Latest Ratios: P/E Ratio 226.9x · EV/EBITDA 14.4x · ROE 1.6%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $573M | $394M | $255M | $160M | $75M | $116M | $149M | $152M | $122M | $222M | $274M |
| Enterprise Value | $616M | $437M | $321M | $214M | $138M | $173M | $213M | $248M | $193M | $299M | $375M |
| P/E Ratio → | 226.91 | 158.28 | — | — | — | — | 7.40 | — | — | 783.00 | — |
| P/S Ratio | 0.67 | 0.46 | 0.32 | 0.22 | 0.10 | 0.19 | 0.21 | 0.21 | 0.23 | 0.38 | 0.47 |
| P/B Ratio | 3.55 | 2.48 | 1.69 | 1.32 | 0.54 | 0.78 | 0.94 | 1.10 | 0.86 | 0.96 | 1.21 |
| P/FCF | — | — | — | 19.32 | — | — | 4.77 | — | 29.01 | 9.49 | 61.79 |
| P/OCF | 20.41 | 14.04 | 20.11 | 9.30 | 7.81 | 1680.85 | 3.25 | — | 5.58 | 6.50 | 11.84 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.51 | 0.40 | 0.30 | 0.18 | 0.29 | 0.30 | 0.35 | 0.37 | 0.52 | 0.65 |
| EV / EBITDA | 14.43 | 10.24 | 9.37 | 12.43 | 8.58 | 10.73 | 3.97 | 8.10 | — | 9.63 | 9.81 |
| EV / EBIT | 50.69 | 37.10 | 37.24 | — | — | — | 12.17 | 637.48 | — | 345.91 | 150.28 |
| EV / FCF | — | — | — | 25.92 | — | — | 6.81 | — | 45.70 | 12.77 | 84.56 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.4% | 12.4% | 11.4% | 8.7% | 6.8% | 6.8% | 11.9% | 9.0% | 3.2% | 10.8% | 11.7% |
| Operating Margin | 1.4% | 1.4% | 1.4% | -0.9% | -1.1% | -1.5% | 3.7% | 0.3% | -19.3% | 0.3% | 0.7% |
| Net Profit Margin | 0.3% | 0.3% | -0.2% | -2.5% | -1.7% | -2.4% | 2.8% | -0.8% | -18.1% | 0.1% | -0.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.6% | 1.6% | -1.2% | -13.8% | -8.8% | -9.5% | 13.6% | -3.8% | -50.6% | 0.2% | -1.6% |
| ROA | 0.6% | 0.6% | -0.4% | -4.6% | -3.5% | -3.8% | 5.0% | -1.5% | -25.3% | 0.1% | -0.8% |
| ROIC | 4.4% | 4.4% | 4.4% | -2.6% | -3.0% | -3.3% | 8.7% | 0.7% | -29.0% | 0.4% | 0.9% |
| ROCE | 5.6% | 5.6% | 5.4% | -3.5% | -4.4% | -4.4% | 11.1% | 0.9% | -37.4% | 0.5% | 1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.28 | 0.28 | 0.63 | 0.70 | 0.48 | 0.47 | 0.41 | 0.70 | 0.56 | 0.37 | 0.45 |
| Debt / EBITDA | 1.04 | 1.04 | 2.76 | 4.96 | 4.15 | 4.30 | 1.22 | 3.17 | — | 2.77 | 2.65 |
| Net Debt / Equity | — | 0.27 | 0.44 | 0.45 | 0.46 | 0.38 | 0.40 | 0.69 | 0.50 | 0.33 | 0.45 |
| Net Debt / EBITDA | 1.00 | 1.00 | 1.93 | 3.16 | 3.92 | 3.53 | 1.19 | 3.13 | — | 2.48 | 2.64 |
| Debt / FCF | — | — | — | 6.60 | — | — | 2.04 | — | 16.69 | 3.28 | 22.77 |
| Interest Coverage | 1.37 | 1.37 | 0.64 | -0.70 | -2.92 | -4.08 | 3.57 | 0.06 | -5.01 | 0.15 | 0.40 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.36 | 1.36 | 1.41 | 1.26 | 1.16 | 1.22 | 1.30 | 1.42 | 1.59 | 1.57 | 1.66 |
| Quick Ratio | 1.35 | 1.35 | 1.40 | 1.25 | 1.15 | 1.21 | 1.29 | 1.41 | 1.58 | 1.54 | 1.61 |
| Cash Ratio | 0.01 | 0.01 | 0.15 | 0.14 | 0.02 | 0.08 | 0.01 | 0.01 | 0.10 | 0.07 | 0.00 |
| Asset Turnover | — | 2.06 | 1.91 | 1.71 | 2.04 | 1.71 | 1.71 | 1.79 | 1.66 | 1.34 | 1.29 |
| Inventory Turnover | 307.01 | 307.01 | 357.26 | 240.87 | 243.74 | 392.43 | 403.90 | 578.41 | 472.77 | 116.66 | 94.72 |
| Days Sales Outstanding | — | — | 105.39 | 117.58 | 100.22 | 107.35 | 116.11 | 105.58 | 85.71 | 109.90 | 111.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.4% | 0.6% | — | — | — | — | 13.5% | — | — | 0.1% | — |
| FCF Yield | — | — | — | 5.2% | — | — | 21.0% | — | 3.4% | 10.5% | 1.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $40M | $35M | $32M | $31M | $31M | $30M | $29M | $29M | $28M | $28M |
Project execution margin volatility
Based on reported figures, ORN trades at a trailing P/E of 261.31, which suggests that the market is heavily discounting current earnings due to persistent margin volatility and the cyclical nature of its marine and concrete infrastructure project pipeline compared to more stable industry peers.
The extreme P/E multiple indicates that investors are currently valuing the company on a recovery thesis rather than current profitability. When compared to peers like GLDD, the valuation appears to reflect a significant risk premium associated with the company's historical inability to consistently convert revenue into bottom-line growth.
As reported in financial statements, ORN's ROIC has struggled to maintain positive territory, fluctuating between -1.2% and 3.3% over the last ten quarters, which indicates that the company is failing to generate returns that exceed its cost of capital in its current asset-heavy configuration.
The inability to sustain a positive ROIC suggests that the capital-intensive nature of the marine fleet is not being adequately offset by project margins. This trend warrants further investigation into whether the company's asset utilization can ever reach a level that justifies the significant investment required for Jones Act compliance.
According to recent SEC filings, ORN's cash conversion cycle has shown significant instability, with DSO reaching 113 days in 2025Q2, highlighting the company's limited leverage over clients and the inherent difficulty in managing liquidity within a project-based construction business model.
The high and variable DSO suggests that the company is frequently acting as a financier for its clients, which ties up critical liquidity. Investors should monitor whether management's 'Project Horizon' strategy can effectively shorten these cycles and improve the predictability of cash inflows.
Based on reported figures, ORN has successfully reduced its debt-to-equity ratio to 0.30 as of 2026Q1, providing a healthy balance sheet buffer that prevents immediate insolvency risks despite the company's persistent struggle to maintain positive operating margins across its core business segments.
While the low leverage is a positive indicator of financial discipline, it appears to be a defensive necessity rather than a sign of operational strength. The company's interest coverage ratio remains highly volatile, suggesting that even modest debt levels could become burdensome if project execution continues to result in operating losses.
Market participants often over-rely on top-line revenue growth as a primary indicator of health, which obscures the reality that ORN's business model is currently optimized for volume rather than the margin-accretive project selection necessary for long-term value creation in the marine construction sector.
Using revenue growth to judge this company is misleading because it ignores the high fixed-cost base that requires consistent, high-margin utilization to achieve profitability. A more appropriate metric for assessing the company's true health would be the 'Backlog Margin Quality' or 'Dredge Utilization Days,' which better capture the underlying earning power of the marine assets.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying ORN stock.
Orion Group Holdings, Inc.'s current P/E ratio is 226.9x. The historical average is 40.3x. This places it at the 100th percentile of its historical range.
Orion Group Holdings, Inc.'s current EV/EBITDA is 14.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Orion Group Holdings, Inc.'s return on equity (ROE) is 1.6%. The historical average is 1.4%.
Based on historical data, Orion Group Holdings, Inc. is trading at a P/E of 226.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Orion Group Holdings, Inc. has 12.4% gross margin and 1.4% operating margin.
Orion Group Holdings, Inc.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.