# Argan, Inc. (AGX)

> Source: Nexqual · https://nexqual.com/AGX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Argan, Inc. (AGX), nexqual.com/AGX" · informational, not investment advice.

**Price:** USD 330.3 (-4.30% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 345.15 · day 322.57–334.64 · 52w 267.57–805.75 · market cap $4.63B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $1.19B, net income $179M (15.1% margin), free cash flow $546M (SEC filings).
- Valuation: P/E 25.8x (avg 25.5x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold AGX (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 17 Form 4 filings, $123M; 17 not under a Rule 10b5-1 plan ($123M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +20.2% vs S&P 500 +14.9%; 5Y +712.4% vs S&P 500 +80.3%.
- Next earnings: 2026-09-02, EPS estimate USD 3.17, revenue estimate $359M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $509M | $455M | $573M | $874M | $945M | $1.19B |
| Gross profit | $99.7M | $86.4M | $80.8M | $141M | $194M | — |
| Operating income | $44.5M | $41.7M | $36.5M | $88.2M | $135M | $183M |
| Net income | $38.2M | $33.1M | $32.4M | $85.5M | $138M | $179M |
| EPS (diluted) | $2.40 | $2.33 | $2.39 | $6.15 | $9.74 | — |
| Free cash flow | $27.0M | -$33.4M | $114M | $161M | $411M | $546M |
| Gross margin | 19.6% | 19.0% | 14.1% | 16.1% | 20.5% | — |
| Operating margin | 8.7% | 9.2% | 6.4% | 10.1% | 14.3% | 15.4% |
| Net margin | 7.5% | 7.3% | 5.6% | 9.8% | 14.6% | 15.1% |
| Revenue growth | +29.9% | -10.7% | +26.0% | +52.5% | +8.1% | — |
| Cash + short-term investments | $350M | $325M | $307M | $298M | $491M | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 25.8x · P/S 3.9x · P/FCF 8.5x · P/B 9.1x · FCF yield 11.78% · Earnings yield 3.87% · Dividend yield (paid, TTM) 0.61% · Buyback yield (TTM) 0.27%
P/E at fiscal year-ends: Jan 2026 35.6x, Jan 2025 22.3x, Jan 2024 18.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold AGX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 1.80% | $294M | Reduced -6.2% |
| Polen Capital | Polen Capital Management | 0.07% | $8.2M | Reduced -43.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 17 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-31 | Jeffrey John Ronald Jr. | Director | 5,716 | $3.3M | 35.2% | No | Too little history (no open-market trades in 2023) |
| 2026-06-18…2026-06-22 | Griffin William F Jr | Director | 50,000 | $37.0M | 55% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-17 | Baugher Joshua Scott | Chief Financial Officer | 760 | $557K | 33.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-17 | Sweeney Karen | Director | 300 | $212K | 16.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-16…2026-06-17 | Getsinger Peter W | Director | 6,728 | $4.7M | 56% | No | Too little history (no open-market trades in 2023) |
| 2026-06-15…2026-06-16 | Watson David Hibbert | PRESIDENT AND CEO | 11,873 | $7.8M | 22.9% | No | Too little history (no open-market trades in 2023) |
| 2026-06-15 | Flanders Cynthia | Director | 2,596 | $1.7M | 10.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-12 | Griffin William F Jr | Director | 50,000 | $32.2M | 35.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-29 | Getsinger Peter W | Director | 3,000 | $1.9M | 30.8% | No | Too little history (no open-market trades in 2023) |
| 2026-04-29 | Larroque Alexander Lisa | Director | 350 | $221K | 50% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-28 | Leimkuhler William F. | Director | 5,800 | $3.6M | 13.4% | No | Too little history (no open-market trades in 2023) |
| 2026-04-27 | Jeffrey John Ronald Jr. | Director | 2,698 | $1.8M | 21.2% | No | Too little history (no open-market trades in 2023) |
| 2026-04-20…2026-04-21 | Collins Charles Edwin Iv | CHIEF EXECUTIVE OFFICER, GEMMA | 13,568 | $8.4M | 30.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-21 | Jeffrey John Ronald Jr. | Director | 3,636 | $2.2M | 22.3% | No | Too little history (no open-market trades in 2023) |
| 2026-04-17 | Watson David Hibbert | PRESIDENT AND CEO | 19,310 | $11.6M | 27.9% | No | Too little history (no open-market trades in 2023) |
| 2026-04-16 | Baugher Joshua Scott | Chief Financial Officer | 600 | $363K | 25.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-13 | Leimkuhler William F. | Director | 8,444 | $5.1M | 16.9% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | JP Morgan | Target lowered | Overweight | $800 → $785 |
| 2026-09-09 | Piper Sandler | Initiated | Underweight | $273 |
| 2026-09-03 | Lake Street | Upgrade | Hold → Buy | $600 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +20.2% | +712.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +20.3% | +51.9% |
| Volatility (annualized) | 74.9% | 47.3% |
| Max drawdown | -58.5% (Jun 2026→Oct 2026) | -56.7% (Jun 2026→Oct 2026) |

## Peers (Engineering & Construction)
ROAD (Construction Partners, Inc.) USD 83.93 -1.19% · GVA (Granite Construction Incorporat) USD 107.45 -2.08% · KBR (KBR, Inc.) USD 39.53 +5.95% · ECG (Everus Construction Group, Inc.) USD 97.05 -8.44% · TPC (Tutor Perini Corporation) USD 76.88 -4.09% · FLR (Fluor Corporation) USD 43.42 -6.44%

## More
Full page: https://nexqual.com/AGX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Power Industry Services | $301.2M | 78.4% | +52.9% | $56.8M | 18.9% |
| Industrial Construction Services | $76.2M | 19.8% | +111.2% | $3.9M | 5.1% |
| Telecommunications Infrastructure Services | $6.6M | 1.7% | +39.5% | -$235,000 | -3.6% |
| Total revenue | $384.0M | 100% | — | $60.5M | 15.8% |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $323.6M | 84.3% | +51.1% |
| Ireland | $42.8M | 11.1% | +148.0% |
| United Kingdom | $17.6M | 4.6% | +178.7% |
| Total revenue | $384.0M | 100% | — |

## Company outlook (8-K filed 2026-09-02)

- "This is an exciting time for Argan and we remain focused on capturing the right projects with the right partners in the right geographies." Second Quarter Results Consolidated revenues for the quarter ended July 31, 2026, were $384.0 million, an increase of $146.2 milli on, or 61.5%, from consolidated revenues of $237.7 million reported for the comparable prior-year quarter."
- "As of July 31, 2026, consolidated project backlog was approximately $2.5 billion, as compared to approximately $2.9 billion at January 31, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $3.17 | $3.02 | +4.9% | $358.8M | 5 |
| Next quarter (ends 2027-01-31) | $3.20 | $3.33 | -3.9% | $367.3M | 5 |
| Current fiscal year (ends 2027-01-31) | $13.27 | $12.24 | +8.4% | $1.40B | 5 |
| Next fiscal year (ends 2028-01-31) | $16.11 | $16.25 | -0.9% | $1.69B | 5 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 68.5% | ±15.4% |
| 2026-12-18 | 56 | 75.1% | ±23.6% |
| 2027-01-15 | 84 | 72.9% | ±27.9% |
| 2027-04-16 | 175 | 71.7% | ±39.1% |
| 2027-11-19 | 392 | 68.9% | ±54.8% |