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Side-by-side financial comparison of Orion Properties Inc. (ONL) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
Orion Properties Inc. is the larger business by last-quarter revenue ($36.3M vs $18.6M, roughly 2.0× Zeo Energy Corp.). Zeo Energy Corp. runs the higher net margin — -10.8% vs -37.4%, a 26.6% gap on every dollar of revenue. On growth, Zeo Energy Corp. posted the faster year-over-year revenue change (-0.4% vs -4.6%). Over the past eight quarters, Zeo Energy Corp.'s revenue compounded faster (-4.0% CAGR vs -4.9%).
ONL vs ZEO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $36.3M | $18.6M |
| Net Profit | $-13.6M | $-2.0M |
| Gross Margin | — | — |
| Operating Margin | -9.3% | -11.8% |
| Net Margin | -37.4% | -10.8% |
| Revenue YoY | -4.6% | -0.4% |
| Net Profit YoY | -45.0% | -360.9% |
| EPS (diluted) | $-0.24 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $36.3M | — | ||
| Q4 25 | $35.2M | $18.6M | ||
| Q3 25 | $37.1M | $23.9M | ||
| Q2 25 | $37.3M | $18.1M | ||
| Q1 25 | $38.0M | $8.8M | ||
| Q4 24 | $38.4M | $18.6M | ||
| Q3 24 | $39.2M | $19.7M | ||
| Q2 24 | $40.1M | $14.8M |
| Q1 26 | $-13.6M | — | ||
| Q4 25 | $-35.8M | $-2.0M | ||
| Q3 25 | $-69.0M | $-3.2M | ||
| Q2 25 | $-25.1M | $-2.4M | ||
| Q1 25 | $-9.4M | $-6.4M | ||
| Q4 24 | $-32.8M | $-435.3K | ||
| Q3 24 | $-10.2M | $-424.3K | ||
| Q2 24 | $-33.8M | $-277.8K |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 57.9% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | — | 99.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 50.2% | ||
| Q2 24 | — | 52.3% |
| Q1 26 | -9.3% | — | ||
| Q4 25 | -101.5% | -11.8% | ||
| Q3 25 | -185.8% | -8.3% | ||
| Q2 25 | -67.1% | -15.8% | ||
| Q1 25 | -24.4% | -153.8% | ||
| Q4 24 | -85.4% | -6.0% | ||
| Q3 24 | -25.9% | -15.2% | ||
| Q2 24 | -84.1% | -18.0% |
| Q1 26 | -37.4% | — | ||
| Q4 25 | -101.7% | -10.8% | ||
| Q3 25 | -186.0% | -13.5% | ||
| Q2 25 | -67.3% | -13.3% | ||
| Q1 25 | -24.6% | -72.4% | ||
| Q4 24 | -85.4% | -2.3% | ||
| Q3 24 | -26.1% | -2.2% | ||
| Q2 24 | -84.2% | -1.9% |
| Q1 26 | $-0.24 | — | ||
| Q4 25 | $-0.63 | — | ||
| Q3 25 | $-1.23 | — | ||
| Q2 25 | $-0.45 | — | ||
| Q1 25 | $-0.17 | $-0.48 | ||
| Q4 24 | $-0.59 | $1.11 | ||
| Q3 24 | $-0.18 | $-0.08 | ||
| Q2 24 | $-0.60 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.3M | $6.1M |
| Total DebtLower is stronger | — | $79.1K |
| Stockholders' EquityBook value | $608.5M | $5.3M |
| Total Assets | $1.2B | $56.9M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $10.3M | — | ||
| Q4 25 | $22.4M | $6.1M | ||
| Q3 25 | $32.6M | $3.9M | ||
| Q2 25 | $17.4M | $68.7K | ||
| Q1 25 | $9.4M | $2.9M | ||
| Q4 24 | $15.6M | $5.6M | ||
| Q3 24 | $16.6M | $4.3M | ||
| Q2 24 | $24.2M | $5.3M |
| Q1 26 | — | — | ||
| Q4 25 | $465.0M | $79.1K | ||
| Q3 25 | $483.0M | $84.6K | ||
| Q2 25 | $483.0M | $642.8K | ||
| Q1 25 | $505.0M | $715.4K | ||
| Q4 24 | $492.0M | $787.7K | ||
| Q3 24 | $485.0M | $858.6K | ||
| Q2 24 | $462.0M | $1.6M |
| Q1 26 | $608.5M | — | ||
| Q4 25 | $623.2M | $5.3M | ||
| Q3 25 | $658.8M | $-1.7M | ||
| Q2 25 | $728.0M | $-59.4M | ||
| Q1 25 | $753.5M | $-23.1M | ||
| Q4 24 | $763.9M | $-88.9M | ||
| Q3 24 | $800.9M | $-39.3M | ||
| Q2 24 | $816.1M | $-53.0M |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $56.9M | ||
| Q3 25 | $1.2B | $58.5M | ||
| Q2 25 | $1.3B | $46.2M | ||
| Q1 25 | $1.3B | $47.4M | ||
| Q4 24 | $1.3B | $61.0M | ||
| Q3 24 | $1.4B | $47.1M | ||
| Q2 24 | $1.3B | $49.1M |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | 0.01× | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.67× | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.61× | — | ||
| Q2 24 | 0.57× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $2.4M |
| Free Cash FlowOCF − Capex | — | $2.3M |
| FCF MarginFCF / Revenue | — | 12.2% |
| Capex IntensityCapex / Revenue | 51.4% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $23.6M | $2.4M | ||
| Q3 25 | $5.7M | $-6.6M | ||
| Q2 25 | $11.6M | $-2.3M | ||
| Q1 25 | $-2.2M | $-2.3M | ||
| Q4 24 | $54.3M | $3.5M | ||
| Q3 24 | $13.8M | $162.2K | ||
| Q2 24 | $17.0M | $-2.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-2.7M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | — | $3.4M | ||
| Q3 24 | — | $116.5K | ||
| Q2 24 | — | $-2.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | -28.6% | ||
| Q2 25 | — | -15.0% | ||
| Q1 25 | — | -30.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | -15.6% |
| Q1 26 | 51.4% | — | ||
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ONL
| Rental | $36.1M | 100% |
| Fee income from unconsolidated joint venture | $137.0K | 0% |
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
