Orion Energy Systems, Inc. (OESX) Key Metrics
OESX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $92.1M
- Enterprise value
- $117.6M
- P/E (TTM)
- — 10-yr median 9.2
- Forward P/E
- 66.2
- PEG ratio
- 1.62
- Price / sales
- 1.0 10-yr median 0.6
- Price / book
- 6.2 10-yr median 1.7
- EV / EBITDA
- 50.5 10-yr median 7.7
- Dividend yield
- —
- Beta
- 0.87
OESX key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsOESX valuation Price multiples at each fiscal year-end price.
Price / sales+21.4%
0.4
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / book−6.0%
1.9
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow yield−5.8 pts
−3.7%
FY2026 · hover or tap a bar for each year
FY2017FY2026
OESX returns How much profit the business earns on the capital it uses.
Return on equity+46.4 pts
−22.2%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Return on assets+14.3 pts
−6.1%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow margin−2.0 pts
−1.3%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Asset turnover+20.3%
1.66
FY2026 · hover or tap a bar for each year
FY2017FY2026
OESX per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−0.2%
$24.24
FY2026 · hover or tap a bar for each year
FY2017FY2026
Earnings per share
−$0.89
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow per share
−$0.33
FY2026 · hover or tap a bar for each year
FY2017FY2026
Book value per share+29.0%
$4.67
FY2026 · hover or tap a bar for each year
FY2017FY2026
Shares outstanding+8.5%
3.6M
FY2026 · hover or tap a bar for each year
FY2017FY2026
OESX financial health Debt, liquidity and how easily interest is covered.
Debt / equity−39.1%
0.53
FY2026 · hover or tap a bar for each year
FY2017FY2026
Net debt−$3.3B
−$3.26B
FY2026 · hover or tap a bar for each year
FY2017FY2026
Current ratio+6.8%
1.41
FY2026 · hover or tap a bar for each year
FY2017FY2026
Interest coverage
-2.1
FY2026 · hover or tap a bar for each year
FY2017FY2026
Debt / assets−13.3%
0.17
FY2026 · hover or tap a bar for each year
FY2017FY2026
OESX efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+3 days
82 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Days of inventory+32,248 days
32,339 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Days payables outstanding−7 days
90 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Cash conversion cycle+32,258 days
32,331 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Capex / revenue0.0 pts
0.1%
FY2026 · hover or tap a bar for each year
FY2017FY2026
OESX valuation history
Fiscal year-endToday10-year median
OESX returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
OESX debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
OESX cash returned to shareholders
DividendsBuybacksFree cash flow
OESX price vs earnings per share
Share price at year-endEPS (right axis)
OESX key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $31.1M | $23.7M | $28.3M | $64.4M | $87.6M | $217.9M | $114.6M | $26.1M | $24.5M | $55.8M |
| Enterprise value | −$3.23B | $28.0M | $35.2M | $60.2M | $76.2M | $201.8M | $99.4M | $26.7M | $19.1M | $45.4M |
| P/E ratio | — | — | — | — | 14.4 | 8.3 | 9.2 | — | — | — |
| Price / sales | 0.4 | 0.3 | 0.3 | 0.8 | 0.7 | 1.9 | 0.8 | 0.4 | 0.4 | 0.8 |
| Price / book | 1.9 | 2.0 | 1.3 | 1.9 | 1.3 | 3.8 | 3.7 | 1.5 | 1.0 | 1.6 |
| Price / free cash flow | — | 47.9 | — | — | — | 280.8 | 5.9 | — | — | — |
| Price / operating cash flow | — | 39.5 | — | — | — | 126.0 | 5.6 | — | — | — |
| EV / sales | -37.4 | 0.4 | 0.4 | 0.8 | 0.6 | 1.7 | 0.7 | 0.4 | 0.3 | 0.6 |
| EV / EBITDA | — | — | — | — | 7.7 | 24.8 | 6.9 | — | — | — |
| EV / free cash flow | — | 56.7 | — | — | — | 260.1 | 5.1 | — | — | — |
| Earnings yield | −10.2% | −49.9% | −41.3% | −53.4% | 7.0% | 12.0% | 10.9% | −25.6% | −53.7% | −22.0% |
| Free cash flow yield | −3.7% | 2.1% | −38.7% | −4.5% | −0.7% | 0.4% | 16.9% | −21.1% | −20.4% | −5.1% |
| Dividend yield | — | — | — | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | — | 0.1% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% |
| Share price at fiscal year-end | $8.74 | $7.21 | $8.70 | $20.30 | $28.00 | $69.60 | $37.00 | $8.86 | $8.50 | $19.80 |
| Per share | ||||||||||
| Revenue per share | $24.24 | $24.28 | $27.88 | $24.41 | $39.75 | $37.32 | $48.71 | $22.34 | $20.95 | $24.93 |
| Earnings per share | −$0.89 | −$3.59 | −$3.59 | −$10.83 | $1.95 | $8.35 | $4.02 | −$2.27 | −$4.56 | −$4.36 |
| Operating cash flow per share | −$0.30 | $0.18 | −$3.11 | −$0.72 | −$0.04 | $0.55 | $6.57 | −$1.72 | −$1.53 | −$0.68 |
| Free cash flow per share | −$0.33 | $0.15 | −$3.36 | −$0.91 | −$0.20 | $0.25 | $6.26 | −$1.87 | −$1.74 | −$1.01 |
| Cash per share | $916.96 | $1.82 | $1.59 | $5.04 | $4.62 | $6.20 | $9.29 | $2.97 | $3.27 | $6.15 |
| Book value per share | $4.67 | $3.62 | $6.94 | $10.49 | $20.80 | $18.55 | $10.02 | $6.11 | $8.14 | $12.59 |
| Tangible book value per share | −$1,155.22 | $2.14 | $5.11 | $8.13 | $19.92 | $17.93 | $9.31 | $5.27 | $7.14 | $11.09 |
| Dividends per share | — | — | — | $0.00 | $0.04 | $0.05 | $0.00 | $0.00 | $0.00 | $0.00 |
| Capex per share | $0.02 | $0.03 | $0.26 | $0.19 | $0.17 | $0.30 | $0.31 | $0.15 | $0.20 | $0.34 |
| Debt per share | $2.47 | $3.14 | $3.73 | $3.74 | $0.98 | $1.07 | $4.40 | $3.19 | $1.42 | $2.48 |
| Shares outstanding | 3.6M | 3.3M | 3.2M | 3.2M | 3.1M | 3.1M | 3.1M | 2.9M | 2.9M | 2.8M |
| Change in shares outstanding | +8.5% | +1.1% | +2.5% | +1.3% | −0.0% | +1.1% | +5.2% | +2.2% | +2.2% | +1.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −22.2% | −68.6% | −41.8% | −69.8% | 9.9% | 58.7% | 50.9% | −32.2% | −44.6% | −30.2% |
| Return on invested capital (ROIC) | — | −36.6% | −29.2% | −30.5% | 12.9% | 23.6% | 75.0% | −26.5% | −47.5% | −32.8% |
| Return on assets (ROA) | −6.1% | −20.4% | −17.3% | −43.4% | 6.8% | 31.6% | 19.4% | −13.2% | −24.5% | −18.5% |
| Return on tangible assets | — | −24.8% | −20.4% | −53.6% | 7.2% | 28.8% | 17.7% | −12.5% | −30.9% | −21.2% |
| Free cash flow margin | −1.3% | 0.6% | −12.1% | −3.7% | −0.5% | 0.7% | 12.9% | −8.4% | −8.3% | −4.1% |
| Income quality (OCF / net income) | — | — | — | — | −0.02 | 0.07 | 1.63 | — | — | — |
| Financial health | ||||||||||
| Total debt | $8.8M | $10.3M | $12.1M | $11.8M | $3.1M | $3.3M | $13.6M | $9.4M | $4.1M | $7.0M |
| Cash & short-term investments | $3.27B | $6.0M | $5.2M | $16.0M | $14.5M | $19.4M | $28.8M | $8.7M | $9.4M | $17.3M |
| Net debt | −$3.26B | $4.4M | $7.0M | −$4.1M | −$11.4M | −$16.1M | −$15.1M | $650,000 | −$5.3M | −$10.3M |
| Debt / equity | 0.53 | 0.87 | 0.54 | 0.36 | 0.05 | 0.06 | 0.44 | 0.52 | 0.17 | 0.20 |
| Debt / assets | 0.17 | 0.20 | 0.19 | 0.17 | 0.04 | 0.04 | 0.19 | 0.17 | 0.09 | 0.11 |
| Net debt / EBITDA | — | — | — | — | −1.15 | −1.98 | −1.05 | — | — | — |
| Current ratio | 1.41 | 1.32 | 1.60 | 2.06 | 2.79 | 1.86 | 2.02 | 1.51 | 1.79 | 2.39 |
| Quick ratio | −384.69 | 0.90 | 0.95 | 1.31 | 1.71 | 1.22 | 1.49 | 1.02 | 1.32 | 1.65 |
| Interest coverage | -2.1 | -9.4 | -12.8 | -51.2 | 104.9 | 37.2 | 31.1 | -20.9 | -30.5 | -45.9 |
| Working capital | $11.0M | $8.7M | $16.8M | $25.9M | $32.9M | $26.2M | $27.8M | $14.0M | $13.0M | $25.5M |
| Invested capital | −$3.24B | $16.2M | $29.5M | $29.1M | $53.7M | $42.0M | $15.9M | $18.6M | $18.1M | $25.1M |
| Tangible asset value | −$4.11B | $7.0M | $16.6M | $25.8M | $62.3M | $56.1M | $28.8M | $15.5M | $20.6M | $31.2M |
| Net current asset value | $2.7M | −$5.1M | $4.2M | $12.0M | $29.5M | $21.8M | $13.4M | $3.3M | $7.6M | $17.3M |
| Graham number | — | — | — | — | $30.18 | $59.03 | $30.13 | — | — | — |
| Graham net-net per share | $2,358.85 | −$5.11 | −$3.83 | −$0.61 | $4.66 | $2.17 | $0.88 | −$2.96 | −$0.20 | $2.15 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $2,000 | $122,000 | $152,000 | $13,000 | $6,000 | $0 | $0 |
| Share buybacks (net) | — | $13,000 | $2,000 | $2,000 | $5,000 | $84,000 | $76,000 | $10,000 | $9,000 | $19,000 |
| Dividend payout ratio | — | — | — | — | 2.0% | 0.6% | 0.1% | — | — | — |
| Dividends + buybacks / free cash flow | — | 2.6% | — | — | — | 30.4% | 0.5% | — | — | — |
| Capex / revenue | 0.1% | 0.1% | 0.9% | 0.8% | 0.4% | 0.8% | 0.6% | 0.7% | 1.0% | 1.4% |
| Capex / operating cash flow | — | 17.5% | — | — | — | 55.1% | 4.6% | — | — | — |
| Capex / depreciation | 0.05 | 0.04 | 0.34 | 0.29 | 0.34 | 0.64 | 0.60 | 0.25 | 0.29 | 0.41 |
| Stock-based compensation / revenue | 0.6% | 1.5% | 1.0% | 2.1% | 0.7% | 0.6% | 0.4% | 1.3% | 1.8% | 2.3% |
| R&D / revenue | 1.1% | 1.5% | 1.7% | 2.4% | 1.4% | 1.4% | 1.1% | 2.1% | 3.2% | 2.9% |
| SG&A / revenue | 33.4% | 37.1% | 32.8% | 39.9% | 18.7% | 18.5% | 14.8% | 29.4% | 41.5% | 39.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 82.3 | 79.6 | 67.7 | 73.0 | 47.6 | 42.9 | 35.7 | 81.0 | 66.7 | 69.1 |
| Days of inventory on hand | 32,339.2 | 90.9 | 95.5 | 115.9 | 79.5 | 71.7 | 44.8 | 75.7 | 85.7 | 105.7 |
| Days payables outstanding | 90.0 | 97.0 | 83.2 | 70.9 | 54.3 | 77.6 | 63.5 | 111.9 | 93.2 | 80.6 |
| Cash conversion cycle (days) | 32,331.5 | 73.5 | 80.0 | 118.0 | 72.7 | 37.0 | 17.1 | 44.8 | 59.2 | 94.2 |
| Receivables turnover | 4.43 | 4.59 | 5.39 | 5.00 | 7.68 | 8.50 | 10.21 | 4.50 | 5.47 | 5.28 |
| Payables turnover | 4.05 | 3.76 | 4.39 | 5.15 | 6.73 | 4.70 | 5.75 | 3.26 | 3.91 | 4.53 |
| Inventory turnover | 0.01 | 4.01 | 3.82 | 3.15 | 4.59 | 5.09 | 8.15 | 4.82 | 4.26 | 3.45 |
| Asset turnover | 1.66 | 1.38 | 1.34 | 0.98 | 1.38 | 1.41 | 2.35 | 1.30 | 1.12 | 1.06 |
| Average receivables | $19.5M | $17.4M | $16.8M | $15.5M | $16.2M | $13.7M | $14.8M | $14.6M | $11.0M | $13.3M |
| Average payables | $14.4M | $15.8M | $15.9M | $11.6M | $13.4M | $18.4M | $19.8M | $15.7M | $11.7M | $11.7M |
| Average inventory | $5.16B | $14.8M | $18.2M | $19.0M | $19.7M | $17.0M | $14.0M | $10.6M | $10.7M | $15.3M |
| Intangibles / total assets | 8,003.1% | 9.3% | 9.4% | 10.5% | 3.2% | 2.1% | 3.1% | 4.4% | 6.3% | 6.8% |
Computed from OESX's annual financial statements (latest annual report filed June 4, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
OESX valuation and financial ratios
Orion Energy Systems earned a return on equity of −22.2% in fiscal 2026. It ended the year with $8.8 million of debt and $3.3 billion in cash and short-term investments, a net cash position of $3.3 billion. The share count rose 26.4% from 2.8M to 3.6M over 9 years.
See the OESX income statement, the OESX chart for price history, or the OESX stock overview for the latest quote and news.
OESX key metrics FAQ
What is Orion Energy Systems's return on equity?
Orion Energy Systems's return on equity (ROE) was −22.2% in fiscal 2026: net income of -$3.2 million on average shareholders' equity of $14.3 million.
How much debt does Orion Energy Systems have?
Orion Energy Systems had total debt of $8.8 million at the end of fiscal 2026, a debt-to-equity ratio of 0.53 and more cash than debt.
What is Orion Energy Systems's free cash flow yield?
Orion Energy Systems generated -$1.2 million of free cash flow in fiscal 2026, a free cash flow yield of −3.7% on its market value at year-end ($31.1 million).
What is Orion Energy Systems's current ratio?
Orion Energy Systems's current ratio was 1.41 at the end of fiscal 2026: current assets were 1.41 times current liabilities.