MeritValue

ORION ENERGY SYSTEMS, INC.

OESXdata completeness 100%17 fiscal years on file
The thesis, from the filings

ORION ENERGY SYSTEMS, INC. earns about -18% on invested capital, and has bought back 89% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$122.9M1$74.4M2$90.5M3$78.9M3$85.5M3
Net income$6.09M4−$34.3M5−$11.7M6−$11.8M6−$3.16M6
Operating cash flow−$113,0007−$2.29M8−$10.1M9$599,0009−$1.08M9
Capital expenditure$518,00010$586,00011$837,00012$99,00012$83,00012
Free cash flow (derived)−$631,0007−$2.88M8−$10.9M9$500,0009−$1.16M9
Total debt$70,00013$20M14$20M15$20.6M16$11.9M16
Cash & equivalents$14.5M17$16M18$5.16M19$5.97M20$3.27M20
Diluted shares31.3M31.7M3.2M3.3M3.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$46.7
your share of equity
Profit it earned you last year
−$8.88
Free cash flow it threw off
−$3.26
Debt you’d be carrying
$33.54

10 shares is a claim on $46.7 of net worth that earned you −$8.88 and generated −$3.26 of cash last year, against $33.54 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-18% avg · 5y
FY22 12%FY23 -35%FY24 -25%FY25 -35%FY26 -10%

It earned an average -18% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−89% shares · 5y

Share count is down 89% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 16963% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0000950170-24-072435 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000950170-25-090385 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001193125-26-257468 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0000950170-24-072435 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000950170-25-090385 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001193125-26-257468 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0000950170-24-072435 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0000950170-25-090385 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001193125-26-257468 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0000950170-24-072435 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0000950170-25-090385 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001193125-26-257468 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0000950170-23-027474 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0000950170-24-072435 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-31 · accession 0000950170-25-090385 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-31 · accession 0001193125-26-257468 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-03-31 · accession 0000950170-23-027474 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0000950170-24-072435 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0000950170-25-090385 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001193125-26-257468 (CashAndCashEquivalentsAtCarryingValue)