Orion S.a. key statistics and ratios

In fiscal 2025, Orion S.a. had return on equity of -16.3%, an operating margin of 1.5%, debt equal to 330.0% of equity and a current ratio of 1.03. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Orion S.a.: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	32.9%	28.4%	27.2%	26.4%	25.7%	25.0%	22.1%	23.8%	22.8%	19.9%	18.4%
Operating margin	10.3%	10.4%	12.4%	10.0%	6.5%	14.8%	9.7%	10.8%	5.5%	1.5%	−0.2%
Net margin	4.3%	4.9%	7.7%	5.9%	1.6%	8.7%	5.2%	5.5%	2.4%	−3.9%	−5.3%
Free-cash-flow margin	9.8%	3.7%	0.7%	4.9%	−1.2%	−4.5%	−7.5%	9.1%	−4.3%	3.0%	1.4%
Return on equity	90.5%	86.5%	95.4%	50.4%	9.9%	53.8%	27.3%	22.1%	9.3%	−16.3%	−25.2%
Return on assets	4.7%	5.8%	10.0%	6.9%	1.4%	8.9%	6.0%	5.6%	2.4%	−3.7%	−4.9%
Asset turnover	1.08	1.20	1.29	1.17	0.86	1.02	1.15	1.02	1.02	0.96	0.94
Current ratio	—	1.83	1.80	1.78	1.54	1.48	1.41	1.47	1.19	1.03	1.03
Debt to equity	0.0%	721.0%	452.6%	374.4%	449.7%	291.6%	255.0%	198.3%	243.6%	330.0%	355.6%
Interest cover (operating income ÷ interest)	2.7x	3.1x	6.9x	5.3x	1.9x	6.0x	4.9x	4.0x	—	—	—
Effective tax rate	33.0%	23.3%	27.9%	27.7%	30.8%	27.7%	32.7%	36.8%	18.0%	—	—
R&D as % of revenue	1.4%	1.4%	1.3%	1.3%	1.8%	1.4%	1.1%	1.3%	1.4%	1.5%	1.6%
SG&A as % of revenue	17.8%	15.6%	14.7%	14.0%	15.5%	13.6%	11.2%	11.7%	12.7%	12.8%	13.0%
Capital spending as % of revenue	5.8%	7.5%	7.0%	10.7%	12.2%	13.9%	11.5%	9.1%	11.0%	8.9%	8.3%
Free cash flow ÷ net income	224.5%	75.2%	9.0%	83.8%	−74.2%	−51.6%	−142.9%	167.2%	−184.2%	—	—
Dividends ÷ net income	89.1%	70.5%	39.3%	55.4%	65.9%	0.0%	4.7%	4.7%	10.9%	—	—
Dividends and buybacks ÷ free cash flow	43.1%	93.7%	481.3%	66.1%	—	—	—	40.7%	—	53.8%	21.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Orion S.a.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	23.2%	20.6%	20.5%	21.1%	19.0%	18.9%	17.2%	18.6%
Operating margin	−3.3%	5.4%	6.5%	6.9%	−11.9%	4.3%	2.5%	4.3%
Net margin	−4.4%	4.0%	1.9%	1.9%	−14.9%	−5.1%	−2.2%	0.4%
Free-cash-flow margin	−17.0%	5.4%	−6.0%	2.5%	6.2%	10.7%	−10.6%	0.4%
Current ratio	1.24	1.19	1.14	1.10	1.08	1.03	1.00	1.03
Debt to equity	203.8%	190.7%	208.6%	219.1%	251.4%	254.7%	267.1%	265.5%
R&D as % of revenue	1.5%	1.6%	1.4%	1.4%	1.5%	1.8%	1.6%	1.4%
SG&A as % of revenue	12.5%	13.4%	12.2%	12.4%	12.8%	13.9%	12.9%	12.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 5 checks passed · June 30, 2026

What it owns · $2.0bn

Short-term assets $734mLonger-term assets $1.3bn

What it owes, and who funded it · $1.1bn

Short-term liabilities $716mShareholders' equity $380m

Short-term assets cover short-term liabilities $734m of assets due within a year against $716m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $51m of cash against $1.0bn of debt.
Debt below 40% of shareholders' equity Debt is 266% of equity.
Debt burden no higher than five years ago Debt to equity moved from 197% to 266% over five years.
A year's operating cash flow covers at least 20% of debt $177m of operating cash flow against $1.0bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Orion S.a.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

45 /100

Moderate moat

How hard Orion's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 9 / 20

Cash operating profit has been a median 7.7% of total assets over 6 years.
Pricing power 8 / 20

Gross margin has been a median 23.2%, moving by 2.8 percentage points (standard deviation) across 8 years.
Durability 2 / 20

Operating margin has been a median 8.8%; its worst year was -0.2%.
Cash conversion 8 / 20

Free cash flow was positive in 5 of 7 years, at a median 0.9% of revenue.
Discipline 19 / 20

The diluted share count fell 7.8% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Orion S.a.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Orion S.a.