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ORN, Orion Group Holdings Inc. Common

Construction & Engineering capital-intensive Distress / turnaroundCyclical

Orion Group Holdings, Inc. is a leading specialty construction company focused on large-scale, mission-critical, capital projects within the marine and infrastructure sectors.

The markets we serve benefit from diverse and sustained demand drivers, including federal funding for transportation and coastal infrastructure, increasing investment in domestic manufacturing and energy facilities, expansion of data center capacity, and long-term United States ("U.S.") Navy modernization initiatives.

Our marine business provides comprehensive engineering, construction, dredging and specialty services to a diverse set of clients that includes federal, state and local governmental agencies as well as private commercial and industrial enterprises.

Latest annual: FY2025 10-K

ORN · Orion Group Holdings Inc. Common

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$852M

+7.0% YoY · 4% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $880M 5-yr avg $742M

Gross margin 12% 5-yr avg 9%

Operating margin 1.5% 5-yr avg −0.1%

Owner-earnings margin 2% 5-yr avg −0%

Free cash flow margin −0% 5-yr avg −1%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Marine (64%) and Concrete (36%).
Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 9.0% and operating margin about 0.3% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −19% and 3.7% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −4%, above 15% in 0 of 5 years). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Marine is 64% of revenue, with Concrete the other meaningful segment at 36%.

Revenue by reportable segment, FY2025

Marine64%$545M
Concrete36%$307M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
										Income statement
$579M	$521M	$708M	$710M	$601M	$748M	$712M	$796M	$852M	$880M	RevenueRevenue
11%	3%	9%	12%	7%	7%	9%	11%	12%	12%	Gross marginGross mgn
10%	10%	9%	9%	10%	8%	10%	10%	11%	11%	SG&A / revenueSG&A/rev
$2M	($101M)	$2M	$27M	($9M)	($8M)	($7M)	$12M	$15M	$13M	Operating incomeOp. inc.
0.3%	−19.3%	0.3%	3.7%	−1.5%	−1.1%	−0.9%	1.4%	1.7%	1.5%	Operating marginOp. mgn
$400K	($94M)	($5M)	$20M	($15M)	($13M)	($18M)	($2M)	$2M	$9M	Net incomeNet inc.
										Cash flow & returns
$34M	$22M	($716K)	$46M	$69K	$10M	$17M	$13M	$28M	$36M	Operating cash flowOp. cash
$29M	$32M	$26M	$24M	$23M	$21M	$19M	$16M	$14M	$15M	DepreciationDeprec.
$2M	$82M	($24M)	($79K)	($10M)	($1M)	$14M	($5M)	$6M	$7M	Working capital & otherWC & other
$11M	$18M	$17M	$15M	$17M	$15M	$9M	$14M	$39M	$38M	CapexCapex
1.9%	3.4%	2.4%	2.1%	2.8%	1.9%	1.3%	1.8%	4.6%	4.4%	Capex / revenueCapex/rev
$23M	$4M	($18M)	$31M	($17M)	($5M)	$8M	($1M)	$14M	$22M	Owner earningsOwner earn.
4.0%	0.8%	−2.5%	4.4%	−2.8%	−0.7%	1.2%	−0.2%	1.7%	2.4%	Owner earnings marginOE mgn
$23M	$4M	($18M)	$31M	($17M)	($5M)	$8M	($1M)	($11M)	($2M)	Free cash flowFCF
4.0%	0.8%	−2.5%	4.4%	−2.8%	−0.7%	1.2%	−0.2%	−1.3%	−0.2%	Free cash flow marginFCF mgn
$6M	$0	$0	—	—	—	—	—	—	$0	AcquisitionsAcquis.
—	-37%	—	13%	-4%	-4%	-4%	—	—	—	ROICROIC
0%	-67%	-4%	13%	-10%	-9%	-15%	-1%	2%	5%	Return on equityROE
0%	−67%	−4%	13%	−10%	−9%	−15%	−1%	2%	5%	Retained to equityRetained/eq
										Balance sheet
$9M	$9M	$128K	$2M	$12M	$4M	$31M	$28M	$2M	$6M	Cash & investmentsCash+inv
$4M	$1M	$1M	$2M	$1M	$3M	$3M	$2M	$2M	$3M	InventoryInvent.
$45M	$42M	$70M	$48M	$48M	$88M	$80M	$97M	$107M	$95M	Accounts payablePayables
($41M)	($41M)	($69M)	($47M)	($47M)	($85M)	($78M)	($95M)	($105M)	($67M)	Operating working capitalOper. WC
$192M	$137M	$212M	$235M	$198M	$220M	$272M	$269M	$278M	$261M	Current assetsCur. assets
$122M	$86M	$150M	$181M	$162M	$189M	$216M	$191M	$204M	$185M	Current liabilitiesCur. liab.
1.6×	1.6×	1.4×	1.3×	1.2×	1.2×	1.3×	1.4×	1.4×	1.4×	Current ratioCurr. ratio
$69M	$0	—	—	—	—	—	—	—	$33M	GoodwillGoodwill
$433M	$313M	$395M	$414M	$352M	$367M	$417M	$417M	$415M	$479M	Total assetsAssets
$86M	$79M	$72M	$34M	$39M	$36M	$37M	$23M	$8M	$72M	Total debtDebt
$77M	$70M	$72M	$32M	$27M	$32M	$6M	($5M)	$6M	$66M	Net debt / (cash)Net debt
0.3×	-12.7×	0.3×	5.4×	-1.8×	-1.8×	-0.6×	0.9×	1.6×	1.6×	Interest coverageInt. cov.
$231M	$142M	$138M	$159M	$148M	$138M	$121M	$151M	$159M	$167M	Shareholders’ equityEquity
0.4%	0.4%	0.4%	0.3%	0.4%	0.4%	0.3%	0.5%	0.6%	0.6%	Stock comp / revenueSBC/rev
										Per share
28.4M	28.5M	29.3M	30.1M	30.8M	31.4M	32.3M	34.8M	39.6M	40.1M	Shares out (diluted)Shares
$20.40	$18.27	$24.16	$23.57	$19.55	$23.83	$22.00	$22.90	$21.50	$21.92	Revenue / shareRev/sh
$0.01	$-3.31	$-0.18	$0.67	$-0.47	$-0.40	$-0.55	$-0.05	$0.06	$0.21	EPS (diluted)EPS
$0.83	$0.15	$-0.61	$1.04	$-0.55	$-0.16	$0.26	$-0.04	$0.36	$0.54	Owner earnings / shareOE/sh
$0.83	$0.15	$-0.61	$1.04	$-0.55	$-0.16	$0.26	$-0.04	$-0.27	$-0.05	Free cash flow / shareFCF/sh
$0.38	$0.62	$0.59	$0.49	$0.55	$0.46	$0.28	$0.41	$0.98	$0.96	Cap. spending / shareCapex/sh
$8.16	$4.96	$4.71	$5.29	$4.81	$4.39	$3.76	$4.33	$4.01	$4.15	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+0.7%/yr	−1.8%/yr
Owner earnings / share	−9.8%/yr	−19.0%/yr
EPS	+20.5%/yr	−37.7%/yr
Capital spending / share	+12.6%/yr	+15.0%/yr
Book value / share	−8.5%/yr	−5.4%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Concrete+11.7%
“Concrete Segment Revenues for our concrete segment for the year ended December 31, 2025 were $307.4 million compared to $275.1 million for the year ended December 31, 2024, an increase of $32.3 million, or 12%. The increase was primarily due to new awards and higher volume on our concrete contracts.”
✓ figure matches the filed record

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

40Mpeak FY2025

ROIC

−4%low FY2018

Gross margin

12%low FY2018

Net debt ÷ owner earnings

0.4×peak FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$14Mowner earningsvs.$2Mnet incomelow FY2019

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $14M of owner earnings, the operating cash left after the $14M it takes just to hold its position. It put $25M more into growth; free cash flow, after that spending, was ($11M).

Reported net income$2M

Owner earnings$14M · 2% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$2M	($2M)	($18M)	($13M)	($15M)
Depreciation & amortizationnon-cash charge added back	+$14M	+$16M	+$19M	+$21M	+$23M
Stock-based compensationreal costnon-cash, but a real cost	+$5M	+$4M	+$2M	+$3M	+$2M
Working capital & othertiming of cash in and out, other non-cash items	+$6M	−$5M	+$14M	−$1M	−$10M
Cash from operations	$28M	$13M	$17M	$10M	$69K
Maintenance capital expenditurethe spending needed just to hold position and volume	−$14M	−$14M	−$9M	−$15M	−$17M
Owner earnings	$14M	($1M)	$8M	($5M)	($17M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$25M	—	—	—	—
Free cash flow	($11M)	($1M)	$8M	($5M)	($17M)
Owner-earnings marginowner earnings ÷ revenue	2%	0%	1%	-1%	-3%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $14M, roughly its depreciation, the rate its assets wear out). The other $25M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $5M), owner earnings is nearer $9M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1.6×

Thin

Operating income $15M ÷ interest expense $9M

What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
How heavy is the debt, net of cash? $54M · 3.7× operating profit

Meaningful net debt

Cash $2M − debt $56M

What this means
Netting $2M of cash and short-term investments against $56M of debt leaves $54M owed, about 3.7× a year's operating profit (3.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -42d

Negative, funded by others

DSO 9 + DIO 1 − DPO 53 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital -4%

Below average through the cycle

5-yr median, range -37%–13%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median 10%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 1%

Thin through the cycle

9-yr median margin, range -3%–4%; latest $14M = operating cash $28M − maintenance capex $14M

Industry peers: median 5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 2% of revenue this year, a 1% median across 9 years. It chose to put $25M more into growth, so free cash flow this year was ($11M) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $5M of SBC) leaves $9M.
Are earnings backed by cash? 11.28×

Cash-backed

Cash from ops $28M ÷ net income $2M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 1%

Reinvests most of it

Dividends + buybacks $188K ÷ Owner Earnings $14M

What this means
Of $14M Owner Earnings, $188K (1%) went back to shareholders, $0 dividends, $188K buybacks. But the buybacks barely exceed stock issued to employees ($5M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 2.84×

Expanding

Capex $39M ÷ depreciation $14M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $852M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.36×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $56M vs $74M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (9-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.14/share (latest year $0.06), the averaged base the calculator's gate runs on, and book value is $3.93/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 9

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −6% → 1% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about −6% early to 1% lately, median 0% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −9%/yr

What this means
Owner earnings shrank about 9% a year over the record.
Worst year 2018 · −19.3% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.
Share count +4.3%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$261M

Cash & short-term investments$6M
Receivables$26M
Inventory$3M
Other current assets$227M

Current liabilities$185M

Debt due within a year$6M
Accounts payable$95M
Other current liabilities$84M

Current ratio1.41×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.40×stricter: inventory excluded

Cash ratio0.03×strictest: cash alone against what's due

Working capital$76Mthe cushion left after near-term bills

Debt due this year vs. cash$6M due · $6M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+14.7%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 1.4×

Deeper floors

Tangible book value$125Mequity stripped of goodwill & intangibles

Net current asset value($51M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$105M$33M of it operating leases

Deferred revenue$52Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $169M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$154M · 91%
Buybacks$188K · 0%
Retained (debt / cash)$15M · 9%

Returned to owners$188K
0% of the owner earnings the business produced over the span, $0 as dividends and $188K as buybacks.
Average price paid for buybacks—
Buybacks ran $188K over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count41.5%
The diluted count rose from 28M to 40M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill$00% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity0%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$6Mover 9 years buying other businesses, against $154M of capital spent building

$69M written down across 1 year (2018): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

Insider ownership5.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio50:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$5M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 37% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Orion Group Holdings Inc. Common is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereDid the share count rise anyway?41.5%
Diluted shares grew 41.5% over 2017–2025, even as the company spent $188K on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Construction & Engineering

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
KBRKbr, Inc.	$7.8B	12%	6.4%	13%	4%
GVAGranite Construction	$4.4B	11%	2.2%	4%	1%
ROADConstruction Partners	$2.8B	15%	7.0%	8%	5%
STRLSterling Infrastructure	$2.5B	15%	7.6%	16%	8%
ORNOrion Group Holdings Inc. Common	$852M	9%	0.3%	-4%	1%
PLPCPreformed Line Products Company	$669M	32%	8.4%	10%	5%
CDNLCardinal Infrastructure Group Inc.	$456M	—	11.4%	14%	7%
ESOAEnergy Services of America Corporation	$411M	11%	2.9%	9%	2%
Group median	—	12%	6.7%	9%	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Orion Group Holdings Inc. Common has delivered.

Orion Group Holdings Inc. Common’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Orion Group Holdings Inc. Common earns about $7M on its 0.8% median owner-earnings margin. This year’s 1.7% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($7M) Net of stock comp (−$6M) Steady-state · maintenance capex ($23M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’17→’25−9%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($2M) on 40M shares outstanding, per the 10-Q cover, as of 2026-04-28; net debt $66M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($38M) runs well above depreciation ($15M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $23M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ORN against another business →

The owners of ORN: the meeting and the votes →

Cite: Owner Scorecard, "Orion Group Holdings Inc. Common (ORN), the owner's record," https://ownerscorecard.com/c/ORN, data as of 2026-07-09.

Manual order: ← ORMP its page in the Manual ORRF →

Industry order: ← MYRG the Construction & Engineering chapter PBK →