Orion Group Holdings, Inc.
ORN Industrials Engineering & Construction
Orion Group Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $852.3 million, up 7.01% from fiscal 2024. In the quarter to June 2026, revenue grew 8.08%, EPS fell 600.0%, free cash flow fell 140.9% and total debt rose 161.7%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Orion Group Holdings, Inc. (ORN) Altman Z-score
Orion Group Holdings, Inc.'s Altman Z-score for fiscal 2025 is 3.10, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.10 | 0.52 |
| FY2024 | 2.58 | 0.65 |
| FY2023 | 1.93 | (0.16) |
| FY2022 | 2.09 | 0.13 |
| FY2021 | 1.96 | (0.42) |
| FY2020 | 2.38 | 0.15 |
| FY2019 | 2.23 | 1.14 |
| FY2018 | 1.09 | (1.31) |
| FY2017 | 2.40 | (0.07) |
| FY2016 | 2.47 | 0.82 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.18 | — | 0.21 | |
| Retained earnings / total assets | (0.15) | — | −0.21 | |
| EBIT / total assets | 0.04 | — | 0.12 | |
| Market value of equity / total liabilities | 1.54 | — | 0.92 | |
| Sales / total assets | 2.06 | — | 2.06 | |
| Altman Z-score | Safe zone | 3.10 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.58 | ||
Z and Z″ put Orion Group Holdings, Inc. in different zones: safe zone by Z, grey zone by Z″.
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 |
|---|---|
| PHOE Phoenix Asia Holdings Limited compare | 166× |
| MAGH Magnitude International Ltd compare | 22.9× |
| WLDN Willdan Group, Inc. compare | 5.7× |
| ORN Orion Group Holdings, Inc. | 3.1× |
| CDNL Cardinal Infrastructure Group Inc. compare | 2.7× |
| BWMN Bowman Consulting Group Ltd. compare | 1.9× |
| MTRX Matrix Service Company compare | 1.9× |
| AMRC Ameresco, Inc. compare | 1.1× |
| BBCP CONCRETE PUMPING HOLDINGS, INC. compare | 0.9× |
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