Argan, Inc.
- Open
- 421.43
- Day high
- 426.88
- Day low
- 418.70
- Prev close
- 417.74
- Volume
- 346K
- Mkt cap
- $6.0B
- P/E (TTM)
- 36.5
- EPS (TTM)
- $11.63
- P/B
- 12.6
- P/S
- 5.7
- Yield
- 0.47%
- Per share
- $2.00
- ▼Insiders net selling -$87.6M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
Argan, Inc. (AGX) is a Industrials company listed on NYSE. The stock is up 88% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
Argan, Inc. (AGX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AGX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 4, 2026 | $2.31 | $3.24 | +40.0% | $291M | +14.7% |
| Mar 26, 2026 | $2.03 | $3.47 | +71.0% | $262M | +2.5% |
| Dec 4, 2025 | $2.11 | $2.17 | +2.6% | $251M | -6.0% |
| Sep 4, 2025 | $2.02 | $2.50 | +23.9% | $238M | -3.9% |
| Jun 4, 2025 | $1.10 | $1.60 | +45.7% | $194M | -1.2% |
| Mar 27, 2025 | $1.16 | $2.22 | +91.2% | $232M | +16.1% |
| Dec 5, 2024 | $1.24 | $2.00 | +60.8% | $257M | +13.5% |
| Sep 5, 2024 | $0.98 | $1.31 | +34.1% | $227M | +23.3% |
| Jun 6, 2024 | $0.51 | $0.58 | +13.1% | $158M | +17.2% |
| Dec 6, 2023 | $0.88 | $0.40 | -54.3% | $164M | +2.6% |
| Sep 6, 2023 | $0.75 | $0.94 | +25.3% | $141M | +1.6% |
| Jun 8, 2023 | $0.36 | $0.16 | -55.7% | $104M | -10.3% |
AGX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | Jeffrey John Ronald Jr.director | Sell | 5,716 | $579.64 |
| Jul 2, 2026 | Jeffrey John Ronald Jr.director | Option | 944 | $43.70 |
| Jul 2, 2026 | Jeffrey John Ronald Jr.director | Option | 5,000 | $35.72 |
| Jul 2, 2026 | Jeffrey John Ronald Jr.director | Option | 4,772 | $35.72 |
| Jul 2, 2026 | Jeffrey John Ronald Jr.director | Option | 1,000 | $43.70 |
| Jun 23, 2026 | Griffin William F Jrdirector, other: GEMMA, NON-EXECUTIVE CHAIRMAN | Sell | 20,000 | $760.43 |
| Jun 23, 2026 | Griffin William F Jrdirector, other: GEMMA, NON-EXECUTIVE CHAIRMAN | Sell | 30,000 | $725.85 |
| Jun 18, 2026 | Baugher Joshua Scottofficer: Chief Financial Officer | Sell | 305 | $734.00 |
| Jun 18, 2026 | Baugher Joshua Scottofficer: Chief Financial Officer | Sell | 455 | $732.83 |
| Jun 18, 2026 | Baugher Joshua Scottofficer: Chief Financial Officer | Option | 455 | $61.22 |
| Jun 18, 2026 | Baugher Joshua Scottofficer: Chief Financial Officer | Option | 1,000 | $61.22 |
| Jun 17, 2026 | Sweeney Karendirector | Sell | 300 | $705.00 |
| Jun 17, 2026 | Getsinger Peter Wdirector | Option | 4,728 | $35.72 |
| Jun 17, 2026 | Getsinger Peter Wdirector | Sell | 4,728 | $708.65 |
| Jun 17, 2026 | Getsinger Peter Wdirector | Option | 5,000 | $35.72 |
Source: AGX SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full AGX insider & 13F page →Argan, Inc. company profile
Overview
Argan, Inc. (NASDAQ:AGX) is an engineering, procurement, and construction (EPC) company founded in 1961 and headquartered in Rockville, Maryland. The company went public in 1995 and has evolved into a specialized contractor focused primarily on power generation infrastructure, including both traditional natural gas-fired power plants and renewable energy facilities such as solar farms and wind projects. Through its subsidiaries, Argan has established itself as a significant player in America's energy infrastructure buildout, with capabilities spanning the entire project lifecycle from initial design through commissioning and ongoing operations support.
Business
Argan operates as an engineering, procurement, and construction (EPC) contractor specializing in large-scale energy infrastructure projects. The EPC industry involves companies that take full responsibility for designing, sourcing materials and equipment, and constructing complex industrial facilities under turnkey contracts. This means clients can engage a single contractor to deliver a complete, operational facility rather than managing multiple vendors. The company operates through three distinct business segments: Power Industry Services represents approximately 85% of revenues and serves as Argan's core business. This segment constructs power generation facilities including natural gas-fired power plants, solar fields, wind farms, and biomass facilities. These projects typically range from hundreds of megawatts to over 1 gigawatt in capacity and can take 3-4 years to complete. The segment has delivered approximately 15 gigawatts of power-generating capacity throughout its history, serving independent power producers, public utilities, and equipment manufacturers. Industrial Fabrication and Field Services accounts for roughly 14% of revenues through the company's TRC subsidiary. This segment provides specialized construction services to industrial clients in the Southeast United States, including forest products companies, fertilizer manufacturers, and mining operations. Services include pipe and vessel fabrication, field construction, and maintenance work for industrial facilities. Telecommunications Infrastructure Services contributes approximately 2% of revenues, offering underground cable installation, directional boring, and structured cabling services. This segment primarily serves government agencies, regional communication providers, and electric utilities in the mid-Atlantic region, including work at federal facilities requiring security clearances.
Revenue model
Argan generates revenue primarily through fixed-price EPC contracts where clients pay predetermined amounts for completed projects. The company typically requires progress payments tied to construction milestones, providing positive cash flow during project execution. Revenue recognition follows percentage-of-completion accounting, meaning income is recorded proportionally as work progresses rather than upon final delivery. The company's profitability depends heavily on accurate project cost estimation and efficient execution. Gross margins typically range from 12-20%, with the Power Industry Services segment generally achieving higher margins than industrial work. Recent performance shows gross margins of 16.1% for fiscal 2025, reflecting strong project execution and favorable contract terms. Several factors influence Argan's margins and profitability. Positive factors include the company's specialized expertise in complex power projects, which commands premium pricing, and its debt-free balance sheet that eliminates interest expenses. The current energy infrastructure boom driven by data center growth, electric vehicle adoption, and manufacturing reshoring creates strong demand for Argan's services. Additionally, the company's geographic focus on U.S. projects reduces foreign exchange and political risks. Margin pressures can arise from commodity price volatility affecting steel, concrete, and other construction materials. Labor shortages and wage inflation in skilled trades impact project costs. Regulatory delays, particularly interconnection agreement challenges for renewable projects, can extend project timelines and increase costs. Equipment supply constraints, especially for gas turbines and solar panels, can create scheduling difficulties. Finally, the competitive nature of EPC bidding can compress margins when multiple contractors compete for the same projects.
Competitive moat
Argan's competitive moat is moderate but meaningful, built primarily on specialized expertise and established relationships rather than insurmountable barriers to entry. The company's strongest defensive position lies in its deep technical knowledge of power plant construction, particularly the complex engineering required for large-scale combined-cycle gas turbine facilities and utility-scale renewable installations. This expertise, accumulated over decades, creates significant switching costs for clients who value proven execution capability on billion-dollar projects where delays or failures carry enormous consequences. The company benefits from meaningful barriers to entry in the form of bonding requirements, insurance capacity, and regulatory approvals necessary to bid on large power projects. New entrants must demonstrate substantial financial resources and technical capabilities before utilities and independent power producers will award major contracts. Argan's track record of delivering approximately 15 gigawatts of generating capacity provides credibility that emerging competitors lack. However, the moat faces several vulnerabilities. The EPC industry remains highly competitive with numerous capable contractors including Fluor, KBR, and Bechtel competing for similar projects. Technology evolution, particularly in renewable energy and battery storage, could potentially disrupt traditional construction methods and create opportunities for new entrants with different skill sets. Additionally, clients increasingly demand lowest-cost bidding, which can commoditize services and erode pricing power. The project-based nature of the business means Argan must continuously compete for new work rather than enjoying recurring revenue streams that characterize stronger moats.
Risks & safety
Argan maintains a strong financial position with minimal solvency risk, though valuation appears elevated relative to historical norms. • Liquidity and Debt: $525 million in cash and investments with zero debt provides substantial financial flexibility. Current ratio of 1.63x indicates adequate short-term liquidity coverage. • Cash Generation: Strong free cash flow of $161 million in fiscal 2025 demonstrates the business's cash-generative nature. However, cash flow can be volatile due to project timing and working capital fluctuations. • Valuation Metrics: Trading at 21.5x trailing earnings and 19.2x EV/EBITDA appears expensive relative to cyclical construction companies. Price-to-book ratio of 5.2x suggests significant premium to tangible assets. • Other Considerations: Project backlog of $1.4 billion provides revenue visibility, though EPC contracts carry execution risk. The company's specialized focus creates both opportunity and concentration risk in the power sector.
Recent development
Over the past several years, Argan has undergone significant strategic evolution, positioning itself as an "energy agnostic" contractor capable of building both traditional and renewable power infrastructure. The company has dramatically expanded its renewable energy capabilities, with renewable projects now representing 42% of its $1.4 billion backlog compared to minimal exposure just a few years ago. This shift reflects management's recognition that 91% of their current project backlog supports zero or low carbon emissions. Key strategic developments include major contract wins such as the 950-megawatt Trumbull Energy Center natural gas plant in Ohio, multiple solar and battery storage projects in Illinois totaling over 400 megawatts, and international expansion with the 300-megawatt Tarbert biofuel plant in Ireland. The company has also strengthened its industrial services capabilities through the TRC subsidiary, which has grown its backlog 180% and now generates over $150 million in annual revenue. Operationally, Argan has focused on improving project execution and risk management following challenges with the Kilroot project in Northern Ireland, which resulted in significant losses. The company has emphasized U.S.-based projects to reduce international risks while building capabilities to serve the growing demand for power infrastructure driven by data centers, electric vehicle charging networks, and manufacturing reshoring. Management has also increased the dividend by 25% to $1.50 annually, reflecting confidence in the business's cash generation prospects.
AGX company profile · for informational purposes only — not investment advice.
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