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Argan, Inc.

AGX Industrials Engineering & Construction

Argan, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $944.6 million, up 8.06% from fiscal 2025.

Revenue
+61.5%
EPS
+47.9%
Free cash flow
+178.7%

Quarter to July 2026, against a year earlier

282.13 20.92 +8.01%
Market cap
$3.7B
P/E
20.3×
Fwd P/E
25.8×
Dividend yield
0.84%
F-score
6/9
Altman Z
6.04
Beneish M
−4.03
Dividend safety
86/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 146.79
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 6 — 1 10 — 7 1 — — — —
Insider Ownership 3.41%

Capital & Financial Ratios $m

Size
Market Cap 3,660.00
Revenue ttm 1,188.13
Net income ttm 179.31
Free cash flow ttm 545.70
Net debt Q (1,028.45)
Valuation
P/E 20.33
Forward P/E 25.80
Price / sales 3.09
Forward P/S Powerpack
Price / FCF 6.72
Price / book 7.24 (above 6: high)
Financial health
Current ratio Q 1.50 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 0.00
Growth
Revenue growth Q +61.51% (above 0%: growing)
Operating income growth Q +89.00% (above 0%: growing)
EPS, this year +35.68% (at or above 15%: strong)
EPS, next year A +19.36% (at or above 15%: strong)
Revenue, next year A +48.32% (at or above 10%: strong)
EPS, past 5 yrs +45.18% (at or above 15%: strong)
EPS, next 5 yrs A +23.91% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, against a ten-year median of 0.7×; over the ten years it ranged from 0.2× in 2018 to 9.8× in 2026.
P/E against its own 10 years 57.92%
10-year low 10-year high
P/S against its own 10 years 86.80%
10-year low 10-year high
P/B against its own 10 years 86.51%
10-year low 10-year high
EV/Sales against its own 10 years 86.21%
10-year low 10-year high
EV/FCF against its own 10 years 57.46%
10-year low 10-year high

Dividends raised 4 years running

Yield
0.84%
Annual rate
2.20
Payout ratio
17.4%
Growth, 2017–25
+6.26%/yr
  1. 1.00 ’17
  2. 0.75 ’18 −25
  3. 1.00 ’19 +33
  4. 0.75 ’20 −25
  5. 0.75 ’21 +0
  6. 1.00 ’22 +33
  7. 1.05 ’23 +5
  8. 1.28 ’24 +21
  9. 1.63 ’25 +27
  10. 1.80 ’26e +11
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 412 525 895 1,028
Receivables 47 176 134 180
Inventory — — — —
Other 39 52 60 74
547 781 1,132 1,318
2024 2025 2026 Q'26
Payables 39 97 108 115
ST’ Debt — — — —
Other — — — —
302 480 711 878

Compound Annual Growth %

10y 5y 3y
Sales 8.62% 19.22% 27.57%
Cash Flow 0.00% 18.70% 0.00%
Earnings 14.25% 42.01% 60.86%
Book Value 7.62% 7.47% 18.06%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY27 Estimate 2.68 Actual 3.76

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY26 1.82 2.17 Beat by 0.35
Q4 FY26 1.99 3.47 Beat by 1.48
Q1 FY27 2.27 3.24 Beat by 0.97
Q2 FY27 2.68 3.76 Beat by 1.08
Q3 FY27 3.34 — Reports 3 December 2026

EPS $

Apr Jul Oct Jan Year
’26 3.24 3.76 — — —
’26 1.60 2.50 2.17 3.47 9.74
’25 0.58 1.31 2.00 2.22 6.15
’24 0.16 0.94 0.40 0.89 2.39
’23 0.50 0.30 0.56 1.00 2.33
’22 0.67 0.81 0.78 0.14 2.40
’21 (0.05) 0.36 0.60 0.60 1.51
Fiscal quarters ending in the months shown.

Revenue $m

Apr Jul Oct Jan Year
’26 291 384 — — —
’26 194 238 251 262 945
’25 158 227 257 232 874
’24 104 141 164 165 573
’23 100 118 118 119 455
’22 126 133 124 126 509
’21 60 87 127 117 392
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Apr Jul Oct Jan Year
’26 113 97 — — —
’26 35 35 172 172 415
’25 18 73 32 45 168
’24 (1) 36 58 25 117
’23 (40) (17) (16) 43 (30)
’22 17 30 (5) (13) 28
’21 40 63 40 33 176
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Apr Jul Oct Jan Year
’26 111 92 — — —
’26 35 33 172 171 411
’25 17 71 29 43 161
’24 (2) 35 57 24 114
’23 — — — 42 (33)
’23 (40) (17) (18) — (30)
’22 — — — (14) 27
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to January

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jul ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 675 893 482 239 392 509 455 573 874 945 1,188 +3.8% 1,401 1,687 1,920 +26.7%
Gross margin, % 21.73 16.73 17.10 (2.85) 15.83 19.58 18.98 14.10 16.13 20.50 20.86 (1.2) pt
EBT 115 113 47 (48) 25 47 46 49 111 161 216 +3.8%
EBT margin, % 16.97 12.61 9.79 (19.99) 6.34 9.24 10.11 8.53 12.72 16.99 18.16 0.0 pt
Net income 77 72 52 (41) 24 36 35 32 85 138 179 +6.6%
Per share, $
Per share, $ Revenue 44.81 57.52 30.97 15.30 25.03 32.41 32.31 42.90 65.00 68.59 84.70 +4.8%
Earnings 4.67 4.64 3.34 (2.73) 1.52 2.43 2.35 2.42 6.35 10.00 12.86 +8.8%
Cash flow 17.19 (4.69) (7.21) 3.43 11.23 1.81 (2.13) 8.74 12.46 30.11 39.58 +6.4%
Capex (0.19) (0.31) (0.55) (0.45) (0.11) (0.09) (0.24) (0.21) (0.49) (0.28) (0.68) +4.7%
Free cash flow 17.01 (5.00) (7.77) 2.98 11.13 1.72 (2.37) 8.54 11.97 29.83 38.90 +6.4%
Book value 19.42 23.07 25.33 21.83 20.58 20.72 19.95 21.77 26.16 33.57 36.13 +6.3%
Shares, m 15 16 16 16 16 16 14 13 13 14 14 (1.0%)
Valuation, ×
Valuation, × P/E 15.83 9.40 12.64 0.00 28.53 15.29 16.45 18.32 21.61 35.65 20.33 17.4
P/S 1.65 0.76 1.36 2.75 1.73 1.15 1.21 1.03 2.10 5.19 3.09 1.9
P/B 3.80 1.89 1.67 1.93 2.11 1.79 1.95 2.04 5.23 10.60 7.24 3.3
EV/Sales 0.87 0.27 0.75 1.38 0.57 0.28 0.49 0.31 1.50 4.24 2.22 1.1
EV/FCF 2.30 (3.13) (2.98) 7.09 1.28 5.31 (6.69) 1.58 8.16 9.75 4.84 2.3
Cash, $m
Cash, $m Operating cash flow 259 (73) (112) 54 176 28 (30) 117 168 415 555 +5.4%
Capex (3) (5) (9) (7) (2) (1) (3) (3) (7) (4) (9) +3.6%
Free cash flow 256 (78) (121) 47 174 27 (33) 114 161 411 546 +5.4%
Balance, $m
Balance, $m Working capital 237 302 335 278 270 284 236 245 301 421 440 +6.6%
Net debt (523) (434) (297) (328) (457) (440) (325) (412) (525) (895) (1,028) +6.2%
Shareholders’ equity 293 358 394 341 322 326 281 291 352 462 507 +5.2%
Returns, %
Returns, % ROA 13.34 12.13 10.21 (8.85) 4.38 6.62 6.35 5.95 11.92 13.62 15.70 +0.3 pt
ROIC 0.00 0.00 25.70 (265.04) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE 27.34 22.13 13.83 (11.61) 7.19 11.80 10.91 11.32 26.59 33.85 39.85 +6.5 pt
People
People Employees 1,286 1,552 1,487 1,154 1,473 1,358 985 1,214 1,595 1,409 — +1.0%
Revenue/emp, $m 0.52 0.58 0.32 0.21 0.27 0.38 0.46 0.47 0.55 0.67 — +2.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026

Argan, Inc. vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KBR KBR, Inc. $4.8B 10.8× 11.0× +5.02% (above 0%: growing) +19.93% (above 0%: growing) −14.21% (below 0%: shrinking) 14.84% 9.17% Compare
ROAD Construction Partners, Inc. $4.4B 30.2× 31.2× +28.25% (above 0%: growing) +33.75% (above 0%: growing) −19.66% (below 0%: shrinking) 16.85% 10.94% Compare
TPC Tutor Perini Corporation $4.3B 30.5× 20.2× +21.54% (above 0%: growing) +457.14% (above 0%: growing) +21.22% (above 0%: growing) 12.87% 7.29% Compare
EXPO Exponent, Inc. $4.1B 36.8× 34.0× +18.09% (above 0%: growing) +16.89% (above 0%: growing) −14.24% (below 0%: shrinking) 88.10% 24.10% Compare
MYRG MYR Group, Inc. $3.8B 19.9× 21.2× +32.47% (above 0%: growing) +86.07% (above 0%: growing) −84.04% (below 0%: shrinking) 13.60% 6.76% Compare
ECG Everus Construction Group, Inc. $3.7B 12.8× — +40.27% (above 0%: growing) +60.60% (above 0%: growing) −20.67% (below 0%: shrinking) 14.81% 8.84% Compare
AGX Argan, Inc. $3.7B 20.3× 25.8× +61.51% (above 0%: growing) +47.86% (above 0%: growing) +178.70% (above 0%: growing) 19.33% 14.79%
PRIM Primoris Services Corporation $3.2B 33.5× 57.6× −10.38% (below 0%: shrinking) −45.21% (below 0%: shrinking) −33.74% (below 0%: shrinking) 10.48% 4.86% Compare
LGN Legence Corp. $2.8B — (loss-making) 15.4× +110.74% (above 0%: growing) n/m +106.83% (above 0%: growing) 17.45% (0.52%) Compare
Median of peers $4.0B 30.2× 21.2× +24.90% +33.75% −16.95% 14.83% 8.07%

All 51 Engineering & Construction stocks →

Pay and ownership Proxy statement filed 21 April 2026

Ownership

Directors and executive officers, together 2.99%
BlackRock, Inc. 7.36%
Vanguard Group, Inc. 6.64%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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AGX metrics, ten years each

stockrow.com/AGX · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com