MeritValue

Orion Properties Inc.

ONLdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Orion Properties Inc. earns about -6% on invested capital, with a roughly flat share count. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$79.7M1$208.1M2$195M3$164.9M3$147.6M3
Net income−$47.5M4−$97.5M5−$57.3M6−$103M6−$139.3M6
Operating cash flow$56.1M7$114.2M8$89.1M9$54.3M9$23.6M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$971.2M10$530M11$471M12$492M13$465M14
Cash & equivalents$29.3M15$20.6M16$22.5M16$15.6M16$22.4M16
Diluted shares56.6M56.6M56.4M55.9M56.2M

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
$110.83
your share of equity
Profit it earned you last year
−$24.77
Free cash flow it threw off
—
Debt you’d be carrying
$82.69

10 shares is a claim on $110.83 of net worth that earned you −$24.77 last year, against $82.69 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 -2%FY22 -7%FY23 -5%FY24 -7%FY25 -10%

It earned an average -6% 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
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 52% — deleveraging.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 2021-12-31 · accession 0001873923-24-000008 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001873923-25-000032 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001873923-26-000038 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001873923-24-000008 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001873923-25-000032 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001873923-26-000038 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001873923-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001873923-25-000032 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001873923-26-000038 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001873923-22-000016 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001873923-23-000009 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001873923-24-000008 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001873923-25-000032 (LongTermDebt)
  14. 10-K · period ending 2025-12-31 · accession 0001873923-26-000038 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0001873923-25-000032 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001873923-26-000038 (CashAndCashEquivalentsAtCarryingValue)