Argan, Inc. AGX

IndustrialsConstruction & EngineeringUnited States of America

Last close 334.12 USD on Nov 2, 2026, +7.2% year to date

Quant rating

Quant rating A Rank 41 of 486 in Industrials

Growth A 51 of 486
Valuation A 19 of 486
Quality B 89 of 486
Revisions B 121 of 486
Momentum C 328 of 486

Wall Street consensus Buy (2.50)Average target 551.48 USD +65.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.7B
Enterprise value: 3.7B
52-week range: 278.88 – 804.87
3-year range: 41.83 – 804.87
Dividend yield: 0.81%
Beta (5 years): 0.63
Shares outstanding: 14.0M
Next earnings: Dec 2, 2026

About the company

Argan, Inc. is a holding company. The Company is an engineering and construction firm that conducts its operations through its subsidiary business segments including Power, Industrial, and Teledata. Its power segment offers a full range of engineering, procurement, construction, commissioning, maintenance, project development and technical consulting services to the power generation market. Its Industrial segment provides on-site services that support new plant construction and additions, maintenance turnarounds, shutdowns and emergency mobilizations for industrial operations. Its Teledata segment provides project management, construction, installation, maintenance repair, and emergency response services across power distribution and information, communications, and data networks. These segments serve his presence in the construction and engineering sectors.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	945	874	573	455	509	–
Revenue growth	8.1%	52.5%	26.0%	−10.7%	29.9%	19.2%
EPS (basic, normalized)	9.74	6.15	2.39	2.33	2.40	–
EPS growth	58.4%	157.3%	2.6%	−2.9%	–	–
Gross margin	20.5%	16.1%	14.1%	19.0%	19.6%	17.9%
Net margin	14.6%	9.8%	5.6%	7.3%	7.5%	9.0%
ROE	33.8%	26.6%	11.3%	10.9%	11.8%	18.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,028
Current ratio	1.50x
Long-term debt (mil)	0
Net debt (mil)	−1,028
Total equity (mil)	507
Net debt / equity	−2.03x
Net debt / EBITDA	−6.32x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	945	+8.1%	3.9x	163	+71.4%	22.5x	9.74	+58.4%	34.3x
2027	1,399	+48.1%	2.6x	231	+41.7%	15.9x	13.32	+36.8%	25.1x
2028	1,687	+20.6%	2.2x	287	+24.6%	12.7x	15.75	+18.2%	21.2x
2029	1,920	+13.8%	1.9x	339	+17.9%	10.8x	18.30	+16.2%	18.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	1,399	0.0%	+9.2%	+11.8%	13.32	0.0%	+10.0%	+20.7%
2028	1,687	0.0%	+5.0%	+11.5%	15.75	0.0%	+0.8%	+9.5%
2029	1,920	0.0%	+3.1%	+16.1%	18.30	0.0%	−6.6%	+10.0%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	158	227	257	232	194	238	251	262	291	384
Sales mean (mil)	135	184	206	198	194	244	264	255	256	301
Surprise	+17.0%	+23.7%	+25.0%	+17.7%	0.0%	−2.6%	−4.8%	+2.6%	+13.6%	+27.7%
EPS reported	0.58	1.31	2.00	2.22	1.60	2.50	2.17	3.47	3.24	3.76
EPS mean	0.52	0.97	1.26	1.15	1.09	1.64	2.04	1.98	2.31	2.64
Surprise	+11.5%	+35.1%	+58.7%	+93.9%	+46.8%	+52.4%	+6.1%	+75.5%	+40.3%	+42.3%

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AGX Argan, Inc.	4.7B	−6.32x	14.6%	9.25x	25.1x	21.2x	15.9x	12.7x
PWR Quanta Services Inc	93.6B	1.66x	3.6%	8.88x	34.8x	29.3x	22.6x	19.2x
FIX Comfort Systems USA, Inc.	42.0B	−1.45x	11.2%	12.59x	23.6x	18.1x	16.2x	12.7x
MTZ MasTec Inc	15.6B	3.33x	2.8%	3.84x	21.2x	15.9x	12.2x	9.8x
VMI Valmont Industries, Inc.	8.2B	1.01x	8.2%	4.64x	18.3x	16.2x	11.5x	10.3x
ECG Everus Construction Group, Inc.	5.3B	0.31x	5.4%	6.80x	19.4x	17.2x	12.7x	11.4x
Mean		−0.24x	7.6%	7.67x	23.7x	19.7x	15.2x	12.7x
Median		0.66x	6.8%	7.84x	22.4x	17.7x	14.3x	12.0x

Technical analysis

1M−12.8%
3M−41.3%
1Y+9.7%
3Y+642.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Argan, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	945	874	573	455	509	392
Cost of revenue	751	733	492	369	410	330
Gross profit	194	141	80.8	86.4	99.7	62.1
Selling, general & administrative expenses	59.0	52.8	44.4	44.7	47.3	39.0
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	7.9	0
Other operating expenses	0	0	0	0	0	0
Operating income	135	88.2	36.5	41.7	44.5	23.0
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	25.8	23.0	12.5	4.3	2.6	1.9
Net income before taxes	161	111	48.9	46.0	47.1	24.9
Provision for taxes	22.7	25.7	16.6	11.3	11.4	5.5
Minority interest	–	–	0	−1.6	2.5	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	138	85.5	32.4	33.1	38.2	19.5
Extraordinary items	–	–	–	–	–	4.4
Net income	138	85.5	32.4	33.1	38.2	23.9
EBIT, normalized	135	88.2	36.5	41.7	52.4	23.0
EBITDA, normalized	137	90.5	40.8	45.4	56.6	27.6
Basic EPS, normalized	9.74	6.15	2.39	2.33	2.40	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Argan, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	895	525	412	325	440	457
Receivables	213	240	95.5	74.9	31.9	55.3
Total inventory	11.0	0.3	–	–	–	–
Prepaid expenses	5.8	5.8	–	–	–	34.1
Other current assets	7.4	10.0	39.3	38.3	34.9	0
Total current assets	1,132	781	547	439	507	546
Property, plant & equipment	24.6	24.5	18.5	16.5	14.5	24.1
Goodwill	28.0	28.0	28.0	28.0	28.0	27.9
Intangibles	1.4	1.8	2.2	2.6	3.3	4.1
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	0	0.6	2.3	3.7	0.5	0.2
Total assets	1,186	836	598	489	554	603
Liabilities
Accounts payable	108	97.3	39.5	56.4	41.8	53.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	81.9	64.1	73.1	37.3	53.3	50.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	522	318	190	109	128	172
Total current liabilities	711	480	302	203	223	276
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	0	−0.8	1.7
Other liabilities	12.8	4.5	5.0	6.1	5.0	4.1
Total liabilities	724	484	307	209	227	282
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.4	2.4	2.4	2.4	2.4	2.4
Additional paid-in capital	167	169	164	162	158	153
Retained earnings (accumulated deficit)	406	293	226	208	189	166
Treasury stock	−114	−106	−97.5	−88.6	−20.4	–
Other equity	0.8	−6.5	−3.6	−2.9	−2.5	−1.1
Total equity	462	352	291	281	326	321
Total liabilities & shareholders' equity	1,186	836	598	489	554	603

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Argan, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	138	85.5	32.4	34.7	35.7	23.8
Depreciation, depletion & amortization	1.9	1.9	2.4	3.7	4.2	4.6
Deferred taxes	6.3	1.9	1.3	−3.2	−0.2	7.6
Non-cash items	11.4	10.5	2.8	3.8	14.2	3.6
Changes in working capital	257	67.9	78.0	−69.0	−25.5	136
Cash from operations	415	168	117	−30.1	28.4	176
Investing activities
Capital expenditures	−3.9	−6.6	−2.8	−3.4	−1.4	−1.7
Other investing cash flows	−178	−187	−64.9	−59.8	−5.6	68.7
Cash from investing	−182	−194	−67.6	−63.1	−7.0	67.0
Financing activities
Financing cash flow items	–	–	–	−0.7	–	–
Cash dividends paid	−24.3	−18.3	−14.7	−14.0	−15.7	−47.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−18.3	−7.8	−11.4	−68.2	−18.9	1.6
Cash from financing	−42.6	−26.1	−26.1	−82.8	−34.6	−45.4
Foreign exchange effects	4.1	0.3	−0.1	−0.5	−3.0	1.7
Net change in cash	194	−51.8	23.1	−177	−16.2	199
Free cash flow	411	161	114	−33.4	27.0	174

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.