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Stocks · Technology · Electric Lighting & Wiring Equipment

ORION ENERGY SYSTEMS, INC.

OESX Clue Score41
United States Fiscal year ends March CIK 0001409375
$25.83 -3.66% Close, 9 Oct 2026
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Price $25.83 +570.91% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue70.2Operating income−12.5Net income−12.3EPS, diluted−0.44Fiscal year 2018Revenue60.3 −14.1%Operating income−13.0Net income−13.1EPS, diluted−0.46Fiscal year 2019Revenue65.8 +9.0%Operating income−6.2Net income−6.7EPS, diluted−0.23Fiscal year 2020Revenue150.8 +129.4%Operating income13.1Net income12.5EPS, diluted0.40Fiscal year 2021Revenue116.8 −22.5%Operating income6.8Net income26.1 +109.7%EPS, diluted0.83Fiscal year 2022Revenue124.4 +6.5%Operating income8.4Net income6.1 −76.7%EPS, diluted0.19Fiscal year 2023Revenue77.4 −37.8%Operating income−16.0Net income−34.3 −663.8%EPS, diluted−1.08Fiscal year 2024Revenue90.6 +17.1%Operating income−10.8Net income−11.7EPS, diluted−3.59Fiscal year 2025Revenue79.7 −12.0%Operating income−10.6Net income−11.8EPS, diluted−3.59Fiscal year 2026Revenue86.3 +8.3%Operating income−1.6Net income−3.2EPS, diluted−0.89
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 70.2 60.3 65.8 150.8 116.8 124.4 77.4 90.6 79.7 86.3
Growth −14.1% +9.0% +129.4% −22.5% +6.5% −37.8% +17.1% −12.0% +8.3%
Operating income −12.5 −13.0 −6.2 13.1 6.8 8.4 −16.0 −10.8 −10.6 −1.6
Net income −12.3 −13.1 −6.7 12.5 26.1 6.1 −34.3 −11.7 −11.8 −3.2
Growth +109.7% −76.7% −663.8%
EPS, diluted −0.44 −0.46 −0.23 0.40 0.83 0.19 −1.08 −3.59 −3.59 −0.89

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin24.7%Operating margin−17.8%Net margin−17.5%Free cash flow margin−3.7%Fiscal year 2018Gross margin24.3%Operating margin−21.5%Net margin−21.8%Free cash flow margin−8.2%Fiscal year 2019Gross margin22.1%Operating margin−9.4%Net margin−10.1%Free cash flow margin−8.3%Fiscal year 2020Gross margin24.6%Operating margin8.7%Net margin8.3%Free cash flow margin12.9%Fiscal year 2021Gross margin25.8%Operating margin5.9%Net margin22.4%Free cash flow margin0.7%Fiscal year 2022Gross margin27.3%Operating margin6.7%Net margin4.9%Free cash flow margin−0.5%Fiscal year 2023Gross margin22.6%Operating margin−20.7%Net margin−44.4%Free cash flow margin−3.7%Fiscal year 2024Gross margin23.1%Operating margin−11.9%Net margin−12.9%Free cash flow margin−12.1%Fiscal year 2025Gross margin25.4%Operating margin−13.3%Net margin−14.8%Free cash flow margin0.6%Fiscal year 2026Gross margin32.6%Operating margin−1.9%Net margin−3.7%Free cash flow margin−1.3%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 24.7% 24.3% 22.1% 24.6% 25.8% 27.3% 22.6% 23.1% 25.4% 32.6%
Operating margin −17.8% −21.5% −9.4% 8.7% 5.9% 6.7% −20.7% −11.9% −13.3% −1.9%
Net margin −17.5% −21.8% −10.1% 8.3% 22.4% 4.9% −44.4% −12.9% −14.8% −3.7%
Free cash flow margin −3.7% −8.2% −8.3% 12.9% 0.7% −0.5% −3.7% −12.1% 0.6% −1.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−1.9Capital expenditure−0.7Free cash flow−2.6Fiscal year 2018Operating cash flow−4.4Capital expenditure−0.5Free cash flow−4.9Fiscal year 2019Operating cash flow−5.1Capital expenditure−0.4Free cash flow−5.4Fiscal year 2020Operating cash flow20.3Capital expenditure−0.8Free cash flow19.5Fiscal year 2021Operating cash flow1.7Capital expenditure−0.9Free cash flow0.8 −95.8%Fiscal year 2022Operating cash flow−0.1Capital expenditure−0.5Free cash flow−0.6 −176.3%Fiscal year 2023Operating cash flow−2.3Capital expenditure−0.6Free cash flow−2.9Fiscal year 2024Operating cash flow−10.1Capital expenditure−0.8Free cash flow−10.9Fiscal year 2025Operating cash flow0.6Capital expenditure−0.1Free cash flow0.5Fiscal year 2026Operating cash flow−1.1Capital expenditure−0.1Free cash flow−1.2 −332.4%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow −1.9 −4.4 −5.1 20.3 1.7 −0.1 −2.3 −10.1 0.6 −1.1
Capital expenditure −0.7 −0.5 −0.4 −0.8 −0.9 −0.5 −0.6 −0.8 −0.1 −0.1
Free cash flow −2.6 −4.9 −5.4 19.5 0.8 −0.6 −2.9 −10.9 0.5 −1.2
Growth −95.8% −176.3% −332.4%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash17.3Total debt7.0Net cash (debt)10.3Shareholders’ equity35.5Debt to equity0.20Fiscal year 2018Cash9.4Total debt4.1Net cash (debt)5.3Shareholders’ equity23.4Debt to equity0.17Fiscal year 2019Cash8.7Total debt9.4Net cash (debt)−0.7Shareholders’ equity18.0Debt to equity0.52Fiscal year 2020Cash28.8Total debt10.1Net cash (debt)18.7Shareholders’ equity31.0Debt to equity0.33Fiscal year 2021Cash19.4Total debt0.0Net cash (debt)19.3Shareholders’ equity58.1Debt to equity0.00Fiscal year 2022Cash14.5Total debt0.0Net cash (debt)14.4Shareholders’ equity65.1Debt to equity0.00Fiscal year 2023Cash16.0Total debt10.0Net cash (debt)6.0Shareholders’ equity33.2Debt to equity0.30Fiscal year 2024Cash5.2Total debt10.0Net cash (debt)−4.8Shareholders’ equity22.5Debt to equity0.44Fiscal year 2025Cash6.0Total debt10.3Net cash (debt)−4.4Shareholders’ equity11.9Debt to equity0.87Fiscal year 2026Cash3.3Total debt6.0Net cash (debt)−2.7Shareholders’ equity16.6Debt to equity0.36
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 17.3 9.4 8.7 28.8 19.4 14.5 16.0 5.2 6.0 3.3
Total debt 7.0 4.1 9.4 10.1 0.0 0.0 10.0 10.0 10.3 6.0
Net cash (debt) 10.3 5.3 −0.7 18.7 19.3 14.4 6.0 −4.8 −4.4 −2.7
Shareholders’ equity 35.5 23.4 18.0 31.0 58.1 65.1 33.2 22.5 11.9 16.6
Debt to equity 0.20 0.17 0.52 0.33 0.00 0.00 0.30 0.44 0.87 0.36

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending March, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Mar 2017 FY2018 31 Mar 2018 FY2019 31 Mar 2019 FY2020 31 Mar 2020 FY2021 31 Mar 2021 FY2022 31 Mar 2022 FY2023 31 Mar 2023 FY2024† 31 Mar 2024 FY2025 31 Mar 2025 FY2026 31 Mar 2026
Revenue and profit
70.2 60.3 65.8 150.8 116.8 124.4 77.4 90.6 79.7 86.3
Growth −14.1% +9.0% +129.4% −22.5% +6.5% −37.8% +17.1% −12.0% +8.3%
52.9 45.6 51.2 113.7 86.7 90.5 59.9 69.7 59.5 58.2
17.3 14.7 14.6 37.1 30.1 33.9 17.5 20.9 20.2 28.1
Growth −15.4% −0.8% +155.1% −18.9% +12.6% −48.4% +19.4% −3.2% +38.8%
2.0 1.9 1.4 1.7 1.7 1.7 1.9 1.5 1.2 0.9
14.8 13.2 10.2 11.2 11.3 11.7 19.5 16.7 18.0 18.7
−12.5 −13.0 −6.2 13.1 6.8 8.4 −16.0 −10.8 −10.6 −1.6
Growth −47.9% +22.7% −290.5%
−12.5 −13.1 −6.7 12.6 6.5 8.3 −16.4 −11.6 −11.8 −3.1
−0.3 −0.0 0.0 0.2 −19.6 2.2 18.0 0.0 0.0 0.1
−12.3 −13.1 −6.7 12.5 26.1 6.1 −34.3 −11.7 −11.8 −3.2
Growth +109.7% −76.7% −663.8%
Per share
−0.44 −0.46 −0.23 0.41 0.85 0.20 −1.08 −3.59 −3.59 −0.89
−0.44 −0.46 −0.23 0.40 0.83 0.19 −1.08 −3.59 −3.59 −0.89
Growth +107.5% −77.1% −668.4%
28.2 28.8 29.4 30.1 30.6 31.0 31.7 3.2 3.3 3.6
28.2 28.8 29.4 31.0 31.3 31.3 31.7 3.2 3.3 3.6
Growth +2.2% +2.2% +5.2% +1.1% −0.0% +1.3% −89.8% +1.1% +8.5%

† The diluted share count jumps at 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 5.9% a year over five years.
  • Operating margin is down 7.8 points on five years ago, at -1.9%.
  • A net loss in 7 of 10 years on file.