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Argan

AGX on NYSE. Argan builds power plants and industrial facilities for utilities and energy companies. Market value $5.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Industrials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to July 2026
9.3%high

For every $100 of what the whole company costs, it produced $9.27 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to July 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to January 2026
n/a

The filings do not give us enough to work this out.

Quality score: 68 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.

$419.64 a share, 64% above its 1-year low

Over the past year the price has ranged from $255.60 to $805.75.

Dividend: 0.4% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
-0.0
0.1
0.2
0.4
0.5
2022202320242025202612 monthsto Jul '26
Revenue
$509m$455m$573m$874m$945m
Operating margin
8.7%9.2%6.4%10.1%14.3%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.01bn0.01bn0.01bn0.01bn0.01bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 19.2% a year
  • Buying back its own sharesRoughly flat

The quarter to July 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $384 million last quarter, up 62% on a year ago.
  • Profit: $53 million, up 51% on a year ago.
  • It keeps 15 cents of each $1 of sales as operating profit, up from 13 cents a year earlier.
  • Spare cash over the past 12 months: $546 million, up from $140 million.
  • About the same number of shares as a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
October 2024$257m
January 2025$232m
April 2025$194m
July 2025$238m
October 2025$251m
January 2026$262m
April 2026$291m
July 2026$384m
Profit by quarter
Profit by quarter
Quarter toAmount
October 2024$28m
January 2025$31m
April 2025$23m
July 2025$35m
October 2025$31m
January 2026$49m
April 2026$46m
July 2026$53m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 March 2026
Next quarterly (estimated, 10-Q)
2 December 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 563 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 11 sold $161m.

  • Jeffrey John Ronald Jr.
    Director
    Sold
    Date
    31 July 2026
    Shares
    5,716
    Price
    $579.64
    Value
    $3m
  • Griffin William F Jr
    Director
    Sold
    Date
    22 June 2026
    Shares
    20,000
    Price
    $760.43
    Value
    $15m
  • Griffin William F Jr
    Director
    Sold
    Date
    18 June 2026
    Shares
    30,000
    Price
    $725.85
    Value
    $22m
  • Baugher Joshua Scott
    Chief Financial Officer
    Sold
    Date
    17 June 2026
    Shares
    760
    Price
    $733.30
    Value
    $557,308
  • Sweeney Karen
    Director
    Sold
    Date
    17 June 2026
    Shares
    300
    Price
    $705.00
    Value
    $211,500
  • Getsinger Peter W
    Director
    Sold
    Date
    17 June 2026
    Shares
    2,000
    Price
    $699.00
    Value
    $1m
  • Getsinger Peter W
    Director
    Sold
    Date
    16 June 2026
    Shares
    4,728
    Price
    $708.65
    Value
    $3m
  • Watson David Hibbert
    PRESIDENT AND CEO, Director
    Sold
    Date
    16 June 2026
    Shares
    1,880
    Price
    $707.35
    Value
    $1m
  • Watson David Hibbert
    PRESIDENT AND CEO, Director
    Sold
    Date
    15 June 2026
    Shares
    9,993
    Price
    $651.22
    Value
    $7m
  • Flanders Cynthia
    Director
    Sold
    Date
    15 June 2026
    Shares
    2,596
    Price
    $666.31
    Value
    $2m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Mar 2026, plus the 10-Q filed 2 Sep 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.