Argan Inc Financials
This page shows Argan Inc (AGX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Argan’s earnings surge is being driven by cash-releasing project execution, margin expansion, and very low reinvestment needs.
In the latest year, operating cash flow reached$414.7M while net income was$137.8M . That unusually wide spread, especially after FY2023’s cash outflow, suggests a major working-capital release: the business did not just report better margins, it converted project timing into cash faster than profit alone would imply.
Over the last year, gross profit increased by
Capex was only
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Argan Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Argan Inc has an operating margin of 14.3%, meaning the company retains $14 of operating profit per $100 of revenue. This strong profitability earns a score of 72/100, reflecting efficient cost management and pricing power. This is up from 10.1% the prior year.
Argan Inc's revenue grew 8.1% year-over-year to $944.6M, a solid pace of expansion. This earns a growth score of 88/100.
Argan Inc has a moderate D/E ratio of 1.72. This balance of debt and equity financing earns a leverage score of 34/100.
Argan Inc's current ratio of 1.53 indicates adequate short-term liquidity, earning a score of 41/100. The company can meet its near-term obligations, though with limited headroom.
Argan Inc converts 43.5% of revenue into free cash flow ($410.8M). This strong cash generation earns a score of 95/100.
Argan Inc earns a strong 29.1% return on equity (ROE), meaning it generates $29 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 84/100. This is up from 23.5% the prior year.
Argan Inc scores 9.07, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($9.6B) relative to total liabilities ($812.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Argan Inc passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Argan Inc generates $3.01 in operating cash flow ($414.7M OCF vs $137.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Argan Inc generated $944.6M in revenue in fiscal year 2026. This represents an increase of 8.1% from the prior year.
Argan Inc's EBITDA was $137.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 51.4% from the prior year.
Argan Inc reported $137.8M in net income in fiscal year 2026. This represents an increase of 61.2% from the prior year.
Argan Inc earned $9.74 per diluted share (EPS) in fiscal year 2026. This represents an increase of 58.4% from the prior year.
Cash & Balance Sheet
Argan Inc generated $410.8M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 155.2% from the prior year.
Argan Inc held $355.8M in cash against $0 in long-term debt as of fiscal year 2026.
Argan Inc paid $1.75 per share in dividends in fiscal year 2026. This represents an increase of 29.6% from the prior year.
Argan Inc had 14M shares outstanding in fiscal year 2026. This represents an increase of 2.3% from the prior year.
Margins & Returns
Argan Inc's gross margin was 20.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 4.4 percentage points from the prior year.
Argan Inc's operating margin was 14.3% in fiscal year 2026, reflecting core business profitability. This is up 4.2 percentage points from the prior year.
Argan Inc's net profit margin was 14.6% in fiscal year 2026, showing the share of revenue converted to profit. This is up 4.8 percentage points from the prior year.
Argan Inc's ROE was 29.1% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 5.6 percentage points from the prior year.
Capital Allocation
Argan Inc spent $9.9M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 548.1% from the prior year.
Argan Inc invested $3.9M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 41.1% from the prior year.
AGX Income Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $291.0M+11.0% | $262.1M+4.3% | $251.2M+5.6% | $237.7M+22.8% | $193.7M-16.7% | $232.5M-9.5% | $257.0M+13.2% | $227.0M |
| Cost of Revenue | $229.8M+17.0% | $196.5M-3.8% | $204.2M+5.5% | $193.5M+23.4% | $156.8M-15.2% | $184.9M-13.1% | $212.7M+8.6% | $195.9M |
| Gross Profit | $61.1M-6.8% | $65.6M+39.7% | $46.9M+6.1% | $44.3M+20.1% | $36.9M-22.6% | $47.6M+7.4% | $44.3M+42.5% | $31.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $15.7M-12.3% | $17.9M+25.2% | $14.3M+0.7% | $14.2M+13.5% | $12.5M-16.2% | $14.9M+6.8% | $14.0M+12.6% | $12.4M |
| Operating Income | $45.4M-4.8% | $47.7M+46.1% | $32.6M+8.6% | $30.1M+23.5% | $24.3M-25.5% | $32.7M+7.7% | $30.3M+62.4% | $18.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $7.7M+24.7% | $6.2M-31.0% | $9.0M+2381.2% | $361K-95.0% | $7.2M-0.4% | $7.3M-19.0% | $9.0M+47.4% | $6.1M |
| Net Income | $46.1M-6.4% | $49.2M+60.1% | $30.7M-12.9% | $35.3M+56.4% | $22.6M-28.1% | $31.4M+12.0% | $28.0M+53.9% | $18.2M |
| EPS (Diluted) | $3.24 | N/A | $2.17-13.2% | $2.50+56.2% | $1.60 | N/A | $2.00+52.7% | $1.31 |
AGX Balance Sheet
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+8.4% | $1.2B+12.9% | $1.1B+19.1% | $882.7M+11.4% | $792.2M-5.3% | $836.2M+8.8% | $768.9M+5.8% | $726.6M |
| Current Assets | $1.2B+7.4% | $1.1B+13.5% | $997.2M+20.3% | $828.8M+12.3% | $738.1M-5.5% | $781.3M+8.9% | $717.1M+6.3% | $675.0M |
| Cash & Equivalents | $355.8M+4.8% | $339.5M+10.8% | $306.3M+72.2% | $177.8M-6.0% | $189.3M+30.3% | $145.3M-17.2% | $175.3M-24.6% | $232.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $130.8M-2.1% | $133.7M-21.5% | $170.4M-4.9% | $179.2M+68.2% | $106.5M-39.4% | $175.8M+33.5% | $131.7M+38.1% | $95.3M |
| Goodwill | $28.0M0.0% | $28.0M0.0% | $28.0M0.0% | $28.0M0.0% | $28.0M0.0% | $28.0M0.0% | $28.0M0.0% | $28.0M |
| Total Liabilities | $812.9M+12.3% | $724.1M+14.7% | $631.2M+28.9% | $489.5M+14.3% | $428.3M-11.6% | $484.4M+10.0% | $440.2M+5.2% | $418.5M |
| Current Liabilities | $794.7M+11.7% | $711.3M+14.7% | $619.9M+28.0% | $484.3M+14.5% | $422.9M-11.9% | $479.9M+10.0% | $436.2M+5.1% | $415.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $473.5M+2.4% | $462.3M+10.1% | $419.7M+6.7% | $393.2M+8.0% | $363.9M+3.4% | $351.9M+7.0% | $328.7M+6.7% | $308.1M |
| Retained Earnings | $445.3M+9.6% | $406.2M+11.6% | $364.0M+7.0% | $340.3M+9.7% | $310.2M+6.0% | $292.7M+9.9% | $266.3M+9.4% | $243.5M |
AGX Cash Flow Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $113.4M-34.2% | $172.3M-0.1% | $172.5M+398.5% | $34.6M-2.0% | $35.3M-20.9% | $44.6M+40.4% | $31.8M-56.8% | $73.5M |
| Capital Expenditures | $2.4M+101.9% | $1.2M+106.7% | $583K-65.6% | $1.7M+328.9% | $395K-71.1% | $1.4M-46.4% | $2.5M+8.4% | $2.3M |
| Free Cash Flow | $111.0M-35.2% | $171.1M-0.5% | $171.9M+422.4% | $32.9M-5.7% | $34.9M-19.3% | $43.3M+48.0% | $29.2M-58.9% | $71.1M |
| Investing Cash Flow | -$67.5M+48.3% | -$130.6M-251.8% | -$37.1M+5.2% | -$39.2M-257.2% | $24.9M+137.3% | -$66.8M+18.9% | -$82.3M-92.1% | -$42.8M |
| Financing Cash Flow | -$33.6M-231.8% | -$10.1M-34.8% | -$7.5M-8.6% | -$6.9M+61.5% | -$18.0M-113.1% | -$8.4M-21.8% | -$6.9M-24.6% | -$5.6M |
| Dividends Paid | $7.0M+0.4% | $7.0M-1.1% | $7.1M+36.2% | $5.2M+2.1% | $5.1M+1.3% | $5.0M-3.7% | $5.2M+28.5% | $4.0M |
| Share Buybacks | $3.0M+4.5% | $2.8M | $0-100.0% | $199K-97.1% | $6.8M+680.1% | $878K+91.3% | $459K | $0 |
AGX Financial Ratios
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.0%-4.0pp | 25.0%+6.3pp | 18.7%+0.1pp | 18.6%-0.4pp | 19.0%-1.5pp | 20.5%+3.2pp | 17.3%+3.5pp | 13.7% |
| Operating Margin | 15.6%-2.6pp | 18.2%+5.2pp | 13.0%+0.3pp | 12.6%+0.1pp | 12.6%-1.5pp | 14.1%+2.3pp | 11.8%+3.6pp | 8.2% |
| Net Margin | 15.8%-2.9pp | 18.8%+6.5pp | 12.2%-2.6pp | 14.8%+3.2pp | 11.6%-1.8pp | 13.5%+2.6pp | 10.9%+2.9pp | 8.0% |
| Return on Equity | 9.7%-0.9pp | 10.7%+3.3pp | 7.3%-1.7pp | 9.0%+2.8pp | 6.2%-2.7pp | 8.9%+0.4pp | 8.5%+2.6pp | 5.9% |
| Return on Assets | 3.6%-0.6pp | 4.2%+1.2pp | 2.9%-1.1pp | 4.0%+1.1pp | 2.9%-0.9pp | 3.8%+0.1pp | 3.6%+1.1pp | 2.5% |
| Current Ratio | 1.53-0.1 | 1.59-0.0 | 1.61-0.1 | 1.71-0.0 | 1.75+0.1 | 1.63-0.0 | 1.64+0.0 | 1.63 |
| Debt-to-Equity | 1.72+0.2 | 1.57+0.1 | 1.50+0.3 | 1.25+0.1 | 1.18-0.2 | 1.38+0.0 | 1.34-0.0 | 1.36 |
| FCF Margin | 38.1%-27.2pp | 65.3%-3.1pp | 68.5%+54.6pp | 13.8%-4.2pp | 18.0%-0.6pp | 18.6%+7.2pp | 11.4%-20.0pp | 31.3% |
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Frequently Asked Questions
What is Argan Inc's annual revenue?
Argan Inc (AGX) reported $944.6M in total revenue for fiscal year 2026. This represents a 8.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Argan Inc's revenue growing?
Argan Inc (AGX) revenue grew by 8.1% year-over-year, from $874.2M to $944.6M in fiscal year 2026.
Is Argan Inc profitable?
Yes, Argan Inc (AGX) reported a net income of $137.8M in fiscal year 2026, with a net profit margin of 14.6%.
What is Argan Inc's EBITDA?
Argan Inc (AGX) had EBITDA of $137.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Argan Inc's gross margin?
Argan Inc (AGX) had a gross margin of 20.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Argan Inc's operating margin?
Argan Inc (AGX) had an operating margin of 14.3% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Argan Inc's net profit margin?
Argan Inc (AGX) had a net profit margin of 14.6% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does Argan Inc pay dividends?
Yes, Argan Inc (AGX) paid $1.75 per share in dividends during fiscal year 2026.
What is Argan Inc's return on equity (ROE)?
Argan Inc (AGX) has a return on equity of 29.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Argan Inc's free cash flow?
Argan Inc (AGX) generated $410.8M in free cash flow during fiscal year 2026. This represents a 155.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Argan Inc's operating cash flow?
Argan Inc (AGX) generated $414.7M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Argan Inc's total assets?
Argan Inc (AGX) had $1.3B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Argan Inc's capital expenditures?
Argan Inc (AGX) invested $3.9M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Argan Inc's current ratio?
Argan Inc (AGX) had a current ratio of 1.53 as of fiscal year 2026, which is generally considered healthy.
What is Argan Inc's debt-to-equity ratio?
Argan Inc (AGX) had a debt-to-equity ratio of 1.72 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Argan Inc's return on assets (ROA)?
Argan Inc (AGX) had a return on assets of 10.7% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Argan Inc's Altman Z-Score?
Argan Inc (AGX) has an Altman Z-Score of 9.07, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Argan Inc's Piotroski F-Score?
Argan Inc (AGX) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Argan Inc's earnings high quality?
Argan Inc (AGX) has an earnings quality ratio of 3.01x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Argan Inc?
Argan Inc (AGX) scores 69 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.