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. In the quarter to July 2026, revenue grew 61.5%, EPS grew 47.9% and free cash flow grew 178.7%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three, operating cash flow growth for three.
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Argan, Inc. (AGX) Altman Z-score
Argan, Inc.'s Altman Z-score for fiscal 2026 is 6.04, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 6.04 | 1.44 |
| FY2025 | 4.59 | 1.26 |
| FY2024 | 3.34 | (0.63) |
| FY2023 | 3.96 | 0.15 |
| FY2022 | 3.82 | 0.66 |
| FY2021 | 3.15 | (0.88) |
| FY2020 | 4.03 | (3.62) |
| FY2019 | 7.65 | 1.95 |
| FY2018 | 5.71 | 1.41 |
| FY2017 | 4.29 | 0.45 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.35 | — | 0.43 | |
| Retained earnings / total assets | 0.34 | — | 0.48 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 6.60 | — | 3.96 | |
| Sales / total assets | 0.80 | — | 0.80 | |
| Altman Z-score | Safe zone | 6.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.88 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AGX Argan, Inc. | 6.0× |
| ECG Everus Construction Group, Inc. compare | 5.8× |
| MYRG MYR Group, Inc. compare | 5.3× |
| FLR Fluor Corporation compare | 3.5× |
| ROAD Construction Partners, Inc. compare | 3.2× |
| GVA Granite Construction Incorporated compare | 2.8× |
| KBR KBR, Inc. compare | 2.6× |
| TPC Tutor Perini Corporation compare | 2.0× |
| LGN Legence Corp. compare | 1.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets