Argan Inc. (AGX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$2.66	$3.76	+41.4%	—	$384M	—
Q1 27	$2.33	$3.24	+39.1%	—	$291M	—
Q4 26	$1.98	$3.47	+75.3%	—	$262.1M	—
Q3 26	$2.1	$2.17	+3.3%	—	$251.2M	—
Q2 26	$1.64	$2.5	+52.4%	—	$237.7M	—
Q1 26	$1.09	$1.6	+46.8%	—	$193.7M	—
Q4 25	$1.15	$2.22	+93.0%	—	$232.5M	—
Q3 25	$1.26	$2	+58.7%	—	$257M	—
Q2 25	$0.97	$1.31	+35.1%	—	$227M	—
Q1 25	$0.52	$0.58	+11.5%	—	$157.7M	—
Q4 24	$0.75	$0.89	+18.7%	—	$164.6M	—
Q3 24	$0.88	$0.4	-54.5%	—	$163.8M	—
Q2 24	$0.75	$0.94	+25.3%	—	$141.3M	—
Q1 24	$0.36	$0.16	-55.6%	—	$103.7M	—
Q4 23	$0.71	$1	+40.8%	—	$118.8M	—
Q3 23	$0.71	$0.56	-21.1%	—	$117.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$10	—	—	$944.6M	—
FY25	—	$6.35	—	—	$874.2M	—
FY24	—	$2.42	—	—	$573.3M	—
FY23	—	$2.35	—	—	$455M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$675M	$892.8M	$482.2M	$239M	$392.2M	$509.4M	$455M	$573.3M	$874.2M	$944.6M
YoY change	+63.3%	+32.3%	-46%	-50.4%	+64.1%	+29.9%	-10.7%	+26%	+52.5%	+8.06%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	675M	892.8M	482.2M	239M	392.2M	509.4M	455M	573.3M	874.2M	944.6M
Cost of revenue	528.3M	743.5M	399.7M	245.8M	330.1M	409.6M	368.7M	492.5M	733.2M	750.9M
Gross profit	146.7M	149.3M	82.4M	-6.8M	62.1M	99.7M	86.4M	80.8M	141M	193.7M
Gross margin	21.7%	16.7%	17.1%	-2.85%	15.8%	19.6%	19%	14.1%	16.1%	20.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	32.5M	41.8M	40.7M	44.1M	39M	47.3M	44.7M	44.4M	52.8M	59M
Operating expenses	32.5M	41.8M	40.7M	44.1M	39M	47.3M	44.7M	44.4M	52.8M	59M
Operating income	114.2M	107.6M	41.7M	-50.9M	23M	52.4M	41.7M	36.5M	88.2M	134.7M
Operating margin	16.9%	12%	8.65%	-21.3%	5.87%	10.3%	9.16%	6.36%	10.1%	14.3%
Non-operating income, net	299K	5.1M	5.5M	3.2M	1.9M	-5.3M	4.3M	12.5M	23M	25.8M
Pretax income	114.5M	112.6M	47.2M	-47.8M	24.9M	47.1M	46M	48.9M	111.2M	160.5M
Income tax	37.1M	40.3M	-4.7M	-7.1M	1.1M	11.4M	11.3M	16.6M	25.7M	22.7M
Net income	77.4M	72.3M	51.9M	-40.7M	23.8M	35.7M	34.7M	32.4M	85.5M	137.8M
Net margin	11.5%	8.1%	10.8%	-17%	6.07%	7.01%	7.63%	5.64%	9.78%	14.6%
EBITDA	119.4M	112M	47.7M	-41.4M	27.6M	64.5M	45.4M	38.9M	93.9M	140.9M
EPS	4.67	4.64	3.34	-2.73	1.52	2.43	2.35	2.42	6.35	10
Diluted EPS	4.5	4.56	3.32	-2.73	1.51	2.4	2.33	2.39	6.15	9.74

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	163.8M	164.6M	157.7M	227M	257M	232.5M	193.7M	237.7M	251.2M	262.1M	291M	384M
Cost of revenue	144.5M	140.9M	139.7M	195.9M	212.7M	184.9M	156.8M	193.5M	204.2M	196.5M	229.8M	309.8M
Gross profit	19.2M	23.6M	17.9M	31.1M	44.3M	47.6M	36.9M	44.3M	46.9M	65.6M	61.1M	74.2M
Gross margin	11.7%	14.4%	11.4%	13.7%	17.2%	20.5%	19%	18.6%	18.7%	25%	21%	19.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	11.4M	11.9M	11.4M	12.4M	14M	14.9M	12.5M	14.2M	14.3M	17.9M	15.7M	17.4M
Operating expenses	11.4M	11.9M	11.4M	12.4M	14M	14.9M	12.5M	14.2M	14.3M	17.9M	15.7M	17.4M
Operating income	7.9M	11.7M	6.5M	18.7M	30.3M	32.7M	24.3M	30.1M	32.6M	47.7M	45.4M	56.8M
Operating margin	4.8%	7.12%	4.13%	8.23%	11.8%	14.1%	12.6%	12.6%	13%	18.2%	15.6%	14.8%
Non-operating income, net	3.7M	5.3M	4.8M	5.6M	6.6M	6M	5.4M	5.6M	7.1M	7.7M	8.4M	10.1M
Pretax income	11.6M	17M	11.3M	24.3M	37M	38.6M	29.8M	35.6M	39.7M	55.4M	53.8M	66.9M
Income tax	6.1M	5M	3.4M	6.1M	9M	7.3M	7.2M	361K	9M	6.2M	7.7M	13.6M
Net income	5.5M	12M	7.9M	18.2M	28M	31.4M	22.6M	35.3M	30.7M	49.2M	46.1M	53.3M
Net margin	3.34%	7.3%	5%	8.02%	10.9%	13.5%	11.6%	14.8%	12.2%	18.8%	15.8%	13.9%
EBITDA	8.4M	12.3M	7.1M	18.7M	31.1M	36.7M	25.9M	30.1M	32.6M	52.4M	47.6M	60.3M
EPS	0.41	—	0.59	1.36	2.07	2.31	1.65	2.57	2.22	3.54	3.3	3.8
Diluted EPS	0.4	—	0.58	1.31	2	2.22	1.6	2.5	2.17	3.47	3.24	3.76

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	1.1B	676.8M	657.3M	657.8M	677.3M	583.8M	—	592.5M	1.8B	4.8B	5B
Enterprise value	588.1M	242.7M	360.8M	329.9M	220.6M	144.7M	—	182.8M	1.3B	3.9B	4.1B
Shares outstanding	15.1M	15.5M	15.6M	15.6M	15.7M	15.7M	14.1M	13.4M	13.4M	13.8M	13.8M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	14.4	9.35	12.7	—	28.4	16.4	—	18.3	21.5	34.7	28.7
P/S	1.65	0.76	1.36	2.75	1.73	1.15	—	1.03	2.1	5.06	4.3
P/B	3.8	1.89	1.67	1.93	2.1	1.79	—	2.04	5.23	10.3	10.1
EV/EBITDA	4.92	2.17	7.57	-7.97	7.98	2.24	—	4.7	14	27.6	22.1
EV/Sales	0.87	0.27	0.75	1.38	0.56	0.28	—	0.32	1.51	4.12	3.44
Earnings yield	6.97%	10.7%	7.89%	—	3.52%	6.12%	—	5.46%	4.65%	2.88%	3.48%
FCF yield	23.1%	-11.5%	-18.4%	7.07%	25.7%	4.62%	—	19.3%	8.75%	8.59%	9.39%
PEG	—	—	—	—	—	—	—	—	—	—	0.6

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	21.7%	16.7%	17.1%	-2.85%	15.8%	19.6%	19%	14.1%	16.1%	20.5%	19.3%
Operating margin	16.9%	12%	8.65%	-21.3%	5.87%	10.3%	9.16%	6.36%	10.1%	14.3%	14.8%
Net margin	11.5%	8.1%	10.8%	-17%	6.07%	7.01%	7.63%	5.64%	9.78%	14.6%	15.1%
ROE	26.5%	20.2%	13.2%	-11.9%	7.39%	11%	12.4%	11.1%	24.3%	29.8%	39.8%
ROA	12%	13.3%	10.9%	-8.35%	3.95%	6.45%	7.09%	5.41%	10.2%	11.6%	9.99%
ROIC	-33.5%	-91%	42.6%	-386.9%	-16.4%	-35%	-73.1%	-20.3%	-39.7%	-26.9%	-29.7%
Return on tangible assets	13.9%	15.7%	13%	-9.66%	4.42%	7.27%	8.1%	6.02%	11%	12.2%	13.5%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.68	2.65	5.12	2.93	1.98	2.27	2.17	1.81	1.63	1.59	1.5
Quick ratio	1.68	2.65	5.12	2.93	1.98	2.27	2.11	1.78	1.63	1.58	1.49
Debt / equity	—	—	—	—	—	0	0.01	0.01	0.01	0.01	0.02
Debt / assets	—	—	—	—	—	0	0	0	0	0	0.01
Net debt / EBITDA	—	—	—	—	—	-6.8	-7.14	-10.5	-5.57	-6.34	-5.27
Effective tax rate	32.4%	35.8%	0%	0%	4.32%	24.1%	24.6%	33.9%	23.2%	14.2%	16.9%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	44.8	57.5	31	15.3	25	32.4	32.3	42.9	65	68.6	85.3
EPS (basic)	4.67	4.64	3.34	-2.73	1.52	2.43	2.35	2.42	6.35	10	10
EPS (diluted)	4.5	4.56	3.32	-2.73	1.51	2.4	2.33	2.39	6.15	9.74	12.7
Book value per share	19.4	23.1	25.3	21.8	20.6	20.7	19.9	21.8	26.2	33.6	36.1
FCF per share	17	-5	-7.77	2.98	11.1	1.72	-2.37	8.54	12	29.8	38.5
Cash per share	34.7	28	19	21	29.2	28	23.1	30.9	39	65	73.3
Capex per share	0.19	0.31	0.55	0.45	0.11	0.09	0.24	0.21	0.49	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	0.42%	0.54%	1.78%	2.95%	0.43%	0.28%	0.74%	0.48%	0.75%	—	—
Capex / operating cash flow	1.42%	-7.18%	-16%	13.6%	1.17%	6.07%	-8.84%	2.7%	6.5%	—	—
Payout ratio	19.7%	21.5%	30%	-38.4%	197.6%	43.9%	40.2%	45.4%	21.4%	17.6%	15.8%
Dividend yield	1.37%	2.3%	2.37%	2.37%	6.95%	2.68%	—	2.48%	0.99%	0.51%	0.56%

Yield

0.56%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.50

ex-dividend Jul 23, 2026

Payout ratio

16%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 23, 2026	$0.50
Apr 22, 2026	$0.50
Jan 22, 2026	$0.50
Oct 23, 2025	$0.50
Jul 23, 2025	$0.375
Apr 22, 2025	$0.375
Jan 23, 2025	$0.375

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$163.8M	$164.6M	$157.7M	$227M	$257M	$232.5M	$193.7M	$237.7M	$251.2M	$262.1M	$291M	$384M
YoY change	+38.9%	+38.5%	+52.1%	+60.6%	+56.9%	+41.3%	+22.8%	+4.73%	-2.28%	+12.7%	+50.2%	+61.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	523M	434M	296.5M	327.9M	456.7M	440.5M	325.5M	412.4M	525.1M	895M
Receivables	54.8M	26.3M	36.2M	37.2M	28.7M	27M	50.1M	47.3M	175.8M	133.7M
Inventory	—	—	—	—	—	738K	11.9M	10M	320K	11M
Total current assets	587.9M	485M	416.3M	421.8M	546.2M	507.3M	438.7M	547.2M	781.3M	1.1B
Property, plant & equipment	8M	10.2M	14.1M	19.3M	18.3M	8.7M	8.9M	3.1M	3.1M	3.7M
Goodwill & intangibles	86.2M	83M	78M	65.9M	64.1M	62.7M	61.3M	60.5M	59.7M	59M
Total assets	644.5M	542.7M	476.6M	487.5M	602.6M	553.6M	489.5M	598.2M	836.2M	1.2B
Accounts payable	101.9M	100.2M	39.9M	35.4M	53.3M	41.8M	56.4M	39.5M	97.3M	107.5M
Short-term debt	—	—	—	—	—	1.4M	1.6M	2.7M	2.7M	2.5M
Total current liabilities	350.7M	183.3M	81.3M	144M	276.1M	223M	202.5M	302.3M	479.9M	711.3M
Long-term debt	—	—	—	—	—	—	—	—	—	—
Total liabilities	351.9M	184.5M	82.3M	146.5M	280.2M	228M	208.6M	307.3M	484.4M	724.1M
Shareholders' equity	292.6M	358.1M	394.4M	341M	322.4M	325.6M	280.9M	290.9M	351.9M	462.3M
Total debt	—	—	—	—	—	1.4M	1.6M	2.7M	2.7M	2.5M
Net debt	—	—	—	—	—	-349.1M	-172.4M	-194.3M	-142.6M	-337M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	397.5M	412.4M	416.4M	484.7M	506.3M	525.1M	546.5M	572.2M	726.8M	895M	973.6M	1B
Receivables	49.9M	47.3M	60M	95.3M	131.7M	175.8M	106.5M	179.2M	170.4M	133.7M	105.7M	180.4M
Inventory	12.4M	10M	9.6M	8.2M	3.4M	320K	1.2M	1.3M	6.8M	11M	12.2M	13.1M
Total current assets	514.1M	547.2M	574.3M	675M	717.1M	781.3M	738.1M	828.8M	997.2M	1.1B	1.2B	1.3B
Property, plant & equipment	16.1M	3.1M	17.6M	12.1M	14.1M	3.1M	14.5M	24.3M	24.1M	3.7M	40.9M	45.8M
Goodwill & intangibles	60.7M	60.5M	60.3M	60.1M	59.9M	59.7M	59.5M	59.3M	59.1M	59M	58.8M	73.4M
Total assets	563.7M	598.2M	624.4M	726.6M	768.9M	836.2M	792.2M	882.7M	1.1B	1.2B	1.3B	1.4B
Accounts payable	34.5M	39.5M	66.4M	99.7M	87.1M	97.3M	69.3M	96M	100.8M	107.5M	123.8M	115.2M
Short-term debt	1.4M	2.7M	3.3M	3.7M	2.6M	2.7M	2.7M	2.4M	2.6M	2.5M	9.6M	10.9M
Total current liabilities	273.9M	302.3M	327.6M	415.1M	436.2M	479.9M	422.9M	484.3M	619.9M	711.3M	794.7M	878.1M
Long-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total liabilities	278.8M	307.3M	331.3M	418.5M	440.2M	484.4M	428.3M	489.5M	631.2M	724.1M	812.9M	894.1M
Shareholders' equity	284.8M	290.9M	293.2M	308.1M	328.7M	351.9M	363.9M	393.2M	419.7M	462.3M	473.5M	506.8M
Total debt	1.4M	2.7M	3.3M	3.7M	2.6M	2.7M	2.7M	2.4M	2.6M	2.5M	9.6M	10.9M
Net debt	-184.1M	-194.3M	-204.5M	-229M	-172.7M	-142.6M	-186.6M	-175.5M	-303.7M	-337M	-346.3M	-353.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	77.4M	72.3M	51.9M	-40.7M	23.8M	35.7M	34.7M	32.4M	85.5M	137.8M
Depreciation & amortization	3.2M	3.8M	4.4M	4.6M	4.6M	4.2M	3.7M	2.4M	5.7M	6.2M
Stock-based compensation	2.3M	4.7M	1.6M	2.1M	2.9M	3.5M	4M	4.5M	4.5M	7.9M
Change in working capital	112.8M	-146.7M	-109.1M	90.6M	103.1M	-23.1M	-78.1M	63.1M	1.7M	228.8M
Operating cash flow	197.5M	-67.2M	-53.6M	51.9M	144.6M	23.4M	-38.1M	101.9M	101.2M	414.7M
Capital expenditure	-2.8M	-4.8M	-8.6M	-7.1M	-1.7M	-1.4M	-3.4M	-2.8M	-6.6M	—
Investing cash flow	-243.8M	38.7M	170.6M	-36.1M	67M	-7M	-63.1M	-67.6M	-193.6M	-178.1M
Dividends paid	-15.3M	-15.5M	-15.6M	-15.6M	-47M	-15.7M	-14M	-14.7M	-18.3M	-24.3M
Share repurchases	—	—	—	0	0	-20.4M	-68.2M	-12.5M	-1.5M	-9.9M
Financing cash flow	-24.8M	-16.8M	-15.6M	-15.6M	-47M	-36M	-82.9M	-27.1M	-19.8M	-34.2M
Net change in cash	-71M	-45.3M	101.4M	255K	164.5M	-19.7M	-184.1M	7.1M	-112.2M	202.4M
Free cash flow	256.2M	-77.6M	-120.9M	46.5M	174.3M	27M	-33.4M	114.1M	161M	410.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	5.5M	12M	7.9M	18.2M	28M	31.4M	22.6M	35.3M	30.7M	49.2M	46.1M	53.3M
Depreciation & amortization	587K	587K	577K	11K	726K	4M	1.6M	-682K	-1.6M	4.8M	2.2M	3.5M
Stock-based compensation	1.2M	1M	1.2M	1M	1.2M	1.1M	1.2M	2.3M	1.9M	2.6M	2M	2.4M
Change in working capital	31.8M	6.7M	-3.9M	19.5M	-3M	-11M	49M	-31.7M	121.3M	90.1M	46.5M	16.1M
Operating cash flow	38.8M	19.7M	10.2M	40.5M	28.6M	22M	74.9M	34.6M	172.5M	172.3M	113.4M	97M
Capital expenditure	-1.1M	-613K	-322K	-2.3M	-2.5M	-1.4M	-395K	—	—	—	—	—
Investing cash flow	-70.3M	-613K	-1.7M	-42.8M	-82.3M	-61.7M	24.9M	-37.5M	-36.6M	-134.4M	-65M	-50M
Dividends paid	-4M	-4M	-4M	-4M	-5.2M	-5M	-5.1M	-5.2M	-7.1M	-7M	-7M	-7M
Share repurchases	-1.7M	-4M	-187K	0	-459K	-878K	-6.8M	-199K	0	-2.8M	-3M	-6.7M
Financing cash flow	-5.7M	-8M	-4.2M	-4M	-5.7M	-5.9M	-11.9M	-5.4M	-7.1M	-9.8M	-10M	-13.7M
Net change in cash	-37.2M	11.1M	4.3M	-6.4M	-59.3M	-45.7M	87.9M	-8.2M	128.9M	28.1M	38.4M	33.2M
Free cash flow	56.6M	24M	17.4M	71.1M	29.2M	43.3M	34.9M	32.9M	171.9M	171.1M	111M	91.7M

Argan Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history