Orion Group Holdings, Inc. — Earnings Quality Grade F
ORN · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 31 days (65 → 96)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 58.4% exceeds revenue growth 7.0%
Revenue 7.0%, CFFO 121.4%. Cash follows revenue
Expense Quality
Inventory growth 23.2% exceeds COGS 5.9%
CapEx growth 175.8% is >2x revenue growth 7.0%
SG&A/Gross Profit = 88.5%, exceeds 70%
Gross margin 12.4%, change +0.9pp. Stable
Cash Flow Quality
CFFO far exceeds NI (ratio 11.3x). Non-cash charges depressing profits
FCF is negative ($-0.0B)
Accruals ratio = -6.2%. Low accruals
Cash $0.0B covers only 2% of debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = 1.4x (<2x). Financial stress
Other assets 6.0% vs revenue 7.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
No goodwill
Manipulation Score
M-Score = -2.29 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25