Orion Digital Corp. is a US-listed company in the systems software industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $49m, down 5.5% on a year earlier, against growth of 7.6% a quarter earlier. That puts it 33 of 37 for growth among the systems software companies we cover.
Our models give no value for Orion Digital at present, so past values are not shown.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Orion Digital Corp.'s trailing-twelve-month revenue fell 5.5% year on year, with a free-cash-flow margin of -1.5%. Where it lags: change in growth rate of -13.1pp ranks 34 of 37 systems software companies we cover.
Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 66% in the quarter to 2026-03-31, the 3rd beat in the last four quarters.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for ORIO from the sources we follow. See filings →
No model value for Orion Digital Corp. at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
We value Orion Digital Corp. as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — 0 | Does not apply: no positive value |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Orion Digital Corp. with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 5, 2026, before the open.
No analyst estimates are published for Orion Digital Corp.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Mar 2026 | −$0.09 | −$0.03 | +66.4% |
| Dec 2025 | −$0.10 | −$0.01 | +94.5% |
| Sept 2025 | −$0.07 | −$0.14 | −102.4% |
| Jun 2025 | −$0.10 | $0.55 | +645.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY16 Q4 | $37.7M |
| FY17 Q4 | $35.1M |
| FY18 Q4 | $43.7M |
| FY19 Q4 | $45.1M |
| FY20 Q4 | $33M |
| FY21 Q4 | $45.9M |
| FY22 Q4 | $53M |
| FY23 Q4 | $48.3M |
| FY24 Q4 | $52M |
| FY25 Q4 | $49.1M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY17 Q4 | -6.8% |
| FY18 Q4 | 24.3% |
| FY19 Q4 | 3.2% |
| FY20 Q4 | -26.8% |
| FY21 Q4 | 39.1% |
| FY22 Q4 | 15.5% |
| FY23 Q4 | -8.8% |
| FY24 Q4 | 7.6% |
| FY25 Q4 | -5.5% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY19 Q4 | -6.1% |
| FY20 Q4 | 2.6% |
| FY21 Q4 | -61.8% |
| FY22 Q4 | -48.7% |
| FY23 Q4 | -5.9% |
| FY24 Q4 | -5.2% |
| FY25 Q4 | -3.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY16 Q4 | -27.4% |
| FY17 Q4 | -47.8% |
| FY18 Q4 | -57.7% |
| FY19 Q4 | -26.5% |
| FY20 Q4 | 99.0% |
| FY21 Q4 | -54.9% |
| FY22 Q4 | -39.8% |
| FY23 Q4 | -14.4% |
| FY24 Q4 | -1.9% |
| FY25 Q4 | -1.5% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 38 | 35 | 44 | 45 | 33 | 46 | 53 | 48 | 52 | 49 |
| Gross profit | 23 | 26 | 31 | 31 | 26 | 37 | 36 | 35 | 34 | 34 |
| EBITDA | — | — | — | 3 | 7 | −18 | −16 | 4 | 3 | 4 |
| Operating income | — | — | — | −3 | 1 | −28 | −26 | −3 | −3 | −2 |
| Net income | — | — | — | −8 | −10 | −27 | −127 | −13 | −10 | −6 |
| Diluted EPS | — | — | — | — | −$0.35 | −$0.42 | −$1.67 | −$0.53 | −$0.41 | −$0.25 |
| Growth (year on year) | ||||||||||
| Revenue | — | −6.8% | +24.3% | +3.2% | −26.8% | +39.1% | +15.5% | −8.8% | +7.6% | −5.5% |
| EBITDA | — | — | — | — | +115.1% | −355.4% | — | — | −10.6% | +11.3% |
| Operating income | — | — | — | — | — | <−999% | — | — | — | — |
| Margins | ||||||||||
| Gross margin | 61.6% | 73.8% | 70.1% | 68.6% | 80.2% | 80.0% | 67.1% | 71.5% | 65.6% | 69.6% |
| EBITDA margin | — | — | — | 7.3% | 21.6% | −39.6% | −30.4% | 8.0% | 6.6% | 7.8% |
| Operating margin | — | — | — | −6.1% | 2.6% | −61.8% | −48.7% | −5.9% | −5.2% | −3.9% |
| Net margin | — | — | — | −18.1% | −30.4% | −57.7% | −240.3% | −27.4% | −19.2% | −12.4% |
| Free-cash-flow margin | −27.4% | −47.8% | −57.7% | −26.5% | 99.0% | −54.9% | −39.8% | −14.4% | −1.9% | −1.5% |
| Cash flow | ||||||||||
| Cash from operations | −10 | −16 | −23 | −11 | 33 | −25 | −21 | −7 | −1 | −1 |
| Capital spending | 1 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −10 | −17 | −25 | −12 | 33 | −25 | −21 | −7 | −1 | −1 |
| Stock-based pay | 1 | 1 | 1 | 1 | 2 | 9 | 7 | 2 | 1 | 1 |
| Free cash flow after stock pay | −11 | −18 | −26 | −13 | 31 | −35 | −28 | −9 | −2 | −2 |
| Balance sheet | ||||||||||
| Cash | 14 | 32 | 15 | 8 | 10 | 53 | 22 | 12 | 6 | 13 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −14 | −32 | −15 | −8 | −10 | −53 | −22 | −12 | −6 | −13 |
| Diluted shares | 18m | 18m | 23m | 26m | 28,873m | 21m | 25m | 25m | 24m | 24m |
| Last 12 months unless stated | ORIO | ALAR | SVCO | CHOW | HUBC | GRRR | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $49m | $41m | $72m | $32m | $32m | $101m | $1.1bn |
| Revenue growth, last 12 months | −5.5% | 28.1% | 31.9% | 38.3% | 7.1% | 35.7% | 16.9% |
| Gross margin | 69.6% | 58.5% | 83.1% | 12.9% | 16.7% | 33.4% | 69.6% |
| Operating margin | −3.9% | 0.5% | −35.6% | −9.4% | −222.0% | −13.5% | 3.7% |
| Operating margin, 3-year average | — | −257.7% | −53.2% | — | — | — | 4.0% |
| Net margin | −12.4% | 2.4% | −30.4% | −9.4% | −378.3% | −11.1% | 2.4% |
| Cash from operations / revenue | −1.4% | −4.9% | −46.7% | −22.5% | −99.2% | −28.3% | 16.6% |
| Free-cash-flow margin | −1.5% | −5.3% | −47.2% | −22.5% | −99.3% | −28.9% | 15.0% |
| Free-cash-flow margin, 3-year average | −34.7% | −200.0% | −38.6% | — | — | — | 18.8% |
| Stock pay / revenue | 2.6% | 8.5% | 16.9% | — | 10.1% | 0.3% | 8.2% |
| Change in share count | −1.3% | 6.6% | 8.2% | 2.7% | 537.5% | 110.6% | 2.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -5.5% | 16.9% | 33 of 37 |
| Change in growth rate Growth | -13.1pp | -0.3pp | 34 of 37 |
| Operating margin Profitability | -3.9% | 3.8% | 21 of 34 |
| Net margin Profitability | -12.4% | 2.4% | 27 of 37 |
| Stock pay as % of revenue Cash generation | 2.6% | 8.5% | 11 of 36 |
| Change in share count Balance sheet | -1.3% | 3.1% | 10 of 34 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Tidal Investments LLC | $476,179 | 560K | 55.8% | ▼ 0.3% |
| Goldman Sachs Group Inc | $165,409 | 195K | 19.4% | ▼ 3.1% |
| Citadel Advisors LLC | $51,745 | 61K | 6.1% | New |
| Mariner, LLC | $47,009 | 55K | 5.5% | 0.0% |
| Susquehanna International Group, LLP | $28,789 | 34K | 3.4% | ▲ 230.9% |
| Gts Securities LLC | $22,273 | 26K | 2.6% | ▲ 8.5% |
| Xtx Topco Ltd | $14,657 | 17K | 1.7% | ▼ 38.2% |
| Morgan Stanley | $12,294 | 14K | 1.4% | ▼ 39.3% |
| Commonwealth Equity Services, LLC | $9,380 | 11K | 1.1% | New |
| Rathbones Group PLC | $8,989 | 10K | 1.1% | ▼ 50.0% |
| TD Waterhouse Canada Inc. | $5,066 | 6K | 0.6% | ▲ 5.6% |
| Royal Bank Of Canada | $5,000 | 6K | 0.6% | ▼ 32.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Orion Digital Corp.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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