Does Orion Energy Systems, Inc. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores Orion Energy Systems, Inc. (OESX) 18.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 36, returns on capital 11, balance-sheet safety 0, capital discipline 24.

How has OESX's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 18.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Orion Energy Systems, Inc.

OESX · Industrials · $42.2M mkt cap · FY2026 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power36

Median gross margin 24.8% over 10y, stable.

Returns on capital11

Median ROIC -28.7%, above the 9% hurdle in 30% of years.

Balance-sheet safety0

Net debt/EBITDA 19.1x, interest coverage 0x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $10.41
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for OESX yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale18.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — OESX has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#267 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#265AVT AVNET, INC.19.6 out of 100, No moatNo moat
#266OIS OIL STATES INTERNATIONAL, INC19.0 out of 100, No moatNo moat
#268TDW TIDEWATER INC18.6 out of 100, No moatNo moat
#269UVV UNIVERSAL CORPORATION18.4 out of 100, No moatNo moat

Compare OESX with its nearest peers →All Industrials companies on the Index →

Common questions about OESX

Does Orion Energy Systems, Inc. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores Orion Energy Systems, Inc. (OESX) 18.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 36, returns on capital 11, balance-sheet safety 0, capital discipline 24.
How has OESX's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 18.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell OESX. See the disclaimer.