AG
Argan Inc
AGX—
Argan Inc AI Insights
Informational only. Not investment advice.Snapshot
- FCF of 283M TTM on 915M revenue = 31% FCF margin with capex under 0.5% of revenue - exceptional cash conversion for construction[Free Cash Flow TTM]
- ROIC of 31.8% TTM vs industry median 6.8% - 4.7x capital efficiency advantage with near-zero debt (0.006 D/E)[Return on Invested Capital TTM]
- Revenue down 2.3% YoY but 3Y CAGR of 28.7% and EPS growth 5Y of 29.3% - lumpy project timing, not structural decline[Total Revenue 3Y Growth]
Watch Triggers
- Total Revenue 1Y Growth: Turns positive >5% for 2 consecutive quarters — Confirms project timing vs structural demand weakness - validates premium multiple
- Free Cash Flow TTM: Falls below 200M or FCF margin drops under 20% — Core thesis depends on exceptional cash conversion - any degradation signals model change
- Working Capital: Drops below 300M from current 377M — 377M working capital cushion enables project flexibility - erosion signals liquidity stress
Bull Case
Capital-light model with 31% FCF margin and 32% ROE creates compounding machine - generates 283M cash annually on 420M equity base
Free Cash Flow TTMROE TTMCapital Expenditure TTM
Net margin 13.1% vs industry 4.0% median with operating margin 2.4x industry - structural cost advantage in commoditized sector
Net Margin TTMOperating Margin TTM
Bear Case
P/S of 5.2x vs industry 1.3x median (4x premium) and P/B 12.1x prices in perfection - any project delay crushes multiple
P/S RatioP/B Ratio
Revenue declined 2.3% YoY with negative AR change of 8.8M - potential backlog deceleration not yet visible in financials
Total Revenue 1Y GrowthChanges in Account Receivables
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Cash generation will fund opportunistic M&A or special dividends within 18 months
1-3yhigh
- 306M cash (73% of equity) with 283M annual FCF generation
- Dividend payout only 19% of earnings leaves 240M+ deployable annually
- Zero acquisition integration risk given minimal goodwill (7% of equity)
Cash/Equivalents: 306M (TTM)FCF TTM: 283M at 31% marginGoodwill only 28M vs 420M equity
Valuation Context
Caveats
Public Strategies Rankings
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AGX Fundamentals
Construction → Heavy and Civil Engineering Construction
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$5.43B | — | ||
$5.13B | — | ||
45 | — | ||
$915.03M | +13.5% | — | |
$8.51 | +77.3% | — | |
13.1% | +4.7% | — | |
13.1% | +4.9% | — | |
$282.98M | +99.7% | — | |
0.32 | +11.9% | — | |
Beta 5Y (Monthly) | unknown | — |
AGX Dividend History
39 dividends
2026
$0.500001/22/26$0.5000
2025
$1.625010/23/25$0.5000
07/23/25$0.3750
04/22/25$0.3750
01/23/25$0.3750
2024
$1.275010/23/24$0.3750
07/23/24$0.3000
04/19/24$0.3000
01/22/24$0.3000
2023
$1.050010/20/23$0.3000
07/20/23$0.2500
04/19/23$0.2500
01/19/23$0.2500
2022
$1.000010/20/22$0.2500
07/20/22$0.2500
04/20/22$0.2500
01/20/22$0.2500
2021
$0.750010/20/21$0.2500
07/21/21$0.2500
04/21/21$0.2500
2020
$3.250012/18/20$1.2500
10/21/20$0.2500
07/22/20$1.2500
04/21/20$0.2500
01/22/20$0.2500
2019
$1.000010/22/19$0.2500
07/22/19$0.2500
04/18/19$0.2500
01/23/19$0.2500
2018
$0.750010/23/18$0.2500
07/23/18$0.2500
04/19/18$0.2500
2017
$1.000010/19/17$1.0000
2016
$1.000010/14/16$1.0000
2015
$0.700010/13/15$0.7000
2014
$0.700010/10/14$0.7000
2013
$0.750010/10/13$0.7500
2012
$0.600010/09/12$0.6000
2011
$0.500010/27/11$0.5000
AGX Stock Splits
1 stock split
10/09/0110:1 split
AGX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/04/25 | 10/31/25 | 10-Q | |
09/04/25 | 07/31/25 | 10-Q | |
06/04/25 | 04/30/25 | 10-Q | |
03/27/25 | 01/31/25 | Unknown | |
12/05/24 | 10/31/24 | 10-Q | |
12/04/25 | 10/31/24 | 10-Q | |
09/04/25 | 07/31/24 | 10-Q | |
09/05/24 | 07/31/24 | 10-Q | |
06/04/25 | 04/30/24 | 10-Q | |
06/06/24 | 04/30/24 | 10-Q | |
03/27/25 | 01/31/24 | 10-K | |
04/11/24 | 01/31/24 | Unknown | |
12/06/23 | 10/31/23 | 10-Q | |
12/05/24 | 10/31/23 | 10-Q | |
09/06/23 | 07/31/23 | 10-Q | |
09/05/24 | 07/31/23 | 10-Q | |
06/06/24 | 04/30/23 | 10-Q | |
06/08/23 | 04/30/23 | 10-Q | |
03/27/25 | 01/31/23 | 10-K | |
04/17/23 | 01/31/23 | 10-K | |
04/11/24 | 01/31/23 | 10-K | |
12/07/22 | 10/31/22 | 10-Q | |
09/08/22 | 07/31/22 | 10-Q | |
06/08/22 | 04/30/22 | 10-Q | |
04/13/22 | 01/31/22 | 10-K | |
12/08/21 | 10/31/21 | 10-Q | |
09/07/21 | 07/31/21 | 10-Q | |
06/08/21 | 04/30/21 | 10-Q | |
04/14/21 | 01/31/21 | 10-K | |
12/09/20 | 10/31/20 | 10-Q | |
09/09/20 | 07/31/20 | 10-Q | |
06/09/20 | 04/30/20 | 10-Q | |
04/14/20 | 01/31/20 | 10-K | |
12/10/19 | 10/31/19 | 10-Q | |
09/09/19 | 07/31/19 | 10-Q | |
06/10/19 | 04/30/19 | 10-Q | |
04/10/19 | 01/31/19 | 10-K | |
12/06/18 | 10/31/18 | 10-Q | |
09/05/18 | 07/31/18 | 10-Q | |
06/11/18 | 04/30/18 | 10-Q | |
04/11/18 | 01/31/18 | 10-K | |
12/06/17 | 10/31/17 | 10-Q | |
09/07/17 | 07/31/17 | 10-Q | |
06/07/17 | 04/30/17 | 10-Q | |
04/11/17 | 01/31/17 | 10-K | |
12/06/16 | 10/31/16 | 10-Q | |
09/07/16 | 07/31/16 | 10-Q | |
06/08/16 | 04/30/16 | 10-Q | |
04/15/16 | 01/31/16 | 10-K | |
12/10/15 | 10/31/15 | 10-Q | |
09/09/15 | 07/31/15 | 10-Q | |
06/09/15 | 04/30/15 | 10-Q | |
04/16/15 | 01/31/15 | 10-K | |
12/09/14 | 10/31/14 | 10-Q | |
09/09/14 | 07/31/14 | 10-Q | |
06/09/14 | 04/30/14 | 10-Q | |
04/15/14 | 01/31/14 | 10-K | |
12/09/13 | 10/31/13 | 10-Q | |
09/06/13 | 07/31/13 | 10-Q | |
06/07/13 | 04/30/13 | 10-Q | |
04/12/13 | 01/31/13 | 10-K | |
12/14/12 | 10/31/12 | 10-Q | |
09/14/12 | 07/31/12 | 10-Q | |
06/12/12 | 04/30/12 | 10-Q | |
04/13/12 | 01/31/12 | 10-K | |
12/14/11 | 10/31/11 | 10-Q | |
09/14/11 | 07/31/11 | 10-Q | |
06/13/11 | 04/30/11 | 10-Q | |
04/14/11 | 01/31/11 | 10-K | |
12/09/10 | 10/31/10 | 10-Q | |
09/09/10 | 07/31/10 | 10-Q | |
06/08/10 | 04/30/10 | 10-Q | |
04/14/10 | 01/31/10 | 10-K | |
12/08/09 | 10/30/09 | 10-Q | |
09/08/09 | 07/31/09 | 10-Q | |
06/08/09 | 04/30/09 | 10-Q | |
04/15/09 | 01/28/09 | Unknown | -- |
12/12/08 | 10/30/08 | Unknown | -- |
09/12/08 | 07/31/08 | 10-Q | |
06/12/08 | 04/30/08 | 10-Q | |
04/24/08 | 01/29/08 | Unknown | -- |
12/17/07 | 10/30/07 | Unknown | -- |
09/12/07 | 07/31/07 | 10-Q | |
06/14/07 | 04/30/07 | 8-K | |
01/31/07 | 01/28/07 | Unknown | -- |
10/31/06 | 10/30/06 | Unknown | -- |
07/31/06 | 07/31/06 | 10QSB | |
04/30/06 | 04/30/06 | 10QSB | |
01/31/06 | 01/28/06 | Unknown | -- |
10/31/05 | 10/30/05 | Unknown | -- |
07/31/05 | 07/31/05 | NT 10-Q | |
04/30/05 | 04/30/05 | 10QSB | |
01/31/05 | 01/31/05 | 8-K | |
10/31/04 | 10/30/04 | Unknown | -- |
07/31/04 | 07/31/04 | 10QSB | |
04/30/04 | 04/30/04 | 10QSB | |
01/31/04 | 01/29/04 | Unknown | -- |
10/31/03 | 10/30/03 | Unknown | -- |
07/31/03 | 07/31/03 | 10QSB | |
04/30/03 | 04/30/03 | 4/A | |
01/31/03 | 01/28/03 | Unknown | -- |
10/31/02 | 10/30/02 | Unknown | -- |
07/31/02 | 07/31/02 | 10QSB | |
04/30/02 | 04/30/02 | 10QSB | |
01/31/02 | 01/28/02 | Unknown | -- |
10/31/01 | 10/30/01 | Unknown | -- |
07/31/01 | 07/31/01 | 10QSB | |
04/30/01 | 04/30/01 | 10QSB | |
01/31/01 | 01/28/01 | Unknown | -- |
10/31/00 | 10/30/00 | Unknown | -- |
07/31/00 | 07/31/00 | 10QSB | |
04/30/00 | 04/30/00 | 10QSB | |
01/31/00 | 01/29/00 | Unknown | -- |