Orion Group Holdings Inc
NYSE:ORN
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Orion Group Holdings Inc
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Caverion Oyj
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Orion Group Holdings Inc
Orion Group Holdings, Inc. engages in the provision of specialty construction services in the building, industrial, and infrastructure sectors. The company is headquartered in Houston, Texas and currently employs 378 full-time employees. The company went IPO on 2007-12-20. The firm operates through two segments, Marine and Concrete. The Marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its specialty services include design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation, and repair. The Concrete segment provides turnkey concrete construction services, including pour and finish, site preparation, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The firm is also providing services both on and off the water in the continental United States, Alaska, Canada, and the Caribbean Basin.
Orion Group Holdings, Inc. engages in the provision of specialty construction services in the building, industrial, and infrastructure sectors. The company is headquartered in Houston, Texas and currently employs 378 full-time employees. The company went IPO on 2007-12-20. The firm operates through two segments, Marine and Concrete. The Marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its specialty services include design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation, and repair. The Concrete segment provides turnkey concrete construction services, including pour and finish, site preparation, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The firm is also providing services both on and off the water in the continental United States, Alaska, Canada, and the Caribbean Basin.
Results: Revenue rose to $852 million with adjusted EBITDA of $45 million and adjusted EPS of $0.25; free cash flow was $14 million and operating cash flow was $28 million.
Guidance: 2026 guidance: revenue $900–950 million, adjusted EBITDA $54–58 million, adjusted EPS $0.36–0.42, capex $25–35 million.
Backlog/Pipeline: Bookings were $763 million in 2025 (0.9x book-to-bill); company cites a $23 billion pipeline (includes $1.4 billion from J.E. McAmis) and says much of the delayed work is timing, not lost.
Strategic moves: Closed a $120 million, 5-year senior credit facility, bought a derrick barge (to be refurbished and deployed later in the year) and completed the J.E. McAmis acquisition to expand marine capabilities.
Marine vs Concrete: Marine revenue $545 million (up 4.5% YoY) with adjusted EBITDA of $56 million and improved margins; Concrete revenue $307 million (up 12% YoY) with an $11 million adjusted EBITDA loss (corporate allocations cited).
Risks / headwinds: Backlog growth was weaker than expected due to tariff uncertainty early in the year and a prolonged U.S. government shutdown; management expects most delays to be timing-related.
Data centers: Management highlighted 46 data‑center projects completed or in progress; data center work is ~40% of Concrete and expected to grow.
