Orion Group Holdings, Inc. Aktienkurs
Ist Orion Group Holdings, Inc. eine Topscorer-Aktie nach der Dividenden-, High-Growth-Investing- oder Levermann-Strategie?
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 369,32 Mio. $ | Umsatz (TTM) = 896,50 Mio. $
Marktkapitalisierung = 369,32 Mio. $ | Umsatz erwartet = 939,76 Mio. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 483,69 Mio. $ | Umsatz (TTM) = 896,50 Mio. $
Enterprise Value = 483,69 Mio. $ | Umsatz erwartet = 939,76 Mio. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
Orion Group Holdings, Inc. Aktie Analyse
Analystenmeinungen
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Analystenmeinungen
11 Analysten haben eine Orion Group Holdings, Inc. Prognose abgegeben:
Orion Group Holdings, Inc. Events
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Orion Group Holdings, Inc. — Q2 2026 Earnings Call
1. Management Discussion
Good day, and welcome to the Orion Group Holdings' Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Margaret Boyce, Investor Relations for Orion. Please go ahead, ma'am.
Thank you, operator, and thank you all for joining us today to discuss Orion Group Holdings' second quarter 2026 financial results. We issued our earnings release after the market last night. It's available in the Investor Relations section of our website at oriongroupholdingsinc.com. I'm here today with Travis Boone, Chief Executive Officer of Orion; and Alison Vasquez, Chief Financial Officer. On today's call, management will provide prepared remarks, and then we'll open up the call for your questions.
Before we begin, I'd like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate, or other comparable words and phrases. Statements that are not historical facts are forward-looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-Q and 10-K.
With that, I'll turn the call over to Travis. Travis, please go ahead.
Thanks, Margaret, and thank you all for joining our call today. I want to start by acknowledging that our results for the quarter were not in line with your expectations or ours due to some client delays in our Marine business. It is a timing issue, not a performance or operational issue. These delays are now behind us. We often talk about construction being a lumpy business. This quarter is a good example. Things are going well. Our people are engaged, and we are performing. If not for these delays, results would have been right in line with our expectations. We will give more details on the quarter shortly.
Bigger picture, our win rate continues to be high. Our Concrete business is operating at historic levels. We had a strong quarter of bookings. Our pipeline continues to grow, and our story remains unchanged. We have a historically strong marine construction market opening in front of us, and we remain confident in our ability to grow over the coming years. With multiple new Marine projects kicking off, we expect the back half of 2026 to be strong, and we are optimistic about 2027 as well.
Turning to the market outlook. Today, our business is benefiting from powerful long-term themes that include significant long-duration capital investments, spanning defense infrastructure, port and transportation infrastructure, energy, data centers, health care and commercial construction.
For Marine, we are well positioned on the doorstep of a marine infrastructure investment mega cycle that enables continued U.S. economic competitiveness, energy security, supply chain resilience and national defense. These priorities are driving increased investment in larger, more technically complex marine infrastructure projects that require specialized marine construction capabilities, highly skilled workforce and fit-for-purpose equipment, precisely the type of projects Orion is increasingly pursuing, winning and executing.
The President's 2027 $1.5 trillion defense budget proposal made its way through the House last week, but has yet to clear legislative hurdles in the Senate before reconciliation can begin.
While spending levels will be debated, investments across naval infrastructure modernization, Indo-Pacific Command strength, and logistics and port resilience continue to be priorities with solid bipartisan support. We are closely monitoring the U.S. defense budget as we look ahead to programs that will catalyze our long-term growth.
On to the Concrete market outlook, where momentum remains very strong. We are benefiting from the build-out of physical infrastructure supporting the investment in AI, cloud computing and domestic manufacturing. As our clients seek to streamline project coordination, compress schedules and increase execution certainty, many are directly engaging with our team earlier in the project life cycle to advise on design and execution. Additionally, our expansion into site civil services is going very well, and we are seeing increased opportunities to pursue this scope on a broader set of projects.
Overall, confidence in the long-term outlook across our business remains robust, and our pursuit pipeline has grown to approximately $27 billion with almost $1.6 billion in projects quoted awaiting award. As you may recall, this number was sitting right around $1 billion at the beginning of the year and reflects our nearest-term award opportunities.
Our win rate during the quarter was well above industry average, and we were pleased to record over $275 million in bookings in the quarter, representing a 1.25x book-to-bill and bringing backlog at quarter end to $722 million.
Bookings across our Marine and Concrete businesses reinforce our compelling competitive position in attractive end markets and include a large port terminal expansion project in Alabama, a dredging project in the U.S. Virgin Islands, a couple of nice jetty wins from [ Pacific Rock and Dredge, a.k.a. ] McAmis, who we acquired in February, and additional phases on multiple data center projects. With a growing opportunity pipeline, expanded capabilities and an outstanding team delivering projects that matter, our conviction in Orion's long-term growth trajectory is well intact.
Onto some high-level comments on the second quarter results. Our results reflect the growth of Concrete alongside the temporary softness in Marine caused primarily by slower-than-expected project starts and elongated award cycles. Our Concrete business posted excellent results, reporting over 30% top line and 45% adjusted EBITDA growth in the quarter, benefiting from expansion into site civil services, favorable utilization and solid execution. Marine top line and profitability were down primarily due to the timing of project awards, start-ups and completions, and we have reset our full year 2026 guidance to reflect this timing shift. Today, we have very good visibility into the remainder of the year with nearly 90% Marine work under contract and continued Concrete momentum to achieve our updated guidance.
Before handing it over, I'd like to take a moment to give a shout out to our [ Pacific Rock and Dredge ] team who are prominently featured in the new documentary movie Taming the Mouth. We had the honor of attending the premiere this past weekend, and it is definitely worth seeing. The documentary is a fascinating piece on the treacherous mouth of the Columbia River where it meets the Pacific Ocean, an area commonly known as the Graveyard of the Pacific. The movie highlights McAmis' recently completed reconstruction of the massive jetty and breakwater system to calm the turbulent seas. Starting August 4, you can stream it on Apple TV or Amazon Prime.
I'll now turn it over to Alison to discuss the details. Alison?
Thank you, Travis. In the second quarter, we generated revenue of $222 million, an 8% increase from the second quarter of last year. As Travis discussed, Concrete delivered another strong quarter, while the timing of Marine awards and project start-ups weighed on our results.
Gross profit was $23 million, down $3 million from last year due primarily to lower Marine volume and equipment utilization. Specifically, we had several projects where our team's mobilization was delayed primarily due to client-related issues such as site readiness and timing of delivery of client-provided materials.
When Marine productivity slows, we sometimes get a double whammy in the lost project profitability along with the correlated lower equipment utilization, and this definitely impacted this quarter's gross profit. These projects are now all in full swing, and we expect good productivity through the second half of the year. The decline in Marine gross profit was partially offset by nice volume and favorable project execution within our Concrete segment.
GAAP loss for the quarter was $4.1 million compared to GAAP net income of $0.8 million in the second quarter of last year, which was caused primarily by reduced volume in our Marine business, increased depreciation and amortization, and an increase in GAAP taxes associated with VA adjustments.
Second quarter adjusted EBITDA was $7.9 million and adjusted EPS was $0.02, compared to $11 million or $0.07 per share in the prior year quarter. Our balance sheet is in good shape with net leverage of 2.3x, providing us with financial flexibility to support our strategic priorities.
As Travis mentioned, we have reset our full year guidance to reflect the timing shifts in our Marine segment. Revised 2026 annual guidance is revenue in the range of $900 million to $950 million, unchanged; adjusted EBITDA in the range of $50 million to $54 million, representing 15% growth over 2025 actual results at the midpoint; adjusted EPS in the range of $0.23 to $0.30, representing 6% growth over 2025 actual results at the midpoint; and capital expenditures in the range of $25 million to $35 million, which remains unchanged.
With that, I'll turn it back to Travis to wrap it up.
Thanks, Alison. Orion is embarking on a pivotal chapter. We've spent the last few years refining our capabilities, expanding our geographic footprint, recruiting and upscaling our people, and embedding a culture of teamwork, safety, delivery and integrity throughout the organization. We've made these investments intentionally to seize on the vast market opportunities taking shape in the market. While timing can affect individual quarters, our confidence in where this business is headed is stronger than ever. We are on track and pleased with our business and our strategic direction.
With that, I'll hand it back over to the operator to open it up for Q&A.
[Operator Instructions] The first question will come from Aaron Spychalla with Craig-Hallum.
2. Question Answer
First for us, can you just maybe talk about guidance implies a pickup in margins in the back half? And just can you speak to the confidence in achieving those and just broadly some of the opportunities you see for margin expansion moving forward?
Sure. We have some of those projects that caused the delays in the second quarter are mobilized and kicking off. We have 90% of our Marine backlog for the back half of the year under contract and 80% of our business overall is under contract for the back half of the year. And we feel really good about our ability to deliver -- recognizing that it's a big jump up from where we were in the first half. But when we get the -- all the Marine assets utilized and everybody operating, it's going to be -- it's going to make a big jump. So we're confident in the back half being a big step up.
All right. And then just good to see the orders starting to pick up. Has that carried over into July? And just again, maybe kind of talk about what you're seeing in the market as you go to bid on the margin side of things as well?
Yes. We've seen general continued wins in July. Nothing specifically to write home about or we would have talked about it, but it's been a good group of wins in the first month of the third quarter. As far as pricing, it has generally been stayed relatively steady, nothing heading in the wrong direction. So that's a good thing. And we're confident about things.
Our win rate -- just to reiterate, our win rate has stepped up a bit. So that's been good. And that was in the -- it stepped up in the second quarter from the first quarter, just slightly in the Marine business. So that's good. And hopefully, we expect that to continue.
The next question will come from Brent Thielman with Oppenheimer.
I guess just on the Concrete business, it seems like the backlog there is a little misleading relative to what you're seeing within the end markets. It's been under pressure here for a few quarters now. Could you just sort of level set us on your expectations for growth for the segment into the second half?
And you said Concrete, correct?
Yes, on the Concrete segment.
Yes. The Concrete, it's tough to tell from pipeline or backlog with Concrete what's happening because things happen so fast. In Marine, we see it coming for a long time. And then there tends to be quite a few delays, et cetera. There's a longer kind of lead up to actually getting to work with Concrete. Oftentimes, we hear about an opportunity, and we're working on it 2 weeks later, 3 weeks later. It's a really quick turnaround. And so not seeing it in the backlog is not an indication of our expectations of what it's going to be just because it comes in quick and converts fast.
We got over $1 billion in our Concrete business outstanding -- bids outstanding. So quite a bit of work we're waiting to hear on and feel really good about our Concrete business. I mean I was on a bid review this morning for a large project. There's a lot of things happening.
Okay. Excellent. And then Travis, you did express confidence in the growth opportunities into 2027. Obviously, a lot going on in both business groups. Maybe you just kind of highlight some of the factors in particular that you're seeing. I know there's some larger naval-related programs out there you're pursuing. Should we expect to see kind of a build in the book of the business through the second half as we go into 2027?
We're -- that's what we expect, albeit there's been a lot of slides and delays and opportunities that we think are going to happen and they slide. So I do want to caveat it with our expectations versus reality sometimes is a little different just based on clients pushing procurements and awards and things like that. But it's -- we're -- our pipeline is very strong for the rest of this year as well as the first half of next year. So we're feeling really good about our ability to continue to grow the business and build what we've been talking about for a long time.
Yes. And I'll just add to that, that you mentioned the naval side, Brent, the pipeline and the opportunities that we're pursuing are quite balanced across the Department of Defense or Department of War as this is a piece of it. But I mean, just in this quarter alone from a second quarter perspective, the largest project that we won was a large port modernization project in Alabama. So we're seeing a nice balance between defense, between port modernization, between commercial and energy, oil and gas, chemical clients really looking to make investments in a more regulatory light environment while they can press forward. And so we're seeing good momentum really across a number of different fronts. So I wouldn't pigeonhole it back into just naval opportunities, not that you would, but...
The next question will come from Min Cho with Texas Capital Securities.
First question has to do with the Concrete margins. They were obviously below 1Q. I know that was a high watermark for you, especially given the weather. But is 2Q -- are the 2Q margins a good run rate for the rest of the year? Or what could lead to some expansion there?
The 2Q margins came in right in line with what we expected, right? I mean they're just between 5.5% and 6%, and that's generally what we pencil out for them for the year. Do they have opportunities to bump that up to the extent that they can have additional capacity flow through that? They do. I would say from a second quarter perspective, we did see a downtick from the first quarter really associated with just some weather and starts and stops and things that happen with that.
But from a momentum perspective, we're seeing good momentum in that business overall, good pipeline, as Travis mentioned earlier, opportunities that we're waiting on and really strong backlog as we enter into the third quarter. So the Concrete team is busy and out and executing, and I don't see any issues with that team really hitting close to that 6% margin from a full year perspective, which is what we are really targeting for that business.
Great. And then can you just tell us what percentage of Concrete revenue and Concrete backlog is currently from data centers?
It's roughly 50% this quarter for data centers on Concrete, the revenue this year -- or this quarter.
Yes. And I would say the pipeline probably is in line with that, maybe a little bit slightly higher.
Potentially. And just as a reminder, it was 40% in the first quarter.
Great. And then if I just slip one quick one in here. Your pipeline of opportunities has increased to $27 billion now, up from the last quarter. Can you talk about any notable trends that you're seeing? What was kind of added? Yes, just any additional information about the growth in the pipeline?
Alison's point about kind of a good balance of Department of War type, whether it's Corps of Engineers or Army pursuits as well as private industry energy type work as well as state and local agencies, whether it be ports or DOTs, it's pretty well balanced.
We are seeing continued shifts to larger, more complex projects as well as shifts toward more alternative delivery, meaning not a kind of traditional design bid build, but more of the whole variety of different types of alternative delivery, be it design build or progressive design build or CMGC or all the different other nomenclatures that are used for different delivery models. But -- so we've seen an uptick in those as well. So -- and that's typically with the larger, more complex projects, they typically have some sort of alternative delivery component, and that's what we're seeing more and more of those.
The next question will come from Tomo Sano with JPMorgan.
You've said, Marine, phasing and high visibility into the back half are understood. And where is the equipment utilization today? What utilization levels are you targeting in the second half? And could you quantify margin sensitivity to utilization, please?
We don't talk specifically about what the utilization percentages are. But I would say that they were below expectations in the second quarter. As we think about what we see on the -- in the third quarter and into the fourth quarter, as some of those projects ramp and -- have ramped and are ramping and as we kick off new work, the equipment plans are quite high in terms of the equipment utilization as well as the labor utilization.
And so I would say that we have good line of sight into not only just the expansion of the revenue and the growth into the back half, but a lot of that profitability and that revenue growth will have opportunities to bring that all the way to the bottom line because the equipment cost is the equipment cost, whether you're using it or you're not using it. And as we grow revenue and we're using our own fleet, you have more of those dollars fall to the bottom line, which gives us opportunities to expand margins in a more meaningful way in our Marine business.
And one more follow-up on McAmis. How should we expect McAmis integration to contribute in the back half to utilization wins and profitability? And are there any areas where integration is behind the plan or costing more than expected?
We feel really good about the integration that's happened so far. The team has continued to win projects and their work window just kind of opened up this month. So they're off to the races, so to speak, with quite a few projects underway currently, and will be busy for the rest of the year. So I would say they would contribute much more heavily in the back half of the year, which that's kind of going to be the norm, if you will, for that business back half of the year weighted for them just because of the work windows in their area, but they'll be highly utilized and very busy for the back half of the year.
Yes. And I'll pick up on the integration question just with regard to how the integration is going. The integration is going very well. We are -- they're fully transitioned over to our project controls, financial IT systems. So that is going well. And they contributed positively both from a top line perspective and then also from an EBITDA perspective and were accretive to EBITDA margins during the quarter. So we feel good about that. But as Travis said, their work window really is late June or early July through February. So our expectation is that through the back half of the year that, that will ramp up quite significantly.
The next question will come from Gerry Sweeney with ROTH Capital.
A lot of questions already answered, but just maybe another question on McAmis. Obviously, it brings a unique skill set to Orion. I'm just wondering the opportunity to sort of expand that skill set around jetties, et cetera, maybe to other operating areas within your footprint and the opportunity there longer term?
Yes, definitely, Gerry. We've been tapping into their expertise to look at projects elsewhere across the business into other geographies and bringing their expertise on to existing projects as well to provide kind of value and efficiencies to projects we already had underway. So they provide a lot of value already, and we expect that to continue as we expand their capability set across the geography.
Got it. And then one question on Concrete. Obviously, you mentioned that you get brought into these projects very close to -- there's not a whole lot of lead time between you getting involved and sort of work starting. So -- but with these Concrete or even data center projects, these projects, they're permitted, site selection is done, ground has already been cleared. So these projects are front and center. They're not going to be canceled or anything like that. Do you have a clear sight as to the opportunity right in front of you in terms of...
Yes, that's right, Gerry. By the time they hit our desk, they're full go mode and -- which is why it's typically pretty short time between when we find out and so we're working. I mean I mentioned the bid review I was on this morning. We heard about that job early last week, and it will -- final numbers go in today, and we'll be working within a month. And it's a large project, right? So it's a really quick turnaround on these things, and they are very much full go mode by the time we get them. So there's highly unlikely that they get canceled at that point.
And the other thing that I would say that gives us confidence in the longer-term outlook for the data centers, 2 things. The first is, as we look at across the ecosystem and the landscape, we see the long lead time items in the backlog of those companies that have those long lead time items, whether it be the servers or the racks or the electricians. And we see that the backlog for those types of companies is multiyear. So our expectation because we are not long lead time, we are a critical path, but we have a much shorter window. It gives us a greater window of visibility into what our own path looks like.
So a lot of times, permitting is not front and center. We don't know because a lot of those things are very secretive for the data centers, which is why we hear about them a week or a month before we really are starting to bid in seriousness. But as we look across the ecosystem, we see that others who are -- who do have those long lead time items have a multiyear visibility into that, which gives us confidence that also our Concrete business, our site civil services, which are taking off that those businesses also will continue to be vibrant for the foreseeable future.
The other thing I'd point out is because of the our credentials in this space, we are a known commodity, like we are a known player. We are known for delivery. We are known for getting things done on time and on schedule and for working collaboratively across in this critical path item. And it gives us the opportunity to really focus on those more premier clients and not the speculative developers and things.
So that also really prioritizes where we sit in the stack and the types of opportunities that we see over the longer term. Even if we don't see those with 6 or 12 or 18 months visibility in our pipeline, we do have those relationships and the capabilities and credentials to give us confidence that this is a work stream that will continue for us for the foreseeable future.
That's helpful. I mean essentially, it's also fair to say you're working on projects or data center projects that were planned 2 years ago. So...
Yes, that's right.
Exactly.
You're working on projects that were just at the start and the beginning front end of the AI sort of investment cycle...
That's right.
Okay. All right. If I could slip one more in, probably at the end of the line anyhow. Just a little bit of detail on site civil services. It's something you brought up and expanding. And maybe just what's going on there and what's the opportunity for you?
Yes, that's something that we started, Gerry, late last year, as you recall, and that's been -- we've seen that going really well. The general contractors we work with and to some extent, the owners that we work with are -- they appreciate that we're doing site civil and the Concrete, and that's a good value proposition for them. And it's been -- we're only 2.5 quarters or so in, but what we've seen is really good performance by the team and a really strong embrace of what we're doing by our [indiscernible] partners. So it's going very well. And lots of action and opportunity that we're actively pursuing currently.
And it absolutely simplifies execution for us and maybe more importantly, for our clients because they have one place to go to, and we can resolve our issues, whatever issues we may encounter, we can resolve internally. So it really derisks execution. So it's something that's quite attractive.
The next question will come from Laura Maher with B. Riley Securities.
My first question is on Concrete. So the book-to-bill was roughly [ 1.3x ] this quarter. Given the 6- to 12-month project duration, how should we think about the bookings cadence?
I think the bookings were -- this was the first quarter actually in quite a while where the bookings have been -- or the book-to-bill has been less than 1x. So -- but I see that more as an episodic item and a timing item. I don't see any issue with the bookings environment in Concrete at all. I think it is purely a timing issue in terms of when awards -- I mean, we just got a big award in July that could have come in June, but just a timing perspective fluctuated that. So I don't see any issues in that area at all.
And then my second question, are you seeing the same contract term improvements the broader heavy civil market is seeing, specifically upfront mobilization payments and owner-funded escalation provisions? And if so, is that showing up in Marine or Concrete or both?
Good question. So we always are working on trying to get upfront mobilization on our projects, be it Concrete or Marine. And it depends on the client and things like the contract terms. For example, for the federal government, there's little to no negotiation on contract terms with the federal government. Having said that, on the Concrete business, we're not working for the federal government, and so we're able to negotiate terms often.
As far as escalation goes, for certain items, we were able to get escalation for things like -- and maybe this is where you're headed -- but fuel obviously is a concern on all of our business for the cost of diesel having a lot of variability in the last few months and kind of a continued concern over long-term prices for diesel. We do often either hedge that, lock it in or we build a large -- or we build a contingency pool into our bid to cover higher diesel prices.
This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Travis Boone, CEO, for any closing remarks.
Thank you. Just a quick kind of recap of our key messages through the call. I would say we started with -- this is a timing issue, not a demand issue. This is all about timing of getting started on contracts. Our end markets are very strong. We're winning at or above historical rates and definitely above industry average. And our confidence in the long-term strategy is very high.
And our -- as I mentioned earlier, our Marine business, we have 90% of the work for the back half of the year under contract and 80% overall for the company. So we're feeling good about things despite how the numbers came in, in the second quarter, but we're feeling good about where we are and what we're doing. We appreciate all of our employees who are working so hard every day to deliver the business, and thanks to our shareholders for believing in our story. Thank you.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
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Orion Group Holdings, Inc. — Q1 2026 Earnings Call
1. Management Discussion
Good day, and welcome to the Orion Group Holdings First Quarter 2026 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Margaret Boyce, Investor Relations for Orion. Please go ahead, ma'am.
Thank you, operator, and thank you all for joining us today to discuss Orion Group Holdings' First Quarter 2026 Financial Results. We issued our earnings release after market last night. It's available in the Investor Relations section of our website at oriongroupholdingsinc.com. I'm here today with Travis Boone, Chief Executive Officer of Orion; and Alison Vasquez, Chief Financial Officer. On today's call, management will provide prepared remarks, and then we'll open up the call for your questions.
Before we begin, I'd like to remind you that today's comments will include forward-looking statements under the Federal Securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases. Statements that are not historical facts are forward-looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-Q and 10-K. With that, I'll turn the call over to Travis. Travis, please go ahead.
Thank you, Margaret, and good morning, everyone. Thank you for joining us today to discuss our first quarter 2026 results. We delivered a solid start to the year, supported by disciplined operational performance and a healthy $24 billion pipeline of opportunities. This translated into top and bottom line growth and good cash flow generation.
Our teams continue to execute at a high level, positioning us well for the remainder of 2026. In our Marine segment, demand for mission-critical maritime infrastructure continues to build, particularly across defense and port modernization projects. With the Iran conflict and disruption of traffic through the Strait of Hormuz, American Naval superiority in domestic energy and petrochem security are front and center.
These are meaningful drivers of public and private maritime build-outs that Orion is well positioned for. On another note related to the conflict in the Middle East, you may have heard that the administration paused the Jones Act related to the disruption in the Strait of Hormmoz. This is a temporary pause specifically related to the transportation of bulk petroleum and fertilizer products.
Previous administrations have made similar actions related to emergencies or disasters. While this limited pause of the Jones Act does not impact our business, we are strongly opposed to any and all Jones Act modifications. It does not align with the America First approach the administration has so publicly promoted, and this action has had little to no impact on reducing fuel prices in the United States.
The President's 2027 budget proposal released earlier this month includes a $1.5 trillion defense budget, a historic increase to fund the expansion and modernization of U.S. shipyards, dry docks and waterfront infrastructure, alongside expanding investment in maritime security and uninterrupted global transportation lanes. This budget prioritizes investment in hard assets tied to U.S. national security, a central theme to Orion's long-range growth outlook.
Our commercial clients are signaling a growing need for investments that increase energy security and supply diversification, particularly in North America. Buoyed by elevated product prices that support investment economics, we are seeing an acceleration of early work to support energy, chemical and petrochemical projects that include meaningful marine infrastructure to increase export capacity.
With the addition of J.E. McAmis in February and continued investment in our people and fleet, our team is well positioned to deliver the maritime infrastructure projects critical to our national defense strategy and commercial resilience.
Turning to Concrete. This team delivered a fantastic quarter across all key metrics with strong revenue and impressive adjusted EBITDA expansion. Registering a 1.1x book-to-bill in the quarter and executing with excellence, concrete is firing on all cylinders. Data center development continues to be a primary pillar for this business. Investment by hyperscalers and green lining of projects continues to advance at a very brisk pace.
In the quarter, data centers accounted for around 40% of concrete revenues. And with the current composition of backlog and pipeline, we believe data centers will continue to be a central driver of profitable growth for our Concrete segment going forward. We also continue to see growing opportunities across our other sectors, including advanced manufacturing, transportation and cold storage. Investments in these areas are driven by reshoring of manufacturing around long-term domestic production strategies, increasing demand for expanded distribution and fulfillment networks and a favorable regulatory environment.
With our recent expansion into site civil, earthwork and underground utilities, we are seeing the size and scale of concrete pursuits and awards increase while also enhancing execution certainty and control for our clients and our own delivery teams. All in all, an outstanding quarter of bookings, execution and teamwork for our concrete team.
Our backlog is growing and our pursuit pipeline remains healthy with broad-based opportunities across both segments as we move through the year. Our $24 billion pursuit pipeline is currently evenly distributed over time with roughly $8 billion in opportunities for 2026, $8 billion in 2027 and $8 billion in 2028 and beyond. At the end of the quarter, backlog stood at $668 million and included almost $220 million in new awards and change orders booked in the quarter.
Representative awards included a couple of midsized port modernization and dredging projects, a bridge project for an Army base, a couple of good wins for the McAmis team and a nice mix of concrete projects. We've continued the bookings momentum into April and have been awarded well over $200 million in new work that is not yet under contract, so it is not in our backlog, including a $100 million port renovation project, a $40 million dredging project and a $24 million data center project.
These new awards set us up nicely for a strong second quarter. With growing backlog and a robust pipeline, we are pleased to reaffirm our full year 2026 guidance. I'll now turn it over to Alison to discuss our financials. Alison?
Thanks, Travis. We're pleased to report first quarter revenue of $216 million, GAAP net income of $4.7 million, adjusted EBITDA of $8.7 million and adjusted EPS of $0.05 per share. As compared to the first quarter of 2025, these results represent a 15% growth in revenue, 7% growth in adjusted EBITDA attributable to strong momentum and expansion of services in our Concrete segment and solid, consistent, predictable project execution across the company.
Before turning to segment performance, I want to briefly highlight a change to our segment reporting this quarter. We have revised our presentation to begin reporting 3 segments: Marine, Concrete and Corporate. We believe this disaggregation of corporate out of the results of Marine and Concrete will provide greater transparency into the underlying financial performance of each segment and is much more consistent with how we manage the business.
Prior results have been recast to conform to the current presentation, and we've included a full recast of FY 2025 in our investor presentation posted on our website. Our Marine segment reported revenue of $110 million and adjusted EBITDA of $12 million, representing an 11% margin compared to $127 million in revenue and adjusted EBITDA of $17 million in the first quarter of 2025.
These decreases were primarily due to the ramp down of several large projects and early starts on new projects kicking off. Our Concrete business had a standout first quarter, as Travis talked about, reporting revenue of $106 million and adjusted EBITDA of $8.6 million, representing an 8% margin as compared to revenue of $61.5 million and adjusted EBITDA of $2.8 million in the prior year quarter.
These results represent a high watermark for both revenue and adjusted EBITDA and are the direct result of outstanding productivity, execution and momentum. We also benefited from the expansion of services that Travis mentioned earlier.
From a balance sheet perspective, we ended the quarter with just over $70 million of debt that included $53 million of outstanding borrowings under the UMB credit facility, which we used to fund the McAmis acquisition in the quarter. Our net leverage remains at a healthy level, providing meaningful balance sheet flexibility as we look ahead. All in all, we are pleased to reiterate our full year 2026 guidance initiated last month. That's it for me. Back to you, Travis.
Thanks, Alison. As we move through the year, our focus remains on executing our work safely, maintaining discipline across the organization and delivering consistent results. I want to thank our shareholders for their continued support and recognize our teams across the business whose work every day drives our performance. Before I open the call for Q&A, I'd like to encourage our stockholders to cast your votes and participate in our virtual annual meeting coming up on May 19. You can find the details in our proxy materials and on our website.
Finally, I'd also like to take this opportunity to recognize and thank Tom Amonett and Peggy Foran for their service on our Board. Each of them will be retiring from our Board at the annual meeting, at which time the size of our Board will decrease from 8 directors to 6 directors. With that, I'd like to open it up for questions. Operator?
[Operator Instructions] The first question will come from Tomo Sano with JPMorgan.
2. Question Answer
So I'd like to ask about the guidance. Given the solid start of the first quarter and the positive project updates in April, there was no upward revisions to your full year guidance. Is this due to conservative assumptions in your outlook? Or does it reflect some lag in the Marine segment despite the strong performance in Concrete? Could you elaborate on the key factors behind maintaining the current guidance, please?
Sure. I'll start and Travis can fill in. I would say, I mean, we just initiated the guidance last month, and we had a pretty good view. I think we continue to have a good view -- we have -- given what Travis talked about in the call with regards to bookings post end of the quarter with the $200 million plus, especially more heavily weighted toward Marine, we're feeling more confident with just kind of what that path looks like as things come into focus.
But I would say from a first quarter perspective, the results came in pretty much right in line with what we expected from a profitability perspective. So we felt like it was prudent just to kind of hold where we are. And then as the year plays out, we'll see as those cards get debt.
Yes, Tomo, we generally, we want to underpromise and overdeliver. So we're going to take a conservative approach to things like this generally, and we're going to hold the line for now and see how things progress over the next quarter or two.
And if you could talk about adjusted EBITDA margins contracted year-over-year in the faster quarters. But could you elaborate on your concrete plans for the margin recovery after second quarters, please?
I would say that the margin impacts were attributable to just to the phasing of kind of where we are on projects, specifically in Marine. I mean, I assume that we're talking about Marine, which had -- the margins came down in that business during the quarter. But really, just as a I think, attributable to just phasing of where we are on projects.
As we wrapped up many projects toward the end of last year, a lot of goodness will generally come into the numbers we're kicking off. And as we kick off new projects, we generally are a bit more conservative in where we kind of set the stakes initially. So I would say that it's really kind of more of a timing item. We don't see -- we aren't seeing any signals that there would be any consistent or persistent margin degradation over time. If anything, we're seeing the opposite just with just the pipeline and the number of opportunities that we're seeing on the horizon.
And then I mean, concrete had a pretty monster step-up in their EBITDA contribution for the quarter. I'll say that we benefited in our concrete business from good weather. We -- a lot of times, we'll talk about bad weather, but I mean, this is a quarter where we benefited from good strong momentum throughout the quarter, good strong utilization and activity throughout the quarter that was not interrupted by weather.
And as the concrete projects get larger, we have opportunities to keep our teams on programs to allow them just to have consistent utilization and execution over time, which ultimately serves to lift the margins as there are all those starts and stops. So there weren't -- I wouldn't say there are any big good guys that helped concrete in the quarter. I would say that the margins that they delivered were really a product of just really strong execution, good momentum, uninterrupted momentum. And I mean, thanks to the skies, too.
The next question will come from Aaron Spychalla with Craig-Hallum.
First for me, good to hear the order activity continuing to pick up into April. You noted seeing acceleration for early work on the energy and petrochem side. Just can you talk a little bit about the time line from that early work and when those could maybe turn into project awards? And just any thoughts on what those could look like size-wise, content-wise?
I think we're just -- we're seeing a fair amount of activity. I think increased urgency to get projects breaking ground and getting going and there's, I think, a lot more conversation about, I think the sort of disruption in the global energy world has woken some things up as well as kind of, I think, probably put some -- like I said, put some urgency into getting projects underway.
Yes. And generally, as we start seeing the early signals of projects coming to us. And so this is, I mean, mostly on the marine side where we're seeing our larger commercial clients begin the signals of greenlighting projects -- and there may be a period of 3 months, 6 months or a year. But I would say as we look out on the horizon, there will be certain projects that will move forward very quickly.
And there will also be another set of projects that will move forward to try to get the permitting and all the things that they need to do within this administration. So I think that also -- I mean, there are some time lines that are in there. But we do have a good number of clients and programs that we see with the momentum picking up. And on those that are quite serious and are more advanced from a permitting perspective, we would expect those to move forward more quickly.
And then maybe second, you kind of highlighted an uptick in activity with the Department of Water and the Coast Guard. Can you just guys talk a little bit about what some of those opportunities look like and how you're thinking about timing on those as well?
The uptick in -- on the President's budget Yes, sorry. Yes, on the President's budget, there were quite a few -- it was a huge uplift in the budget for military. Now of course, the President's budget is a -- the way it works in reality, it's a bit of a wish list that still has to get put in place by Congress.
And so I would say it's directionally, that's the way the administration would like to see things go. And so we'll see how it plays out. But it is good signs, good indicators of what is likely to come out of Congress, assuming they can get a budget passed.
Yes. And I mean, even just putting the proposal out there for $1.5 trillion, I mean we're at $900 million now. So even if it goes up to $1 trillion, that's still a very large increase. We would expect to benefit from that, especially with just the emphasis on naval superiority, naval dominance, marine infrastructure resilience. Those are all themes that are central to this budget and I mean, really kind of to the world that we're living in right now. So it's very much accentuated by what's going on in the Middle East.
Understood. And then maybe one last for me. Just with higher fuel prices, some of the kind of tariff developments on maybe Section 232 expansions. Just any margin or backlog sensitivity, any actions you might be taking there on the business side of things?
The fuel side is something we're watching. I mean we tend to build in contingency in our bids and things like that for fuel spikes. And we buy in advance on parts of our business where we burn a lot of fuel, things like that. So we're generally at the moment, okay. We're watching it close. It is something that if it becomes a very long-term situation with high fuel prices, we could see some minor impacts, but it's -- right now, we're in a kind of watch-and-see mode and make sure we're protecting ourselves as much as we can.
And then just anything on maybe like steel or anything coming out of the Section 232 expansions?
We talked a lot about tariffs, I don't know, about a year ago. And we're generally in pretty good shape with how we bid and bid our work to be, again, either with contingencies in place or we have locked in prices. So we're generally in pretty good shape on the tariff side of things.
The next question will come from Min Cho with Texas Capital.
Congratulations on your standout quarter for Concrete. And I understand that weather was helped you guys a little bit here. But just given the level of backlog that you have, do you feel like this level of revenue and margins are sustainable in the intermediate term, again, assuming that kind of taking weather out of it?
Yes. I think the -- between the backlog and the activity we're seeing and the kind of outreach we're getting from owners as well as our general contractor partners, it seems to be like it's going to continue. We don't see a cliff coming or a slowdown happening there. It seems it's very, very active at the moment, a lot of activity that we expect to see coming in throughout the year.
That's excellent. Obviously, EBITDA of about $9 million, clearly suggesting back half weighted outlook. So can you just talk about like what specific drivers, maybe volume, mix or margins that gives you the most confidence in achieving this guidance and where you could see some risk to -- the greatest risk or greatest upside?
Yes. I think it's a timing thing as far as our marine business, a little light this quarter just with timing of projects and things like that as far as -- and then concrete really kicking hard in this quarter. And I think we'll see as far as the confidence goes between the backlog and the projects we've won already in the first month of second quarter here.
It's been pretty active quarter this second quarter, and we're very confident in the pipeline and backlog we should be able to build this year and work we can deliver in the latter half of the year. I know it's not unlike probably different reasons, but 2024 was a pretty similar year, a little lighter first half and a pretty heavy second half. It's looking to be a similar type sort of shape to the graph as a couple of years ago for different reasons.
Yes. Excellent. And then just finally, Alison, what was J.E. McAmis' contribution to adjusted EBITDA in the quarter?
It contributed positively. But I would say that their contribution was more in opportunity pursuit and building backlog for the future. They won some really nice awards that they'll continue to execute through 2026 and into 2027. And very importantly, they have been very integral in supporting some other really interesting opportunities that we're looking at.
So I would say that their contribution was meaningful. Like I said, they did contribute from a profit and a revenue perspective, but nominally, but I would say that the meaningful part of their contribution was really in just scaling their true expertise across both projects that we have currently in flight right now and also in guiding, advising and pretty meaningfully supporting some high-value pursuits.
The next question will come from Gerry Sweeney with ROTH Capital.
I may do something blasphemous and just start with concrete, if that's okay. I appreciate the courtesy.
Listen, concrete, really, really great quarter, obviously. And I know you're working on the Iowa projects. But I'm really curious as to what's your visibility on data center work. Some of our other clients are seeing tons of work coming down the pipe, especially as sort of the build-out of these facilities start to expand. And I'm just curious how much visibility you have? And what's the market opportunity this year into next year and even maybe a little bit forward as we look at these...
Yes. As we've talked before, but generally speaking, visibility into data centers is pretty minimal until it's kind of go time, right? They're fairly secretive about where they are, what they are, who's doing, whatever. Everything is kind of a big secret until it's go time. And so the visibility is always going to be somewhat limited compared to, say, public sector project in the marine side of the business.
However, the activity, as you mentioned, you're hearing is heavy. There's activity really kind of going in several directions. And it seems like there's a lot of big stuff in the works. We're having lots of conversations about really large projects that -- with our key partners and some of the owners that we work with regularly. And it's looking really good for the year for data centers for us.
And separately, obviously, Iowa was one that you highlighted previously. And I think as you do that and maybe some other projects, does that sort of elevate you in terms of reference projects and just bring you more and more into the circle per se?
I mean, generally speaking, I mean, Gerry, we've done over 50 data centers now. It's a big -- it's -- we've got a lot of them under our belt. So definitely we're one of the key providers in this space, especially in the Texas market, where there's a lot of them underway and planned. And so definitely, we're kind of -- I wouldn't say we're making decisions with the owners. But I would say we have a seat at the table in a lot of the early conversations.
Got it. One more question. What about sort of the derivative or knock-on effect? Obviously, as these projects more and more come on to the drawing board and they're hitting sort of shovels in the ground. What does that do to just general capacity in the concrete market and even help margins with other projects? And it's got to be pulling talent and capacity into the data center market and maybe raising pricing or margins in other sectors as well potentially.
Yes. I think the data center world, I mean, we're seeing it in Texas for sure, where -- and it's not just concrete, but a lot of the trades that are working on these projects, there struggles to find people, find resources, even things like housing and food in some of these more remote areas for the -- all the workers that have to be on these sites.
And so it's definitely -- there's resource challenges, whether it be people, equipment, materials, whatever. And it's the -- I think the owners are finding a way to make it happen. The owners, the general contractors and the teams on the site are finding ways to make it happen. It's a kind of do or die sort of approach that these owners have and everybody is finding a way.
Got it. That's it for me. I'm gonna save my marine questions for the follow-up, if that's okay.
All right. Sounds good. Thanks.
The next question will come from Liam Burke with B. Riley Securities.
Your operating cash flow year-over-year was very strong on what typically would be a slower cash flow quarter. As we look into the balance of the year, is there any priority to delevering even though the balance sheet is still in pretty good shape?
I think the balance sheet is in good shape. I mean we'll look at opportunities over time. I mean, I would like to potentially carry a little bit less. But I mean, I think we're in a very healthy place. We're right at 1.5x net leverage. And so I think that's a good place for us to be. We might have opportunities to bring that down, but that's not our highest priority.
I would say our priority in terms of our capital deployment would be in opportunities to expand just our positioning from an organic growth perspective and whether that means some investments in key equipment, key people, key things that we need to be able to ensure that we are well positioned for the pipeline and converting the organic pipeline maintaining that healthy balance sheet and then potentially other options.
But I would say that sitting at a 1.5x net leverage is a good place for Orion to be, especially with the interest rates that we negotiated earlier this year. And so I think that we're real comfortable right there. And -- but we'll -- it's always something that we factor into -- from a capital allocation strategy. But usually, we find some productive uses and especially in a growing business that will require some amount of working capital contributions, we'll probably tend to run around that 1.5x, I would expect on a steady state.
So I would gather with your organic opportunities, plus it sounds like McAmis is coming on very nicely, both from an addition and plus the synergies you're gaining. M&A is not one of the options in terms of allocation.
I wouldn't say that. Travis, I mean, well, I'll let you start, Travis, and I'll...
Yes. Well, she said it. I wouldn't say that. We're going to be -- as far as M&A goes, we're going to be very disciplined about the things we look at, and we'll be -- but if something comes along that makes good sense and is a reasonable bite, we would be -- we might be interested in it.
This concludes our question-and-answer session. I would like to turn the conference back over to Travis Boone for any closing remarks.
Thanks, everyone, for taking the time to join the call today. We look forward to speaking with you in the next quarter.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
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Orion Group Holdings, Inc. — Q4 2025 Earnings Call
1. Management Discussion
Good morning, and welcome to the Orion Group Holdings Full Year 2025 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Margaret Boyce, Investor Relations for Orion. Please go ahead.
Thank you, operator, and thank you all for joining us today to discuss Orion Group Holdings Full Year 2025 Financial Results. We issued our earnings release after the market last night. It is available in the Investor Relations section of our website at oriongroupholdingsinc.com.
I'm here today with Travis Boone, Chief Executive Officer of Orion; and Alison Vasquez, Chief Financial Officer. On today's call, management will provide prepared remarks, and then we will open up the call for your questions. Before we begin, I'd like to remind you that today's comments will include forward-looking statements under the federal securities laws.
Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases. Statements that are not historical facts are forward-looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-Q and 10-K.
With that, I'll turn the call over to Travis. Travis, please go ahead.
Thank you, Margaret, and good morning, everyone. Thank you for joining us today to discuss our 2025 results and 2026 guidance.
Before we begin, I want to acknowledge the ongoing conflict involving Iran and the Middle East. We extend our sincere appreciation to the men and women bravely serving our country. We recognize the situation remains very fluid, and we are actively monitoring developments and evaluating any potential impacts on our business and markets.
Now on to my prepared remarks. 2025 was a year of strong operational execution and meaningful advancement of Orion's long-term strategic priorities. We drove both top and bottom line growth and generated good free cash flow. Across the organization, our team delivered with predictable excellence, executing projects safely and profitably, strengthening our balance sheet and taking important strategic steps that position our company for continued growth ahead.
Over the past several years, we have been very clear about what we set out to do: improve execution, strengthen margins, professionalize the organization and build a platform capable of capturing the significant opportunities across mission-critical marine infrastructure, defense and concrete construction. In 2025, we translated that strategy into results.
Importantly, we took decisive, strategic actions that advanced our long-term growth plan. In December, we closed a new $120 million senior credit facility that improves our liquidity, lowers our cost of capital and provides flexibility to support both organic growth and accretive acquisitions. We also purchased the derrick barge in December to further increase capacity and execution flexibility.
As many of you are aware, we've been on the hunt for a large Jones Act derrick barge that will enable our team to pursue a broader range of marine and defense-related work. The barge is currently undergoing some refurbishments, and we expect to deploy it into our operations later this year.
Last month, we completed the acquisition of J.E. McAmis. The transaction greatly enhances our marine platform, particularly in complex jetty and breakwater construction where McAmis has deep, proven expertise. Their strong Pacific footprint, experienced workforce and high-quality equipment fleet expand our ability to execute large, technically demanding projects. Integration is well underway, and we're very encouraged by the strong cultural alignment and the collaboration we're seeing across the combined organization and contracts awarded to McAmis over the last several weeks.
In 2025, we consolidated our Houston footprint into our new headquarters office, implemented a modern project management platform, favorably settled multiple litigation matters and monetized nonstrategic real estate. Collectively, these deliberate actions improve our readiness for the next wave of large-scale mission-critical marine and concrete infrastructure opportunities and reflect tangible progress for our strategic plan.
While most aspects of our performance met or exceeded expectations in 2025, backlog was the one area where results were not as we anticipated, even though our win rate in 2025 improved over 2024. For the year, we booked just over $763 million in new contracts and change orders across the company, which represented a 0.9x book-to-bill. Customer decisions moved to the right primarily due to tariff-related uncertainty in the private sector at the beginning of the year, followed by the prolonged U.S. government shutdown later in the year, which delayed public sector bidding and awards.
Importantly, we believe this is only a timing issue with the work simply moving to the right as opposed to going away. We remain confident in our strong demand outlook, which is supported by the tailwinds we are experiencing across our markets. In addition, recent developments in the Middle East may accelerate government action to approve additional defense funding. We remain bullish on our backlog trajectory and long-term growth outlook with a vibrant growing pipeline that is currently at $23 billion, which includes the J.E. McAmis pipeline of $1.4 billion.
Our marine opportunity pipeline increased $3 billion or 21% sequentially to over $19.4 billion as of December 31. This does not include the McAmis acquisition, which we closed on in February. This growth reflects building demand and urgency across both public and private sector clients, and we're pleased with the 2026 funding for the Department of War Pacific operations. Across our operating regions, we have a healthy volume of opportunities expected to be awarded throughout the year for clients spanning the U.S. Navy, the Coast Guard, regional port authorities, state Departments of Transportation and private energy and chemical clients.
Moving on to concrete, where our opportunity pipeline grew to over $2.4 billion at the end of 2025. Over the last several years, our team has built a strong and expanding position in data centers and the mission-critical construction market. The team produced good bookings throughout 2025, increasing year-over-year backlog by 10% with recent awards spanning data centers and other commercial structures.
Our expansion into Florida and Arizona is paying dividends, fueled by a growing project pipeline and solid execution. I'd like to drill down into our data center work, a real highlight in our concrete business that is improving literally by the day. I spent a good amount of time with the team last week, and let me tell you they are killing it. Today, our data center count stands at 46 projects, either completed or in progress across Texas, Iowa and Arizona.
We're seeing a shift toward larger campus-style developments for which execution and schedule certainty reigns supreme, and our team has earned an outstanding reputation as a reliable delivery partner on mission-critical programs. In addition to construction of the buildings and foundations, we are increasingly engaging with key clients earlier to address constructability concerns and to implement targeted design improvements.
To support these strategies, we've recently expanded into site civil and earthwork to strengthen execution certainty for our clients and also to broaden Orion's scope of services. We expect to see data centers contribute even more significantly to our concrete business this year with some large opportunities developing in our markets.
In closing, as I reflect on the year, I'm excited about the deliberate execution of our strategic priorities, buoyed by building momentum in our key end markets. With a $23 billion pipeline, inclusive of McAmis, a healthy balance sheet and the best client-centered execution team in the business, we have an excellent runway for 2026 and beyond.
With that, I'll turn the call over to Alison to talk through our financial results and our 2026 guidance. Alison?
Thanks, Travis. We were pleased with the financial and operational progress we delivered this year, reflecting disciplined execution across the organization and continued focus on profitable growth, cash generation and balance sheet health. For the full year 2025, revenue increased to $852 million, operating income to $15 million, adjusted EBITDA to $45 million and adjusted EPS to $0.25 per share.
I am also very pleased to report that we generated full year operating cash flow of $28 million and free cash flow of $14 million. Across all metrics, these results were a notable improvement over last year. From a segment perspective, in 2025, Marine delivered $545 million of revenue, a 4.5% annual growth and more than doubled its adjusted EBITDA to $56 million for the year. This represents a 10% adjusted EBITDA margin compared to about 5% in 2024.
The improvement in adjusted EBITDA was driven by favorable revenue mix, excellent execution, favorable equipment utilization and positive project closeouts. For reference, Marine's contribution adjusted EBITDA margin for the year was 15%. In 2025, Concrete revenues increased 12% annually to $307 million and Concrete reported an $11 million loss in adjusted EBITDA. The reported adjusted EBITDA loss is primarily attributable to the impact of corporate allocations in 2025 and favorable project closeout benefits in 2024 that did not reoccur in this year.
Concrete's contribution adjusted EBITDA margin for the year, excluding corporate, was 4.5%. To provide increased transparency on segment operating margins, we plan to update our reportable segments beginning in the first quarter of 2026. Specifically, we plan to break out corporate expenses separately as a nonoperating segment and will no longer allocate those costs to Marine and Concrete for external reporting purposes. This change is intended to increase transparency of our operating segment's results.
Moving on to the balance sheet. As many of you are well aware, late in the fourth quarter, we entered into a 5-year $120 million credit agreement with UMB Bank. This facility meaningfully improves our liquidity, reduces borrowing costs, extends maturity by 2 years and positions the balance sheet to fund future investments. It includes a $60 million revolving line of credit, a $20 million equipment term loan facility and a $40 million M&A term loan. It also includes an additional $25 million uncommitted accordion to fund future growth.
The UMB facility refinanced and replaced our previous $88 million credit agreement, which was scheduled to mature in May of 2028. Borrowings under the UMB credit facility bear interest at a rate of SOFR plus 2.5% to 3%, a 40% reduction in our borrowing costs compared to the prior credit agreement. A big shout out to our treasury and legal teams for getting this across the line.
In connection with this refinancing, we paid off our $23 million term loan and ended the year with net debt of just about $6 million. I would like to point out that subsequent to year-end in February, we increased our senior borrowings by $47 million to fund the McAmis acquisition. I'll wrap up with our guidance update for 2026.
We're very pleased to provide our full year 2026 guidance as follows: revenue in the range of $900 million to $950 million, a 9% increase from 2025 at the midpoint; adjusted EBITDA in the range of $54 million to $58 million, a 24% increase from 2025 at the midpoint; adjusted EPS in the range of $0.36 to $0.42, a 56% increase from 2025 at the midpoint; and capital expenditures in the range of $25 million to $35 million, consistent with last year. That's it for me. Back to you, Travis.
Thank you, Alison. We are very proud of what we accomplished in 2025, and we view this year as a bridge, not a destination. Over the past 12 months, our operations team executed projects safely while growing revenues and adjusted EBITDA. Meanwhile, our corporate team sold the East West Jones property, restructured our credit facility, purchased the derrick barge and acquired J.E. McAmis. None of this progress would have been possible without the hard work, dedication and commitment of our people, and I want to thank them for their outstanding efforts.
With a strong operating platform, expanded capabilities and favorable market tailwinds, we're excited about the opportunities ahead and believe Orion is well positioned as we look to capture more work and continue to execute for our employees, clients and shareholders in 2026 and beyond.
We'd now like to open up the call for your questions.
[Operator Instructions] And the first question will come from Tomo Sano with JPMorgan.
2. Question Answer
In Q4, you talked about some of the delay of the revenue recognition for awarded projects. And could you talk about the impact to your reported sales and margins in Q4? And could you specify which segments or projects experiences that delays and quantify the revenue and margin impact in 2026, please?
Sure, Tomo. I'll start and Travis, if you want to add in. But from a 2024 perspective or from a Q4 perspective, the fourth quarter came in generally in line with what we expected. We didn't see a lot of softness in the quarter and generally kind of in line with what we were targeting and in line with the guidance that we had set out for the full year. I'll say that things do typically in Construction, they will move around a bit in terms of just timing and cadence. And you probably saw some of that in terms of just margin profiles for the individual segments. But from an overall perspective, things came in, in line, including from a corporate perspective. Does that answer your question, Tomo?
There were a few -- there were some opportunities that slid out of Q4 that we were pursuing, but that's not on the -- that's on the -- more on the kind of...
Pipeline.
Pipeline side of things.
Yes. So could I double-click on your commentary about the margins, Alison, if you could talk about the 2026 outlook by segment in terms of the margin expansions from 2025 to 2026?
Sure. I'd be happy to. We are continuing to expect that we will have modest margin expansion across the business, both from the favorable impacts of blending McAmis into the Marine business. As you probably will recall, McAmis operates at a meaningfully higher margins than the rest of Orion. So we are expecting to see some favorable blend associated with that acquisition and the incorporation of their results.
And then from a concrete perspective, we do expect that concrete will deliver margins in the mid-single digits. For the year in 2025, concrete delivered margins of right around 4.5%. And we do expect to nudge that up in 2026, just as a function of some favorable demand signals that we're seeing in terms of the work that we're bidding on, the work that we are winning and bringing into backlog as well as just continued growth and scale, which benefits our concrete business pretty meaningfully.
If I may squeeze one more on the data center, Travis, you talked about data centers. Could you quantify the impact in 2026 in terms of the revenue compositions as well as some competitive advantages in data center projects for Orion, please?
I'm not sure if I'm ready to point to the fence yet on what -- where we're going to land with data centers. As Alison just mentioned, we are seeing a large amount of opportunities that are lining up well with our capabilities and relationships and all of that. We've got -- we did start -- as I mentioned, we've started doing site civil work on some of these data centers, which has been very well received, and we're doing well with that work. So I think that will expand and continue. And I think we're going to keep seeing just a large amount of data center work happening. I mean we're -- right now, it's 40% of our concrete business is data centers. I expect that to probably go up a little in the next year.
The next question will come from Aaron Spychalla with Craig-Hallum.
Maybe first for me, just on the pipeline, can you talk a little bit more about that? It sounds like the expansion pretty broad-based. Any thoughts on kind of time line conversion to orders? I know you've had a slide that kind of has laid out timing potential there. And then just maybe talk about the kind of market and margins you're seeing quotes and kind of backlog-wise.
Yes. So the pipeline has expanded. Some of that's been because things have slid, right? So it's kind of it's building, but there's also some things sliding, which makes it look like it's getting even more big. But it's -- we've got quite a few near-term opportunities in 2026 that are $100 million-plus projects, more -- let's say, more than a dozen very real opportunities that are over $100 million in size, which are -- gives us a lot of confidence even though our backlog is down.
We're one job away, one project win away from the backlog being in good shape. So we're not worried. We're bidding projects in the real near term here that we feel good about. So we're not -- I know maybe some concern about backlog. But from our -- in our minds, we're nowhere near getting worried. We're in good shape. We have all the opportunities in front of us. And like I said, we're one win away from being just fine on the backlog with -- for our Marine business. And our Concrete business backlog, our pipeline is growing and looking really strong.
As you may recall, our Concrete backlog -- or Concrete pipeline, excuse me, is -- it's typically fairly small because there's a lot of book and burn and it's private sector opportunities, which are not super visible long in advance. So we're excited to see the Concrete pipeline creeping up as well as the Marine pipeline continuing to expand. And then we added in McAmis that makes it even -- gives us even more opportunities to pursue.
And then outside of McAmis, on margins kind of in the -- as you're going to bid projects, is that still -- how is that looking?
On the McAmis side of things, nothing has changed as far as margins, bid margins and things like that. They're going to continue pursuing projects as they have and...
In the rest of the business...
In the rest of the business, things are looking good. No -- we're not seeing any like downturns or anything like that, in fact, I would say more the opposite in several of our markets.
Good. Good. And then maybe second, on the data center side of things, you kind of talked about an expansion site in civil and earthwork. Any thoughts high level what that means for maybe average project size or how quickly these projects can continue to turn with that dynamic?
I'm probably not going to give too much information just for competitive reasons. But I think it's -- it depends on where the data center is and how much infrastructure and dirt work and things like that need to be put in before the concrete and foundations happen. But there's -- there can be fairly significant amounts of work that goes into that. And it gives us something else to sell to our customers. And as many of them are kind of shifting to campus -- bigger campuses, sometimes those get to be much larger, right?
They still do these data centers, and we've talked about this before, but they don't -- even though it may be a really large data center, they kind of go a little piece at a time. And it's literally -- here's one little piece and another little piece and another little piece and they need to look back 6 months later, and it's -- you've done a ton of work over a period of time. So it's -- these things turn in from a $500,000 task order and next thing, you've done $50 million worth of work a little out of time so -- well, a little out of time, but very quick.
Yes. And I think the other important thing there is as our team -- because our team has such a high level of credibility in this really critical aspect -- on the critical path of these projects in terms of just the building infrastructure, the infrastructure to support all the really important internal things.
But because our team is -- has such credibility in that area, we are being engaged earlier in terms of, just as Travis mentioned in the call, some of the constructability, some of the concerns, some of the things that we have seen over the now 46 and counting data centers and campuses that we've worked on and incorporating those lessons for our clients, our clients are seeing that as a really valuable level of expertise that we bring to the table, which means that ultimately, we do become a trusted partner in this aspect of the building and the construction. So it's a pretty exciting time. I mean, really, my hats off to that team who've built very, very strong relationships with a number of the key players.
[Operator Instructions] The next question will come from Gerry Sweeney with ROTH Capital.
Just a couple of follow-up questions maybe. But just looking at the marine side, obviously, the pipeline is growing. You said some of the projects pushed to the right per se. But are you hearing anything or do you have any anecdotal commentary on maybe when some of these projects may come to fruition? Obviously, they're quite large, complicated. We've had a government shutdown and then we have escalating conflict in the Middle East. But all that said and done, I'm just curious as to maybe some of the anecdotal items that you're hearing on those opportunities.
So I mean, we're bidding one of them. We're bidding a nice project this week. There are things moving forward now. I guess it's -- there's not like a theme, if you will, of the different reasons that they've moved. Some of them moved for different things. But they are just shifting to the right. They're not -- it's not a never-ending shift to the right. They are actually coming to roost at some point, like the one I just mentioned that was originally supposed to be last year, and we're finally bidding it this week.
So there are projects that are coming through. We're bidding quite a few jobs in the next 6 months, pretty nice ones, along with the normal kind of run-of-the-mill projects that we always go after. But I don't know if I answered your question, but...
Yes, sorry, go ahead.
Well, I'd just add, Gerry, that as we look at the pipeline, the pipeline does continue to be very robust. We continue to have our good line of sight into $8 billion, $8.5 billion of opportunities that we expect to be awarded in 2026. And that's pretty normal. We have seen some clients really engage in a more meaningful way, which to us signals that some moves are likely going -- or some decisions are likely going to be made in the near term.
But as we think about the pipeline, it stacks up to be probably about a 40-60 split in terms of what's going to -- for the 2026, what we have visibility into of what will be awarded in the first half versus the second half, which is pretty normal, just given in the federal government, there's usually a spike in the third quarter. And so yes, there are a good number of opportunities that we have both that we are working on bidding on.
And then a lot of times, we will talk about the number of opportunities that we have provided all information on that we are just awaiting award from the client. And that number continues to sit at right around $1 billion. So to us, that's a little bit higher than normative, but it's been consistently at that $1 billion mark throughout 2025 and continues to be around $1 billion now. So that might just be the new norm in terms of when Travis talked about holding the pipeline a little longer, we do continue to see that number just stay right around $1 billion. But we are seeing some awards, some clients like moving and being more active.
Got you. And at some point, that $1 billion kind of breaks loose, which is positive, obviously, right?
That's right.
The next question will come from Alex Rygiel with Texas Capital.
Travis, your historical win rate on bids sort of is in that mid-teens range. Is there any reason to believe that historical win rate will be any different going forward?
No, we saw that win rate kind of between -- from '24 to '25, it ticked up. Even though our backlog was down, our win rate was up. So it tells you that things were sliding. But we -- so we are -- we have seen it head in the right direction, just a little bit, 1% or 2%. And I don't expect it to change much. I mean it might continue to go up a little, but I don't expect it to be any large jump up or down on the win rate. We kind of like to be in that, let's say, 15% to 20% win rate sort of range, and that's where we are and feel pretty good about where we are.
And then as it relates to your adjusted EBITDA guidance of $54 million to $58 million, can you bridge that delta from the $45 million you just reported and help us to understand sort of what's organic versus inorganic? And as it relates to sort of the organic, kind of how that's broken out by segment?
Sure. I'll give some high-level commentary. I would say that -- we are always gearing the business towards what we view as good organic growth. So that is like, first and foremost, really what we are doing to position the company is to invest in organic growth. Organic growth in 2026 is good. I would say it's probably just in terms of stepping back, I'd say it's in the kind of upper single to low double-digit growth rate from an organic perspective, just because of some of the opportunities that we see moving a bit to the right, specifically in the Marine business.
I do think that Concrete will grow very favorably in 2026. We have signals that, that is happening, and that is real. But for Marine, those opportunities, they just take time to get through the pipeline to get through the -- all of the machine associated with bringing those opportunities to market by our client and then ultimately getting those things awarded. So some of those things that we expected we would see in '26 have moved a bit to the right.
That being said, we do expect that our Marine business will continue to grow in 2026. Will it be at the dynamic growth rates that we are anticipating with some of the many things that are coming to market in '26 and '27? Probably you'll see that I would expect over the midterm, but that is not today built into our 2026 guidance.
What I will say is I'll say that also from a McAmis perspective, that we have good line of sight into what we expect McAmis will deliver, which is right in line with kind of what we set out in the call back in February. They come with a very highly qualified, very reputable, very credible group of people. It's a phenomenal team. It's a phenomenal leadership organization there.
So we're very excited about bringing them into the portfolio. And we're also very excited about some of the projects that they have won just recently. So they continue to perform. They continue to perform well, and we look forward to just bringing them into more of our opportunities and our projects to make our pursuit teams even stronger as we look ahead.
Very helpful. And then the outlook for backlog near term, I kind of get a sense here that it's probably flattish to maybe trending a little bit down in the first quarter and the second quarter, but you expect a strong rebound in the third and fourth quarter. Is that a fair conclusion to come to?
To tell just from a backlog perspective, like we are working -- we are gearing the organization around a really a book-to-bill that is greater than 1. So I mean that is our objective. Our objective is to always be booking more backlog than we are burning. And so like with that in mind, I mean, it's hard from a quarter-to-quarter perspective to predict what backlog is, and it does kind of move around just based on how we burn, like how operational cadence of the project and then like what gets awarded within the quarter.
But from a full year perspective, we do expect that to meaningfully deliver good bookings, which ultimately will serve to elevate our backlog balances. I'll also say that from a concrete perspective and really from a dredging perspective as well, like those 2 businesses have a very quick book-to-burn. And so they may have phenomenal years, but you may not see a lot of that manifested in the backlog at quarter end or at year-end just because of the amount of book and burn projects that they get awarded. But are we targeting elevated backlog through the year? Yes, that is absolutely a goal, and we'll track that really through kind of the book-to-bill and kind of how the organization is delivering on that.
The next question will come from Liam Burke with B. Riley Securities.
Travis, you talked about closing on the derrick in late 2025. How quickly -- it's a fairly significant commitment, capital commitment. How quickly do you anticipate that investment turning into some sort of measurable return?
We'll get it -- as I mentioned, we've got some work being done on it for the next, I don't know, 6 -- let's say, 6 to 8 months. And once it's kind of in the condition and ready to go, we'll have it -- we'll get it busy and get it operational or get it working somewhere in our business. As far as payback on it, we -- I think we got a pretty good price on it. So I don't think it's going to be a long time to get kind of return on the investment.
Great. And on the M&A front, the McAmis was opportunistic. Obviously, you don't have a pipeline of opportunistic acquisitions, but what does the acquisition pipeline look like for you?
It's a pretty active market out there at the moment. Lots of different things happening in the -- I don't know, it seems like it's not just -- it's across the board. It seems like acquisitions are -- have really gotten pretty strong across all sectors. I'm seeing it kind of all over the place, lots of different acquisitions and activity happening. I mean we saw Great Lakes just recently get acquired and go private and just lots of things happening out there that will give us -- potentially give us opportunities to do more in the next year or so.
This concludes our question-and-answer session. I would like to turn the conference back over to Travis Boone for any closing remarks.
Thank you all for joining us today. We look forward to talking to you again soon.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
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Orion Group Holdings, Inc. — J.E. Mcamis, Inc., Orion Group Holdings, Inc. - M&A Call
1. Management Discussion
Good day, and welcome to the Orion Acquisition Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Margaret Boyce Investor Relations. Please go ahead.
Thank you, Danielle, and thank you all for joining us today to discuss Orion's acquisition of J.E. McAmis and JEM Marine Leasing. Our press release and presentation are available in the Investor Relations section of our website at oriongroupholdingsinc.com.
I'm here today with Travis Boone, President and Chief Executive Officer of Orion; and Alison Vasquez, Chief Financial Officer. On today's call, management will provide prepared remarks, and then we'll open up the call for your questions.
As outlined on Slide 2 of the materials we published earlier today, I'd like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases. Statements that are not historical facts are forward-looking statements.
The benefits of the transaction and our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially are contained in our SEC filings, including the 8-K disclosing the transaction and our reports on Form 10-Q and 10-K.
With that, I'll turn the call over to Travis. Travis please go ahead.
Thank you, Margaret, and thank you all for joining us this morning. I'm very excited to share the news of our acquisition of a specialized heavy civil contractor, J.E. McAmis. We are very pleased to welcome the McAmis team to Orion.
Known for their outstanding safety record, on-time performance and healthy margins, McAmis is an excellent addition to the Orion family. The combination of our 2 companies provides us with increased scale and capacity by adding a highly skilled workforce, strategic marine equipment and real estate and new capabilities ahead of the significant marine opportunities in front of us.
This is our first acquisition since 2017 and is a reflection of the disciplined execution of our strategy to be the premier marine construction contractor in attractive end markets delivering long-term shareholder value.
I'll start on Slide 3 with an overview of the McAmis business. With over 5 decades of experience primarily delivering public and defense projects across the United States, McAmis offers a wide range of highly specialized marine solutions spanning jetty and breakwater construction, dredging, environmental restoration and rehabilitation and dam and spillway construction.
Based in Vancouver, Washington, McAmis' focus is on projects on the West Coast, primarily in Washington and Oregon and has also completed projects in Alaska, California, Florida and Hawaii. They primarily serve federal clients and have strong, long-standing relationships with the U.S. Department of Defense and U.S. Army Corp of Engineers. McAmis has a very robust opportunity pipeline with incremental opportunities to Orion of over $1.4 billion.
McAmis maintains a broad portfolio of marine equipment and real estate appraised at over $34 million. The fleet augments Orion's equipment fleet nicely with high-value Jones Act Marine vessels, including ABS barges and specialty equipment. McAmis also brings strategic real estate along the Columbia River in Washington State and have secured critical access to prime quarries in the Pacific Northwest.
Financially, McAmis is very attractive in terms of top and bottom line growth at strong accretive margins for our Marine business. From 2022 to 2024, McAmis posted annual average revenues of $38 million, with average EBITDA margins consistently in the 20-plus percent range, growing both the top and bottom line in each of those years.
We're excited that John McAmis Jr. and Scott Vandergriff whose family founded and grew this business have joined Orion's leadership team to continue to build on the McAmis legacy.
Moving on to Slide 4. I'll touch briefly on McAmis' operations that focus on complex marine construction and modernization projects. John and Scott lead a specialized team that has earned a distinguished reputation for tackling complex marine projects, operating safely and delivering on time and on budget. Recognized as JE Construction experts with a proven track record in complex project delivery. They are a top-tier go-to provider of marine solutions and challenging conditions in harsh environments.
This incredible team recently completed a $170 million project that involved rehabilitating the full length of the South Jetty on the Columbia River. The work included placement of over 450,000 tonnes of Jetty stone weighing up to 40 tonnes each. Complex projects like this require significant and detailed upfront planning, constant focus on safety and execution commercial discipline throughout the project and close coordination across a wide stakeholder group, client, [indiscernible] and the community. This is just one of many impressive projects this talented team has executed. There are a handful of other interesting projects in the appendix to the presentation. Please take a look.
Moving on to Slide 5. For Orion, the acquisition thesis is simple. McAmis advances our long-term strategic growth plan and fortifies our competitive position ahead of significant marine opportunities on the horizon. Since I've joined, we have worked with discipline and focus to position the company to capitalize on rising demand, increased federal investment in defense infrastructure as well as continued port expansion and modernization are clear catalysts to industry growth. McAmis fortifies our marine construction position, expands the suite of services that we can provide our customers and strengthens our presence on the West Coast.
One of the most important criteria we use in evaluating M&A opportunities is cultural alignment. From our first meetings with John and Scott, we have been highly impressed by their focus on winning as a team, their strategic approach to positioning for projects, their track record of safe execution, their well-earned reputation for project excellence and their culture of integrity. I'm excited to welcome John, Scott and the entire McAmis' team whose culture, values, leadership and track record of execution aligned strongly with our organization. Together, this combination creates a strong platform to drive sustainable growth and long-term value creation for Orion's stakeholders.
I'll now pass it over to Alison to cover the financial details. Alison?
Thank you, Travis, and thanks, everyone, on the call for joining this morning. I share Travis' enthusiasm for this acquisition, which represents a very natural extension to our strategy and further strengthens our financial and operating platform.
Purchase consideration of $60 million, subject to customary adjustments includes $46 million of cash, net of cash acquired. A $12 million 5-year 6% subordinated promissory note and $2 million of Orion common equity -- additional $2 million of Orion common equity.
Additional consideration is contingent on realizing at least $10 million of profit on projects and backlog plus a 40% profit share on any additional backlog profit and selected near-term pursuits.
As Travis mentioned, this acquisition accelerates our path to scale with specialized technical expertise, McAmis has grown attractively while expanding margins and maintaining a very strong balance sheet. With a $40 million historical revenue run rate and margins consistently above 20% and healthy backlog, McAmis is set up nicely to contribute to Orion's growth and profitability. We plan to provide full year consolidated 2026 guidance for Orion, inclusive of McAmis when we report our full year and fourth quarter 2025 results next month.
McAmis fits nicely into our M&A framework and our disciplined approach to target high-quality, culturally aligned businesses that add capabilities, people, equipment or geographic reach. McAmis delivers in all of those categories.
We funded cash at closing of $46 million with borrowings under our new credit facility that includes a $40 million acquisition term loan and $6 million of borrowings under our revolver. All borrowings bear interest at a rate of SOFR plus 2.75% and mature in 2030. We expect our leverage ratios will be very much in line with our goal of maintaining responsible leverage that gives optionality to pursue our long-term growth strategy.
I am thrilled to welcome John Scott and the McAmis team to Orion and look forward to building on our momentum together to pursue the exciting opportunities ahead. Back to you, Travis.
In closing, the acquisition of J.E. McAmis is an excellent strategic fit that strengthens our platform and supports our goal of driving increased profitable growth. We're enhancing our jetty and breakwater construction capabilities adding exceptional talent, widening our West Coast presence and bolstering our marine fleet.
As we execute our strategy to be the leading specialty construction contractor on, over and under the water, we see strong momentum across the business and are excited to work with our new team members. We will continue to consider future accretive acquisition opportunities and weigh those against other opportunities to deploy capital or organic growth or return to our shareholders. We thank our people for delivering predictable excellence every day and look forward to sharing our progress on our fourth quarter earnings call.
I'd now like to open up the call for questions. Operator?
[Operator Instructions] The first question comes from Aaron Spychalla from Craig-Hallum.
2. Question Answer
Maybe first for us on the $1.4 billion pipeline, can you just talk about how that's kind of grown here recently, any breakdown on project sizes or types, geography and then just the optimism on closing some of those opportunities as we move forward.
Sure. And just to be clear, that's $1.4 billion pipeline is kind of the McAmis opportunity pipeline and it doesn't -- where it doesn't cross over with any Orion opportunities. So that's a sort of new piece of pipeline that we have now, right? Just to clarify that piece.
As far as what it is, it's generally projects in the Pacific Northwest that are kind of jetty focused or rock work type focused, and it's similar to our pipeline, let's say, work over the next 2 to 3 years, roughly.
Okay. Good. Thanks for clarification on that. It seems like nicely additive. And then just maybe last on the fleet. Can you just kind of talk about McAmis' fleet and just what it means, what it adds to yours number-wise kind of capability-wise [indiscernible]
Definitely, they've got some good equipment that we didn't have before that's kind of specialized equipment for doing rock work. So they have -- there's some equipment that's ABS barges and things like that, that are Orion needs across the business and then there's other specialized pieces that are specifically related to doing jetty work and things like that. So kind of a variety of different pieces of equipment, cranes, dump scouts, et cetera, that are very valuable to us as a company.
Yes. And I'll add to that and say that as part of as we were looking at the McAmis business, in addition to just the normal valuations of price and things that we did, we send our own equipment team out to all the major pieces of equipment. They crawled all over all the equipment. And came away very, very impressed with how McAmis has maintained its fleet and just the nature of their equipment and the fundamental equipment, how they maintain that for their ongoing operations.
So really nice equipment that we're bringing over. The team is pretty excited about putting that to use across the broader portfolio. So pretty excited about the addition of the fleet specifically as well.
The next question comes from Tomo Sano from JPMorgan.
My first question is how would you assess the quality and profitabilities of McAmis' existing backlog of $24 million and a pipeline $1.4 billion as well, please?
One moment while we reconnect the speaker line. Okay. I've reconnected the speaker line. Please go ahead.
Thank you, Danielle. And apologies that we dropped there for a moment, wonders of live calls.
Okay. So Tomo, we heard the first part of your question with regard to backlog. If there was more to your question, we can -- would you like to complete the question? Or would you like us to address the backlog quality piece first?
Yes. Could you talk about the backlog qualities as you talk about accretive for EBITDA margins compared to Orion for these acquisitions. But wondering the quality and profitability of the backlog and upcoming pipeline points first?
Sure. Absolutely. One of the things that is very attractive about this business is their level of profitability across their projects. As we said in the call, we do -- we have a high level of confidence that the McAmis business will be very accretive to our business, it is accretive to our marine business and the composition of the backlog is no different than that. We expect that as we continue through the year we. So we'll start the year, we closed or McAmis closed December of 2025, with about $24 million in backlog. And we think that's a good, healthy place for them to be just based on the pipeline, what we see ahead.
But I would say that the qualities of the backlog include profitable projects, some of which are at various stages of completion that will take the company probably through about would say, consistent with Orion, about 60% -- 60% to 65% of their year with other projects that we have on the horizon that we expect we will be booking and completing as we get through the year. So very healthy backlog, I would say. Travis, any other comments on that?
No, I agree. It's good backlog, good healthy business, and it's -- as we said, accretive to our business, and will be good for us going forward.
And just a follow-up on the -- after these acquisitions, would you say like will this acquisition change Orion's overall growth strategies or M&A policies going forward? If you could talk about that, please?
Sure. I don't think it will change our growth strategy. We have -- we've been evaluating acquisitions for several years. In fact, we've evaluated a large number of potential acquisitions. And we haven't found one that we liked until now. So we're -- we'll continue to look for the right acquisition that fits our company culture, fits our strategy and fits how we want to grow. So this is one that we're very excited about. As we said, we've kind of -- we've evaluated a lot and to get this one is we feel really good about.
The next question comes from Min Cho from Texas Capital Securities.
Congratulations on this acquisition. First, it sounds like McAmis does a lot of work for the DoD and the U.S. Army Corp. Can you break out what percentage of their revenue comes from federal? And if these projects are -- or they low bid like the dredging work? Or is the more complex were kind of negotiated with the higher-margin opportunities?
Good questions. Definitely, most of it is low bids and the vast majority is the Army Corps of Engineers work. I don't have the exact percentage in front of me, but I would say more than 80% is Army Corps of Engineer work. There's some private sector work and some public sector work outside kind of DoD, but most of it is Army Corp Engineers projects primarily in the Columbia River.
Okay. And then can you just talk about kind of what your key integration opportunities are in the first kind of 6 to 12 months here. It sounds like they're fairly separate businesses doing similar work, but just any details about integration that's required.
Sure. They are a very let's say, lean and mean fighting machine. So they don't have a lot of overhead and things like that. So there aren't a lot of cost synergies between the businesses, but there are great opportunities to work together with our marine construction business and give us kind of expand the capabilities of what McAmis has been doing to other parts of our geography. So take the talent and expertise and use it in other parts of the country, for example. And I think it will give us kind of a new market that we haven't pursued mostly because we didn't have the expertise that McAmis brings.
Got it. That makes sense. And then just one final question for me. Does this acquisition change your capital allocation strategy? It sounds like you're still going to continue to look for some smaller acquisitions, but does debt reduction or maybe investment in additional assets with the integration.
Our capital allocation strategy will remain pretty consistent, just focused on, first and foremost, good organic growth, maintaining a healthy balance sheet, highly strategic M&A opportunities as we see them, we'll take some time to digest this one.
As Travis said, this is the first one we've done -- that we've done as a team and also that the company has done since 2017. So it will take some time to get this acquisition digested to do it right to make sure that we keep all of the value across both organizations and then the value together.
So our capital allocation strategy will stay the same. I'll say that in addition, so as we -- as you'll all recall, and we'll talk about this in much more detail when we talk about our full year results for 2025. But at the end of the third quarter, we -- and following the East-West Jones land sale, we essentially were close to 0 at net debt. So the borrowing that we made on this acquisition just puts us right around one turn of leverage, which is a really healthy place for us to be. It still gives us some dry powder for other opportunities, whether that be investment in equipment or other opportunities that may arise over the year.
So I would say that in short that we still have a good amount of flexibility. We still have a very strong balance sheet, and we're really happy with the acquisition and also just where the balance sheet is following.
The next question comes from Liam Burke from B. Riley Securities.
Travis, on the stock component of the acquisition, is that creating the opportunity for the management of McAmis to participate in the joint enterprise now.
Definitely, definitely, obviously, the ownership and -- is one of several ways we use to kind of make sure that they were engaged in fully focused on integrating and continuing to operate profitably. So they're super engaged and very excited to be part of Orion and help us grow.
Great. And just switching back -- I'm sorry, I got you Alison.
I was just going to say, I think the other thing that really helps tie us together are the elements of the contingent consideration. I mean there's $10 million of deferred consideration on this transaction that is really centered around, the McAmis team delivering the backlog and growing. So we'll share profit as we go forward. And specifically on the execution of the backlog and also on near-term pursuits.
So that essentially will help keep our teams very much connected, very much aligned over the near term as we think through integration, what integration looks like, and how to become really kind of one Orion team. So very much focused. I think one of the things that is really exciting about this acquisition for us is the excitement of John and Scott to stay a part of Orion. I mean they were very enthusiastic. They we're very enthusiastic about being part of the team and about helping us grow together. So I think we're in a really good spot with John, with Scott, with the rest of the team, we met with the McAmis, the broader part of the McAmis team last night and come away very, very impressed with -- from a leadership perspective, and also just through the entire team, just the quality of the people.
Great. And just quickly touching back on synergies. Are there cross-platform opportunities for you on the application side where do you see opportunities for Orion to move into McAmis existing geographies?
We're already kind of let's say, a little overlap on geography. They operate a lot in the Pacific Northwest and have historically operated in Florida and Southern California. But I think the opportunities for us are more to expand our capabilities from just being in the Northwest to other parts of the country.
The next question comes from Brent Thielman from D.A. Davidson.
I apologize, I did join a bit late. So to do this, again, I apologize. But Travis, does the fleet, the assets they have, does any of the strength in your ability to participate in some of the future federal deterrence opportunities that could be coming? Or is this really separate of that?
Yes. It does give us opportunities. In fact, McAmis is currently working on a project in the Pacific with some of their fleet. And so definitely, it gives us an opportunity to do some additional types of work in kind of the PDI and other types of work in the Pacific.
Okay. And then the $1.4 billion pipeline, I mean, I guess, in your mind, is this sort of combination immediately changed that for them, just sort of thinking about future revenue synergy opportunities. How do you think about how that pipeline evolves with the combination of the 2 companies?
Definitely, I think it will grow once we start looking at other opportunities outside of kind of their focus areas that made up to $1.4 billion. I think once we start kind of looking at the opportunities that are available in, let's just say, Florida or Texas or the Gulf other places in the country where we can bring the expertise that they -- I think it will definitely add to our pipeline opportunities across the company as well as the Pacific.
And maybe last one. I mean, given the contingent consideration, some of the stock, obviously, keeping management around, is that over a period of a number of years. And maybe you could just talk about the different layers of management internally and what you're doing to keep them on?
Sure. I'll just -- I'll start with one of the things that really excites me is they're excited to be part of Orion. As a company, they were kind of, I'll say, hungry to be able to do more with their really strong capabilities they had. And the best way for them was to be acquired and to join a company like ours. And they were very excited to be part of our company. And so beyond their kind of good fit to be with us. They want to be a part of us, including the management, the ownership of McAmis. They want to be part of our company. And so we're excited to have their kind of strategic thinking and approach to winning work that they have -- that's made them so successful to bring them in and have them part of us.
And then we have several kind of parts of the deal, so to speak, that help keep them motivated to be part of the company, including the stock as well as some of the ways we've structured the deal. Alison, do you want to add to that?
Yes. No, I think we get similar to what I said where I think another interesting thing, and Scott said it last night when we were visiting with the broader McAmis team, he said, McAmis is too small to be big, and it's too big to be small, and so for them to do the things that they want to do and to be able to grow into the markets that they want to grow into, they needed to be attached to a larger organization, and that's what Orion brings.
We bring support, we bring help in front office all the way through back office through operations in terms of just helping them get through doors that they were struggling to get through or that they couldn't get to because they had grown so nicely through their own tenure.
So that's really exciting in that they view this as an opportunity for them to continue to grow and to advance the McAmis' legacy. And just the alignment between our teams in terms of they get really, really jazzed about doing really tough projects, which is the same as Orion, like they work on a fear environment in Alaska. Travis said they're working in the Pacific. They do this Jetty project that Travis talked about in his prepared remarks. I mean they do some of the hardest things in some of the most complex areas.
So I think there's really good opportunity for us to work together as we bring them into the fold. The pipeline is pretty exciting in terms of opportunities that we see ahead. But just the cultural alignment around wanting to grow, wanting to do cool stuff, wanting to take on and tackle hard projects, I think, is really, really exciting.
[Operator Instructions] The next question comes from Gerry Sweeney from ROTH Capital.
You had mentioned in the prepared remarks and in the presentation, J.E. McAmis has heavy civil, jetty breakwater, but also the environmental side. Is the environmental side a little bit newer of a sort of service that is additive to the Orion platform?
We've been doing environmental type projects for quite some time, Gerry. I think it's maybe a little bit expands the capabilities within the environmental footprint more than anything. I think it's not entirely new for us. We've been -- we've done quite a few projects in that realm. And so I wouldn't say it necessarily opens up a new door in the environmental side of things, but it gives us more opportunities there.
Got it. And just to carry on with that, climate adaptation is sort of moving up the climate agenda, and all this sort of fits around what McAmis does what Orion does. Does this sort of position you a little bit better for some opportunities for Shoreline work, different areas along that thought process?
Absolutely. That's exactly right. There's a lot of major projects, not only on the West Coast but also around the country that McAmis is a good fit to help us, be able to perform or bring a strength that we didn't have to be able to perform kind of cost to rehabilitation, coastal restoration type projects, coastal protection type projects, that sort of thing. So definitely helps align with our positioning to win those projects.
Got it. And one last question. I know you talked about first M&A opportunity in a bunch of years. It may take some time to sort of digest it. But -- and you also mentioned you remain, I think, active on that front. What is the M&A pipeline? And how active are you on that side? Does that continue to expand? Is this something we should continue to think about as we move forward?
Sure. As I mentioned on the call, we've evaluated quite a few opportunities over the last 2 to 3 years. And so there's definitely opportunities. But we're pretty picky about the opportunities that fit well with us. I talked about it before on other calls, but we're looking to fill gaps, whether it be geographic gaps or gaps and capabilities, gaps where a company might bring talent and expertise we don't have or equipment that we don't have.
So kind of a few different ways we're looking at them, but the long and short is the cultures have to align, and this one aligns really well on the culture side.
This concludes our question-and-answer session. I would like to turn the conference back over to Travis Boone for closing remarks.
We appreciate you joining us today. We look forward to speaking with you next month for our fourth quarter 2025 earnings call. Thank you.
Thanks, everyone.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
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Orion Group Holdings, Inc. — J.E. Mcamis, Inc., Orion Group Holdings, Inc. - M&A Call
Orion Group Holdings, Inc. — Q3 2025 Earnings Call
1. Management Discussion
Good day, and welcome to the Orion Group Holdings Third Quarter 2025 Conference Call.
[Operator Instructions]
Please note this event is being recorded. I would now like to turn the conference over to Ms. Margaret Boyce of Investor Relations. Please go ahead.
Thank you, operator, and thank you all for joining us today to discuss Orion Group Holdings Third Quarter 2025 Financial Results. We issued our earnings release after market last night. It's available in the Investor Relations section of our website at oriongroupholdingsinc.com. I'm here today with Travis Boone, Chief Executive Officer of Orion; and Alison Vazquez, Chief Financial Officer. On today's call, management will provide prepared remarks, and then we'll open up the call for your questions. Before we begin, I'd like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases. Statements that are not historical facts are forward-looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-Q and 10-K. With that, I'll turn it over to Travis. Travis, please go ahead.
Thank you, Margaret, and thank you all for joining us today. I'll cover our financial highlights and market update, and then I'll turn it over to Alison to discuss our detailed financials. Before I start, I'd like to highlight that Orion was recently recognized by E&R Magazine as #2 in the top contractors in transportation in the marine and port facilities category and #15 in the top 20 concrete contractors in the U.S. This recognition reflects the strength of our team, the quality of our work and the growing reputation we built in both the marine and concrete markets. Now onto the quarter. I'm excited to announce that we delivered another strong third quarter marked by top and bottom line results, robust cash generation, good bookings and market-leading safety metrics.
We have also continued to advance strategic priorities, including expanding our bonding capacity by another $400 million, continuing to strengthen our Board with the appointment of Robert Ledford, being shortlisted on strategic INDOPACOM MAX and closing the sale of the East West Jones property in October. With a strong balance sheet, disciplined capital deployment strategy and focus on long-term strategic execution, our team is laying the foundation for Orion's next phase of growth. As we enter the fourth quarter, Orion is well positioned to take advantage of multiple growing tailwinds that span robust AI investment, increasing domestic focus on reshoring manufacturing, commercial and public investment in marine infrastructure and defense expansion across the Pacific.
Our talented team is poised to build on our momentum and capture the exciting opportunities on our doorstep. Following another strong quarter of performance and with a favorable outlook, we are pleased to raise our FY 2025 annual guidance for revenue, adjusted EBITDA and adjusted EPS that Alison will cover in detail in her remarks. Moving on to our opportunity pipeline, bookings and outlook. Our aggregate pipeline is a healthy $18 billion with over $1 billion of opportunities that we have submitted and are awaiting award. During the third quarter, we booked over $160 million in new contracts and change orders that were balanced across our Marine and Concrete segments with each of our operating regions contributing wins.
Starting with our Marine segment. Recent awards included installation of a crane trestle for a major transportation project and maintenance dredging for the Army Corps. Across our marine markets, activity remains strong with multiple opportunities advancing across all regions. In the Pacific, we are pleased that NAVFAC recently selected teams on which Orion is a key marine construction contractor on strategic multiple award or MAC contracts. As most of you know, these selections shortlist a group of prequalified contractors who can compete on future task orders, limiting the competitive landscape. Having been shortlisted based on our team's proven technical expertise, performance and safety record, we are now eligible to pursue work in the Pacific that leverages our core marine capabilities.
Most recently, in September, our team was shortlisted on the $15 billion Pacific Deterrence Initiative contract or PDI MAC. This MAC streamlines the acquisition process for major infrastructure projects throughout the Pacific, enabling faster execution of essential projects across the INDOPACOM region. Larger opportunities under this MAC are expected to be procured in mid- to late 2026. In June, our team was shortlisted on the $8 billion Hawaii Wake Island MAC. These bidding vehicles are important milestones in our long-term growth strategy, and we expect that much of the Navy's specific infrastructure investment over the coming years will flow through these contract vehicles, along with several other MACs that we are also pursuing.
Our Atlantic business continues to be hot in both project delivery and opportunity outlook. Constant focus on operational excellence, commercial discipline and pursuit prioritization combined to deliver strong profitability and a durable growth outlook ahead. The Gulf business is equally exciting with expanding backlog and an opportunity pipeline that gives us confidence in our growth outlook. We continue to see a healthy mix of negotiated private marine construction and dredging work supporting energy, chemical and bulk material clients, along with robust public sector federal, state and port authority opportunities. In summary, our Marine business is well positioned in growing markets that value our proven track record of executing safely with predictable excellence.
Moving on to Concrete. Our concrete business continues to benefit from a strong growing near-term opportunity pipeline that spans data centers, multistory buildings, medical, warehouse and industrial manufacturing projects. Concrete awards in the quarter were led by multiple data center projects, a large cold storage facility and a handful of manufacturing and health care projects. Demand for data centers shows no sign of slowing and our deep partnerships and track record with major hyperscalers and general contractors in this space position us well from a competitive standpoint to continue to win work and capture that growth.
Having delivered 39 data center projects, we've earned a strong reputation for reliability and performance, which we're now using to fuel expansion into Florida, Arizona and other high-growth data center markets. And finally, I'm very pleased to share that we closed on the sale of our East West Jones property in October for a purchase price of $23.5 million, something our team has been advancing for quite some time as many of you are keenly aware. We intend to use the proceeds to reduce debt and for general corporate purposes.
In connection with the sale of this property, we also entered into an exclusive dredge spoils agreement with a buyer that gives Orion the right to deliver dredge spoils to the property for 10 years, giving our team a competitive advantage in the Houston Ship Channel. In summary, as we look ahead, I'm confident in our positioning and optimistic about the future. The AI boom, combined with lower interest rates and lucrative incentives for our clients to invest domestically are catalyzing our Concrete segment.
On the marine side, increased federal investment in military infrastructure as well as port expansions and dredging that are required to keep pace with maritime transportation and logistics are clear catalysts to growth. I couldn't be more pleased with our talented team, and I'm excited about Orion's positioning to build on our momentum and capture the significant opportunities ahead. I'll now turn it over to Alison to review our financial results. Alison?
Okay. Excellent. Really good stuff, Travis. Thank you. Let's dive into the numbers. So first, the consolidated results for the quarter. We're pleased to report revenue of $225 million, operating income of $5 million, adjusted EBITDA of $13 million and adjusted EPS of $0.09 per share in the quarter, which results were generally in line with management's estimates and in line with our updated full year guidance, which I'll cover shortly. From a sequential perspective, these results represent 10% growth in revenue, 20% growth in adjusted EBITDA and 27% growth in adjusted EPS. The sequential top and bottom line growth were driven by increased volume, strong execution, favorable utilization, primarily in our Marine segment and reduced borrowing costs.
As compared to the third quarter of 2024, our 2025 results were comparable for revenue, lower for operating income, adjusted EBITDA and adjusted EPS. This reduction was caused primarily by favorable project closeouts in 2024 that did not reoccur this quarter, an increase in SG&A to support and invest in business growth, a decrease in gain on sale of disposals as compared to 2024 and partially offset by reduced borrowing costs in 2025. I'm pleased to report that we generated $23 million in operating cash flow in the quarter and $14 million year-to-date. We wrapped up the quarter with $21 million of net debt or just under 0.5 turn of leverage on a TTM EBITDA basis, which is a very healthy place for Orion. As [ Boyce ] covered earlier, in October, we were very happy to close on the sale of the East West Jones property. The transaction resulted in a significant cash upside of over $22 million, net of commissions and taxes and a nominal book charge, which will be reflected in our fourth quarter results. We expect to use the proceeds to pay down debt and for general corporate purposes. From a backlog perspective, we added approximately $160 million in new awards and change orders in the quarter. And at quarter end, backlog stood at $679 million. Moving on to segment results. From a segment perspective, Marine revenues increased just about 2% over the third quarter of 2024 and 6% sequentially to $143 million in the quarter. And Marine adjusted EBITDA grew over 50% to $18 million in the quarter, which represents a 12% margin this period compared to 7% in the same quarter of 2024. Strong marine margins are attributable to a greater mix of higher-margin revenue, excellent execution and project closeouts and favorable equipment utilization. Concrete revenues decreased 5% over prior year and were up 17% sequentially to $82 million in the quarter, and Concrete incurred a $4 million loss in adjusted EBITDA for the quarter compared to a $4 million profit in the third quarter of 2024. The reported adjusted EBITDA reduction is primarily attributable to favorable project closeout benefits in 2024 that did not reoccur in 2025. Some weather issues in the quarter also impacted chargeability in our concrete business this quarter. For reference, Concrete's contribution EBITDA margin in the quarter was right at 2%. I'll wrap up with our guidance update. We're very pleased to update our full year 2025 guidance as follows: increasing our revenue guide to $825 million to $860 million; increasing our adjusted EBITDA guide to $44 million to $46 million, increasing our adjusted EPS guide to $0.18 to $0.22 and reiterating our CapEx guide of $25 million to $35 million. I'll now pass it back to Travis to wrap it up.
Thanks, Alison. We have all the pieces in place to finish the year strong, and I'm even more excited about what lies ahead in 2026 and beyond. I want to thank our shareholders for their continued confidence in us and our people for the exceptional work they do every day in the field to deliver safely for our customers. Operator, we're ready to take questions.
[Operator Instructions]
And our first question today will come from Aaron Spychalla with Craig-Hallum.
2. Question Answer
First for me, I noticed a slide in the deck on the pipeline detail on award dates and opportunity size. Can you just maybe talk a little bit about that? Has that split by opportunity size been pretty consistent? And just any thoughts on expected traction with some of those larger opportunities?
Sure. Yes, we can hit on that slide. So it's -- we have been talking about our pipeline for a while and the increase in size of our pipeline. So we have been working to kind of provide some more information on the pipeline based on a lot of questions about it. And so we just tried to find a way to break it up so people could have a little better feel for what's in there, when it's coming and the size of the opportunity. So -- but generally speaking, I would say it's fairly consistent. Our pipeline for next year is very strong. We still got some good opportunities this year that we're working on bringing in the door and good, very, very strong opportunities for 2026. So anything to add to that?
Just to reiterate the comment from the call on the over $1 billion of award or projects and opportunities that we have that are in the queue awaiting award decisions. The number has stayed pretty consistent around that $1.2 billion, so over $1 billion, which is a really healthy place for us to be. That number has actually grown through the year if we look back through the earlier part of the year just because of some of the delays that we're seeing and some of -- with some of our clients and some of the pauses that our clients have put on. So it's nice to see that bids submitted and awaiting award number continue to be a very robust $1.2 billion.
Understood. And then does that include the opportunity in Washington with the Estuary? Or maybe just can you give an update there on how that's progressing?
Good question. So that's the Deschutes Estuary project that we won almost a year ago, one, I believe, in late 2024, early 2025 time frame. It's not included in the pipeline. It's kind of in a weird spot where it's an awarded not booked project because we've won it, but it's not -- so it doesn't show up in backlog nor does it show up in our pipeline. It's in kind of a weird limbo spot until we actually get under contract to do the work, which is -- it's probably going to be about a year or so out before we actually start that work. So good question.
Got it. And then can you just give a little bit more detail on the data center opportunity? Just how much of the concrete business does that represent today and maybe the pipeline there? Are you seeing quoting pick up? An average deal size pickup and just how you're thinking about opportunity there as we head into 2026?
Definitely, it's remained very steady on the data center opportunity side of things. We've been bidding quite a large number of projects on data centers. To your question specifically, it's about 27% of our pipeline is data centers and about 27% of our current revenue in the quarter, I should say. For concrete -- was 27% of concrete's revenue for Q3 was data centers and lots of continuing activity there with bid opportunities.
The next question is from Liam Burke with B. Riley Securities.
Travis, you had -- or Alison touched on the negative operating profit for concrete. We're looking at sequential backlog step-up. Could we anticipate a more profitable mix in the backlog as we move into the fourth quarter?
Yes, definitely. We're expecting concrete to continue to be in a good place. As she mentioned, it's -- when you compare it over last year, it doesn't look super favorable based on some big pickups around this time last year. But as far as the concrete business, we remain confident in the profitability and the good business that it is.
Great. And have you seen any either good or bad movement on major projects due to policy changes with the administration?
None that affect us, no. We haven't seen any movement related to policy changes. The -- some of the movement that's happened has been related to -- there's been movement in the private sector over the last couple of quarters with awarding projects based on kind of uncertainty around tariffs and things like that. There's been some movement in other -- whether it's the Navy opportunities in the Pacific that I talked about last quarter, some of that slid out a year based on funding from Congress and some other things and -- but no policy-related shifts or changes.
Yes. I would just add that from a regulatory perspective, I mean, the deregulation that we're seeing happening is a benefit to our clients and some of the tax benefits that are coming in on deductibility of interest and deductibility of fixed assets, the acceleration of those things, those things should continue to the outlook for our commercial clients, especially.
The next question will come from Brent Thielman with D.A. Davidson.
I guess, Travis or Alison, maybe the first question just back to Marine. I'm trying to think through these really strong results here, the contribution from your two big projects to those margins. And then I guess, when we get into the point of what we think is kind of a sustainable margin threshold going forward for the segment, especially considering some of the somewhat slower bookings here in the last couple of quarters.
Sure. I'll start on that. From a margin perspective, we were really pleased with the Marine's performance in the quarter. And I would say that there were some -- we saw some benefits that came through some upsides, but I would also add that they were not unusual in terms of the amounts or the magnitude we had -- or the magnitude. We had really great performance across the business. We had great performance across the Atlantic in the Gulf. And we have really strong performance in dredging, which you'll see just the uptick in those when we publish the Q later today. But the dredging was very strong in the quarter, which ultimately benefits us top line and bottom line because of the very favorable equipment utilization that we get out of that. So while there were a handful of upsides that we recognized in the quarter, I wouldn't say they were meaningful. I would say that the more meaningful driver of performance was really the operational performance really led this quarter by dredging. So hats off to that team.
Okay. And then the elevated SG&A, Alison, as you mentioned, is sort of a factor for the lower year-on-year EBIT performance. I guess your thoughts on where that goes going forward? What is that predominantly focused toward sort of how do you harvest that investment you're making in the business as we think about that going forward?
Sure. I would say that a couple of million of that SG&A uptick from a year-over-year perspective is related to investments in the business, like just directly advancement of or the expansion into the Atlantic or region for concrete into Phoenix, some of those offices that we're investing in that we're setting up so that they will fuel some of the organic growth that we are expecting going forward. And then I would say that probably the other big driver is there is some lumpiness associated with how certain employee costs were recorded last year as compared to this year that created a quarter-over-quarter increase, but from a sequential perspective, pretty consistent and in line.
Okay. And then last one, just in consideration of the balance sheet here. You've obviously got the property sale, which comes in at the end of the year. Maybe just your expectations for cash flow in the fourth quarter, I guess, especially some of these larger projects wind down, presumably receivables come in. Should we -- or could we see a sort of a big windfall in cash flow into year-end?
The East West Jones, for sure, results in just a $23 million of cash that drops to the bottom line. Now that will go through investing. So that will be an investing activity, not an operating activity, but cash in our treasury, which is nice. And that cash, we have already received that cash. So it's nice to have that in our pocket now. From the rest of the business perspective, I don't see really a downturn in the cash collection cadence. The team is really focused on very keenly identifying, targeting and going after and reducing our past due balance sheet and really optimizing the working capital on the balance sheet.
And I think that you can see that while we only report from a quarter-to-quarter perspective, you can see that really in the interest expense and the significant step down that we had this quarter on -- from an interest expense perspective. And that step down is related to just a significant amount of work that the team has put into optimizing the balance sheet so that we could minimize borrowings under the revolver. So do I think that from a fourth quarter perspective, we could see good cash? We will see good cash from East West Jones. We've not seen a slowdown in cash collection activity in the rest of the business. We have a couple of months to go, so we'll see. But so far through October, it's been good.
The next question will come from Alex Rygiel with Texas Capital.
Congratulations on the sale of East West. That's great news.
Alex. You've been hearing us talk about that for a lot of years.
Good to see you got the sale done. Quick question for you on that. Is there a way for us to think about what the present value of the dredge spoil sort of 10-year agreement is at that site?
Yes. For -- probably we're going to keep the details on that just for competitive advantage purposes to ourselves. But it's -- we -- part of the reason we were okay taking a lower purchase price on that is because we were able to find a way to kind of use the property again through being able to use it for dredge spoils going forward.
That's good news. And then as it relates to your expanded bonding capacity, can you talk about the value of bonds you have outstanding right now? And I guess what I'm trying to get to here is just what is the kind of remaining opportunity balance that you have with that new bonding capacity?
I'll say it this way. We had a fair amount of available capacity under our -- before we got this increase. What this does is just allow us to continue to bid larger projects and -- to facilitate the growth that we see coming here in the next few years. So we'll obviously -- we're going to keep working on adding additional bonding capacity to the mix to continue to kind of stay in front of our ability to grow and bid bigger projects.
And then lastly, as it relates to the data centers, have you seen a notable increase in the size of the project opportunity for these data centers? And how does that compared to, say, two or three years ago?
Compared to two or three years ago, I would say definitely, there's some bigger ones in the mix now. We did do a large one a couple of years ago in North Texas. And -- but there's -- it seems -- and that was kind of a one-off, but it seems like now there are more of those larger type or larger data centers that we're -- that we have visibility to and are bidding on. We've talked about the one we're working on in Iowa. It's a large data center, a very large data center.
[Operator Instructions]
Our next question will come from Jason Ursaner with Bumbershoot Holdings.
Congrats on finally closing the East West Jones sale and a great quarter. It was about a year ago that I was asking you during the World Series about this Field of Dreams vision, and there was kind of clear daylight for significant growth in demand for the marine services coming over the next couple of years and just not a lot of contention, it felt like that you've kind of built the right platform to capitalize it. And so the question I have then was kind of really around execution and margin profile. And so it feels like kind of this year, some of those big pursuits with the Navy slid out a little bit, kind of started to talk about the transformational growth in 2026 and beyond. And so not a lot of change in the vision, but just kind of maybe this delayed onset. So just kind of to update on the overall long-term vision that you're building it and that it's coming. on the demand side, everything from your prepared script, the bonding, the preapproved MAC team kind of sounds like there's still a lot of clear catalysts that all the growth is coming and answered it a little bit in the Q&A, but maybe just reiterate anything that could cause shocks to that investment in the Pacific and just sort of this whole vision of demand materializing. And then to the extent that it does kind of come the way you're envisioning, whether you still think it's likely to translate to some of those long-term profitability targets that you previously laid out?
Sure. Yes. Thanks, Jason. I think you kind of answered your question for me, I think, a little bit, but it definitely -- we -- the way we saw it a year ago, we still see the same -- we still see everything the same, if not even more confident now because we've delivered on getting some things accomplished over the last year that we were working toward. And so as far as the vision, if you will, is still the same. The only thing that's changed a little bit is some of those delays in some of the bigger contract opportunities in the Pacific that slid out a year. So that's really the only thing that's changed from a year ago. And so we're continuing to invest and work toward the growth that we -- growth opportunity that we see in front of us. Everything is going as planned.
Everything that's in our control is going better than planned, I would say. And there's a couple of -- the biggest thing out of our control is those opportunities sliding to the right. But we feel like we've executed well on our plan, and we've delivered, and we're going to continue to do that. And when those opportunities do show up, we're going to knock them down and keep going.
Yes. And I would just add to that, Jason, that -- I mean, the beautiful part about this business is it's not singularly threaded. Like this is a multifaceted business. And so the opportunities in the Pacific are exciting, and they afford us some pretty interesting growth catalysts in the future. But today, we're starting on a large project -- starting on a large project in Texas on a large bridge project over water. We have a big port project that's going on in South Carolina. So there are a number of other opportunities that we pursue and that we win and that we are executing that are outside of the Pacific. The Pacific is exciting, but it's not the only story here.
This concludes our question and answer session. I would like to turn the conference back over to Mr. Travis Boone for any closing remarks. Please go ahead.
Thank you all for joining our call today. We're super excited about where we are as a company and looking forward to coming back to you with our year-end results here in a few months. And I also want to thank our team, all of you guys working hard every day to make this business work. Thank you.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
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Finanzdaten von Orion Group Holdings, Inc.
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jun '26 |
+/-
%
|
||
| Umsatz | 897 897 |
7 %
7 %
100 %
|
|
| - Direkte Kosten | 791 791 |
8 %
8 %
88 %
|
|
| Bruttoertrag | 106 106 |
1 %
1 %
12 %
|
|
| - Vertriebs- und Verwaltungskosten | 97 97 |
11 %
11 %
11 %
|
|
| - Forschungs- und Entwicklungskosten | - - |
-
-
|
|
| EBITDA | 33 33 |
17 %
17 %
4 %
|
|
| - Abschreibungen | 25 25 |
17 %
17 %
3 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 8,05 8,05 |
56 %
56 %
1 %
|
|
| Nettogewinn | 3,60 3,60 |
66 %
66 %
0 %
|
|
Angaben in Millionen USD.
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Firmenprofil
Orion Group Holdings, Inc. ist in der Bereitstellung von speziellen Baudienstleistungen in den Bereichen Bau, Industrie und Infrastruktur tätig. Sie ist in den Segmenten Marine und Beton tätig. Das Segment Marine umfasst die Instandsetzung, Wartung, Ausbaggerung und Reparatur von Schiffstransporteinrichtungen, Pipelines, Brücken und Dämmen sowie Umweltstrukturen. Das Betonsegment umfasst das Gießen von Zement für Produkte wie Säulen, erhöhte Balken, Gehwege, Rampen und Kippwände. Das Unternehmen wurde 1994 gegründet und hat seinen Hauptsitz in Houston, TX.
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| Hauptsitz | USA |
| CEO | Mr. Boone |
| Mitarbeiter | 2.076 |
| Gegründet | 1994 |
| Webseite | www.oriongroupholdingsinc.com |


