Overview Key strengths Key risks Favorable industry dynamics, with an increasing number of registered investment advisors (RIAs). Very high leverage and minimal expected free operating cash flow (FOCF) over the next 12 months due to high interest expense. Solid growth and recurring revenue in its wealth technology business. Significant potential for earnings volatility stemming from financial market cyclicality. Relatively high EBITDA margin despite recent weakness. Faces intense competition in the highly fragmented technology outsourcing market for wealth managers. The company ended 2022 with very high S&P Global Ratings-adjusted leverage of about 15x (about 13x-14x excluding preferred stock). The deterioration in Orion's credit metrics in 2022 primarily stemmed from its lower revenue amid a downturn in the capital markets, as well
