Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 19, 2026
Orion Energy Systems, Inc. (OESX)
A forensic read on Orion Energy Systems, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-5.8
Distress distance
Clean
Earnings quality
5
Forensic signals
-19.0%
ROE
8.3%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Orion Energy Systems, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -5.8, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-5.9%
FY2026
Return on invested capital.Return on invested capital is -5.9% in the latest fiscal year, against 11% in FY2022, having run between -41.9% and 11.5% across FY2022–FY2026 with no direction held — well below the ~9% cost of capital we hold this sector to, and it has been across FY2023–FY2026, so reinvested dollars have not been earning their keep. The capital base behind it came down -59% across FY2022–FY2026, from $54M to $22M, so this is a return struck on a smaller base rather than a record of money put to work.
0.6% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 0.6% of revenue in FY2026 — about $0.14 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.6% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
stopped
FY2012→FY2015
Shareholder returns — halted.Capital returns have STOPPED — $6M of buybacks + dividends in FY2012, but ~$0 in FY2015. A halt usually means the company is conserving cash.
+17.4%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +17.4% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +27% against revenue +8%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 12% of net operating assets, against an accruals ratio of 17.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
Key fundamentals
Latest Revenue$86.3M
Revenue Growth YoY+8.3%
Revenue CAGR (3yr)+3.7%
Net Margin-3.7%
Free Cash Flow-$1.2M
Return on Equity-19.0%
Debt / Equity0.36x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Orion Energy Systems, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 19, 2026. Forensic signals flag probability, not certainty.
Orion Energy Systems, Inc. (OESX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
n/m (stock split)
FY2023–FY2026
Share count (stock split).Diluted share count changed -89% over the last 3 years to FY2026, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -51.8%/yr figure isn't a real buyback/dilution read here.