Orion Energy Systems Inc

Orion Energy Systems Inc has a market capitalization of $39.23 million and a price-to-earnings ratio of 24.37, which is above the industry median of 18.5. The company's price-to-book ratio of 1.74 is also higher than the industry median of 1.2, indicating a premium valuation relative to its book value. The company's liquidity position is mixed, with $5.16 million in cash and equivalents but a negative net cash position after subtracting total debt. The current ratio of 1.6 suggests the company can cover its short-term liabilities, but the negative operating cash flow of $10.09 million raises concerns about its ability to generate consistent cash from operations.

Profitability metrics show mixed results. The company's return on equity (ROE) of 7.14% is below the industry median of 12.5%, and its return on assets (ROA) of 2.55% is also below the industry median of 4.2%. Gross profit of $6.80 million represents 25.8% of revenue, which is in line with the industry median of 26.0%. However, operating income of $1.80 million, or 6.8% of revenue, is below the industry median of 9.5%, indicating lower operational efficiency.

The company operates in a single business segment and generates all of its revenue from the sale of energy-efficient lighting and control systems. There is no geographic diversification, as all revenue is derived from the United States. This concentration increases exposure to regional economic conditions and regulatory changes.

Looking ahead, the company is expected to grow revenue by 12.5% in the current fiscal year and 15.0% in the next fiscal year. However, this growth is not reflected in the company's recent financial performance, as revenue has declined by 8.3% year-over-year. The company's capital expenditure of $837,000 is relatively low, suggesting a conservative approach to reinvestment.

The company's risk profile is characterized by medium liquidity risk and low dilution risk. The negative net cash position after subtracting total debt is a key liquidity flag. The company has not issued additional shares in the past 12 months, and there is no indication of dilution pressure in the near term. The risk assessment indicates that the company is not currently facing significant dilution threats.

Recent events include a 10-K filing that disclosed the company's financial position and risk factors, including its reliance on a single product line and exposure to supply chain disruptions. There are no recent earnings call transcripts or press releases that indicate significant changes in the company's strategy or operations.

Orion Energy Systems Inc (OESX.O) has recorded its first analysis in the current dataset, establishing a baseline for future monitoring. This initial snapshot reveals a notable influx of new institutional holders, signaling early-stage accumulation or portfolio rebalancing activity. The detection of these new positions provides the first concrete data points regarding investor interest in the ticker, moving the stock from an unmonitored state to one with observable ownership dynamics. The most significant addition involves an investor (ID 465) who held 129,958 shares valued at approximately $2.0 million as of December 31, 2025. This position represents a weight of roughly 0.0029% in the investor's portfolio. Another substantial entry was recorded for investor ID 466, who held 274,531 shares valued at approximately $0.3 million as of June 30, 2024. These two additions constitute the largest share counts among the newly identified holders, suggesting a tiered approach to capital deployment or varying levels of conviction among different entities. In addition to the larger positions, several smaller stakes were added as of March 31, 2026. Investor ID 486 acquired 877 shares valued at roughly $7,665, while investor ID 499 took a position of 420 shares valued at approximately $3,671. Further minor additions include 200 shares held by investor ID 510 and 128 shares held by investor ID 931, with values of approximately $1,748 and $1,180, respectively. These smaller holdings indicate broad, albeit fragmented, interest from additional market participants. Orion Energy Systems currently has six analysts covering the stock and seven top holders, though it maintains no index memberships and reports zero officers in the current dataset. The emergence of these new holders, ranging from multi-million dollar positions to sub-$10,000 stakes, marks the beginning of a transparent ownership record for the company. As this is the first analysis for the ticker, these figures serve as the primary reference point for tracking future changes in institutional sentiment and capital flow.

Analysts project 109.4% upside to a mean price target of $22.62, signaling strong institutional confidence in future valuation recovery.

Free cash flow burn improved by 5.2% year-over-year, suggesting a stabilizing trend in cash consumption despite ongoing negative flows.

Dilution risk is assessed as low, providing reassurance to shareholders regarding potential equity erosion from financing activities.

The company posted a net loss of $11.8 million in FY2025, continuing a three-year streak of profitability challenges.

Cash conversion ranks in the bottom quartile of the cohort, highlighting severe inefficiencies in generating cash from operations.

Net debt to EBITDA stands at 19.1, indicating extremely high leverage and potential solvency risks compared to industry norms.

Medium liquidity and credit risk flags suggest potential difficulties in meeting short-term obligations or securing favorable financing terms.

Revenue $21.1M, +7,7% YoY; Operating income +130,9% YoY.

• ▍Revenue $21.1M, +7,7% YoY
• ▍Operating income +130,9% YoY
• ▍Net income +110,6% YoY
• ▍Free cash flow +178,1% YoY
• ▍Net margin 0.8%

Revenue $19.9M, +2,9% YoY; Operating income +92,6% YoY.

• ▍Revenue $19.9M, +2,9% YoY
• ▍Operating income +92,6% YoY
• ▍Net income +84,0% YoY
• ▍Free cash flow +89,3% YoY
• ▍Net margin -2.9%

Revenue $19.6M, −1,7% YoY; Operating income +70,5% YoY.

• ▍Revenue $19.6M, −1,7% YoY
• ▍Operating income +70,5% YoY
• ▍Net income +66,9% YoY
• ▍Free cash flow +74,4% YoY
• ▍Net margin -6.4%

Revenue $20.9M, −21,0% YoY; Operating income −246,6% YoY.

• ▍Revenue $20.9M, −21,0% YoY
• ▍Operating income −246,6% YoY
• ▍Net income −280,8% YoY
• ▍Free cash flow −200,2% YoY
• ▍Net margin -13.9%

Revenue $19.6M; Operating income -$1.2M.

• ▍Revenue $19.6M
• ▍Operating income -$1.2M
• ▍Net margin -7.7%

Revenue $19.4M; Operating income -$3.3M.

• ▍Revenue $19.4M
• ▍Operating income -$3.3M
• ▍Net margin -18.7%

Revenue $19.9M; Operating income -$3.4M.

• ▍Revenue $19.9M
• ▍Operating income -$3.4M
• ▍Net margin -18.9%

Revenue $26.4M; Operating income $1.8M.

• ▍Revenue $26.4M
• ▍Operating income $1.8M
• ▍Net margin 6.1%

Revenue $79.7M, −12,0% YoY; Operating income +2,1% YoY.

• ▍Revenue $79.7M, −12,0% YoY
• ▍Operating income +2,1% YoY
• ▍Net income −1,1% YoY
• ▍Free cash flow +5,2% YoY
• ▍Net margin -14.8%

Revenue $90.6M, +17,1% YoY; Operating income +32,3% YoY.

• ▍Revenue $90.6M, +17,1% YoY
• ▍Operating income +32,3% YoY
• ▍Net income +66,0% YoY
• ▍Free cash flow +69,5% YoY
• ▍Net margin -12.9%

Revenue $77.4M, −37,8% YoY; Operating income −290,5% YoY.

• ▍Revenue $77.4M, −37,8% YoY
• ▍Operating income −290,5% YoY
• ▍Net income −663,8% YoY
• ▍Free cash flow −562,0% YoY
• ▍Net margin -44.4%

Revenue $124.4M, +6,5% YoY; Operating income +24,4% YoY.

• ▍Revenue $124.4M, +6,5% YoY
• ▍Operating income +24,4% YoY
• ▍Net income −76,7% YoY
• ▍Free cash flow −73,3% YoY
• ▍Net margin 4.9%