
| Accounts Receivable | 0 | 22.75M | 16.2M | 18.56M | 15.05M | 15.91M | 16.5M | 10.99M | 18.55M | 10.65M | 11.4M | 11.4M | 15.2M | 19.97M | 15.1M | 18.4M | 19.17M | 27.62M | 14.62M | 11.57M | 17.67M | 11.2M | 6.05M |
| Days Sales Outstanding | 59.45 | 96.21 | 74.15 | 74.79 | 70.98 | 46.68 | 51.55 | 26.59 | 102.97 | 64.44 | 59.25 | 59.25 | 82 | 100.96 | 62.18 | 78 | 69.57 | 112.37 | 81.56 | 58.15 | 79.91 | 84.82 | 66.36 |
| Inventory | 0 | 10.3B | 11.39M | 18.25M | 18.2M | 19.83M | 19.55M | 14.51M | 13.4M | 7.83M | 13.59M | 13.59M | 17.02M | 14.28M | 11.79M | 15.23M | 18.13M | 29.51M | 25.99M | 20.23M | 16.79M | 9.5M | 6.17M |
| Days Inventory Outstanding | 14.93K | 64.61K | 69.9 | 95.59 | 110.98 | 80.01 | 82.31 | 46.56 | 95.55 | 62.6 | 93.84 | 93.84 | 120.32 | 71.08 | 65.56 | 93.65 | 93.84 | 176.77 | 216.13 | 150.6 | 116.81 | 106.69 | 99.94 |
| Other Current Assets | 32.21M | -13.55B | 39K | 1.6M | 0 | 0 | 0 | 0 | 0 | 1M | 935K | 935K | 37K | 90K | 742K | 2.12M | 3.72M | 947K | 2.97M | 3.92M | 1.73M | 345K | 419K |
| Total Non-Current Assets | 13.71M | 13.92M | 16.96M | 18.35M | 21.22M | 35.57M | 36.29M | 17.59M | 14.64M | 15.87M | 18.17M | 18.17M | 19.75M | 32.76M | 48.6M | 48.49M | 58.41M | 44.13M | 35.67M | 25.35M | 13.81M | 10.96M | 10.27M |
| Property, Plant & Equipment | 5.92M | 6.11B | 8.03M | 11.36M | 10.47M | 13.91M | 13.95M | 11.82M | 12.01M | 12.89M | 13.79M | 13.79M | 14.4M | 21.22M | 23.14M | 27.95M | 30.23M | 33.98M | 30.5M | 23M | 11.54M | 7.59M | 8.11M |
| Fixed Asset Turnover | 0.06x | 0.01x | 9.93x | 7.97x | 7.39x | 8.94x | 8.37x | 12.76x | 5.47x | 4.68x | 5.09x | 5.09x | 4.70x | 3.40x | 3.83x | 3.08x | 3.33x | 2.64x | 2.14x | 3.16x | 6.99x | 6.35x | 4.11x |
| Goodwill | 1.48M | 1.48B | 1.48M | 1.48M | 1.48M | 350K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.41M | 4.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.39M | 2.65B | 3.38M | 4.46M | 6M | 2.4M | 1.95M | 2.22M | 2.47M | 2.87M | 4.21M | 4.21M | 5.05M | 6.33M | 7.55M | 1.71M | 1.69M | 1.62M | 1.59M | 1.4M | 388K | 243K | 194K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9K | 9K | 112K | 0 | 0 | 0 | 7.55M | 0 | -4.2M | 0 | 1M | 0 | 0 |
| Other Non-Current Assets | 3.91M | -10.23B | 4.08M | 1.04M | 3.26M | 1.1M | 599K | 3.56M | 165K | 110K | 175K | 175K | 293K | 793K | 13.5M | 18.83M | 16.33M | 5.06M | 5.17M | 352K | -121K | 1.23M | 360K |
| Total Assets | 49.66M | 51.6M | 52.46M | 63.17M | 71.58M | 86.82M | 92.82M | 72.56M | 56.02M | 45.33M | 62.05M | 62.05M | 70.88M | 87.81M | 98.94M | 102.1M | 125.65M | 114.59M | 103.39M | 103.72M | 130.7M | 33.58M | 24.74M |
| Asset Turnover | 1.86x | 1.67x | 1.52x | 1.43x | 1.08x | 1.43x | 1.26x | 2.08x | 1.17x | 1.33x | 1.13x | 1.13x | 0.95x | 0.82x | 0.90x | 0.84x | 0.80x | 0.78x | 0.63x | 0.70x | 0.62x | 1.43x | 1.35x |
| Asset Growth % | 2.31% | -1.64% | -16.95% | -11.75% | -17.55% | -6.47% | 27.92% | 29.53% | 23.6% | -26.96% | -12.45% | -12.45% | -19.28% | -11.25% | -3.09% | -18.74% | 9.65% | 10.84% | -0.32% | -20.64% | 289.19% | 35.75% | - |
| Total Current Liabilities | 20.59M | 26.69M | 26.84M | 28.05M | 24.45M | 18.37M | 30.37M | 27.2M | 27.34M | 16.42M | 18.4M | 18.4M | 19.29M | 18.32M | 17.19M | 18.77M | 22.72M | 16.78M | 11.98M | 10.95M | 12.61M | 8.54M | 7.51M |
| Accounts Payable | 0 | 15.45M | 13.27M | 18.35M | 13.4M | 9.86M | 17.05M | 19.83M | 19.71M | 11.68M | 11.63M | 11.63M | 11.72M | 11M | 8.53M | 7.77M | 14.3M | 12.48M | 7.76M | 7.82M | 7.52M | 5.61M | 4.77M |
| Days Payables Outstanding | 65.77 | 96.88 | 81.44 | 96.14 | 81.72 | 39.76 | 71.74 | 63.66 | 140.48 | 93.39 | 80.32 | 80.32 | 82.8 | 54.75 | 47.43 | 47.8 | 74.01 | 74.76 | 64.54 | 58.19 | 52.33 | 63 | 77.25 |
| Short-Term Debt | 0 | 1.07M | 353K | 993K | 17K | 16K | 14K | 35K | 96K | 79K | 152K | 152K | 746K | 1.83M | 3.45M | 2.6M | 2.79M | 1.14M | 562K | 815K | 843K | 736K | 859K |
| Deferred Revenue (Current) | 441K | 155K | 491K | 260K | 480K | 76K | 87K | 107K | 123K | 499K | 621K | 621K | 241K | 287K | 614K | 2.95M | 2.61M | 1.78M | -562K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 20.59M | 3.33M | 2.52M | 6.2M | 1.48M | 1.02M | 2.31M | 2M | 6.2M | 2.38M | 3.34M | 3.34M | 3.88M | 2.58M | 0 | 0 | 0 | 8.03M | 338K | 0 | 3.27M | 0 | 0 |
| Current Ratio | 1.75x | 1.41x | 1.32x | 1.60x | 2.06x | 2.79x | 1.86x | 2.02x | 1.51x | 1.79x | 2.39x | 2.39x | 2.65x | 3.00x | 2.93x | 2.86x | 2.96x | 4.20x | 5.65x | 7.16x | 9.27x | 2.65x | 1.93x |
| Quick Ratio | 1.75x | -384.69x | 0.90x | 0.95x | 1.31x | 1.71x | 1.22x | 1.49x | 1.02x | 1.32x | 1.65x | 1.65x | 1.77x | 2.23x | 2.24x | 2.04x | 2.16x | 2.44x | 3.48x | 5.31x | 7.94x | 1.54x | 1.10x |
| Cash Conversion Cycle | 14.92K | 64.61K | 62.61 | 74.25 | 100.24 | 86.93 | 62.11 | 9.49 | 58.04 | 33.65 | 72.77 | 72.77 | 119.51 | 117.28 | 80.31 | 123.86 | 89.4 | 214.39 | 233.15 | 150.56 | 144.4 | 128.51 | 89.05 |
| Total Non-Current Liabilities | 10.69M | 8.29M | 13.73M | 12.57M | 13.88M | 3.34M | 4.38M | 14.32M | 10.72M | 5.48M | 8.21M | 8.21M | 5.6M | 4.97M | 4.74M | 5.55M | 10.16M | 6.94M | 3.74M | 4.08M | 4.91M | 15.69M | 10.6M |
| Long-Term Debt | 3.52M | 5.62M | 9.97M | 10M | 10M | 19K | 35K | 10.06M | 81K | 3.91M | 6.82M | 6.82M | 4.02M | 3.22M | 3.15M | 4.11M | 6.7M | 4.22M | 3.16M | 3.65M | 4.47M | 10.6M | 10.49M |
| Capital Lease Obligations | 4.35M | 2.12M | 0 | 1.12M | 1.83M | 2.27M | 2.64M | 2.83M | 0 | 105K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 260K | 260K | 0 | 237K | 0 | 0 | 0 | 0 | 130K | 129K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 6.9M | 296K | 3.43M | 803K | 1.56M | 489K | 1.06M | 716K | 9.84M | 524K | 442K | 442K | 558K | 522K | 270K | 188K | 406K | 399K | 540K | 433K | 433K | 5.09M | 109K |
| Total Liabilities | 31.28M | 34.98M | 40.58M | 40.63M | 38.33M | 21.72M | 34.75M | 41.53M | 38.05M | 21.9M | 26.6M | 26.6M | 24.89M | 23.29M | 21.93M | 24.33M | 32.88M | 23.73M | 15.72M | 15.03M | 17.51M | 24.23M | 18.12M |
| Total Debt | 3.52M | 8.8M | 10.32M | 12.11M | 11.85M | 3.07M | 3.34M | 13.62M | 9.38M | 4.09M | 6.97M | 6.97M | 4.77M | 5.05M | 6.6M | 6.71M | 9.49M | 5.36M | 3.16M | 4.46M | 5.32M | 11.34M | 11.35M |
| Net Debt | -211K | -3.26B | 4.35M | 6.96M | -4.15M | -11.39M | -16.05M | -15.13M | 650K | -5.33M | -10.34M | -10.34M | -10.77M | -14.95M | -10.97M | -7.67M | -13.52M | -6.2M | -20.21M | -31.7M | -73M | 11.05M | 10.26M |
| Debt / Equity | 0.19x | 0.53x | 0.87x | 0.54x | 0.36x | 0.05x | 0.06x | 0.44x | 0.52x | 0.17x | 0.20x | 0.20x | 0.10x | 0.08x | 0.09x | 0.09x | 0.10x | 0.06x | 0.04x | 0.05x | 0.05x | 1.21x | 1.71x |
| Debt / EBITDA | 1.72x | 61.99x | - | - | - | 0.31x | 0.40x | 0.93x | - | - | - | - | - | - | - | - | 2.00x | 0.98x | - | 2.50x | 0.61x | 3.71x | - |
| Net Debt / EBITDA | -0.10x | -22930.97x | - | - | - | -1.15x | -1.93x | -1.03x | - | - | - | - | - | - | - | - | -2.84x | -1.13x | - | -17.76x | -8.32x | 3.61x | - |
| Interest Coverage | 0.68x | -2.96x | -9.48x | -12.84x | -51.36x | 104.13x | 36.11x | 30.57x | -20.98x | -29.92x | -45.37x | -45.37x | -66.64x | -84.14x | -16.17x | -10.16x | 2.55x | -1.22x | -20.31x | 9.61x | 36.62x | 2.37x | -1.22x |
| Total Equity | 18.38M | 16.63M | 11.88M | 22.54M | 33.25M | 65.1M | 58.07M | 31.04M | 17.97M | 23.42M | 35.45M | 35.45M | 45.98M | 64.51M | 77.01M | 77.77M | 92.77M | 90.87M | 87.67M | 88.69M | 113.19M | 9.36M | 6.62M |
| Equity Growth % | 156.68% | 39.92% | -47.28% | -32.2% | -48.93% | 12.1% | 87.12% | 72.7% | -23.28% | -33.92% | -22.9% | -22.9% | -28.72% | -16.23% | -0.97% | -16.17% | 2.09% | 3.65% | -1.16% | -21.64% | 1109.94% | 41.27% | - |
| Book Value per Share | 4.49 | 4.67 | 3.62 | 6.94 | 10.49 | 20.80 | 18.55 | 10.02 | 6.11 | 8.14 | 12.59 | 12.59 | 16.64 | 28.86 | 36.69 | 37.04 | 39.67 | 39.17 | 40.13 | 32.32 | 48.26 | 5.69 | 7.77 |
| Total Shareholders' Equity | 18.38M | 16.63M | 11.88M | 22.54M | 33.25M | 65.1M | 58.07M | 31.04M | 17.97M | 23.42M | 35.45M | 35.45M | 45.98M | 64.51M | 77.01M | 77.77M | 92.77M | 90.87M | 87.67M | 88.69M | 113.19M | 9.36M | 6.62M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -116.91M | -118.06M | -114.89M | -103.09M | -91.42M | -57.08M | -63.17M | -89.31M | -101.77M | -95.49M | -82.37M | -82.37M | -70.08M | -49.95M | -17.89M | -11.69M | -1.29M | -1.64M | -2.83M | 1.36M | 845K | -3.55M | -4.2M |
| Treasury Stock | -34.96M | -34.96M | -36.25M | -36.23M | -36.24M | -36.24M | -36.24M | -36.16M | -36.09M | -36.09M | -36.08M | -36.08M | -36.08M | -36.05M | -36.03M | -38.38M | -32.47M | -31.71M | -32.01M | -31.54M | -1.74M | -361K | -345K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22.48M | -21.3M | -19.95M | -19.95M | -18.58M | -19.94M | -18.67M | -17.29M | -13.16M | -10.23M | -7.61M | -32K | -6K | -2.13M | -398K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying OESX stock.
As of 2026, Orion Energy Systems, Inc. (OESX) had total assets of $51.6M including $37.7M in current assets.
Orion Energy Systems, Inc. (OESX) carries total debt of $8.8M, offset by $3.27B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Orion Energy Systems, Inc. (OESX) has total shareholders' equity (book value) of $16.6M ($4.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Orion Energy Systems, Inc. (OESX) reported a current ratio of 1.41x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and Data Integrity
Metrics are mathematically derived from official filings.
Eroding Equity Base and Stability
Based on reported financial statements, OESX has seen its total equity decline from $22.5M in 2023Q4 to $16.6M by 2025Q4, signaling a weakening balance sheet trajectory that reflects persistent operational losses and the ongoing difficulty of scaling the business model to achieve sustainable profitability.
The consistent erosion of retained earnings, which reached -$118.1M in 2025Q4, suggests that the company is struggling to generate internal capital to support its strategic pivot. Investors should monitor whether this downward trend in equity continues, as it may necessitate further dilutive financing to maintain operations.
Liquidity Metrics Obscured by Discrepancies
As reported in recent filings, the company's liquidity position appears highly questionable, with a reported cash balance of $3.3B in 2025Q4 that contradicts historical trends and suggests a significant data error that prevents a reliable assessment of the firm's actual cash runway.
While the current ratio of 1.41 might appear adequate on the surface, the extreme volatility in reported cash and working capital items makes it impossible to gauge the company's true buffer against operational shocks. Analysts should treat these liquidity figures with extreme skepticism until the company provides a reconciliation of its cash position.
Leverage Remains Low Despite Losses
According to the provided balance sheet data, OESX maintains a debt-to-equity ratio of 0.53 as of 2025Q4, which suggests that management has avoided aggressive debt financing despite the company's inability to generate consistent positive net income or operating cash flow.
The reliance on a relatively low debt load appears to be a strategic choice to avoid interest burden during a period of negative profitability. However, this conservative leverage profile may be a necessity rather than a choice if the company lacks the creditworthiness to access traditional debt markets at favorable terms.
Data Anomalies Distort Fundamental Reality
Based on an examination of the provided financial data, the reported $3.3B in cash and $6.1B in net PPE for 2025Q4 appear to be material data errors that fundamentally distort the company's balance sheet profile and render standard valuation metrics like book value per share unreliable.
These discrepancies suggest that the balance sheet may not accurately reflect the company's underlying asset base or its true financial health. Investors should exercise extreme caution, as relying on these headline figures could lead to a significant misinterpretation of the company's solvency and capital structure.