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AGX

Argan, Inc.

AGX

Argan, Inc. • NYSE
$395.20 ▲ 3.83% (+14.58)
Market Cap $5.38 B
52w High $399.30
52w Low $101.02
Dividend Yield 2.00%
P/E 47.39
Volume 127.52K
Outstanding Shares 13.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $237.743M ▲ $14.212M ▲ $35.275M ▲ 14.837% ▲ $2.57 ▲ $37.203M ▲
Q1-2026 $193.66M ▼ $12.521M ▼ $22.55M ▼ 11.644% ▼ $1.65 ▼ $25.93M ▼
Q4-2025 $232.474M ▼ $14.946M ▲ $31.369M ▲ 13.494% ▲ $2.31 ▲ $32.667M ▲
Q3-2025 $257.008M ▲ $13.995M ▲ $28.01M ▲ 10.898% ▲ $2.07 ▲ $30.332M ▲
Q2-2025 $227.015M $12.428M $18.198M 8.016% $1.36 $19.238M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $572.19M ▲ $882.704M ▲ $489.528M ▲ $393.176M ▲
Q1-2026 $546.457M ▲ $792.155M ▼ $428.26M ▼ $363.895M ▲
Q4-2025 $525.137M ▲ $836.227M ▲ $484.37M ▲ $351.857M ▲
Q3-2025 $506.282M ▲ $768.864M ▲ $440.16M ▲ $328.704M ▲
Q2-2025 $484.682M $726.574M $418.506M $308.068M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $35.275M ▲ $34.602M ▼ $-39.169M ▼ $-6.926M ▲ $-11.401M ▼ $32.908M ▼
Q1-2026 $22.55M ▼ $35.293M ▼ $24.916M ▲ $-18.001M ▼ $43.988M ▲ $34.898M ▼
Q4-2025 $31.369M ▲ $44.624M ▲ $-66.77M ▲ $-8.447M ▼ $-30.086M ▲ $43.259M ▲
Q3-2025 $28.01M ▲ $31.779M ▼ $-82.283M ▼ $-6.933M ▼ $-57.336M ▼ $29.232M ▼
Q2-2025 $18.198M $73.495M $-42.834M $-5.562M $24.947M $71.146M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Industrial Fabrication And Field Services
Industrial Fabrication And Field Services
 $40.00M ▲$30.00M ▼$30.00M ▲$40.00M ▲
Power Industry Services
Power Industry Services
 $210.00M ▲$200.00M ▼$160.00M ▼$200.00M ▲
Telecommunications Infrastructure Services
Telecommunications Infrastructure Services
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Argan’s income statement shows a business that has grown meaningfully and become more profitable over the last several years. Revenue has climbed steadily, with a particularly strong jump in the most recent year. Profitability has kept pace, as gross profit and operating profit have both expanded rather than being squeezed. Net income and earnings per share have improved significantly, suggesting that recent projects are both larger and better executed than in the past. Overall, the company looks to be in a mature but growing phase, with improving earnings quality and healthier margins than earlier in the period.

Balance Sheet

Balance Sheet The balance sheet is a key strength. Argan operates with virtually no debt and a solid equity base, which gives it financial flexibility and resilience in a project-driven, cyclical industry. Cash levels, while below the peak from a few years ago, remain substantial relative to the size of the business, and total assets have grown over time. The steady build in shareholder equity indicates that the company is generally retaining value rather than eroding it through losses or heavy leverage. This conservative financial posture lowers financial risk and supports the ability to bid for large, complex contracts.

Cash Flow

Cash Flow Cash generation has been choppier than earnings, which is common in project-based construction businesses. A few years ago, operating and free cash flow dipped into negative territory, reflecting timing of projects and working capital swings, but they have since recovered well, with the last two years showing healthy positive cash flow. Capital spending remains very light, so most operating cash converts into free cash flow when projects are running smoothly. Overall, cash flow now looks supportive of the income statement, but investors should remember that lumpiness is likely to remain part of the story.

Competitive Edge

Competitive Edge Argan holds a strong niche in engineering and construction for power generation, especially natural gas and some renewables. Its edge is based less on proprietary technology and more on execution: delivering complex plants on time and on budget. A long record of successful projects, repeat business from major power clients, and a very strong balance sheet all reinforce its position. However, the broader EPC industry is highly competitive and price-driven, with limited switching costs for customers. This means Argan’s moat is more about reputation, financial strength, and specialized know-how than about hard-to-replicate technology.

Innovation and R&D

Innovation and R&D Argan is not a heavy inventor of new technologies; instead, it excels at implementing advanced equipment and designs from others. It has experience with modern high-efficiency gas turbines, carbon-capture-ready plant designs, and hybrid power setups that mix different energy sources. Looking ahead, its innovation focus appears to be on applying emerging energy technologies—such as hydrogen, storage, and possibly advanced nuclear—plus improving project performance through digital tools and disciplined project management. With its strong cash position, the company also has room to pursue selective acquisitions to add capabilities, rather than building everything in-house.

Summary

Argan comes across as a financially conservative, execution-focused infrastructure company anchored in the power generation market. Over the last five years, revenue and profits have trended upward, with a particularly strong recent year. The balance sheet is a standout positive, with almost no debt and meaningful cash. Cash flows, while naturally uneven due to the project nature of the business, have recently aligned better with rising earnings. Competitively, Argan relies on reputation, relationships, and financial strength rather than patented technology, in an industry that remains very competitive. Future performance will hinge on its ability to keep winning large projects, manage project risk, and adapt its capabilities to a shifting energy landscape that is leaning more toward cleaner and more flexible power solutions.

NEWS

November 20, 2025 · 8:30 AM UTC

Argan, Inc. to Announce Third Quarter Fiscal 2026 Results and Host Conference Call on Thursday, December 4, 2025

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October 30, 2025 · 4:05 PM UTC

Argan, Inc.'s Gemma Power Systems Receives Full Notice to Proceed on EPC Contract for 1,350 MW Combined-Cycle Power Plant in Texas

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September 10, 2025 · 4:05 PM UTC

Argan, Inc. Increases Quarterly Dividend by 33% to $0.50 Per Common Share

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