Revenue growth remains inconsistent with a 14.7% year-over-year increase in 2026Q1, yet structural margin compression persists as gross margins struggle to consistently exceed 14.0%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'03 |
|---|
| Sales/Revenue | 879.91M | 852.26M | 796.39M | 711.78M | 748.32M | 601.36M | 709.94M | 708.39M | 520.89M | 578.55M | 578.24M | 466.5M | 385.82M | 354.54M | 292.04M | 259.85M | 353.13M | 293.49M | 261.8M | 210.36M | 183.28M | 167.31M | 0 |
| Revenue Growth % | 6.74% | 7.01% | 11.89% | -4.88% | 24.44% | -15.29% | 0.22% | 35.99% | -9.97% | 0.05% | 23.95% | 20.91% | 8.82% | 21.4% | 12.39% | -26.42% | 20.32% | 12.11% | 24.45% | 14.78% | 9.54% | - | - |
| Cost of Goods Sold | 771.43M | 746.65M | 705.23M | 650.12M | 697.58M | 560.39M | 625.24M | 644.35M | 499.25M | 511.66M | 510.75M | 426.32M | 341.22M | 322.54M | 277.67M | 249.67M | 287.9M | 230.8M | 211.35M | 159.93M | 144.74M | 145.74M | 0 |
| COGS % of Revenue | - | 87.61% | 88.55% | 91.34% | 93.22% | 93.19% | 88.07% | 90.96% | 95.84% | 88.44% | 88.33% | 91.39% | 88.44% | 90.97% | 95.08% | 96.08% | 81.53% | 78.64% | 80.73% | 76.03% | 78.97% | 87.11% | - |
| Gross Profit | 108.48M | 105.61M | 91.16M | 61.66M | 50.74M | 40.97M | 84.7M | 64.04M | 16.78M | 62.24M | 67.48M | 40.18M | 44.59M | 32M | 14.37M | 10.18M | 65.23M | 62.7M | 50.45M | 50.43M | 38.54M | 21.57M | 0 |
| Gross Margin % | 12.33% | 12.39% | 11.45% | 8.66% | 6.78% | 6.81% | 11.93% | 9.04% | 3.22% | 10.76% | 11.67% | 8.61% | 11.56% | 9.03% | 4.92% | 3.92% | 18.47% | 21.36% | 19.27% | 23.97% | 21.03% | 12.89% | - |
| Gross Profit Growth % | - | 15.86% | 47.84% | 21.52% | 23.86% | -51.63% | 32.26% | 281.74% | -73.05% | -7.77% | 67.94% | -9.89% | 39.34% | 122.71% | 41.19% | -84.4% | 4.04% | 24.27% | 0.04% | 30.87% | 78.62% | - | - |
| Operating Expenses | 96.56M | 93.47M | 79.64M | 68.29M | 58.77M | 50.28M | 58.12M | 61.85M | 117.32M | 60.7M | 63.41M | 48.18M | 34.33M | 32.11M | 30.17M | 29.52M | 32.65M | 30.95M | 27.98M | 22.98M | 17.43M | 10.69M | 16.38M |
| OpEx % of Revenue | - | 10.97% | 10% | 9.59% | 7.85% | 8.36% | 8.19% | 8.73% | 22.52% | 10.49% | 10.97% | 10.33% | 8.9% | 9.06% | 10.33% | 11.36% | 9.24% | 10.54% | 10.69% | 10.93% | 9.51% | 6.39% | - |
| Selling, General & Admin | 97.25M | 93.47M | 82.54M | 69.43M | 62.5M | 60.18M | 65.09M | 61.01M | 61.46M | 66.03M | 64.99M | 47.72M | 34.69M | 32.11M | 28.57M | 29.52M | 32.65M | 30.95M | 27.98M | 22.98M | 17.43M | 10.69M | 16.38M |
| SG&A % of Revenue | - | 10.97% | 10.36% | 9.75% | 8.35% | 10.01% | 9.17% | 8.61% | 11.8% | 11.41% | 11.24% | 10.23% | 8.99% | 9.06% | 9.78% | 11.36% | 9.24% | 10.54% | 10.69% | 10.93% | 9.51% | 6.39% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -682K | 0 | -2.9M | -1.14M | -3.73M | -9.9M | -6.97M | 836K | 64.12M | 4.06M | -1.58M | 466K | -359K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 11.91M | 12.14M | 11.52M | -6.63M | -8.03M | -9.32M | 26.59M | 2.19M | -100.54M | 1.54M | 4.07M | -8M | 10.26M | -106K | -14.2M | -19.34M | 32.59M | 31.75M | 22.47M | 27.45M | 21.11M | 10.89M | -16.38M |
| Operating Margin % | 1.35% | 1.42% | 1.45% | -0.93% | -1.07% | -1.55% | 3.74% | 0.31% | -19.3% | 0.27% | 0.7% | -1.71% | 2.66% | -0.03% | -4.86% | -7.44% | 9.23% | 10.82% | 8.58% | 13.05% | 11.52% | 6.51% | - |
| Operating Income Growth % | - | 5.4% | 273.77% | 17.43% | 13.81% | -135.04% | 1112.31% | 102.18% | -6637.06% | -62.25% | 150.93% | -177.95% | 9781.13% | 99.25% | 26.57% | -159.35% | 2.64% | 41.28% | -18.13% | 30.01% | 93.87% | 166.5% | - |
| EBITDA | 37.97M | 42.66M | 34.29M | 17.25M | 16.03M | 16.11M | 53.8M | 30.6M | -68.74M | 31.03M | 38.24M | 20.08M | 33.71M | 21.43M | 7.37M | 2.75M | 52.05M | 50.29M | 41.07M | 40.04M | 32.75M | 21.75M | 4.88M |
| EBITDA Margin % | 4.32% | 5.01% | 4.31% | 2.42% | 2.14% | 2.68% | 7.58% | 4.32% | -13.2% | 5.36% | 6.61% | 4.31% | 8.74% | 6.04% | 2.52% | 1.06% | 14.74% | 17.13% | 15.69% | 19.03% | 17.87% | 13% | - |
| EBITDA Growth % | 0.91% | 24.44% | 98.78% | 7.62% | -0.53% | -70.05% | 75.82% | 144.52% | -321.54% | -18.85% | 90.38% | -40.43% | 57.3% | 190.92% | 167.79% | -94.71% | 3.5% | 22.43% | 2.58% | 22.27% | 50.52% | 345.89% | - |
| D&A (Non-Cash Add-back) | 26.06M | 30.52M | 22.77M | 23.88M | 24.06M | 25.43M | 27.22M | 28.41M | 31.8M | 29.49M | 34.16M | 28.08M | 23.45M | 21.54M | 21.57M | 22.09M | 19.46M | 18.54M | 18.6M | 12.59M | 11.63M | 10.87M | 21.25M |
| EBIT | 11.92M | 11.77M | 8.62M | -8.2M | -13M | -20.73M | 17.54M | 389K | -39.81M | 864K | 2.5M | -7.53M | 9.9M | -106K | -14.2M | -19.11M | 34.27M | 32.35M | 23M | 27.45M | 21.11M | 10.89M | -11.5M |
| Net Interest Income | -17.99M | -8.56M | -13.17M | -11.56M | -4.35M | -4.94M | -4.74M | -6.46M | -7.81M | -5.72M | -6.17M | -3.12M | -677K | -512K | -708K | -318K | -335K | -438K | -716K | 90K | 0 | 0 | 0 |
| Interest Income | 579K | 0 | 207K | 103K | 104K | 136K | 183K | 353K | 136K | 11K | 3K | 32K | 17K | 13K | 35K | 31K | 99K | 352K | 530K | 90K | 0 | 0 | 0 |
| Interest Expense | 18.57M | 8.56M | 13.38M | 11.66M | 4.46M | 5.08M | 4.92M | 6.81M | 7.94M | 5.73M | 6.17M | 3.15M | 694K | 525K | 743K | 349K | 434K | 538K | 1.25M | 0 | 0 | 0 | -16.38M |
| Other Income/Expense | -9.9M | -9.24M | -12.82M | -10.91M | -4.15M | -4.74M | -4.39M | -5.68M | -6.12M | -5.68M | -6.11M | -2.58M | -210K | -500K | -2.3M | -120K | -446K | -186K | -716K | 129K | -1.67M | -1.77M | 21.25M |
| Pretax Income | 2.02M | 2.91M | -1.3M | -17.55M | -12.18M | -14.06M | 22.2M | -3.49M | -106.66M | -4.14M | -2.04M | -10.58M | 10.05M | -606K | -16.51M | -19.46M | 33.84M | 31.56M | 21.76M | 27.58M | 19.44M | 9.12M | 4.88M |
| Pretax Margin % | 0.23% | 0.34% | -0.16% | -2.46% | -1.63% | -2.34% | 3.13% | -0.49% | -20.48% | -0.72% | -0.35% | -2.27% | 2.61% | -0.17% | -5.65% | -7.49% | 9.58% | 10.75% | 8.31% | 13.11% | 10.61% | 5.45% | - |
| Income Tax | -6.57M | 419K | 348K | 330K | 429K | 502K | 1.98M | 1.87M | -12.23M | -4.54M | 1.58M | -2.52M | 3.17M | -937K | -4.64M | -6.35M | 11.96M | 11.53M | 7.28M | 10.18M | 7.04M | 3.81M | 0 |
| Effective Tax Rate % | -326.25% | 14.41% | -26.85% | -1.88% | -3.52% | -3.57% | 8.9% | -53.51% | 11.47% | 109.66% | -77.54% | 23.81% | 31.59% | 154.62% | 28.11% | 32.61% | 35.34% | 36.54% | 33.47% | 36.91% | 36.21% | 41.74% | 0% |
| Net Income | 8.59M | 2.49M | -1.64M | -17.88M | -12.61M | -14.56M | 20.22M | -5.36M | -94.42M | 400K | -3.62M | -8.06M | 6.88M | 331K | -11.87M | -13.11M | 21.88M | 20.03M | 14.47M | 17.4M | 12.4M | 5.31M | 4.88M |
| Net Margin % | 0.98% | 0.29% | -0.21% | -2.51% | -1.69% | -2.42% | 2.85% | -0.76% | -18.13% | 0.07% | -0.63% | -1.73% | 1.78% | 0.09% | -4.06% | -5.05% | 6.2% | 6.82% | 5.53% | 8.27% | 6.77% | 3.17% | - |
| Net Income Growth % | 186.4% | 251.34% | 90.8% | -41.73% | 13.38% | -172.01% | 477.31% | 94.32% | -23705.5% | 111.05% | 55.09% | -217.2% | 1977.64% | 102.79% | 9.52% | -159.93% | 9.25% | 38.38% | -16.81% | 40.28% | 133.53% | 8.85% | - |
| Net Income (Continuing) | 8.59M | 2.49M | -1.64M | -17.88M | -12.61M | -14.56M | 20.22M | -5.36M | -94.42M | 400K | -3.62M | -8.06M | 6.88M | 331K | -11.87M | -13.11M | 21.88M | 20.03M | 14.47M | 17.4M | 12.4M | 5.31M | 4.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50K | 50K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.21 | 0.06 | -0.05 | -0.55 | -0.40 | -0.47 | 0.67 | -0.18 | -3.31 | 0.01 | -0.13 | -0.29 | 0.25 | 0.01 | -0.44 | -0.49 | 0.81 | 0.84 | 0.66 | 0.83 | 0.63 | 0.20 | 0.50 |
| EPS Growth % | 330.2% | 232.77% | 91.4% | -37.5% | 14.89% | -170.15% | 472.22% | 94.56% | -33200% | 107.69% | 55.17% | -216% | 2400% | 102.27% | 10.2% | -160.49% | -3.57% | 27.27% | -20.48% | 31.75% | 215% | -60% | - |
| EPS (Basic) | - | 0.06 | -0.05 | -0.55 | -0.40 | -0.47 | 0.67 | -0.18 | -3.31 | 0.01 | -0.13 | -0.29 | 0.25 | 0.01 | -0.44 | -0.49 | 0.81 | 0.85 | 0.67 | 0.86 | 0.65 | 0.20 | 0.50 |
| Diluted Shares Outstanding | 40.13M | 39.64M | 34.78M | 32.35M | 31.4M | 30.76M | 30.12M | 29.32M | 28.52M | 28.35M | 27.54M | 27.37M | 27.79M | 27.61M | 27.14M | 26.99M | 27.17M | 23.98M | 21.98M | 19.98M | 16.41M | 16.14M | 9.7M |
| Basic Shares Outstanding | 40.11M | 39.63M | 34.78M | 32.35M | 31.4M | 30.76M | 30.12M | 29.32M | 28.52M | 28.03M | 27.54M | 27.37M | 27.42M | 27.3M | 26.97M | 26.99M | 26.9M | 23.58M | 21.56M | 19.4M | 15.87M | 15.71M | 9.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project execution margin volatility
According to recent financial disclosures, ORN experienced a 14.7% year-over-year revenue increase in 2026Q1, yet the inconsistent quarterly growth rates, ranging from a 0.7% decline in 2025Q3 to a 34.5% surge in 2024Q3, highlight the inherent lumpiness of project-based bidding in the marine and concrete segments.
The revenue trajectory appears highly sensitive to the timing of large-scale infrastructure awards, which complicates the assessment of organic growth durability. Investors should monitor whether the recent uptick in top-line performance reflects a sustainable expansion in project pipeline or merely the timing of revenue recognition on existing contracts.
As reported in quarterly filings, ORN's gross margin has struggled to maintain double-digit levels, fluctuating between 9.5% and 14.0% over the last ten quarters, which suggests a highly competitive bidding environment that leaves little room for operational errors or unexpected cost inflation in project execution.
The narrow gross margin profile indicates that the company lacks significant pricing power, likely due to the commoditized nature of its concrete segment and the intense competition in marine construction. This margin profile warrants further investigation into whether management can successfully shift toward higher-value, design-build contracts to improve profitability.
Based on the provided income statement data, ORN's operating income frequently swings into negative territory, such as the -0.4% operating margin recorded in 2026Q1, demonstrating that SG&A expenses often outpace the incremental gross profit generated from project activity during periods of lower utilization.
The inability to consistently scale operating income faster than gross profit suggests that the company's fixed-cost base remains a significant drag on performance. This lack of operating leverage implies that profitability is highly dependent on achieving high utilization rates across the marine fleet, which remains a volatile operational variable.
Analysis of the income statement reveals that net income is frequently impacted by non-operating items and accounting adjustments, as evidenced by the swing from a $6.8M profit in 2024Q4 to a $4.7M profit in 2026Q1 despite significant fluctuations in operating performance.
The reliance on percentage-of-completion accounting introduces significant management judgment, which may lead to earnings volatility that does not always align with underlying cash flow generation. Investors should monitor the relationship between reported net income and contract assets to ensure that earnings quality is not being artificially inflated by aggressive revenue recognition.
While the company maintains a low debt-to-equity ratio, the persistent weakness in operating margins suggests that the current business model may be fundamentally challenged by the high cost of maintaining specialized marine assets in a market that rewards volume over margin-focused project selection.
Short-term revenue growth may be masking a deeper issue regarding the sustainability of the company's bidding strategy, which appears to prioritize market share over profitability. If the company fails to improve its bid-to-win discipline, the risk of further margin compression remains high, particularly if input costs for labor and materials continue to rise.
Quick answers to the most common questions about buying ORN stock.
For fiscal year 2025, Orion Group Holdings, Inc. (ORN) reported total revenue of $852.3M.
Orion Group Holdings, Inc. (ORN) is profitable, generating $2.5M in net income for the fiscal year ending 2025 with a net profit margin of 0.3%.
Orion Group Holdings, Inc. (ORN) reported an operating income of $12.1M, resulting in an operating profit margin of 1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Orion Group Holdings, Inc. (ORN) generated $105.6M in gross profit for the year, representing a gross profit margin of 12.4%. This demonstrates the company's core pricing power and production efficiency.