The combination of improving fundamentals, strong guidance, and strategic M&A suggests ORN is entering a growth phase. Traders should monitor execution on the expanded backlog and integration of J.E. McAmis. The stock may re-rate if 2026 guidance is met, especially given the 56% projected Adjusted EPS growth.
Price Chart
Executive Summary
Orion Group Holdings (ORN) reported solid full-year 2025 results with 7% revenue growth to $852.3 million and a swing to GAAP profitability ($2.5M net income), driven by strong project execution and margin expansion. The company strengthened its balance sheet via a $120M refinancing, initiated 2026 guidance calling for 8.6% revenue and 24% Adjusted EBITDA growth, and closed the $60M acquisition of J.E. McAmis to expand marine capabilities, signaling confidence in future growth.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue: $852.3 million, up 7% YoY from $796.4 million
- GAAP net income: $2.5 million ($0.06 EPS), vs. $1.6 million net loss ($0.05 loss per share) in 2024
- Adjusted EBITDA: $45.2 million, up from $41.9 million in 2024
- Adjusted EPS: $0.25, up from $0.15 in 2024
- Initiated 2026 guidance: $900M–$950M revenue (8.6% growth at midpoint), $54M–$58M Adjusted EBITDA (24% growth), $0.36–$0.42 Adjusted EPS (56% growth)
- Completed $60 million acquisition of J.E. McAmis (plus contingent consideration) on February 4, 2026
- Refinanced debt with a new $120M credit facility, reducing borrowing costs and extending maturity to 2030
- Free cash flow: $14.4 million in 2025, up from $14 million implied in press release
Financial Impact
Revenue up $55.9M YoY, Adjusted EBITDA up $3.3M, Adjusted EPS up $0.10. 2026 guidance implies ~$80M revenue increase and $13M EBITDA growth at midpoint.
Risk Factors
- Backlog declined 12% YoY to $640M (from $729M), despite $763M in new awards, suggesting project delays or cancellations
- Marine segment Adjusted EBITDA margin improved but Concrete segment remains unprofitable at -3.5% Adjusted EBITDA margin in 2025
- Forward-looking guidance is subject to execution risk and macro factors like government funding delays
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3248922 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Press Release | $9.52 | awaiting T+60 | — | $9.15 (−3.91%) |
Oct 15, 2026 12d ago | 8-K | $8.52 | awaiting T+60 | — | $9.15 (+7.39%) |
Oct 9, 2026 18d ago | SC 13G | $9.12 | awaiting T+60 | — | $9.15 (+0.33%) |
Aug 4, 2026 12w ago | Insider Cluster | $10.33 | awaiting T+60 | — | $9.15 (−11.42%) |
Jul 29, 2026 12w ago | 8-K | $9.08 $8.41 | ▲ +7.38% | ▲ +12.11% | $9.15 (−0.77%) |
Apr 29, 2026 25w ago | 8-K | $12.01 $12.69 | ▲ +5.66% | ▲ +1.55% | $9.15 (−23.81%) |
Apr 8, 2026 28w ago | Press Release | $11.82 $14.89 | ▲ +25.97% | ▲ +15.19% | $9.15 (−22.59%) |
Apr 1, 2026 29w ago | DEFA14A | $11.24 $17.14 | ▲ +52.49% | ▲ +39.11% | $9.15 (−18.59%) |
Mar 19, 2026 31w ago | Press Release | $10.39 $14.51 | ▲ +39.65% | ▲ +25.23% | $9.15 (−11.93%) |
Mar 6, 2026 33w ago | Insider Cluster | $11.66 $13.83 | ▲ +18.61% | ▲ +5.83% | $9.15 (−21.53%) |
US Market Status
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