Orion Books $763M Contracts, Acquires McAmis and Secures $120M Credit Facility
Orion booked $763 million of 2025 contracts (0.9x book-to-bill), missed backlog targets, closed J.E. McAmis acquisition and secured a $120 million senior credit facility for growth. 2025 revenue was $852 million with adjusted EBITDA of $45 million and EPS of $0.25, and 2026 guidance forecasts $900M–$950M revenue and $0.36–$0.42 EPS.
1. 2025 Operational Highlights
Orion booked $763 million in new contracts for 2025 (0.9x book-to-bill) but acknowledged backlog fell short of expectations. Management consolidated its Houston footprint, implemented a modern project management platform, settled multiple litigation matters, monetized non-strategic real estate and purchased a derrick barge undergoing refurbishments for 2026 deployment.
2. Acquisition Strengthens Marine Platform
The company completed the J.E. McAmis acquisition in February, enhancing its marine capabilities in jetty and breakwater construction while expanding its Pacific footprint, workforce and equipment fleet. Integration is underway with initial contract awards at McAmis and cultural alignment highlighted by leadership.
3. 2025 Financial Performance
Full-year revenue reached $852 million, operating income was $15 million, adjusted EBITDA totaled $45 million and adjusted EPS was $0.25. Marine revenue grew 4.5% to $545 million and segment adjusted EBITDA margin doubled to 10%, while the concrete segment saw 12% revenue growth but reported an $11 million adjusted EBITDA loss.
4. 2026 Financial Guidance
Orion issued full-year 2026 guidance targeting $900 million–$950 million in revenue, $54 million–$58 million in adjusted EBITDA and $0.36–$0.42 in adjusted EPS. Leadership highlighted an $8.5 billion opportunity pipeline with a robust mix of marine and infrastructure bids expected to support backlog growth.