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ValueScreener company report

Argan, Inc. (AGX)

NYSE / Industrials / Engineering & Construction

Share price

367.16 USD Market dataClose of Oct 15, 2026

Market capitalisation

5.15B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Mar 26, 2026
Ratios computed
Oct 15, 2026
Filed years
15, FY2011 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

89.5% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

36.72x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

7.9% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 675.0M USDFY2016 Net income: 70.3M USDFY2017 Revenue: 892.8M USDFY2017 Net income: 72.0M USDFY2018 Revenue: 482.2M USDFY2018 Net income: 52.0M USDFY2019 Revenue: 239.0M USDFY2019 Net income: -42.7M USDFY2021 Revenue: 392.2M USDFY2021 Net income: 23.9M USDFY2022 Revenue: 509.4M USDFY2022 Net income: 38.2M USDFY2023 Revenue: 455.0M USDFY2023 Net income: 33.1M USDFY2024 Revenue: 573.3M USDFY2024 Net income: 32.4M USDFY2025 Revenue: 874.2M USDFY2025 Net income: 85.5M USDFY2026 Revenue: 944.6M USDFY2026 Net income: 137.8M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
5 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 36.72x at the close of 2026-10-15 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Industrials sector (412 companies), 36.72x sits at the 71st percentile; the middle half of that group runs from 15.04x to 38.40x.

Is it good

Return on invested capital was 89.5% in FY2026, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Industrials sector (316 companies), 89.5% sits at the 100th percentile; the middle half of that group runs from 3.4% to 15.3%.

Is it safe

Argan, Inc. held more cash than debt at the end of FY2026 (net cash of 333.1m USD), so net debt to EBITDA is a net cash position rather than a leverage reading.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether Argan, Inc.'s return on invested capital stayed above the median of the Industrials sector, year by year. (FY2024 to FY2026, 3 fiscal years of Argan, Inc. with a comparable figure)
The direction
Which way Argan, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2026, 10 filed years of Argan, Inc.)
What could explain it
What in Argan, Inc.'s filed statements could explain the movements. (7 readings drawn from the statement lines Argan, Inc. filed)
What to check next
What to check next on Argan, Inc., and where in its filings. (3 questions for Argan, Inc.)
In one paragraph
One paragraph on Argan, Inc.'s returns, cash, balance sheet and price. (15 of sixteen figures read for Argan, Inc.)

These are AGX’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research AGXPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Mar 26, 2026, accession 0001104659-26-035216.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Argan, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax89.5% ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Return on equity29.8% ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Return on capital employed, pre-tax28.4% ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Return on assets11.6% ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Gross margin20.5% ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Operating margin14.3% ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Net margin14.6% ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
AGX 14.6%
ECG 5.4%KBR 5.3%ROAD 3.6%DY 5.1%GVA 4.4%
3.6%14.6%
Net margin: AGX against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Argan, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.01 ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Current ratio1.59 ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Quick ratio1.59 ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Altman Z-score6.38 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Net debt-485.0M ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Total assets 1.19BTotal liabilities 724.1MShareholders' equity 462.3MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Argan, Inc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Mar 26, 2026, 0001104659-26-035216).

Argan, Inc: balance sheet position
Total assets1.19B FiledFY2026 10-K, filed Mar 26, 2026
Total liabilities724.1M FiledFY2026 10-K, filed Mar 26, 2026
Shareholders' equity462.3M FiledFY2026 10-K, filed Mar 26, 2026
Cash491.4M FiledFY2026 10-K, filed Mar 26, 2026
Total debt6.4M FiledFY2026 10-K, filed Mar 26, 2026
Net debt-485.0M
Current ratio1.59
Debt to equity0.01
  • Interest cover: FY2026: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Argan, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings36.72x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
P/E on trailing twelve months30.70x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book11.24x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Price to sales5.50x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Enterprise value to EBIT36.09x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Enterprise value to EBITDA35.58x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Price to earnings over growth0.80 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Diluted earnings per share9.74 USD FiledFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Graham number85.74 USD ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216

We publish no fair value or price target of our own. Value AGX on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Argan, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Argan, Inc: valuation
Share price367.16 USD
Market capitalisation5.15B USD
Enterprise value to EBITDA35.58x
Graham number85.74 USD
Diluted earnings per share, FY20269.74 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 7.07x, median 19.19x, high 118.76x, latest 30.70x. 2,141 trading days with a meaningful ratio, 380 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Argan, Inc

  1. Everus Construction Group, Inc. (ECG)Market cap 5.70B USD
  2. KBR, Inc. (KBR)Market cap 4.59B USD
  3. Construction Partners, Inc. (ROAD)Market cap 4.71B USD
  4. Dycom Industries, Inc. (DY)Market cap 7.78B USD
  5. Granite Construction Incorporated (GVA)Market cap 4.76B USD

Same industry (Engineering & Construction) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Argan, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield7.9% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Free cash flow410.8M USD ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Free cash flow margin43.5% ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Dividend yield0.5% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Payout ratio17.6% ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
FY2016 Free cash flow: 256.2M USDFY2016 Net income: 70.3M USDFY2017 Free cash flow: -77.6M USDFY2017 Net income: 72.0M USDFY2018 Free cash flow: -120.9M USDFY2018 Net income: 52.0M USDFY2019 Free cash flow: 46.5M USDFY2019 Net income: -42.7M USDFY2021 Free cash flow: 174.3M USDFY2021 Net income: 23.9M USDFY2022 Free cash flow: 27.0M USDFY2022 Net income: 38.2M USDFY2023 Free cash flow: -33.4M USDFY2023 Net income: 33.1M USDFY2024 Free cash flow: 114.1M USDFY2024 Net income: 32.4M USDFY2025 Free cash flow: 161.0M USDFY2025 Net income: 85.5M USDFY2026 Free cash flow: 410.8M USDFY2026 Net income: 137.8M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Argan, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
36.72xFY2026Oct 15, 2026
11.24xFY2026Oct 15, 2026
36.09xFY2026Oct 15, 2026
7.9%FY2026Oct 15, 2026
89.5%FY2026Mar 26, 2026
0.5%FY2026Oct 15, 2026
0.01FY2026Mar 26, 2026
1.59FY2026Mar 26, 2026
5.50xFY2026Oct 15, 2026
0.80FY2026Oct 15, 2026
6.38FY2026Oct 15, 2026
-3.24FY2026Mar 26, 2026
5/9FY2026Mar 26, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 15 filed fiscal years on record, FY2011 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2026, read from the annual reports Argan, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Argan, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2026944.6M134.7M137.8M9.74410.8M14.3%29.8%10-K, Mar 26, 20260001104659-26-035216
FY2025874.2M88.2M85.5M6.15161.0M10.1%24.3%10-K, Mar 27, 20250001558370-25-003819
FY2024573.3M36.5M32.4M2.39114.1M6.4%11.1%10-K, Apr 11, 20240001558370-24-004979
FY2023455.0M41.7M33.1M2.33-33.4M9.2%11.8%10-K, Apr 17, 20230001558370-23-006056
FY2022509.4M44.5M38.2M2.4027.0M8.7%11.7%10-K, Apr 13, 20220001558370-22-005383
FY2021392.2M23.0M23.9M1.51174.3M5.9%7.4%10-K, Apr 14, 20210001558370-21-004282
FY2019239.0M-55.8M-42.7M-2.7346.5M-23.4%-12.6%10-K, Apr 14, 20200001104659-20-046386
FY2018482.2M40.2M52.0M3.32-120.9M8.3%13.2%10-K, Apr 10, 20190001104659-19-020681
FY2017892.8M107.0M72.0M4.56-77.6M12.0%20.1%10-K, Apr 11, 20180001104659-18-023493
FY2016675.0M112.3M70.3M4.50256.2M16.6%24.1%10-K, Apr 11, 20170001104659-17-022713
  • Revenue, compound annual growth FY2016 to FY2026: 3.4%
  • Earnings, compound annual growth FY2016 to FY2026: 7.0%
  • Earnings per share, compound annual growth FY2016 to FY2026: 8.0%
  • Free cash flow, compound annual growth FY2016 to FY2026: 4.8%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Argan, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-3.24 ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Piotroski F-score5/9 ComputedFY2026 10-K, filed Mar 26, 2026, 0001104659-26-035216
Named tests met5 of 30 Computed
Beta1.30 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 5 met, 24 not met, 1 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Low PEG, low debt (Peter Lynch); High returns and growth; ROIC at or above WACC; Cash-covered dividend; Cash-flow yield and ROIC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Z-score and coverage (Edward Altman). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(1)
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: Interest Coverage. 1 named test comes back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.