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) Piotroski F-score
Orion Energy Systems, Inc.'s Piotroski F-score for fiscal 2026 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 6 | 2.00 |
| FY2025 | 4 | 0.00 |
| FY2024 | 4 | 3.00 |
| FY2023 | 1 | (3.00) |
| FY2022 | 4 | (1.00) |
| FY2021 | 5 | (3.00) |
| FY2020 | 8 | 5.00 |
| FY2019 | 3 | 0.00 |
| FY2018 | 3 | (1.00) |
| FY2017 | 4 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (6.08%) | (20.41%) | Fail | 0 |
| Positive operating cash flow | (1.08m) | 599.00k | Fail | 0 |
| Rising return on assets | (6.08%) | (20.41%) | Pass | 1 |
| Cash flow above net income | 2.08m | 12.40m | Pass | 1 |
| Falling long-term leverage | 0.11 | 0.17 | Pass | 1 |
| Rising current ratio | 1.41 | 1.32 | Pass | 1 |
| No new shares issued | 3,560,700 | 3,282,900 | Fail | 0 |
| Rising gross margin | 32.55% | 25.38% | Pass | 1 |
| Rising asset turnover | 1.66 | 1.38 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| RFIL RF Industries, Ltd. compare | 8 |
| OESX Orion Energy Systems, Inc. | 6 |
| ESP Espey Mfg. & Electronics Corp. compare | 5 |
| ULBI Ultralife Corporation compare | 4 |
| NEOV NeoVolta, Inc. compare | 4 |
| SKYX SKYX Platforms Corp. compare | 3 |
| CBAT China BAK Battery, Inc. compare | 3 |
| TGEN Tecogen Inc. compare | 2 |
| NVX NOVONIX Limited Sponsored ADR compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover