“Natural gas-fired power plants are expected to remain a key component of future capacity additions due to their cost-effectiveness, reliability, and ability to support intermittent energy sources.”10-Q · Sep 2, 2026 ↗
Argan, Inc.
AGX
Market read
Argan, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 25 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.
- Revenue increased 50.2% versus the comparable filing period.
- U.S. electricity demand has reached its highest level in two decades, driven by data center build-out for AI, electric vehicle adoption, and reshoring of manufacturing.
Invalidation: The isolated read changes if AGX's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 25 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.
- Revenue increased 50.2% versus the comparable filing period.
- Operating margin improved 3.0 percentage points.
- Net income increased 104.3% versus the comparable filing period.
No thresholded adverse filing evidence is available yet.
- U.S. electricity demand has reached its highest level in two decades, driven by data center build-out for AI, electric vehicle adoption, and reshoring of manufacturing.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +8.1% year over year.
- Operating margin changed +4.2 percentage points in the latest annual period.
- Net margin changed +4.8 percentage points in the latest annual period.
- Operating cash flow covered net income at 3.01x in the latest annual period.
No qualifying adverse evidence was identified; that is not proof there is no downside.
- P/E is 32% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 290% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 11, 2026
414.46Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“Natural gas-fired power plants are expected to remain a key component of future capacity additions due to their cost-effectiveness, reliability, and ability to support intermittent energy sources.”10-Q · Sep 2, 2026 ↗
“Demand for industrial construction services in this region continues to be driven by increased manufacturing investment, infrastructure upgrades, data center development, biotechnology and life sciences projects, energy storage deployment, and clean water and…”10-K · Mar 26, 2026 ↗
“Demand for industrial construction services in this region continues to be driven by increased manufacturing investment, infrastructure upgrades, data center development, biotechnology and life sciences projects, energy storage deployment, and clean water and…”10-K · Mar 26, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 6.2× · EV/sales 5.8×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for AGX. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Earlier comparable assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-06-04 against the comparable filing from 2025-06-04.
A newer Struct brief is shown above. This older assessment remains here for comparison, not as the current read.
What improved
- Revenue increased 50.2% versus the comparable filing period.
- Operating margin improved 3.0 percentage points.
- Net income increased 104.3% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“During the three months ended April 30, 2026, our net liquidity increased by $0.4 million to $421.4 million from $421.0 million as of January 31, 2026, due primarily to our net income, partially offset by the payment of cash dividends, common stock repurchases, and settlements of share-based awards, net of withholding taxes paid.”
“The gross profit percentage increased between periods primarily due to the changing mix of projects and contract types, as well as strong execution on the final Midwest Solar and Battery Project, which enabled us to reach substantial completion ahead of schedule.”
“The Company’s ETR for the three months ended April 30, 2025 differed from the U.S. federal statutory rate primarily due to the unfavorable effects of state income taxes.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind AGX
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 2 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
AGX is currently a Follower in the organic co-movement group Engineering & Construction. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.