Orion Energy Systems, Inc.
OESX Industrials Electrical Equipment & Parts
Orion Energy Systems, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $86.3 million, up 8.26% from fiscal 2025. In the quarter to June 2026, revenue grew 31.5%, EPS grew 220.0%, free cash flow grew 336.1% and total debt fell 23.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Orion Energy Systems, Inc. (OESX) Altman Z-score
Orion Energy Systems, Inc.'s Altman Z-score for fiscal 2026 is −0.85, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −0.85 | 0.82 |
| FY2025 | −1.67 | (0.99) |
| FY2024 | −0.68 | (0.68) |
| FY2023 | −0.00 | (3.69) |
| FY2022 | 3.69 | (0.88) |
| FY2021 | 4.57 | 1.55 |
| FY2020 | 3.02 | 4.04 |
| FY2019 | −1.02 | 0.53 |
| FY2018 | −1.55 | (1.91) |
| FY2017 | 0.36 | 0.29 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.21 | — | 0.26 | |
| Retained earnings / total assets | (2.29) | — | −3.20 | |
| EBIT / total assets | (0.03) | — | −0.11 | |
| Market value of equity / total liabilities | 0.89 | — | 0.53 | |
| Sales / total assets | 1.67 | — | 1.67 | |
| Altman Z-score | Distress zone | −0.85 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.77 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ESP Espey Mfg. & Electronics Corp. compare | 5.2× |
| NEOV NeoVolta, Inc. compare | 3.8× |
| TGEN Tecogen Inc. compare | 3.7× |
| RFIL RF Industries, Ltd. compare | 2.9× |
| ULBI Ultralife Corporation compare | 1.6× |
| CBAT China BAK Battery, Inc. compare | −0.3× |
| OESX Orion Energy Systems, Inc. | −0.8× |
| NVX NOVONIX Limited Sponsored ADR compare | −1.6× |
| SKYX SKYX Platforms Corp. compare | −3.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets