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Primary reporting period: 2026-01-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Argan, Inc., operating through its various subsidiaries, offers a comprehensive suite of services to the power generation and renewable energy sectors. These services span engineering, procurement, construction (EPC), commissioning, operations management, maintenance, project development, and technical and consulting support. The company is structured into three main operating divisions: 1.
How they make money
Argan, Inc. operates as a holding company that provides engineering, procurement, construction, commissioning, and maintenance services. The company generates revenue primarily through long-term contracts in the power, industrial, and telecommunications infrastructure sectors, managing project costs through labor, materials, and subcontracting.
Products & services
Engineering, procurement, and construction (EPC) services for power plants, industrial facility maintenance and construction, and telecommunications infrastructure installation.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
For Fiscal 2026, three Power segment customers accounted for approximately 23%, 16%, and 11% of consolidated revenues.
Suppliers, materials & equipment
Subcontractors and equipment vendors — The company relies on various third-party subcontractors and equipment suppliers to execute its construction and engineering projects.Source
Strengths
Strong project execution capabilities in power and industrial sectorsSource
Risks
Dependence on a limited number of significant customersSource
Risks associated with fixed-price contracts and project cost overrunsSource
Overall investment score · Quality, value, risk and opportunity
61
Fair
PoorElite
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
80
Strong
Financial Strength
51
Business Quality / Moat
95
Management
100
Growth Quality
92
Risk / Durability
76
Great Company · Attractive Price
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
69
Fully Valued
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
72/100
Building Historical Record
Model Score 72/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
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WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently positive.
What we like
•Recent buyback activity is present
What to watch
•Debt / balance-sheet profile needs attention
Company-specific research
Questions worth answering for AGX
Research inputs 100% complete
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
•Can AGX maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
•Is AGX's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
•How is AGX likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
Volatility = How violently is it moving?
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for AGX
Detected from reported data — verify before acting.
Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total calls
0% Bullish (0) 0% Bearish (0)
No personal call yet on AGX.
Potential upside factors
+Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
+Strong project execution capabilities in power and industrial sectors.
+Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
−Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Engineering & Construction industry.
−Dependence on a limited number of significant customers.
−Risks associated with fixed-price contracts and project cost overruns.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdown
Wall Street Score
Fair61/ 100
Weak (0–50)Fair (51–71)Strong (72+)
Debt
Poor
33
Debt Cost—
Debt Reduction YoY-135.7%
Debt / Equity0.01x
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Revenue
Fair
50
Revenue YoY25.8%
Revenue CAGR28.4%
Net Margin15.1%
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Asset
Fair
68
Asset Growth YoY41.9%
Liquidation/Share$35.74
Net Assets/MCap0.26x
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Capital
Poor
17
Earnings Yield3.4%
Buyback Yield0.4%
Debt Cost—
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Management
Elite
100
ROIC77.7%
ROE35.4%
ROA12.8%
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Moat
Elite
95
EPS Growth39.5%
FCF/Share Growth85.9%
Rev/Share Growth15.3%
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Valuation
Fair
58
Intrinsic Value$495.11
Value Reference$297.07
MOS30.2%
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Buffett
Fair
64
Revenue50
Moat95
Valuation58
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MOS
Fair
59
MOS %30.2%
Value Reference$297.07
Deep Discount Reference$198.04
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Financial
Strong
74
Interest Coverage—
ROIC77.7%
FCF Yield7.8%
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Master
Strong
75
Financial74
Valuation58
Debt33
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Resilience
Elite
94
Survival Years18.7 yrs
Current Ratio1.60x
FCF Margin43.5%
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Score Changes
5 historical score records available
Previous Score
55
Sep 8, 2026
Change
+5.3
points
Current Score
61
Oct 1, 2026
Category Changes
Revenue+0.8
Debt0
Assets+1.1
Capital+2.0
Management0
Moat-0.5
Valuation+26.9
Buffett+2.9
AGX increased 5.3 points because Capital improved by 2 points, Valuation improved by 26.9 points, Buffett improved by 2.9 points.
Positive Contributors
+ Capital improved by 2 points
+ Valuation improved by 26.9 points
+ Buffett improved by 2.9 points
Projected Score
Projected Score
67
Projected Change
+6.9 points
Preliminary comparable-period financial changes suggest improvement of approximately 6.9 points. This is a projected estimate, not the official WallStreetScore.
Monetary values in USD. Share counts in raw units.
Income StatementBalance SheetCash Flow
AnnualQuarterlyTTM + Annual
All rows
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
Line Item
TTM
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
Revenue
$1.19B
$944.6M
$874.2M
$573.3M
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Cost of Revenue
$940.3M
$750.9M
$733.2M
$492.5M
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····
····
····
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Gross Profit
$247.9M
$193.7M
$141.0M
$80.8M
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····
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Research & Development
$0.00
$0.00
$0.00
$0.00
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SG&A Expenses
$65.4M
$59.0M
$52.8M
$44.4M
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Operating Expenses
$65.4M
$59.0M
$52.8M
$44.4M
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EBITDA
$218.0M
$162.8M
$116.9M
$51.3M
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Operating Income
$182.5M
$134.7M
$88.2M
$36.5M
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····
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Interest Expense
$0.00
$0.00
$0.00
$0.00
····
····
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····
····
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Income Before Tax
$215.7M
$160.5M
$111.2M
$48.9M
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····
····
····
····
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Income Tax Expense
$36.4M
$22.7M
$25.7M
$16.6M
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Net Income
$179.3M
$137.8M
$85.5M
$32.4M
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Basic EPS
$12.86
$10.00
$6.35
$2.42
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Basic Shares
14.03M
13.89M
13.45M
13.37M
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Diluted Shares
14.16M
14.18M
13.91M
13.55M
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Upgrade to Premium for up to 10 annual periods, where available.
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
Cash position grew
Debt reduced
What Weakened
Margins contracted
Potential Score Impact
Positive indicators included revenue growth, EPS growth, cash levels, debt levels. Pressure indicators included net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 61.5%. EPS increased 50.4%. Cash increased 104.9%. Total debt declined 100.0%. Net income margin declined by 1.0 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
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Dividend HistoryShare
Dividend History
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Predictions & Historical PerformanceShare
Conservative Projected Values
3 Years
$———.——
Premium
5 Years
$———.——
Premium
10 Years
$———.——
Premium
Conservative Projection Rate
——%
Premium
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
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