Orion S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Orion S.A. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,139	1,328	1,578	1,476	1,136	1,547	2,031	1,894	1,878	1,807
Cost of revenue	765	951	1,148	1,087	844	1,160	1,582	1,443	1,449	1,447
Gross profit	374	378	430	390	292	387	449	451	429	360
Research and development	16.1	18.2	20.3	19.9	20.2	22	21.7	24.5	27.1	27.5
Selling, general and administrative	202	207	232	207	176	210	227	222	238	231
Operating income	117	138	196	147	74.4	229	197	205	103	27.5
Interest expense	43.3	44.1	28.6	27.6	38.7	38	39.9	50.9
Other non-operating income	-0.1	-9.69	0	0	-9.9	-4.8	0	8.9	1	-0.6
Pre-tax income	73.9	84.6	168	120	26.3	186	158	164	53.9	-34.3
Income tax	24.4	19.7	46.9	33.3	8.1	51.7	51.5	60.3	9.7	35.8
Net income	49.5	64.9	121	86.9	18.2	135	106	104	44.2	-70.1
EBITDA	205	236	294	244	171	333	303	318	228	159
EPS, basic	0.83	1.09	2.04	1.45	0.30	2.22	1.74	1.75	0.76	-1.24
EPS, diluted	0.82	1.07	1.99	1.42	0.30	2.21	1.73	1.73	0.76	-1.24
Shares, basic (weighted)	59.4	59.3	59.6	60	60.4	60.7	60.9	59	58.2	56.3
Shares, diluted (weighted)	60.2	60.7	61	61.3	61.4	61	61.4	60	58.4	56.3
Dividend per share	0.74	0.77	0.80	0.80	0.20	0.02	0.08	0.08	0.08	0.08

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	77.9	72.3	57	63.7	64.9	65.7	60.8	37.5	44.2	60.7
Receivables		234	263	213	235	289	368	241	212	214
Inventory		159	184	165	142	230	278	287	290	277
Other current assets		35	34.9	37.4	48.1	68.5	66.8	74.4	54.2	66.9
Total current assets		522	575	508	501	665	779	646	613	644
Property, plant and equipment		462	484	534	611	708	819	900	965	1,070
Lease right-of-use assets				27.5	60.3	20	19	21.7	36.6	126
Goodwill	51.1	58.2	55.5	77.4	84.5	78	73.4	76.1	71.5	0
Intangible assets		70.7	95.2	50.6	46.8	36.3	27.8	25.5	18.5	14.2
Other non-current assets		3.88	2.93	3.7	3.7	3.5	58.8	39.9	41.5	20.6
Total assets	1,056	1,164	1,273	1,257	1,390	1,631	1,889	1,833	1,857	1,908
Accounts payable		170	164	156	131	195	184	184	156	197
Accrued liabilities		59.5	56.3	44.9	49.2	50.9	44.7	41.7	39.5	50.1
Short-term debt		6.02	41	36.4	82.6	152	258	137	259	305
Total current liabilities		285	320	285	325	449	553	440	517	626
Long-term debt		681	644	630	656	631	657	677	647	675
Lease liabilities				21.5	19	12	12.3	15.4	26.5	35.3
Other non-current liabilities		17.7	44.2	40.7	106	95.2	99.5	111	124	136
Total liabilities		1,069	1,114	1,071	1,209	1,311	1,429	1,355	1,382	1,523
Total debt		687	685	667	738	783	915	814	906	980
Paid-in capital		103	63.5	65.6	68.5	71.4	76.4	85.6	84.7	80.2
Retained earnings		-81.9	39.4	78.3	84.4	218	319	418	457	382
Treasury stock		-3.77	-8.68	-8.52	-8.5	-6.3	-8.8	-70.1	-82.2	-90.8
Other comprehensive income		-5.32	-19.6	-34.4	-48.7	-48.5	-12.5	-39.9	-69.9	-72.3
Shareholders' equity	54.7	95.3	159	186	181	320	459	479	475	385
Total equity	54.7	95.3	159	186	181	320	459	479	475	385
Total liabilities and equity		1,164	1,273	1,257	1,390	1,631	1,889	1,833	1,857	1,908
Shares outstanding		59.3	59.5	60.2	60.5	60.7	60.6	57.9	57.2	56.2

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	49.5	64.9	121	86.9	18.2	135	106	104	44.2	-70.1
Depreciation and amortization	88.1	98.4	98.2	96.7	96.6	104	106	113	125	132
Stock-based compensation	3.96	8.84	13.9	9.4	4.4	5.2	7.7	15.4	15.3	13.6
Deferred income tax	3.81	-7.67	-3.63	15.9	-12.2	20.3	7.2	6.3	-19.7	-6.8
Change in receivables	-15.8	-15.9	-39.7	45.4	-16.5	-67.6	-95.6	131	13.8	17.4
Change in inventory	-9.33	-25.6	-31.4	16.4	30	-94.9	-60.1	-7.7	-19.6	36.5
Cash from operations	177	148	122	232	125	145	81	346	125	216
Capital expenditures	-66.3	-99	-111	-159	-139	-215	-233	-173	-207	-161
Acquisitions	0	0	-36.6	0	0
Cash from investing	-68.5	-90.3	-88.1	-156	-145	-215	-233	-173	-207	-161
Debt issued	0	11.9	0	0	0	213	47.8	12.6	0	0
Debt repaid	-51.8	-28.9	-8.29	-8	-8.2	-213	-3	-3	-4.1	-8.9
Share buybacks	-3.77	0	-4.93	0	0	0	-4.3	-65.6	-26.6	-24.8
Dividends paid	-44.1	-45.7	-47.7	-48.1	-12	0	-5	-4.9	-4.8	-4.7
Cash from financing	-102	-68.5	-43.8	-68.6	13.5	73.3	149	-197	89.3	-41.2
Exchange rate effect	-0.33	5.77	-3.77	-0.5	5.8	-3.2	-2.6	0.8	-3.4	2.9
Net change in cash	7.1	-11	-9.84	7.1	-6.1	3.8	-2.5	-24	7.9	13.6
Free cash flow	111	48.8	10.9	72.8	-13.5	-69.5	-152	173	-81.4	54.8
Interest paid	41.8	25.9	24.4	20.4	20.8	22.8	33.5	38.9	48.8	54.3
Income taxes paid	19.7	39.5	60.2	24.1	7.9	37.6	23.9	56.1	47.3	41.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.4%	Gross profit / revenue.
Operating margin	-0.2%	Operating income / revenue.
EBITDA margin	7.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.5%	Pre-tax income / revenue.
Net margin	-5.3%	Net income / revenue.
FCF margin	1.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.7%	Cash from operations / revenue.
Return on equity (ROE)	-25.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.8%	Net income / average total assets.
Return on invested capital (ROIC)	-0.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.6%	Research and development expense / revenue.
SG&A / revenue	13.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.3%	Capital expenditures / revenue.
D&A / revenue	7.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-16.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-73.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-48.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-18.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-30.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-19.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-258.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-263.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	72.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	38.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-16.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-19.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.03x	Current assets / current liabilities.
Quick ratio	0.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.66x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	50.8%	Total debt / total assets.
Liabilities / assets	80.9%	Total liabilities / total assets.
Net debt	$958.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.33x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$18.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$370.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.92x	Revenue / average total assets.
Fixed asset turnover	1.74x	Revenue / average property, plant and equipment.
Inventory turnover	5.40x	Cost of revenue / average inventory.
Days inventory	68 days	365 x average inventory / cost of revenue.
Receivables turnover	6.07x	Revenue / average receivables.
Days sales outstanding	60 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	74 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	85.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.68	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$31.83	Revenue / diluted weighted shares.
FCF per share	$0.45	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.08	Cash from operations / diluted weighted shares.
Book value per share	$6.73	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.55	Tangible book value / shares outstanding.
Cash per share	$0.90	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	18.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	3.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$332.9M	Share price x shares outstanding.
Enterprise value	$1.29B	Market cap + total debt - cash - short-term investments.
P/S	0.18x	Market cap / revenue.
P/B	0.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.90x	Market cap / tangible book value, when positive.
P/FCF	13.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.89x	Market cap / cash from operations, when positive.
EV/Sales	0.71x	Enterprise value / revenue.
EV/EBITDA	9.87x	Enterprise value / EBITDA, when both are positive.
EV/FCF	50.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.7%	Free cash flow / market cap.
Earnings yield	-28.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	1.6%	(Dividends paid + share buybacks) / market cap.

What was Orion S.A.'s revenue in fiscal 2025?

Orion S.A. reported revenue of $1.81B for fiscal 2025, 3.8% lower than the year before.

Was Orion S.A. profitable in fiscal 2025?

No. It reported a net loss of $70.1M.

How much free cash flow did Orion S.A. generate in fiscal 2025?

Cash from operations of $215.8M minus capital expenditures of $161.0M left free cash flow of $54.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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