What is Orion's operating income?

Orion's total operating income in 2025 was $27.50 million, based on the following breakdown: Total Gross Profit: $359.80 million Total Operating Expenses: $332.30 million

Orion (OEC) Financials

$6.01 +0.32 (+5.69%)

Closing price 07/13/2026 03:59 PM Eastern

Extended Trading

$5.82 -0.19 (-3.14%)

As of 08:47 AM Eastern

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Annual Income Statements for Orion

This table shows Orion's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	47	50	65	121	87	18	135	106	104	44	-70
Consolidated Net Income / (Loss)	47	50	65	121	87	18	135	106	104	44	-70
Net Income / (Loss) Continuing Operations	47	50	65	121	87	18	135	106	104	44	-70
Total Pre-Tax Income	72	73	84	168	120	26	186	157	163	53	-35
Total Operating Income	216	117	138	196	147	74	229	197	205	103	28
Total Gross Profit	348	374	378	430	390	292	387	449	451	429	360
Total Revenue	1,208	1,139	1,328	1,578	1,476	1,136	1,547	2,031	1,894	1,878	1,807
Operating Revenue	1,208	1,139	1,328	1,578	1,476	1,136	1,547	2,031	1,894	1,878	1,807
Total Cost of Revenue	860	765	951	1,148	1,087	844	1,160	1,582	1,443	1,449	1,447
Operating Cost of Revenue	860	765	951	1,148	1,087	844	1,160	1,582	1,443	1,449	1,447
Total Operating Expenses	132	258	240	234	243	218	158	252	246	326	332
Selling, General & Admin Expense	67	212	215	238	207	176	210	227	222	238	231
Research & Development Expense	15	16	18	20	20	20	22	22	25	27	28
Other Operating Expenses / (Income)	50	-	-	-	16	22	8.60	2.90	-0.70	61	-6.70
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	0.00	81
Total Other Income / (Expense), net	-170	-43	-54	-29	-28	-49	-43	-40	-42	-49	-62
Interest & Investment Income	-	-	-	-	-	-	-	-40	-51	-49	-62
Other Income / (Expense), net	-170	-0.10	-9.69	0.00	0.00	-9.90	-4.80	0.00	8.90	0.00	0.00
Income Tax Expense	-	24	20	47	33	8.10	52	52	60	9.70	36
Other Gains / (Losses), net	-	0.46	0.55	0.59	0.60	0.50	0.70	0.50	0.50	0.60	0.50
Basic Earnings per Share	$0.72	$0.83	$1.09	$2.04	$1.45	$0.30	$2.22	$1.74	$1.75	$0.76	($1.24)
Weighted Average Basic Shares Outstanding	59.64M	59.35M	59.32M	59.57M	59.99M	60.43M	60.71M	60.90M	59.00M	58.22M	56.32M
Diluted Earnings per Share	$0.72	$0.82	$1.07	$1.99	$1.42	$0.30	$2.21	$1.73	$1.73	$0.76	($1.24)
Weighted Average Diluted Shares Outstanding	59.64M	60.15M	60.67M	61.05M	61.30M	61.41M	60.95M	61.38M	59.98M	58.37M	56.32M
Weighted Average Basic & Diluted Shares Outstanding	119.47M	59.35M	59.32M	59.52M	60.22M	60.51M	60.66M	59.98M	57.90M	56.65M	56.27M
Cash Dividends to Common per Share	-	$0.74	$0.77	$0.80	$0.80	$0.20	$0.02	$0.08	$0.08	$0.08	$0.08

This table shows Orion's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	26	4.90	27	21	-20	17	9.10	9.00	-67	-21	-9.90
Consolidated Net Income / (Loss)	26	4.90	27	21	-20	17	9.10	9.00	-67	-21	-9.90
Net Income / (Loss) Continuing Operations	26	4.90	27	21	-20	17	9.10	9.00	-67	-21	-9.90
Total Pre-Tax Income	35	20	40	29	-31	15	18	13	-68	2.80	-3.30
Total Operating Income	46	27	53	42	-15	24	31	32	-54	18	11
Total Gross Profit	110	87	122	110	108	89	98	98	86	78	79
Total Revenue	466	468	503	477	463	434	478	466	451	412	460
Operating Revenue	466	468	503	477	463	434	478	466	451	412	460
Total Cost of Revenue	356	381	381	367	356	345	380	368	365	334	380
Operating Cost of Revenue	356	381	381	367	356	345	380	368	365	334	380
Total Operating Expenses	65	60	69	68	123	66	67	66	139	60	68
Selling, General & Admin Expense	56	54	62	60	58	58	58	58	58	57	59
Research & Development Expense	6.20	6.20	6.60	6.50	7.00	7.00	6.60	6.50	6.90	7.50	7.30
Other Operating Expenses / (Income)	2.70	0.30	1.30	1.40	58	2.00	1.90	2.10	-5.90	-4.80	1.40
Total Other Income / (Expense), net	-11	-7.10	-13	-12	-16	-8.60	-14	-19	-14	-15	-15
Interest & Investment Income	-13	-	-13	-12	-16	-	-14	-19	-14	-15	-15
Income Tax Expense	8.90	15	14	9.10	-11	-2.10	8.90	4.60	-0.50	23	6.70
Other Gains / (Losses), net	0.10	0.10	0.10	0.20	0.20	0.10	0.50	0.60	0.50	-1.10	0.10
Basic Earnings per Share	$0.45	$0.09	$0.46	$0.35	($0.35)	$0.30	$0.16	$0.16	($1.20)	($0.36)	($0.18)
Weighted Average Basic Shares Outstanding	58.57M	59.00M	58.64M	58.39M	58.19M	58.22M	57.06M	56.15M	56.05M	56.32M	56.38M
Diluted Earnings per Share	$0.44	$0.08	$0.45	$0.35	($0.35)	$0.31	$0.16	$0.16	($1.20)	($0.36)	($0.18)
Weighted Average Diluted Shares Outstanding	59.25M	59.98M	59.23M	59.19M	58.74M	58.37M	57.20M	56.32M	56.25M	56.32M	56.38M
Weighted Average Basic & Diluted Shares Outstanding	58.04M	57.90M	58.31M	58.36M	57.72M	56.65M	56.27M	56.15M	56.15M	56.27M	56.39M
Cash Dividends to Common per Share	$0.02	-	$0.02	$0.04	$0.02	-	$0.02	$0.04	$0.02	-	$0.02

This table details how cash moves in and out of Orion's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-32	7.10	-11	-9.84	7.10	-6.10	3.80	-2.50	-24	7.90	14
Net Cash From Operating Activities	129	177	148	122	232	125	145	81	346	125	216
Net Cash From Continuing Operating Activities	129	177	148	122	232	125	145	81	346	125	216
Net Income / (Loss) Continuing Operations	0.00	50	65	121	87	18	135	106	104	44	-70
Consolidated Net Income / (Loss)	-	50	65	121	87	18	135	106	104	44	-70
Depreciation Expense	-	88	98	98	97	97	104	106	113	125	132
Amortization Expense	-	4.04	4.17	2.22	2.10	2.10	4.10	1.90	2.70	1.50	2.00
Non-Cash Adjustments To Reconcile Net Income	141	19	9.60	18	1.90	12	3.70	-4.70	12	15	95
Changes in Operating Assets and Liabilities, net	-12	17	-29	-118	44	-3.40	-101	-128	114	-61	58
Net Cash From Investing Activities	-56	-69	-90	-88	-156	-145	-215	-233	-173	-207	-161
Net Cash From Continuing Investing Activities	-56	-69	-90	-88	-156	-145	-215	-233	-173	-207	-161
Purchase of Property, Plant & Equipment	-56	-71	-90	-116	-156	-145	-215	-233	-173	-207	-161
Net Cash From Financing Activities	-105	-102	-68	-44	-69	14	73	149	-197	89	-41
Net Cash From Continuing Financing Activities	-105	-102	-68	-44	-69	14	73	149	-197	89	-41
Repayment of Debt	-62	-54	-34	-9.03	-16	-9.40	-216	-4.70	-5.70	-4.30	-14
Repurchase of Common Equity	-	-3.77	0.00	-4.93	-	0.00	0.00	-4.30	-66	-27	-25
Payment of Dividends	-43	-44	-46	-48	-48	-12	0.00	-5.00	-4.90	-4.80	-4.70
Issuance of Debt	0.00	0.00	12	-	0.00	0.00	213	48	13	0.00	0.00
Other Financing Activities, net	-	0.00	-0.49	18	-4.40	35	76	116	-134	125	1.80
Cash Interest Paid	-	42	26	24	20	21	23	34	39	49	54
Cash Income Taxes Paid	26	20	40	60	24	7.90	38	24	56	47	41

This table details how cash moves in and out of Orion's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-19	-22	6.30	-8.90	17	-6.50	-7.00	3.70	8.40	8.50	-8.90
Net Cash From Operating Activities	68	72	32	29	-31	95	0.40	54	69	93	-12
Net Cash From Continuing Operating Activities	68	72	32	29	-31	95	0.40	54	69	93	-12
Net Income / (Loss) Continuing Operations	26	4.90	27	21	-20	17	9.10	9.00	-67	-21	-9.90
Consolidated Net Income / (Loss)	26	4.90	27	21	-20	17	9.10	9.00	-67	-21	-9.90
Depreciation Expense	28	32	29	30	31	35	32	32	34	35	33
Amortization Expense	0.70	0.70	0.40	0.40	0.30	0.40	0.40	0.40	0.40	0.80	1.20
Non-Cash Adjustments To Reconcile Net Income	9.50	3.10	-0.30	3.10	-2.20	13	-4.50	2.50	80	17	18
Changes in Operating Assets and Liabilities, net	3.20	31	-23	-25	-40	29	-36	9.80	22	62	-55
Net Cash From Investing Activities	-42	-62	-33	-55	-48	-71	-29	-42	-41	-49	-36
Net Cash From Continuing Investing Activities	-42	-62	-33	-55	-48	-71	-29	-42	-41	-49	-36
Purchase of Property, Plant & Equipment	-42	-62	-33	-55	-48	-71	-29	-42	-41	-49	-36
Net Cash From Financing Activities	-44	-32	7.00	17	96	-30	22	-7.80	-20	-36	40
Net Cash From Continuing Financing Activities	-44	-32	7.00	17	96	-30	22	-7.80	-20	-36	40
Repayment of Debt	-0.80	-3.20	-0.90	-1.40	-0.70	-1.30	-0.80	-3.60	-4.30	-4.80	-12
Repurchase of Common Equity	-9.40	-6.70	0.00	-6.80	-11	-8.70	-20	-5.00	-	-	-0.80
Payment of Dividends	-1.20	-1.20	-1.20	-1.20	-1.20	-1.20	-1.20	-1.20	-1.10	-1.20	-1.20
Other Financing Activities, net	-38	-21	9.10	26	109	-19	44	2.00	-14	-30	54

This table presents Orion's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,051	1,164	1,273	1,257	1,390	1,631	1,889	1,833	1,857	1,908
Total Current Assets	435	522	575	508	501	665	779	646	613	644
Cash & Equivalents	78	72	57	64	65	66	61	38	44	61
Accounts Receivable	200	234	263	213	235	289	368	241	212	214
Inventories, net	120	159	184	165	142	230	278	287	290	277
Prepaid Expenses	-	35	35	37	48	69	67	74	54	67
Current Deferred & Refundable Income Taxes	8.10	17	24	18	11	12	5.20	6.10	13	25
Plant, Property, & Equipment, net	408	462	484	534	0.00	708	819	900	965	1,070
Total Noncurrent Assets	207	180	214	216	889	174	194	287	279	194
Long-Term Investments	4.90	5.59	5.33	5.23	5.60	5.30	5.00	5.10	8.00	13
Intangible Assets	82	71	95	51	47	36	28	26	19	14
Noncurrent Deferred & Refundable Income Taxes	64	38	52	49	53	50	29	30	22	21
Other Noncurrent Operating Assets	5.30	7.45	5.65	34	700	3.50	59	151	159	146
Total Liabilities & Shareholders' Equity	1,051	1,164	1,273	1,257	1,390	1,631	1,889	1,833	1,857	1,908
Total Liabilities	995	1,069	1,114	1,071	1,209	1,311	1,429	1,355	1,382	1,523
Total Current Liabilities	230	285	320	285	325	449	553	440	517	626
Short-Term Debt	-	6.02	41	36	83	152	258	137	259	305
Accounts Payable	129	170	164	156	131	195	184	184	156	197
Accrued Expenses	-	59	56	45	49	51	45	42	40	50
Current Deferred & Payable Income Tax Liabilities	18	16	28	14	24	17	31	34	4.80	20
Other Current Liabilities	83	34	30	33	38	34	34	44	57	54
Total Noncurrent Liabilities	765	784	794	786	884	863	877	915	866	897
Long-Term Debt	-	681	644	630	656	631	657	677	647	675
Noncurrent Deferred & Payable Income Tax Liabilities	47	20	46	43	39	62	70	66	37	28
Noncurrent Employee Benefit Liabilities	58	65	60	72	83	74	50	60	59	58
Other Noncurrent Operating Liabilities	660	18	44	41	106	95	100	111	124	136
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	59	95	159	186	181	320	459	479	475	385
Total Preferred & Common Equity	56	95	159	186	181	320	459	479	475	385
Total Common Equity	59	95	159	186	181	320	459	479	475	385
Common Stock	63	186	148	151	154	157	162	171	170	166
Retained Earnings	-	-82	39	78	84	218	319	418	457	382
Treasury Stock	-3.59	-3.77	-8.68	-8.52	-8.50	-6.30	-8.80	-70	-82	-91
Accumulated Other Comprehensive Income / (Loss)	-	-5.32	-20	-34	-49	-49	-13	-40	-70	-72

This table presents Orion's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,843	1,889	1,843	1,834	1,875	1,909	1,996	1,968	2,025	1,964	1,931
Total Current Assets	791	757	700	681	678	678	718	689	683	684	662
Cash & Equivalents	43	77	77	59	44	34	53	38	43	51	51
Accounts Receivable	404	335	270	267	270	272	268	274	270	265	271
Inventories, net	267	271	269	277	278	285	307	297	286	279	251
Prepaid Expenses	70	61	69	69	78	78	76	68	70	73	72
Current Deferred & Refundable Income Taxes	6.90	13	15	8.90	8.50	9.20	15	13	15	16	17
Plant, Property, & Equipment, net	732	0.00	0.00	0.00	898	920	963	982	1,031	1,046	1,062
Total Noncurrent Assets	227	1,132	1,144	1,153	188	311	316	297	312	235	207
Long-Term Investments	4.40	5.20	5.30	4.80	5.10	5.00	7.40	10	11	12	14
Intangible Assets	27	27	26	25	23	23	22	18	17	16	12
Noncurrent Deferred & Refundable Income Taxes	58	41	36	38	43	44	56	46	66	58	28
Other Noncurrent Operating Assets	71	983	1,002	1,012	42	166	153	149	136	149	153
Total Liabilities & Shareholders' Equity	1,843	1,889	1,843	1,834	1,875	1,909	1,996	1,968	2,025	1,964	1,931
Total Liabilities	1,413	1,428	1,379	1,351	1,382	1,405	1,520	1,502	1,558	1,562	1,551
Total Current Liabilities	548	531	476	449	469	489	578	602	621	635	660
Short-Term Debt	261	230	189	149	145	174	294	313	342	330	351
Accounts Payable	178	184	170	171	184	186	175	180	173	181	168
Accrued Expenses	44	33	36	44	37	38	43	35	31	38	63
Current Deferred & Payable Income Tax Liabilities	23	37	35	37	41	30	12	11	17	21	13
Other Current Liabilities	43	47	47	48	62	61	55	63	58	65	65
Total Noncurrent Liabilities	865	897	903	902	914	916	942	900	938	927	892
Long-Term Debt	618	665	667	663	669	661	677	660	680	681	663
Noncurrent Deferred & Payable Income Tax Liabilities	87	80	74	80	75	75	79	55	61	43	38
Noncurrent Employee Benefit Liabilities	65	52	52	51	60	60	63	61	67	67	57
Other Noncurrent Operating Liabilities	95	101	111	107	110	120	124	125	130	136	133
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	431	461	464	483	492	504	476	466	467	402	380
Total Preferred & Common Equity	431	461	464	483	492	504	476	466	467	402	380
Total Common Equity	431	461	464	483	492	504	476	466	467	402	380
Common Stock	159	159	161	164	159	162	166	158	159	163	156
Retained Earnings	307	360	388	413	443	461	440	465	472	403	371
Treasury Stock	-4.70	-35	-54	-63	-64	-63	-74	-88	-90	-90	-81
Accumulated Other Comprehensive Income / (Loss)	-31	-23	-30	-31	-47	-56	-56	-69	-74	-74	-67

This table displays calculated financial ratios and metrics derived from Orion's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-5.69%	16.59%	18.81%	-6.45%	-23.03%	36.11%	31.30%	-6.75%	-0.87%	-3.77%
EBITDA Growth	0.00%	348.34%	10.46%	28.59%	-17.08%	-33.66%	103.37%	-8.20%	8.27%	-30.43%	-29.67%
EBIT Growth	0.00%	150.53%	9.83%	53.14%	-25.01%	-56.18%	246.82%	-11.89%	8.68%	-52.05%	-73.22%
NOPAT Growth	0.00%	-63.94%	35.17%	33.98%	-24.85%	-51.94%	223.04%	-19.62%	-2.29%	-35.12%	-77.09%
Net Income Growth	0.00%	6.28%	31.01%	87.03%	-28.37%	-79.06%	640.11%	-21.16%	-2.54%	-57.29%	-258.60%
EPS Growth	0.00%	13.89%	30.49%	85.98%	-28.64%	-78.87%	636.67%	-21.72%	0.00%	-56.07%	-263.16%
Operating Cash Flow Growth	0.00%	37.66%	-16.74%	-17.43%	89.78%	-45.87%	15.88%	-44.21%	327.04%	-63.78%	72.23%
Free Cash Flow Firm Growth	0.00%	0.00%	-671.11%	110.23%	60.62%	-113.61%	572.64%	-297.31%	168.75%	-93.70%	906.17%
Invested Capital Growth	0.00%	0.00%	2,264.33%	10.89%	0.31%	8.32%	11.56%	27.91%	3.21%	6.26%	-2.88%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-0.59%	5.24%	3.54%	0.32%	-1.78%	-1.23%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-4.61%	-2.66%	7.36%	0.00%	-1.29%	-3.53%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-12.99%	-4.85%	14.13%	-2.99%	-5.35%	-17.17%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-12.83%	-6.35%	9.64%	-7.58%	47.46%	-17.17%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-35.45%	-5.51%	11.67%	-6.59%	38.56%	-120.44%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-36.17%	-6.36%	12.34%	-5.98%	43.40%	-117.54%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-30.84%	-5.87%	1,025.00%	-6.87%	21.65%	-0.74%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	71.79%	-41.39%	15.69%	105.81%	-5.26%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	3.80%	-0.84%	3.61%	1.57%	-4.16%	-4.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.81%	32.87%	28.43%	27.24%	26.40%	25.72%	24.99%	22.10%	23.81%	22.84%	19.91%
EBITDA Margin	3.86%	18.33%	17.37%	18.80%	16.66%	14.36%	21.46%	15.00%	17.42%	12.22%	8.93%
Operating Margin	17.92%	10.25%	10.38%	12.44%	9.97%	6.55%	14.77%	9.71%	10.84%	5.47%	1.52%
EBIT Margin	3.86%	10.24%	9.65%	12.44%	9.97%	5.68%	14.46%	9.71%	11.31%	5.47%	1.52%
Profit (Net Income) Margin	3.86%	4.35%	4.88%	7.69%	5.89%	1.60%	8.71%	5.23%	5.46%	2.35%	-3.88%
Tax Burden Percent	64.27%	67.44%	77.17%	72.35%	72.66%	70.54%	72.54%	67.56%	63.38%	82.93%	201.44%
Interest Burden Percent	155.60%	62.90%	65.57%	85.41%	81.25%	40.00%	83.01%	79.76%	76.24%	51.90%	-126.55%
Effective Tax Rate	0.00%	33.19%	23.48%	28.00%	27.84%	31.40%	27.84%	32.76%	36.93%	18.20%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	31.40%	19.02%	13.57%	6.25%	18.36%	12.28%	10.52%	6.52%	1.47%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	15.69%	15.77%	10.41%	1.06%	13.70%	8.46%	7.11%	1.62%	-8.69%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	52.59%	76.42%	36.82%	3.67%	35.44%	14.98%	11.55%	2.76%	-17.78%
Return on Equity (ROE)	0.00%	83.71%	83.99%	95.44%	50.39%	9.92%	53.80%	27.26%	22.07%	9.27%	-16.31%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-89.65%	8.70%	13.27%	-1.73%	7.44%	-12.21%	7.36%	0.44%	4.39%
Operating Return on Assets (OROA)	0.00%	11.11%	11.57%	16.11%	11.63%	4.87%	14.81%	11.20%	11.51%	5.57%	1.46%
Return on Assets (ROA)	0.00%	4.71%	5.86%	9.95%	6.87%	1.38%	8.92%	6.03%	5.56%	2.40%	-3.72%
Return on Common Equity (ROCE)	0.00%	83.71%	83.99%	95.44%	50.39%	9.92%	53.80%	27.26%	22.07%	9.27%	-16.31%
Return on Equity Simple (ROE_SIMPLE)	0.00%	88.99%	68.06%	76.35%	46.72%	10.06%	42.13%	23.12%	21.63%	9.31%	0.00%
Net Operating Profit after Tax (NOPAT)	216	78	105	141	106	51	165	133	129	84	19
NOPAT Margin	17.92%	6.85%	7.94%	8.96%	7.19%	4.49%	10.66%	6.53%	6.84%	4.47%	1.07%
Net Nonoperating Expense Percent (NNEP)	0.00%	-62.24%	15.70%	3.25%	3.17%	5.19%	4.66%	3.82%	3.41%	4.90%	10.16%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.64%	10.02%	6.08%	1.41%
Cost of Revenue to Revenue	71.19%	67.13%	71.57%	72.76%	73.60%	74.28%	75.01%	77.90%	76.19%	77.16%	80.09%
SG&A Expenses to Revenue	5.59%	18.56%	16.19%	15.08%	14.01%	15.50%	13.60%	11.18%	11.72%	12.67%	12.77%
R&D to Revenue	1.21%	1.41%	1.37%	1.29%	1.35%	1.78%	1.42%	1.07%	1.29%	1.44%	1.52%
Operating Expenses to Revenue	10.89%	22.61%	18.05%	14.81%	16.43%	19.17%	10.22%	12.39%	12.97%	17.37%	18.39%
Earnings before Interest and Taxes (EBIT)	47	117	128	196	147	65	224	197	214	103	28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	47	209	231	297	246	163	332	305	330	230	161
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	8.85	6.03	5.67	3.45	2.34	3.35	1.92	0.77
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	173.55	19.31	20.66	5.37	3.00	4.25	2.37	0.80
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.89	0.76	0.90	0.71	0.53	0.85	0.49	0.16
Price to Earnings (P/E)	0.00	0.00	0.00	11.60	12.90	56.41	8.18	10.12	15.49	20.62	0.00
Dividend Yield	6.55%	5.32%	1.66%	3.37%	4.25%	4.71%	0.00%	0.47%	0.37%	0.52%	1.57%
Earnings Yield	0.00%	0.00%	0.00%	8.62%	7.75%	1.77%	12.22%	9.88%	6.46%	4.85%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	2.60	2.19	2.00	1.92	1.59	1.90	1.33	0.93
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	1.29	1.16	1.49	1.17	0.95	1.25	0.94	0.67
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	6.84	6.99	10.38	5.47	6.32	7.20	7.69	7.45
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	10.34	11.68	26.27	8.11	9.76	11.09	17.19	43.72
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	14.36	16.18	33.20	11.00	14.52	18.34	21.01	62.45
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	16.63	7.43	13.52	12.50	23.76	6.87	14.09	5.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	31.40	16.56	0.00	27.17	0.00	26.22	309.12	20.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	7.21	4.31	3.58	4.08	2.45	1.99	1.70	1.91	2.55
Long-Term Debt to Equity	0.00	0.00	7.15	4.05	3.39	3.62	1.97	1.43	1.42	1.36	1.75
Financial Leverage	0.00	-1.55	3.35	4.85	3.54	3.45	2.59	1.77	1.62	1.70	2.05
Leverage Ratio	0.00	17.76	14.34	9.59	7.34	7.21	6.03	4.52	3.97	3.87	4.38
Compound Leverage Factor	0.00	11.17	9.40	8.19	5.96	2.89	5.01	3.60	3.03	2.01	-5.54
Debt to Total Capital	0.00%	0.00%	87.82%	81.17%	78.19%	80.31%	71.00%	66.58%	62.99%	65.60%	71.81%
Short-Term Debt to Total Capital	0.00%	0.00%	0.77%	4.86%	4.27%	8.98%	13.76%	18.79%	10.60%	18.74%	22.36%
Long-Term Debt to Total Capital	0.00%	0.00%	87.05%	76.30%	73.92%	71.33%	57.25%	47.79%	52.39%	46.86%	49.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	100.00%	12.18%	18.83%	21.82%	19.69%	29.00%	33.42%	37.01%	34.40%	28.19%
Debt to EBITDA	0.00	0.00	2.98	2.31	2.71	4.52	2.36	3.00	2.47	3.95	6.07
Net Debt to EBITDA	0.00	0.00	2.64	2.10	2.43	4.09	2.14	2.79	2.34	3.72	5.61
Long-Term Debt to EBITDA	0.00	0.00	2.95	2.17	2.56	4.02	1.90	2.16	2.05	2.82	4.18
Debt to NOPAT	0.00	0.00	6.51	4.84	6.28	14.47	4.75	6.91	6.29	10.78	50.88
Net Debt to NOPAT	0.00	0.00	5.78	4.40	5.63	13.09	4.32	6.41	5.96	10.16	47.05
Long-Term Debt to NOPAT	0.00	0.00	6.46	4.55	5.93	12.85	3.83	4.96	5.23	7.70	35.04
Altman Z-Score	0.00	0.00	0.00	2.79	2.49	1.72	2.25	2.25	2.58	2.00	1.40
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.89	1.83	1.80	1.78	1.54	1.48	1.41	1.47	1.19	1.03
Quick Ratio	0.00	1.21	1.08	1.00	0.97	0.92	0.79	0.78	0.63	0.50	0.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	111	-632	65	104	-14	67	-132	91	5.71	57
Operating Cash Flow to CapEx	230.17%	259.02%	163.64%	236.93%	148.59%	86.47%	67.63%	34.79%	200.17%	60.62%	134.04%
Free Cash Flow to Firm to Interest Expense	0.00	2.55	-14.31	2.26	3.76	-0.37	1.76	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	4.10	3.35	4.26	8.39	3.24	3.82	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	2.52	1.30	2.46	2.74	-0.51	-1.83	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.08	1.20	1.30	1.17	0.86	1.02	1.15	1.02	1.02	0.96
Accounts Receivable Turnover	0.00	5.68	6.11	6.35	6.21	5.08	5.91	6.19	6.22	8.29	8.49
Inventory Turnover	0.00	6.36	6.80	6.70	6.24	5.51	6.25	6.23	5.11	5.02	5.10
Fixed Asset Turnover	0.00	2.79	3.05	3.34	2.90	0.00	0.00	2.66	2.20	2.01	1.78
Accounts Payable Turnover	0.00	5.92	6.36	6.89	6.79	5.87	7.11	8.34	7.85	8.52	8.19
Days Sales Outstanding (DSO)	0.00	64.21	59.72	57.48	58.76	71.84	61.79	59.01	58.67	44.02	42.98
Days Inventory Outstanding (DIO)	0.00	57.41	53.68	54.51	58.51	66.22	58.41	58.56	71.46	72.75	71.61
Days Payable Outstanding (DPO)	0.00	61.71	57.38	52.96	53.72	62.16	51.33	43.74	46.52	42.82	44.55
Cash Conversion Cycle (CCC)	0.00	59.91	56.02	59.03	63.56	75.91	68.87	73.84	83.61	73.96	70.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-33	705	781	784	849	947	1,211	1,250	1,329	1,290
Invested Capital Turnover	0.00	-69.99	3.95	2.12	1.89	1.39	1.72	1.88	1.54	1.46	1.38
Increase / (Decrease) in Invested Capital	0.00	-33	737	77	2.41	65	98	264	39	78	-38
Enterprise Value (EV)	0.00	0.00	0.00	2,029	1,719	1,695	1,814	1,925	2,375	1,765	1,202
Market Capitalization	0.00	0.00	0.00	1,407	1,121	1,027	1,102	1,075	1,603	911	296
Book Value per Share	$0.00	$1.00	$1.61	$2.68	$3.13	$2.99	$5.27	$7.55	$8.24	$8.23	$6.85
Tangible Book Value per Share	$0.00	($1.25)	($0.57)	$0.14	$0.98	$0.82	$3.39	$5.89	$6.49	$6.67	$6.60
Total Capital	0.00	59	782	844	853	919	1,103	1,375	1,293	1,381	1,364
Total Debt	0.00	0.00	687	685	667	738	783	915	814	906	980
Total Long-Term Debt	0.00	0.00	681	644	630	656	631	657	677	647	675
Net Debt	0.00	-83	609	622	598	668	712	850	772	854	906
Capital Expenditures (CapEx)	56	69	90	51	156	145	215	233	173	207	161
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	128	171	239	195	194	302	423	305	311	262
Debt-free Net Working Capital (DFNWC)	0.00	205	243	296	259	258	368	484	343	355	322
Net Working Capital (NWC)	0.00	205	237	255	223	176	216	226	206	97	17
Net Nonoperating Expense (NNE)	170	29	41	20	19	33	30	26	26	40	89
Net Nonoperating Obligations (NNO)	0.00	-92	609	622	598	668	627	752	772	854	906
Total Depreciation and Amortization (D&A)	0.00	92	103	100	99	99	108	108	116	127	134
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	11.19%	12.85%	15.14%	13.22%	17.03%	19.54%	20.84%	16.12%	16.58%	14.49%
Debt-free Net Working Capital to Revenue	0.00%	18.02%	18.29%	18.76%	17.54%	22.74%	23.79%	23.83%	18.10%	18.93%	17.84%
Net Working Capital to Revenue	0.00%	18.02%	17.84%	16.16%	15.07%	15.47%	13.98%	11.11%	10.87%	5.15%	0.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.09	$0.00	$1.45	$0.30	$2.22	$1.74	$1.75	$0.76	($1.24)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	59.32M	0.00	59.99M	60.43M	60.71M	60.90M	59.00M	58.22M	56.32M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.07	$0.00	$1.42	$0.30	$2.21	$1.73	$1.73	$0.76	($1.24)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	60.67M	0.00	61.30M	61.41M	60.95M	61.38M	59.98M	58.37M	56.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	59.32M	0.00	60.22M	60.51M	60.66M	59.98M	57.90M	56.65M	56.27M
Normalized Net Operating Profit after Tax (NOPAT)	152	98	110	124	106	51	105	133	129	133	76
Normalized NOPAT Margin	12.54%	8.61%	8.32%	7.83%	7.19%	4.49%	6.79%	6.53%	6.84%	7.06%	4.20%
Pre Tax Income Margin	6.00%	6.44%	6.33%	10.62%	8.10%	2.27%	12.01%	7.74%	8.62%	2.84%	-1.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	2.70	2.90	6.85	5.33	1.67	5.89	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	1.80	2.39	4.93	3.85	1.32	4.34	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	1.11	0.86	5.06	-0.31	-2.08	0.24	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.22	0.34	3.14	-1.80	-2.43	-1.31	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	93.30%	89.14%	70.47%	39.29%	55.35%	65.93%	0.00%	4.71%	4.73%	10.86%	-6.70%
Augmented Payout Ratio	93.30%	96.76%	70.47%	43.35%	55.35%	65.93%	0.00%	8.76%	68.12%	71.04%	-42.08%

This table displays calculated financial ratios and metrics derived from Orion's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	56,654,098.00	56,269,648.00	56,149,706.00	-	56,273,701.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	56,654,098.00	56,269,648.00	56,149,706.00	-	56,273,701.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.16	0.16	-1.20	-	-0.18
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-14.16%	1.32%	0.44%	3.97%	-0.60%	-7.26%	-5.01%	-2.22%	-2.70%	-5.18%	-3.81%
EBITDA Growth	-3.65%	0.00%	-19.51%	-18.86%	-79.35%	-4.82%	-23.14%	-10.79%	-224.05%	-9.95%	-28.21%
EBIT Growth	-10.63%	-18.33%	-30.25%	-32.03%	-131.94%	-19.73%	-40.91%	-22.84%	-250.98%	-24.15%	-63.46%
NOPAT Growth	-12.95%	-62.11%	-31.68%	-22.20%	-131.43%	314.19%	-56.22%	-27.79%	-250.98%	-575.23%	-47.95%
Net Income Growth	-17.61%	-59.84%	-36.88%	-31.89%	-177.10%	251.02%	-65.92%	-56.10%	-232.18%	-222.67%	-208.79%
EPS Growth	-15.38%	-57.89%	-35.71%	-31.37%	-179.55%	287.50%	-64.44%	-54.29%	-242.86%	-216.13%	-212.50%
Operating Cash Flow Growth	97.37%	-26.10%	-70.03%	-70.13%	-145.78%	30.89%	-98.77%	83.28%	322.65%	-1.69%	-3,200.00%
Free Cash Flow Firm Growth	84.15%	86.89%	353.64%	-203.00%	-498.86%	-58.61%	-240.96%	-251.04%	99.89%	-74.44%	130.38%
Invested Capital Growth	5.29%	3.21%	-10.08%	4.97%	12.62%	6.26%	21.45%	10.45%	-2.70%	-2.88%	-4.46%
Revenue Q/Q Growth	1.61%	0.43%	7.41%	-5.15%	-2.85%	-6.30%	10.02%	-2.37%	-3.32%	-8.69%	11.61%
EBITDA Q/Q Growth	-14.14%	-18.56%	31.78%	-11.94%	-78.15%	275.32%	6.41%	2.22%	-130.39%	372.45%	-15.17%
EBIT Q/Q Growth	-21.73%	-38.62%	79.59%	-21.21%	-136.78%	254.25%	32.20%	2.88%	-267.29%	133.33%	-36.31%
NOPAT Q/Q Growth	-7.70%	-80.94%	439.21%	-17.99%	-137.29%	351.20%	-43.01%	35.28%	-281.23%	-240.14%	106.24%
Net Income Q/Q Growth	-12.96%	-81.30%	444.90%	-23.22%	-198.54%	185.15%	-47.09%	-1.10%	-845.56%	68.55%	53.08%
EPS Q/Q Growth	-13.73%	-81.82%	462.50%	-22.22%	-200.00%	188.57%	-48.39%	0.00%	-850.00%	70.00%	50.00%
Operating Cash Flow Q/Q Growth	-31.19%	6.96%	-55.12%	-9.57%	-205.46%	405.83%	-99.58%	13,325.00%	28.12%	35.03%	-113.35%
Free Cash Flow Firm Q/Q Growth	-187.12%	-16.90%	108.99%	-120.06%	-406.50%	69.04%	-348.22%	50.05%	99.83%	-47,087.97%	178.05%
Invested Capital Q/Q Growth	-0.53%	1.57%	0.51%	13.41%	6.71%	-4.16%	4.71%	3.14%	-5.99%	-4.34%	3.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.64%	18.65%	24.30%	23.02%	23.20%	20.57%	20.54%	21.10%	18.98%	18.87%	17.24%
EBITDA Margin	16.41%	13.31%	16.33%	15.16%	3.41%	13.66%	13.21%	13.83%	-4.35%	12.97%	9.86%
Operating Margin	9.80%	5.81%	10.50%	8.72%	-3.30%	5.44%	6.53%	6.88%	-11.91%	4.35%	2.48%
EBIT Margin	10.27%	6.28%	10.50%	8.72%	-3.30%	5.44%	6.53%	6.88%	-11.91%	4.35%	2.48%
Profit (Net Income) Margin	5.62%	1.05%	5.31%	4.30%	-4.36%	3.96%	1.91%	1.93%	-14.88%	-5.13%	-2.15%
Tax Burden Percent	74.86%	24.38%	66.58%	69.73%	64.74%	114.67%	52.00%	69.23%	98.53%	-753.57%	300.00%
Interest Burden Percent	73.07%	68.37%	75.95%	70.67%	203.92%	63.56%	56.09%	40.50%	126.82%	15.64%	-28.95%
Effective Tax Rate	25.43%	76.12%	33.67%	30.95%	0.00%	-14.00%	50.86%	35.38%	0.00%	814.29%	0.00%
Return on Invested Capital (ROIC)	11.50%	2.13%	10.92%	9.09%	-3.38%	9.02%	4.69%	5.99%	-11.15%	-42.85%	2.28%
ROIC Less NNEP Spread (ROIC-NNEP)	10.44%	1.93%	9.78%	8.04%	-4.52%	7.83%	3.90%	4.66%	-14.33%	-30.71%	0.38%
Return on Net Nonoperating Assets (RNNOA)	16.99%	3.13%	15.04%	13.03%	-7.81%	13.35%	6.42%	8.47%	-30.30%	-62.87%	0.83%
Return on Equity (ROE)	28.48%	5.26%	25.96%	22.12%	-11.19%	22.37%	11.11%	14.46%	-41.45%	-105.72%	3.12%
Cash Return on Invested Capital (CROIC)	6.53%	7.36%	19.95%	3.39%	-7.51%	0.44%	-14.04%	-4.92%	4.43%	4.39%	4.95%
Operating Return on Assets (OROA)	10.55%	6.39%	10.58%	8.90%	-3.30%	5.53%	6.30%	6.44%	-11.00%	4.17%	2.28%
Return on Assets (ROA)	5.77%	1.07%	5.35%	4.39%	-4.35%	4.03%	1.84%	1.81%	-13.75%	-4.92%	-1.98%
Return on Common Equity (ROCE)	28.48%	5.26%	25.96%	22.12%	-11.19%	22.37%	11.11%	14.46%	-41.45%	-105.72%	3.12%
Return on Equity Simple (ROE_SIMPLE)	22.94%	0.00%	17.86%	15.54%	6.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	34	6.50	35	29	-11	27	15	21	-38	-128	7.98
NOPAT Margin	7.31%	1.39%	6.96%	6.02%	-2.31%	6.20%	3.21%	4.45%	-8.34%	-31.06%	1.74%
Net Nonoperating Expense Percent (NNEP)	1.06%	0.21%	1.14%	1.05%	1.14%	1.19%	0.79%	1.33%	3.18%	-12.14%	1.91%
Return On Investment Capital (ROIC_SIMPLE)	-	0.50%	-	-	-	1.95%	1.07%	1.39%	-2.66%	-9.37%	0.57%
Cost of Revenue to Revenue	76.36%	81.35%	75.70%	76.98%	76.80%	79.43%	79.46%	78.90%	81.02%	81.13%	82.76%
SG&A Expenses to Revenue	11.93%	11.45%	12.23%	12.64%	12.49%	13.38%	12.23%	12.37%	12.75%	13.87%	12.86%
R&D to Revenue	1.33%	1.32%	1.31%	1.36%	1.51%	1.61%	1.38%	1.39%	1.53%	1.82%	1.59%
Operating Expenses to Revenue	13.84%	12.84%	13.80%	14.30%	26.50%	15.13%	14.00%	14.22%	30.89%	14.53%	14.76%
Earnings before Interest and Taxes (EBIT)	48	29	53	42	-15	24	31	32	-54	18	11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	77	62	82	72	16	59	63	65	-20	53	45
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.57	3.35	2.77	2.54	2.18	1.92	1.55	1.26	1.06	0.77	0.96
Price to Tangible Book Value (P/TBV)	3.22	4.25	3.46	3.13	2.75	2.37	1.93	1.60	1.10	0.80	1.00
Price to Revenue (P/Rev)	0.66	0.85	0.72	0.67	0.54	0.49	0.39	0.32	0.23	0.16	0.20
Price to Earnings (P/E)	11.19	15.49	15.53	16.32	32.58	20.62	27.21	39.02	0.00	0.00	0.00
Dividend Yield	0.39%	0.37%	0.35%	0.38%	0.58%	0.52%	0.65%	0.79%	1.09%	1.57%	1.27%
Earnings Yield	8.94%	6.46%	6.44%	6.13%	3.07%	4.85%	3.67%	2.56%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.62	1.90	1.86	1.60	1.41	1.33	1.19	1.09	1.02	0.93	0.99
Enterprise Value to Revenue (EV/Rev)	1.05	1.25	1.12	1.08	1.02	0.94	0.89	0.85	0.75	0.67	0.74
Enterprise Value to EBITDA (EV/EBITDA)	6.03	7.20	6.87	7.07	8.38	7.69	7.83	7.68	8.20	7.45	9.16
Enterprise Value to EBIT (EV/EBIT)	9.00	11.09	11.13	12.07	17.97	17.19	20.33	21.75	41.34	43.72	170.83
Enterprise Value to NOPAT (EV/NOPAT)	14.19	18.34	18.86	19.85	34.21	21.01	24.38	22.71	59.06	62.45	244.04
Enterprise Value to Operating Cash Flow (EV/OCF)	5.35	6.87	7.88	10.29	18.92	14.09	17.67	13.23	6.31	5.57	6.48
Enterprise Value to Free Cash Flow (EV/FCFF)	25.39	26.22	8.83	48.26	0.00	309.12	0.00	0.00	22.64	20.93	19.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.68	1.70	1.65	1.66	2.04	1.91	2.09	2.19	2.51	2.55	2.67
Long-Term Debt to Equity	1.37	1.42	1.36	1.31	1.42	1.36	1.41	1.46	1.69	1.75	1.75
Financial Leverage	1.63	1.62	1.54	1.62	1.73	1.70	1.65	1.82	2.11	2.05	2.22
Leverage Ratio	4.02	3.97	3.95	3.88	3.99	3.87	4.01	4.05	4.51	4.38	4.61
Compound Leverage Factor	2.94	2.71	3.00	2.74	8.14	2.46	2.25	1.64	5.72	0.69	-1.33
Debt to Total Capital	62.70%	62.99%	62.30%	62.34%	67.08%	65.60%	67.60%	68.66%	71.54%	71.81%	72.76%
Short-Term Debt to Total Capital	11.52%	10.60%	11.09%	12.97%	20.31%	18.74%	21.76%	22.97%	23.34%	22.36%	25.21%
Long-Term Debt to Total Capital	51.19%	52.39%	51.21%	49.37%	46.77%	46.86%	45.84%	45.69%	48.20%	49.45%	47.55%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	37.30%	37.01%	37.70%	37.66%	32.92%	34.40%	32.40%	31.34%	28.46%	28.19%	27.24%
Debt to EBITDA	2.46	2.47	2.62	2.85	4.17	3.95	4.62	5.04	6.04	6.07	7.06
Net Debt to EBITDA	2.27	2.34	2.47	2.71	3.91	3.72	4.39	4.78	5.66	5.61	6.61
Long-Term Debt to EBITDA	2.01	2.05	2.16	2.25	2.91	2.82	3.13	3.36	4.07	4.18	4.61
Debt to NOPAT	5.79	6.29	7.21	7.99	17.03	10.78	14.38	14.90	43.47	50.88	188.07
Net Debt to NOPAT	5.34	5.96	6.77	7.61	15.97	10.16	13.68	14.12	40.75	47.05	176.18
Long-Term Debt to NOPAT	4.73	5.23	5.92	6.32	11.88	7.70	9.75	9.92	29.29	35.04	122.91
Altman Z-Score	2.13	2.25	2.16	2.08	1.74	1.86	1.67	1.55	1.32	1.39	1.36
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.52	1.47	1.45	1.39	1.24	1.19	1.14	1.10	1.08	1.03	1.00
Quick Ratio	0.73	0.63	0.67	0.63	0.56	0.50	0.52	0.50	0.50	0.44	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-28	-32	163	-33	-166	-51	-230	-115	-0.19	-90	70
Operating Cash Flow to CapEx	161.10%	116.83%	97.89%	53.56%	-64.51%	133.10%	1.37%	127.25%	168.22%	190.76%	-34.35%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	12.87	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	2.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.03	1.02	1.01	1.02	1.00	1.02	0.96	0.94	0.92	0.96	0.92
Accounts Receivable Turnover	5.63	6.22	6.27	7.07	7.14	8.29	6.81	6.79	6.86	8.49	6.57
Inventory Turnover	5.25	5.11	5.32	5.37	5.09	5.02	5.04	5.08	4.98	5.10	5.28
Fixed Asset Turnover	0.00	2.20	0.00	0.00	0.00	2.01	1.97	1.89	1.82	1.78	1.75
Accounts Payable Turnover	8.18	7.85	7.93	8.33	8.59	8.52	7.96	8.06	8.19	8.19	8.32
Days Sales Outstanding (DSO)	64.87	58.67	58.22	51.65	51.10	44.02	53.57	53.73	53.18	42.98	55.56
Days Inventory Outstanding (DIO)	69.50	71.46	68.60	67.98	71.74	72.75	72.43	71.85	73.31	71.61	69.09
Days Payable Outstanding (DPO)	44.62	46.52	46.05	43.82	42.48	42.82	45.86	45.31	44.58	44.55	43.87
Cash Conversion Cycle (CCC)	89.75	83.61	80.77	75.82	80.35	73.96	80.13	80.26	81.91	70.04	80.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,231	1,250	1,145	1,299	1,386	1,329	1,391	1,435	1,349	1,290	1,329
Invested Capital Turnover	1.57	1.54	1.57	1.51	1.46	1.46	1.46	1.35	1.34	1.38	1.32
Increase / (Decrease) in Invested Capital	62	39	-128	62	155	78	246	136	-37	-38	-62
Enterprise Value (EV)	1,988	2,375	2,130	2,073	1,949	1,765	1,649	1,557	1,373	1,202	1,315
Market Capitalization	1,240	1,603	1,365	1,278	1,039	911	724	589	426	296	366
Book Value per Share	$8.26	$8.24	$8.39	$8.64	$8.16	$8.23	$8.23	$8.29	$7.16	$6.85	$6.74
Tangible Book Value per Share	$6.58	$6.49	$6.73	$6.99	$6.47	$6.67	$6.60	$6.55	$6.87	$6.60	$6.53
Total Capital	1,295	1,293	1,306	1,338	1,447	1,381	1,439	1,489	1,412	1,364	1,393
Total Debt	812	814	814	834	971	906	973	1,022	1,010	980	1,014
Total Long-Term Debt	663	677	669	661	677	647	660	680	681	675	663
Net Debt	748	772	765	795	910	854	925	968	947	906	950
Capital Expenditures (CapEx)	42	62	33	55	48	71	29	42	41	49	36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	321	305	310	328	381	311	362	361	327	262	303
Debt-free Net Working Capital (DFNWC)	381	343	354	362	434	355	400	404	378	322	353
Net Working Capital (NWC)	231	206	209	189	140	97	87	62	48	17	1.80
Net Nonoperating Expense (NNE)	7.88	1.60	8.32	8.22	9.49	9.70	6.23	12	30	-107	18
Net Nonoperating Obligations (NNO)	748	772	653	795	910	854	925	968	947	906	950
Total Depreciation and Amortization (D&A)	29	33	29	31	31	36	32	32	34	36	34
Debt-free, Cash-free Net Working Capital to Revenue	17.03%	16.12%	16.33%	17.13%	19.92%	16.58%	19.55%	19.61%	17.85%	14.49%	16.91%
Debt-free Net Working Capital to Revenue	20.16%	18.10%	18.64%	18.92%	22.70%	18.93%	21.58%	21.92%	20.65%	17.84%	19.74%
Net Working Capital to Revenue	12.26%	10.87%	11.01%	9.85%	7.33%	5.15%	4.68%	3.35%	2.64%	0.96%	0.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.45	$0.09	$0.46	$0.35	($0.35)	$0.30	$0.16	$0.16	($1.20)	($0.36)	($0.18)
Adjusted Weighted Average Basic Shares Outstanding	58.57M	59.00M	58.64M	58.39M	58.19M	58.22M	57.06M	56.15M	56.05M	56.32M	56.38M
Adjusted Diluted Earnings per Share	$0.44	$0.08	$0.45	$0.35	($0.35)	$0.31	$0.16	$0.16	($1.20)	($0.36)	($0.18)
Adjusted Weighted Average Diluted Shares Outstanding	59.25M	59.98M	59.23M	59.19M	58.74M	58.37M	57.20M	56.32M	56.25M	56.32M	56.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	58.04M	57.90M	58.31M	58.36M	57.72M	56.65M	56.27M	56.15M	56.15M	56.27M	56.39M
Normalized Net Operating Profit after Tax (NOPAT)	34	19	35	29	32	17	22	21	19	13	7.98
Normalized NOPAT Margin	7.31%	4.07%	6.96%	6.02%	6.86%	3.80%	4.57%	4.45%	4.21%	3.04%	1.74%
Pre Tax Income Margin	7.51%	4.29%	7.97%	6.16%	-6.73%	3.45%	3.66%	2.79%	-15.10%	0.68%	-0.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	4.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	2.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	1.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.42%	4.73%	5.46%	6.13%	15.05%	10.86%	18.05%	31.79%	-14.78%	-6.70%	-5.28%
Augmented Payout Ratio	61.28%	68.12%	46.76%	35.38%	92.16%	71.04%	192.48%	327.15%	-120.13%	-42.08%	-11.78%

Financials Breakdown Chart

Key Financial Trends

Orion S.A. (NYSE: OEC) showed a mixed start to 2026, with revenue growth but continued earnings and cash-flow pressure. In Q1 2026, revenue rose to $459.5 million from $411.7 million a year ago, but the company still posted a net loss of $9.9 million. Cash flow from operations was negative, and the balance sheet shows a heavy debt load relative to equity. Still, compared with the prior quarter and some earlier weak periods, Orion’s operating results appear to have stabilized somewhat.

Revenue increased 11.6% year over year in Q1 2026, reaching $459.5 million versus $411.7 million in Q1 2025.
Gross profit improved to $79.2 million from $77.7 million a year ago, showing better top-line conversion despite higher costs.
Operating income swung down only modestly to $11.4 million from $17.9 million sequentially in Q4 2025, suggesting the business is not collapsing operationally.
Q1 2026 retained earnings climbed to $371.1 million, up from $403.3 million in Q3 2025 and reflecting the company’s accumulated profitability over time despite recent losses.
Total equity was still positive at $379.5 million at the end of Q1 2026.
Cash and equivalents were $50.5 million at quarter-end, up from $42.6 million in Q2 2025 and $37.5 million in Q1 2025.
Capital spending remained meaningful at $36.1 million in Q1 2026, consistent with Orion’s asset-intensive business model.
The company repaid $12.3 million of debt in the quarter, indicating continued balance-sheet management.
Dividend payments were small at $1.2 million, so the payout does not appear to be a major cash burden.
Q1 2026 net income was a loss of $9.9 million, versus a profit of $9.0 million in Q1 2025.
Operating cash flow was negative $12.4 million in Q1 2026, a sharp deterioration from positive $92.9 million in Q4 2025.
Changes in operating assets and liabilities reduced cash by $54.6 million, a major drag on cash generation.
Net investment spending remained elevated, with $36.1 million used for property, plant and equipment.
Total liabilities were $1.55 billion versus only $379.5 million of equity, leaving Orion highly leveraged.
Short-term debt of $351.2 million and long-term debt of $662.5 million create a substantial interest and refinancing burden.
The company’s interest and investment line remained negative, with $14.7 million of other income/expense drag in Q1 2026.

Longer-term trend: Orion’s quarterly revenue has been relatively stable over the last few years, generally in the mid-$400 million to low-$500 million range. However, profitability has been volatile, swinging from solid earnings in 2023 and early 2024 to weaker results in 2025 and a loss in Q1 2026. The biggest concern remains cash flow: Orion can generate positive operating cash in stronger quarters, but working-capital swings and heavy capital expenditures make that cash flow uneven.

Bottom line: Orion is still a sizeable, revenue-generating industrial business, but the combination of recent losses, weak operating cash flow in Q1 2026, and elevated leverage suggests investors should watch debt, margins, and working capital closely.

07/14/26 07:24 AM ETAI Generated. May Contain Errors.

Orion Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Orion's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Orion's net income appears to be on a downward trend, with a most recent value of -$70.10 million in 2025, falling from $46.58 million in 2015. The previous period was $44.20 million in 2024. View Orion's forecast to see where analysts expect Orion to go next.

Orion's total operating income in 2025 was $27.50 million, based on the following breakdown:

Total Gross Profit: $359.80 million
Total Operating Expenses: $332.30 million

Over the last 10 years, Orion's total revenue changed from $1.21 billion in 2015 to $1.81 billion in 2025, a change of 49.6%.

Orion's total liabilities were at $1.52 billion at the end of 2025, a 10.2% increase from 2024, and a 53.1% increase since 2016.

In the past 9 years, Orion's cash and equivalents has ranged from $37.50 million in 2023 to $77.75 million in 2016, and is currently $60.70 million as of their latest financial filing in 2025.

Over the last 10 years, Orion's book value per share changed from 0.00 in 2015 to 6.85 in 2025, a change of 685.0%.

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Financial statements for NYSE:OEC last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Orion (OEC) Financials

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Orion (OEC) Financials

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