Argan

AGX · NYSE · Industrials · Financials, fiscal 2017 to 2026

AGX · Last close · November 6, 2026

$277.50

Argan's revenue rose 8.1% to $945 million in fiscal 2026. Its operating margin was 14.3%, up from 10.1% a year earlier. Free cash flow was $411 million, up 155.2%. It paid out $34 million in dividends and buybacks, 8% of free cash flow. The diluted share count rose 1.7%.

ARGAN INC Latest fiscal year ended January 31, 2026 10-K filed March 26, 2026 · 0001104659-26-035216 Updated November 5, 2026

Revenue

$945M

8.1%

Operating margin

14.3%

4.2 pts

Net income

$138M

61.2%

Free cash flow

$411M

155.2%

Return on equity

33.9%

7.3 pts

Market cap

$3.9B

Nov 6 close

P/E

22.0x

On $12.64 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Argan does

Argan is a holding company and mainly an engineering and construction firm that works through wholly owned subsidiaries in three segments: Power, Industrial and Teledata. It gives each subsidiary independent operation with strategic oversight from Argan, and it may make acquisitions of companies that fit its construction businesses.

The Power segment provides engineering, procurement, construction, commissioning, maintenance, project development and technical consulting services for power generation. Its customers are mainly independent power producers, public utilities, power plant equipment suppliers and other businesses with large power needs, with projects in the United States, Ireland and the United Kingdom. The Industrial segment provides on-site services for plant construction, maintenance turnarounds, shutdowns and emergency calls, mainly in the Southeast U.S. It may also fabricate and install metal components such as piping and pressure vessels.

The Teledata segment manages, builds, installs, maintains and repairs power distribution and communications and data networks, mostly in the Mid-Atlantic. Its customers include businesses and state and federal agencies. Argan earns money from the contracts it wins to build these projects. Its fiscal year ends in January.

Its biggest risks, as it describes them

Future revenue depends on winning awards of large power plant projects.
Results can swing because of the timing of large construction projects.
Its backlog is an uncertain guide to future revenue because projects can be delayed or canceled.
Unsuccessful efforts to develop energy plant projects could mean write-offs and lost future business.
Bonding requirements could limit its ability to compete for some projects.

From Argan's annual report on Form 10-K, filed March 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2026, earnings per share grew 9.0% a year and net income 7.8% a year, as buybacks cut the share count by 10%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	350	326	306	298	491
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	2.3x	2.2x	1.8x	1.6x	1.6x
Quick ratio	2.3x	2.2x	1.8x	1.6x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Argan's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Argan's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Argan shares on the open market, and 11 insiders sold $146.8 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 31, 2026	John Ronald Jeffrey Jr.Director	Sold	5,716	$579.64	$3.3 million	Form 4
Jun 22, 2026	William F Griffin JrDirector	Sold	20,000	$760.43	$15.2 million	Form 4
Jun 18, 2026	William F Griffin JrDirector	Sold	30,000	$725.85	$21.8 million	Form 4
Jun 17, 2026	Peter W GetsingerDirector	Sold	2,000	$699.00	$1.4 million	Form 4
Jun 17, 2026	Joshua Scott BaugherChief Financial Officer	Sold	760	$733.30	$557,308	Form 4
Jun 17, 2026	Karen SweeneyDirector	Sold	300	$705.00	$211,500	Form 4
Jun 16, 2026	Peter W GetsingerDirector	Sold	4,728	$708.65	$3.4 million	Form 4
Jun 16, 2026	David Hibbert WatsonPresident and CEO, Director	Sold	1,880	$707.35	$1.3 million	Form 4
Jun 15, 2026	David Hibbert WatsonPresident and CEO, Director	Sold	9,993	$651.22	$6.5 million	Form 4
Jun 15, 2026	Cynthia FlandersDirector	Sold	2,596	$666.31	$1.7 million	Form 4
Jun 12, 2026	William F Griffin JrDirector	Sold	50,000	$643.46	$32.2 million	Form 4
Apr 29, 2026	Peter W GetsingerDirector	Sold	3,000	$628.36	$1.9 million	Form 4

The latest 12 of 33 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	—	—	—
Rule of 40	45.9%	70.9%	51.5%
Altman Z''	5.32	4.98	4.88
Accruals ratio	−15.5%	−11.4%	−27.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Argan side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Argan	FY26	8.1%	14.3%	43.5%	—	—	—
Sterling Infrastructure	FY25	17.7%	16.3%	14.6%	40.8%	−0.2x	7	Compare
Construction Partners	FY25	54.2%	8.0%	5.5%	10.0%	4.0x	7	Compare
Arcosa	FY25	12.2%	11.9%	6.1%	7.5%	2.3x	7	Compare
IES	FY25	16.9%	11.4%	6.5%	50.5%	−0.5x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	675	893	482	239	392	509	455	573	874	945
Revenue growth	—	32.3%	−46.0%	−50.4%	64.1%	29.9%	−10.7%	26.0%	52.5%	8.1%
Gross profit	147	149	82	−7	62	100	86	81	141	194
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	112	107	40	−56	23	44	42	36	88	135
Net income	70	72	52	−43	24	38	33	32	86	138
Diluted EPS (US$)	4.50	4.56	3.32	−2.73	1.51	2.40	2.33	2.39	6.15	9.74
Diluted shares (millions)	16	16	16	16	16	16	14	14	14	14
Cash flow
Cash from operations	259	−73	−112	54	176	28	−30	117	168	415
Capital expenditure	3	5	9	7	2	1	3	3	7	4
Free cash flow	256	−78	−121	47	174	27	−33	114	161	411
Dividends paid	15	16	16	16	47	16	14	15	18	24
Share buybacks	0	0	0	0	0	20	68	12	2	10
Acquisitions	0	0	0	0	0	1	0	0	0	0
Stock-based compensation	2	5	2	2	3	4	4	4	4	8
Balance sheet at fiscal year end
Cash and short-term investments	167	122	164	167	367	350	326	306	298	491
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	644	543	477	488	603	554	490	598	836	1,186
Total liabilities	352	184	82	146	280	228	209	307	484	724
Shareholders' equity	292	358	395	339	321	326	281	291	352	462
Margins and ratios
Gross margin	21.7%	16.7%	17.1%	−2.9%	15.8%	19.6%	19.0%	14.1%	16.1%	20.5%
Operating margin	16.6%	12.0%	8.3%	−23.4%	5.9%	8.7%	9.2%	6.4%	10.1%	14.3%
Net margin	10.4%	8.1%	10.8%	−17.9%	6.1%	7.5%	7.3%	5.6%	9.8%	14.6%
Free cash flow margin	38.0%	−8.7%	−25.1%	19.5%	44.5%	5.3%	−7.3%	19.9%	18.4%	43.5%
Rule of 40 (growth + FCF margin)	—	23.6%	−71.1%	−31.0%	108.5%	35.2%	−18.0%	45.9%	70.9%	51.5%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	27.6%	22.2%	13.8%	−11.6%	7.2%	11.8%	10.9%	11.3%	26.6%	33.9%
Return on assets	13.3%	12.1%	10.2%	−8.8%	4.4%	6.6%	6.3%	6.0%	11.9%	13.6%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Argan's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Argan.