Organogenesis Holdings
ORGO on Nasdaq. Organogenesis Holdings sells products for wounds and surgery to hospitals, clinics, and doctors. Market value $166m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $12.55 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 8 cents a year. Above 10 is good.
Quality score: 58 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$1.29 a share, at its 1-year low
Over the past year the price has ranged from $1.27 to $7.08.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $21 million in the past 12 months, a shortfall of $24 million in the year to December 2025.
| Revenue | |||||
| Revenue | $467m | $451m | $433m | $482m | $564m |
| Operating margin | |||||
| Operating margin | 15.5% | 4.9% | 2.9% | -0.3% | 7.9% |
| Debt to equity | |||||
| Debt to equity | 0.31 | 0.27 | 0.25 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.13bn | 0.13bn | 0.13bn | 0.13bn | 0.13bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 10.8% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $44 million last quarter, down 57% on a year ago.
- A loss of $96 million, compared with a loss of $9 million a year ago.
- It loses 8 cents on each $1 of sales, compared with 5 cents a year earlier.
- Spare cash over the past 12 months: $21 million. A year earlier it spent $46 million more than it brought in.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $115m |
| December 2024 | $127m |
| March 2025 | $87m |
| June 2025 | $101m |
| September 2025 | $151m |
| December 2025 | $226m |
| March 2026 | $37m |
| June 2026 | $44m |
| Quarter to | Amount |
|---|---|
| September 2024 | $12m |
| December 2024 | $8m |
| March 2025 | -$19m |
| June 2025 | -$9m |
| September 2025 | $22m |
| December 2025 | $44m |
| March 2026 | -$53m |
| June 2026 | -$96m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 135 funds in all.
Largest holders overall
- Morgan Stanley$28m
- Soleus Capital Management, L.P.$25m
- BlackRock$18mAdded
- Assenagon Asset Management$10mAdded
- Dimensional Fund Advisors LP$7mAdded
- AQR Capital Management$7mAdded
- Vanguard Capital Management$7m
- D. E. Shaw$7mAdded
- Geode Capital Management$5mAdded
- Deutsche Bank AG$4m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Alan A. AdesInsider or founderat least 17.6%−0.2 pts(filed with 10 related holders)Since 24 June 2025
What they said
On June 24, 2025, the Reporting Persons determined that, in light of the termination of the Controlling Stockholders' Agreement on March 10, 2025, and the expiration of the term of the directors last nominated and elected pursuant thereto at the Issuer's 2025 Annual Meeting of…
Read the filing - Albert EraniInsider or founderat least 14.3%(filed with 12 related holders)Since 31 December 2024
- Glenn H. NussdorfInsider or founderat least 9.7%+0.3 pts(filed with 2 related holders)Since 14 May 2025
- Soleus Capital Master Fund, L.P.Passive investorat least 7.9%−2.0 pts(filed with 5 related holders)Since 31 December 2025
- Mathew P. ArensPassive investorat least 3.1%−3.5 pts(filed with 1 related holder)Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Alan A. Ades Insider or founder | at least 17.6%−0.2 pts (filed with 10 related holders) | 24 June 2025 | What they saidOn June 24, 2025, the Reporting Persons determined that, in light of the termination of the Controlling Stockholders' Agreement on March 10, 2025, and the expiration of the term of the directors last nominated and elected pursuant thereto at the Issuer's 2025 Annual Meeting of… Read the filing |
Albert Erani Insider or founder | at least 14.3% (filed with 12 related holders) | 31 December 2024 | |
Glenn H. Nussdorf Insider or founder | at least 9.7%+0.3 pts (filed with 2 related holders) | 14 May 2025 | |
Soleus Capital Master Fund, L.P. Passive investor | at least 7.9%−2.0 pts (filed with 5 related holders) | 31 December 2025 | |
Mathew P. Arens Passive investor | at least 3.1%−3.5 pts (filed with 1 related holder) | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $40,100 of shares on the open market. 1 sold $3m.
- Leibowitz Arthur SDirectorBought
- Date
- 9 March 2026
- Shares
- 5,000
- Price
- $2.68
- Value
- $13,400
- Driscoll Michael JosephDirectorBought
- Date
- 9 March 2026
- Shares
- 10,000
- Price
- $2.67
- Value
- $26,700
- NUSSDORF GLENN HDirectorSold
- Date
- 16 December 2025
- Shares
- 200,000
- Price
- $5.14
- Value
- $1m
- NUSSDORF GLENN HDirectorSold
- Date
- 26 November 2025
- Shares
- 187,957
- Price
- $5.29
- Value
- $994,293
- NUSSDORF GLENN HDirectorSold
- Date
- 25 November 2025
- Shares
- 12,043
- Price
- $5.30
- Value
- $63,828
- NUSSDORF GLENN HDirectorSold
- Date
- 24 November 2025
- Shares
- 100,000
- Price
- $5.34
- Value
- $534,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 March 2026 | Leibowitz Arthur S Director | Bought | 5,000 | $2.68 | $13,400 |
| 9 March 2026 | Driscoll Michael Joseph Director | Bought | 10,000 | $2.67 | $26,700 |
| 16 December 2025 | NUSSDORF GLENN H Director | Sold | 200,000 | $5.14 | $1m |
| 26 November 2025 | NUSSDORF GLENN H Director | Sold | 187,957 | $5.29 | $994,293 |
| 25 November 2025 | NUSSDORF GLENN H Director | Sold | 12,043 | $5.30 | $63,828 |
| 24 November 2025 | NUSSDORF GLENN H Director | Sold | 100,000 | $5.34 | $534,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.