olivLaw · US equity research
Orion Group Holdings, Inc. ORN
Heavy Construction Other Than Bldg Const - Contractors · SIC 1600 · Vertical: Heavy Construction Other Than Bldg Const - Contractors (SIC 1600)
Orion Group Holdings is a specialty contractor focused on marine and concrete infrastructure, mainly in the United States. It reported contract revenues of 852.3 million USD in fiscal 2025, and it is trying to strengthen its position in large projects linked to defense, ports and data centers.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Orion Group Holdings, Inc. (ORN) stock was 7.84 USD (−11.11% on the day), with market capitalisation 318.8 m USD, P/E 50.9 on diluted EPS of 0.15 USD over the last 12 months, beta 1.64, 52-week range 7.84–17.14 USD. Latest reported quarter (Q3 2026): revenue of 256.2 m USD (+13.8% YoY), net income of 5.5 m USD (+65.8% YoY), diluted EPS 0.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.6
- weak (30–45)
- Bollinger (20, 2)
- 8.06 – 9.40
- below the lower band · %B -0.16 · band width 15.4%
- SMA 50 / 200
- 8.93 / 11.79
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.17 / -0.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.3% | −2.0% | −13.3 pp | — |
| 3 months | −24.1% | −2.2% | −21.9 pp | — |
| 6 months | −48.0% | +4.3% | −52.3 pp | — |
| Year to date | −21.1% | +10.6% | −31.7 pp | — |
| 1 year | −26.7% | +10.5% | −37.1 pp | −9.0% |
| 3 years | +77.8% | +73.7% | +4.1 pp | +52.0% |
| 5 years | +79.0% | +61.7% | +17.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 216.9 m | 188.7 m | 205.3 m | 225.1 m | 233.2 m | 216.3 m | 221.9 m | 256.2 m |
| Cost of revenue | 186.6 m | 165.6 m | 179.5 m | 195.3 m | 206.2 m | 190.4 m | 199.0 m | 223.0 m |
| Gross profit | 30.3 m | 23.0 m | 25.8 m | 29.8 m | 27.1 m | 25.9 m | 22.9 m | 33.1 m |
| SG&A | 21.6 m | 22.5 m | 22.8 m | 25.1 m | 23.1 m | 26.3 m | 24.4 m | 24.7 m |
| Operating income | 9.6 m | 833.0 k | 3.4 m | 5.3 m | 5.0 m | -795.0 k | -1.3 m | 8.5 m |
| Depreciation & amortisation | 3.6 m | 3.2 m | 3.1 m ≈ | 3.8 m ≈ | 3.6 m | 4.4 m | 5.3 m ≈ | 5.5 m ≈ |
| Interest expense | 3.0 m | 2.3 m | 2.9 m | 2.1 m | 1.5 m | 1.5 m | 2.5 m | 3.0 m |
| Pre-tax income | 6.8 m | -1.3 m | 629.0 k | 3.6 m | -67.0 k | -2.2 m | -3.7 m | 5.9 m |
| Income tax | 1.0 k | 140.0 k | -212.0 k | 317.0 k | 173.0 k | -6.9 m | 474.0 k | 388.0 k |
| Net income | 6.8 m | -1.4 m | 841.0 k | 3.3 m | -240.0 k | 4.7 m | -4.1 m | 5.5 m |
| Diluted EPS | 0.17 ≈ | -0.04 | 0.02 | 0.08 | -0.01 ≈ | 0.12 | -0.10 | 0.14 |
| Operating cash flow | 13.4 m | -3.4 m | -5.6 m ≈ | 23.3 m ≈ | 13.8 m | 4.9 m | -17.6 m ≈ | 2.0 m ≈ |
| Capex | 3.4 m | 9.0 m | 7.1 m ≈ | 9.3 m ≈ | 13.4 m | 8.6 m | 11.5 m ≈ | 8.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 65 percentile of its own 17-quarter history (min 4.9, median 30.0, max 783.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 520.9 m | 708.4 m | 709.9 m | 601.4 m | 748.3 m | 711.8 m | 796.4 m | 852.3 m |
| Revenue YoY | −10.0% | +36.0% | +0.2% | −15.3% | +24.4% | −4.9% | +11.9% | +7.0% |
| Net income | -94.4 m | -5.4 m | 20.2 m | -14.6 m | -12.6 m | -17.9 m | -1.6 m | 2.5 m |
| Net income YoY | −23,705.5% | unavailable | unavailable | −172.0% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -3.31 | -0.18 | 0.67 | -0.47 | -0.40 | -0.55 | -0.05 | 0.06 |
| Diluted EPS YoY | −33,200.0% | unavailable | unavailable | −170.1% | unavailable | unavailable | unavailable | unavailable |
| net % | -18.1% | -0.8% | 2.8% | -2.4% | -1.7% | -2.5% | -0.2% | 0.3% |
| Free cash flow | 4.2 m | -17.9 m | 31.3 m | -16.9 m | -5.0 m | 8.3 m | -1.4 m | -10.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.6 m USD
- Financial debt
- 7.9 m USD
- Net debt
- 6.3 m USD
- Equity
- 159.0 m USD
- Total assets
- 414.7 m USD
- Debt / equity
- 0.05x
- Current ratio
- 1.36x
- ROE
- 1.6%
- ROA
- 0.6%
- FCF margin
- -1.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 709.9 m | 601.4 m | 748.3 m | 711.8 m | 796.4 m | 852.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Cost of revenue | 625.2 m | 560.4 m | 697.6 m | 650.1 m | 705.2 m | 746.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Gross profit | 84.7 m | 41.0 m | 50.7 m | 61.7 m | 91.2 m | 105.6 m | SEC (XBRL)· 04 Mar 2026verified |
| SG&A | 65.1 m | 60.2 m | 62.5 m | 69.4 m | 82.5 m | 93.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Operating income | 26.6 m | -9.3 m | -8.0 m | -6.6 m | 11.5 m | 14.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Depreciation & amortisation | 23.9 m | 22.6 m | 20.9 m | 18.8 m | 15.5 m | 13.7 m | SEC (XBRL)· 04 Mar 2026verified |
| EBITDA | 50.5 m ≈ | 13.3 m ≈ | 12.9 m ≈ | 12.2 m ≈ | 27.1 m ≈ | 28.3 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Interest expense | 4.9 m | 5.1 m | 4.5 m | 11.7 m | 13.4 m | 8.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Pre-tax income | 22.2 m | -14.1 m | -12.2 m | -17.5 m | -1.3 m | 2.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | 2.0 m | 502.0 k | 429.0 k | 330.0 k | 348.0 k | 419.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Net income | 20.2 m | -14.6 m | -12.6 m | -17.9 m | -1.6 m | 2.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | 0.67 | -0.47 | -0.40 | -0.55 | -0.05 | 0.06 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 30.1 m | 30.8 m | 31.4 m | 32.3 m | 34.8 m | 39.6 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.6 m | 12.3 m | 3.8 m | 30.9 m | 28.3 m | 1.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Inventories | 1.5 m | 1.4 m | 2.9 m | 2.7 m | 2.0 m | 2.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Current assets | 235.4 m | 197.9 m | 220.3 m | 271.8 m | 269.3 m | 278.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Property, plant & equipment, net | 125.5 m | 106.7 m | 101.0 m | 87.8 m | 86.1 m | 88.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 10.1 m | 8.6 m | 7.3 m | 0 | — | — | SEC (XBRL)· 01 Mar 2024verified |
| Total assets | 414.2 m | 351.8 m | 367.2 m | 416.9 m | 417.3 m | 414.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Short-term debt | 4.3 m | 39.1 m | 35.0 m | 13.5 m | 426.0 k | 1.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Long-term debt | 29.5 m | 259.0 k | 716.0 k | 23.7 m | 22.8 m | 6.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Current liabilities | 180.6 m | 161.7 m | 189.2 m | 215.9 m | 191.2 m | 203.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Total liabilities | 254.7 m | 203.7 m | 229.4 m | 295.4 m | 266.6 m | 255.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | 159.5 m | 148.1 m | 137.8 m | 121.5 m | 150.7 m | 159.0 m | SEC (XBRL)· 04 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 46.0 m | 69.0 k | 9.6 m | 17.2 m | 12.7 m | 28.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Capex | 14.7 m | 17.0 m | 14.6 m | 8.9 m | 14.1 m | 38.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Free cash flow | 31.3 m ≈ | -16.9 m ≈ | -5.0 m ≈ | 8.3 m ≈ | -1.4 m ≈ | -10.8 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Investing cash flow | -3.1 m | 10.6 m | -9.7 m | 2.2 m | -11.5 m | -13.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | -42.4 m | 6.0 k | -8.4 m | 7.8 m | -3.8 m | -39.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Share repurchases | 188.0 k | — | — | — | — | — | SEC (XBRL)· 02 Mar 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 20 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 318.8 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet26
- Growth37
- Valuation12
- Quality18
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.28 – 6.59 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA3.32 – 5.07 (Mid 4.01)4 companies used · median multiple 8.8x · quartiles 7.9x – 10.2xGVA, KBR, ROAD, STRL
- Peers: P/E2.28 – 6.59 (Mid 4.22)4 companies used · median multiple 27.4x · quartiles 14.8x – 42.8xJ, KBR, ROAD, STRL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 20/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.2% | 17 (vs peers) | 13% |
| Net margin · Quality | 0.6% | 40 (vs peers) | 8% |
| FCF conversion · Quality | -664.5% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 4.4% | 37 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.4x | 33 (vs peers) | 13% |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.4x | 48 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 50.9x | 0 (on a fixed band) | 13% |
| EV/EBITDA · Valuation | 14.0x | 33 (vs peers) | 13% |
| FCF yield · Valuation | -12.0% | 0 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet26/100 · 3/3 factors with a value
- Growth· partial37/100 · 1/2 factors with a value
- Quality18/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation12/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ORION GROUP HOLDINGS, INC. (ORN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 852.3 m USD in 2025; YoY growth 7.0%; net margin 0.6%; ROE 3.5%; net debt/EBITDA 3.4x.
The estimated value range is 2.80–5.83 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 4.11 USD, the price of 7.84 USD leaves a potential of -47.5% (value / price − 1) and a margin of safety of -90.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 20/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 4.2%
- FCF conversion: -664.5%
- Interest coverage: 1.3x
- P/E (TTM): 50.9x
- FCF yield: -12.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Heavy Construction Other Than Bldg Const - Contractors (SIC 1600) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JJacobs Solutions Inc. | 18.7 bn | 54.2 | 9.6% | 2.4% | +4.6% | +19% / +52% |
| STRLSterling Infrastructure, Inc. | 8.7 bn | 15.9 | 43.3% | 12.9% | +17.7% | −18% / +347% |
| FLRFluor Corporation | 6.4 bn | — | -46.2% | -12.8% | −5.0% | +11% / +25% |
| GVAGranite Construction Inc | 5.8 bn | — | -25.2% | -5.0% | +10.4% | +23% / +188% |
| KBRKBR, Inc. | 5.0 bn | 11.4 | 27.4% | 5.7% | +1.0% | −4% / −23% |
| ROADConstruction Partners, Inc. | 1.9 bn | 38.9 | 15.0% | 4.1% | +54.2% | −9% / +137% |
| ORNOrion Group Holdings, Inc. | 318.8 m | 50.9 | 3.5% | 0.6% | +7.0% | −27% / +78% |
| SHIMShimmick Corporation | 98.8 m | — | — | -3.8% | +2.6% | −9% / −61% |
| SLNDSouthland Holdings, Inc. | 40.8 m | — | — | -67.0% | −21.2% | −76% / −86% |
| FERFerrovial N.V. | — | — | 14.8% | 9.2% | +5.2% | −10% / +79% |
| CDNLCardinal Infrastructure Group Inc | — | — | 7.4% | 2.7% | +44.7% | unavailable / unavailable |
1- and 3-year price returns: for ORN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.27 Total return -46% · Per year -46% | 7.55 Total return -4% · Per year -4% | 11.38 Total return 45% · Per year 45% |
| 3 years | 4.14 Total return -47% · Per year -19% | 8.24 Total return 5% · Per year 2% | 13.62 Total return 74% · Per year 20% |
| 5 years | 4.01 Total return -49% · Per year -13% | 8.98 Total return 15% · Per year 3% | 16.31 Total return 108% · Per year 16% |
- Exit P/E± 2.06
- Net margin± 1.44
- Annual revenue growth± 1.18
- Annual dilution± 0.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Orion Group Holdings is a specialty contractor focused on marine and concrete infrastructure, mainly in the United States. It reported contract revenues of 852.3 million USD in fiscal 2025, and it is trying to strengthen its position in large projects linked to defense, ports and data centers.
SWOT
Strengths
- The company has a specialized fleet, long marine experience and a safety record recognized by public and private clients 1.
- The concrete segment showed strong revenue and margin growth in the second quarter of 2026, which balances the variability of the marine business 3.
- The opportunity pipeline reported in mid 2026 is large, and the book-to-bill ratio points to solid demand 3.
Weaknesses
- Gross and net margins are relatively modest, and the company reported a net loss in the second quarter of 2026 13.
- The company relies on fixed-price contracts, and cost overruns can cut profitability without full recovery 1.
- The revised 2026 guidance points to difficulties in executing and timing marine projects 3.
Opportunities
Threats
- Publicly funded projects depend on government budgets that can be delayed or reduced, and competitive bidding squeezes margins 1.
- Rising costs of materials, fuel and labor could erode margins on projects in progress 1.
- Climate and weather risks, such as Gulf Coast hurricanes, can interrupt work and raise costs 1.
Risks
- Bonding capacityhigh
Large projects require performance bonds, and the company cannot be sure it will keep the capacity needed for future contracts 1.
- Fixed-price contractshigh
Most revenue comes from fixed-price contracts, where cost overruns or delays can lead to losses on a project 1.
- Dependence on the U.S. Navymedium
The Navy is the only customer whose loss would have a material effect on the company, and the Pearl Harbor project is a significant share of work 1.
- Client delays and project timingmedium
Delayed starts and lower equipment utilization reduced marine revenue in the second quarter of 2026 3.
- Debt after acquisitionsmedium
The JEM acquisition was partly funded with borrowings, and total debt remains significant relative to available cash 23.
Investment thesis
What would need to be true (bull case)
- A large opportunity pipeline and a high book-to-bill ratio suggest demand for the company's work remains solid, and the concrete segment shows strong growth 3.
- If defense and port projects materialize, the company could convert its backlog into revenue growth, as reflected in the revised 2026 guidance 3.
- Integrating the JEM acquisition could add dredging and port capabilities and strengthen the company's marine position 1.
What would break the thesis
- The marine segment declined in the second quarter of 2026, and the 2026 guidance was reduced, pointing to execution difficulties 3.
- Reliance on fixed-price contracts and competitive bidding could keep margins low even if revenue grows 1.
- Higher debt after acquisitions and limited available cash could restrict financial flexibility if projects are delayed 23.
What to watch
- Recovery of the marine segment and execution of projects started in 2026Q3 2026
- Integration of JEM and its contribution to backlog and revenue2026
- Delivery against the revised 2026 guidance for revenue and adjusted EBITDA2026
- Debt levels and bonding capacity trendsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Orion Group Holdings, Inc. is a specialty construction company headquartered in Houston, Texas, listed on the NYSE under the symbol ORN. Its work falls into two segments: marine, covering dredging, port, bridge and coastal protection structures, and concrete, offering construction services for commercial, industrial and data center buildings 1. In February 2026 the company completed the acquisition of J.E. McAmis, active in dredging and breakwater construction, which complements the marine segment 1.
Segments
Marine segment
The marine segment provides construction and dredging for ports, channels, underwater pipelines and environmental structures, for government and private clients in the continental United States, Alaska, Hawaii, Canada and the Caribbean 1. Marine backlog stood at 554 million USD on June 30 2026, compared with 480 million USD at the end of 2025 2. In the second quarter of 2026 marine revenue fell because of delayed project start-ups and lower equipment utilization 3.
Concrete segment
The concrete segment delivers pouring, finishing and rebar placement for commercial, industrial, residential and data center projects, mainly in Texas, Florida and Arizona 1. In the second quarter of 2026 this segment grew revenue by over 30% and adjusted EBITDA by over 45%, supported by site civil services and better utilization 3.
Market context
Demand for marine infrastructure and concrete construction is supported by federal transport and coastal funding, the modernization of the U.S. Navy and the expansion of data centers, according to the annual report 1. The company also describes a cycle of large projects awarded mainly through competitive bidding, where public clients are sensitive to government budgets 1.
Trends
- Defense modernization and Pacific infrastructuretailwind
The U.S. Navy has outlined planned investment to upgrade shipyards and waterfront infrastructure in the Pacific, and the Pearl Harbor dry dock project strengthens the company's position 1. If these programs proceed, they could generate long-term contracts.
- Data centers and industrial buildingstailwind
Demand for data centers and industrial distribution facilities is rising, and in the second quarter of 2026 the company reported new data center awards 13. This demand could offset pressures in other areas.
- Federal funding for ports and infrastructuremixed
Funding for ports, waterways and coastal resilience can generate new dredging and modernization projects 1. However, these funds are allocated unevenly, and their timing can delay projects.
- Costs, interest rates and project delaysheadwind
Rising material prices, higher interest rates and client-side delays can reduce margins or postpone projects. In 2026 the company showed that start-up delays in the marine segment weighed on revenue 3.
Competitive position
Both segments are highly fragmented. In marine construction the company competes with several regional firms and a few national firms, while in concrete most competitors are small local or large regional companies 1. Barriers to entry include bonding capacity, specialized equipment and technical expertise 1.
The company differentiates itself through a specialized fleet, technical problem-solving and a strong safety record, which it highlights with public and private clients 1. Open competitive bidding, however, keeps constant pressure on prices.
- Regional marine construction firms
Local and regional competitors in the marine segment, named generically in the annual report without individual identification.
- National marine construction firms
A few national companies competing for port and marine infrastructure projects.
- Local concrete construction companies
Small and local firms competing for commercial and residential concrete work.
- Regional and national construction companies
Large companies competing in concrete, mostly on private-sector projects.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Oct 2026Departure or appointment of officers
- Current report21 Sept 2026Departure or appointment of officers
- Current report (amendment)04 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report20 May 2026Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Orion Group Holdings, Inc. · 04 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Orion Group Holdings, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Orion Group Holdings, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.