ORION ENERGY SYSTEMS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ORION ENERGY SYSTEMS, INC. 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	70.2	60.3	65.8	151	117	124	77.4	90.6	79.7	86.3
Cost of revenue	52.9	45.6	51.2	114	86.7	90.5	59.9	69.7	59.5	58.2
Gross profit	17.3	14.7	14.6	37.1	30.1	33.9	17.5	20.9	20.2	28.1
Research and development	2	1.91	1.37	1.72	1.69	1.7	1.85	1.5	1.23	0.95
Selling and marketing	12.8	11.9	9.1	11.1	10.3	11.6	11.4	13	11.6	10.1
General and administrative	14.8	13.2	10.2	11.2	11.3	11.7	19.5	16.7	18	18.7
Operating expenses	29.9	27.7	20.7	24	23.3	25.5	33.5	31.7	30.8	29.7
Operating income	-12.5	-13	-6.16	13.1	6.84	8.39	-16	-10.8	-10.6	-1.64
Interest expense	0.16	0.33	0.49
Interest income	0.04	0.02	0.01	0.01	0	0	0.03	0	0.01	0
Other non-operating income	-0.02	-0.16	-0.5	-0.49	-0.32	-0.14	-0.38	-0.81	-1.16	-1.46
Pre-tax income	-12.5	-13.1	-6.66	12.6	6.52	8.25	-16.4	-11.6	-11.8	-3.1
Income tax	-0.26	-0.02	0.01	0.16	-19.6	2.16	18	0.04	0.04	0.06
Net income	-12.3	-13.1	-6.67	12.5	26.1	6.09	-34.3	-11.7	-11.8	-3.16
EBITDA	-10.2	-11	-4.37	14.7	8.32	10	-13.9	-8.23	-7.98	0.14
EPS, basic	-4.39	-4.59	-2.29	4.09	8.48	1.99	-10.77	-3.59	-3.59	-0.89
EPS, diluted	-4.39	-4.59	-2.29	3.99	8.28	1.89	-10.77	-3.59	-3.59	-0.89
Shares, basic (weighted)	2.82	2.89	2.95	3.02	3.07	3.11	3.18	3.25	3.28	3.56
Shares, diluted (weighted)	2.82	2.89	2.95	3.11	3.14	3.14	3.18	3.25	3.28	3.56

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	17.3	9.42	8.73	28.8	19.4	14.5	16	5.16	5.97	3.27
Receivables	9.17	8.74	14.8	10.4	13.6	11.9	13.7	14	12.8	16.3
Inventory	13.6	7.83	13.4	14.5	19.6	19.8	18.2	18.2	11.4	10.3
Other current assets	2.88	2.47	0.7	0.72	1.08	2.63	1.12	2.86	1.94	1.36
Total current assets	43.9	29.5	41.4	55	56.5	51.2	50.4	44.8	35.5	37.7
Property, plant and equipment	13.8	12.9	12	11.8	11.4	11.5	10.5	9.59	8.03	6.11
Lease right-of-use assets				2.75	2.44	2.44	2.17	1.77	3.46	2.67
Goodwill	0	0				0.35	1.48	1.48	1.48	1.48
Intangible assets	4.21	2.87	2.47	2.22	1.95	2.4	6	4.46	3.38	2.65
Other non-current assets	0.18	0.11	0.17	2.8	3.18	3.54	3.26	2.81	4.08	3.68
Total assets	62.1	45.3	56	72.6	92.8	86.8	71.6	63.2	52.5	51.6
Accounts payable	11.6	11.7	19.7	19.8	17	9.86	13.4	18.4	13.3	15.5
Accrued liabilities	5.99	4.17	7.41	7.23	13.2	8.43	10.6	9.44	12.7	10.7
Deferred revenue	0.62	0.5	0.12	0.11	0.09	0.08	0.48	0.26	0.49	0.16
Short-term debt	0.15	0.08	0.1	0.04	0.01	0.02	0.02	0	0.35	0.35
Total current liabilities	18.4	16.4	27.3	27.2	30.4	18.4	24.5	28.1	26.8	26.7
Long-term debt	6.82	4.01	9.28	10.1	0.04	0.02	10	10	9.97	5.62
Lease liabilities				2.83	2.27	2.27	1.83	1.12	2.83	2.12
Other non-current liabilities	0.44	0.52	0.64	3.55	3.7	2.76	3.38	2.16	3.43	2.67
Total liabilities	26.6	21.9	38.1	41.5	34.7	21.7	38.3	40.6	40.6	35
Total debt	6.97	4.09	9.38	10.1	0.05	0.04	10	10	10.3	5.97
Paid-in capital	154	155	156	157	157	158	161	162	163	170
Retained earnings	-82.4	-95.5	-102	-89.3	-63.2	-57.1	-91.4	-103	-115	-118
Treasury stock	-36.1	-36.1	-36.1	-36.2	-36.2	-36.2	-36.2	-36.2	-36.2	-35
Shareholders' equity	35.5	23.4	18	31	58.1	65.1	33.2	22.5	11.9	16.6
Total equity	35.5	23.4	18	31	58.1	65.1	33.2	22.5	11.9	16.6
Total liabilities and equity	62.1	45.3	56	72.6	92.8	86.8	71.6	63.2	52.5	51.6
Shares outstanding			2.97	3.04	3.09	3.12	3.24	32.6	3.3	4.06

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-12.3	-13.1	-6.67	12.5	26.1	6.09	-34.3	-11.7	-11.8	-3.16
Depreciation and amortization	2.33	2.01	1.78	1.56	1.48	1.62	2.1	2.59	2.62	1.78
Stock-based compensation	1.61	1.1	0.83	0.62	0.75	0.81	1.61	0.95	1.16	0.48
Deferred income tax	0	-0.02	0.02	0.08	-19.9	1.98	17.9	-0.01	0.01	0.01
Change in receivables	1.69	0.42	-5.84	3.62	-2.38	4.41	-0.59	-0.46	0.8	-3.51
Change in inventory	1.22	4.71	-4.69	-1.32	-5.32	-0.42	1.88	-0.6	6.11	0.63
Change in payables	-0.08	0.02	8.92	-0.08	-2.64	-8.13	2.37	4.99	-5.08	2.18
Cash from operations	-1.9	-4.42	-5.06	20.3	1.73	-0.11	-2.29	-10.1	0.6	-1.08
Capital expenditures	-0.66	-0.51	-0.38	-0.81	-0.9	-0.52	-0.59	-0.84	-0.1	-0.08
Acquisitions					0	-4.01	-5.6	0	0
Purchases of investments	0				0	-0.5	0	0
Cash from investing	1.65	-0.59	-0.45	-0.94	-0.95	-4.92	-6.2	-0.73	0.13	-0.09
Debt issued	0						0	0	3.53	0
Debt repaid	-0.88	-0.16	-0.08
Stock issued	0	0			0	0	0.8	0	0	1
Cash from financing	2.02	-2.88	4.81	0.62	-10.1	0.1	10	-0.01	0.09	-1.54
Net change in cash	1.77	-7.88	-0.7	20	-9.36	-4.93	1.53	-10.8	0.82	-2.71
Free cash flow	-2.56	-4.93	-5.44	19.5	0.83	-0.63	-2.88	-10.9	0.5	-1.16
Interest paid	0.16	0.15	0.18	0.25	0.12	0.07	0.35	0.69	0.96	0.76
Income taxes paid	0.15	0.02	0.01	-0.03	-0.18	-0.2	-0.09	-0.06	-0.03	-0.04

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 $30.59 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.6%	Gross profit / revenue.
Operating margin	1.6%	Operating income / revenue.
EBITDA margin	3.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.1%	Pre-tax income / revenue.
Net margin	0.0%	Net income / revenue.
FCF margin	0.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.9%	Cash from operations / revenue.
Effective tax rate	63.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.1%	Net income / average total assets.
Return on invested capital (ROIC)	5.8%	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	1.1%	Research and development expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	38.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.1%	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	-1.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-55.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-280.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-332.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	39.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-20.6%	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	-22.1%	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	-1.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.3%	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	-11.1%	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	8.5%	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	3.8%	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	2.6%	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	1.54x	Current assets / current liabilities.
Quick ratio	0.76x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.2%	Total debt / total assets.
Liabilities / assets	64.8%	Total liabilities / total assets.
Net debt	$1.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.43x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$13.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$14.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.73x	Revenue / average total assets.
Fixed asset turnover	15.4x	Revenue / average property, plant and equipment.
Inventory turnover	5.92x	Cost of revenue / average inventory.
Days inventory	62 days	365 x average inventory / cost of revenue.
Receivables turnover	6.43x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	92 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	26 days	Days inventory + days sales outstanding - days payables.
FCF conversion	1,885.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.01	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	$22.21	Revenue / diluted weighted shares.
FCF per share	$0.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.19	Cash from operations / diluted weighted shares.
Book value per share	$4.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.62	Tangible book value / shares outstanding.
Cash per share	$1.27	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$125.1M	Share price x shares outstanding.
Enterprise value	$126.5M	Market cap + total debt - cash - short-term investments.
P/E	3,127x	Market cap / net income. Only when net income is positive.
P/S	1.35x	Market cap / revenue.
P/B	6.67x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.49x	Market cap / tangible book value, when positive.
P/FCF	166x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	159x	Market cap / cash from operations, when positive.
EV/Sales	1.37x	Enterprise value / revenue.
EV/EBIT	85.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	40.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	168x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.6%	Free cash flow / market cap.
Earnings yield	0.0%	Net income / market cap (the inverse of P/E).

What was ORION ENERGY SYSTEMS, INC.'s revenue in fiscal 2026?

ORION ENERGY SYSTEMS, INC. reported revenue of $86.3M for fiscal 2026, 8.3% higher than the year before.

Was ORION ENERGY SYSTEMS, INC. profitable in fiscal 2026?

No. It reported a net loss of $3.2M.

How much free cash flow did ORION ENERGY SYSTEMS, INC. generate in fiscal 2026?

Cash from operations of $1.1M minus capital expenditures of $83.0K left free cash flow of -$1.2M.

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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