Latest Ratios: P/E Ratio 74.5x · EV/EBITDA 71.8x · ROE 33.8%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.2B | $4.9B | $1.9B | $601M | $553M | $591M | $684M | $658M | $663M | $688M | $1.2B |
| Enterprise Value | $9.8B | $4.6B | $1.8B | $406M | $380M | $242M | $317M | $490M | $498M | $566M | $985M |
| P/E Ratio → | 74.54 | 35.67 | 22.24 | 18.55 | 16.73 | 15.48 | 28.63 | — | 12.72 | 9.56 | 16.39 |
| P/S Ratio | 10.76 | 5.21 | 2.18 | 1.05 | 1.21 | 1.16 | 1.74 | 2.75 | 1.37 | 0.77 | 1.71 |
| P/B Ratio | 22.25 | 10.65 | 5.41 | 2.06 | 1.97 | 1.82 | 2.12 | 1.93 | 1.68 | 1.92 | 3.94 |
| P/FCF | 24.75 | 11.98 | 11.82 | 5.26 | — | 21.90 | 3.95 | 14.14 | — | — | 4.50 |
| P/OCF | 24.52 | 11.87 | 11.35 | 5.14 | — | 20.80 | 3.92 | 12.28 | — | — | 4.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.86 | 2.01 | 0.71 | 0.84 | 0.48 | 0.81 | 2.05 | 1.03 | 0.63 | 1.46 |
| EV / EBITDA | 71.79 | 33.50 | 18.75 | 10.45 | 8.38 | 4.97 | 11.48 | — | 11.15 | 5.11 | 8.53 |
| EV / EBIT | 73.01 | 28.59 | 15.82 | 8.30 | 8.27 | 4.62 | 13.79 | — | 11.94 | 5.26 | 8.62 |
| EV / FCF | — | 11.17 | 10.93 | 3.56 | — | 8.97 | 1.84 | 10.55 | — | — | 3.84 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.5% | 20.5% | 16.1% | 14.1% | 19.0% | 19.6% | 15.8% | -2.9% | 17.1% | 16.7% | 21.7% |
| Operating Margin | 14.3% | 14.3% | 10.1% | 6.4% | 9.2% | 8.7% | 5.9% | -23.4% | 8.3% | 12.0% | 16.6% |
| Net Profit Margin | 14.6% | 14.6% | 9.8% | 5.6% | 7.3% | 7.5% | 6.1% | -18.0% | 10.8% | 8.1% | 10.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 33.8% | 33.8% | 26.6% | 11.3% | 10.9% | 11.8% | 7.2% | -11.7% | 13.8% | 22.1% | 27.3% |
| ROA | 13.6% | 13.6% | 11.9% | 5.9% | 6.3% | 6.6% | 4.4% | -8.9% | 10.2% | 12.1% | 13.3% |
| ROIC | 59.7% | 59.7% | 43.2% | 26.7% | 73.5% | — | 26.7% | -20.7% | 12.9% | 44.4% | 90.4% |
| ROCE | 32.2% | 32.2% | 27.0% | 12.5% | 13.5% | 13.5% | 6.9% | -15.1% | 11.6% | 36.1% | 43.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | — | — | — | — | — |
| Debt / EBITDA | 0.05 | 0.05 | 0.03 | 0.07 | 0.03 | 0.03 | — | — | — | — | — |
| Net Debt / Equity | — | -0.72 | -0.41 | -0.67 | -0.61 | -1.07 | -1.14 | -0.49 | -0.42 | -0.34 | -0.57 |
| Net Debt / EBITDA | -2.43 | -2.43 | -1.52 | -5.00 | -3.80 | -7.16 | -13.26 | — | -3.68 | -1.10 | -1.45 |
| Debt / FCF | — | -0.81 | -0.89 | -1.70 | — | -12.93 | -2.12 | -3.60 | — | — | -0.65 |
| Interest Coverage | — | — | — | — | — | 4.89 | — | — | — | — | 13.01 |
Net cash position: cash ($339M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.60 | 1.60 | 1.63 | 1.81 | 2.17 | 2.27 | 1.98 | 2.93 | 5.06 | 2.24 | 1.68 |
| Quick Ratio | 1.59 | 1.59 | 1.63 | 1.78 | 2.11 | 2.27 | 1.98 | 2.93 | 5.06 | 2.24 | 1.68 |
| Cash Ratio | 1.27 | 1.27 | 1.09 | 1.36 | 1.61 | 1.98 | 1.65 | 2.28 | 3.60 | 1.78 | 1.49 |
| Asset Turnover | — | 0.80 | 1.05 | 0.96 | 0.93 | 0.92 | 0.65 | 0.49 | 1.01 | 1.65 | 1.05 |
| Inventory Turnover | 68.40 | 68.40 | 2291.22 | 49.32 | 30.97 | 555.07 | — | — | — | — | — |
| Days Sales Outstanding | — | 68.42 | 100.27 | 72.44 | 72.38 | 22.85 | 51.51 | 107.78 | 71.56 | 16.41 | 31.38 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.5% | 1.0% | 2.4% | 2.5% | 2.6% | 6.9% | 2.4% | 2.4% | 2.3% | 1.3% |
| Payout Ratio | 17.6% | 17.6% | 21.4% | 45.4% | 42.2% | 41.0% | 197.3% | — | 30.1% | 21.6% | 21.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 2.8% | 4.5% | 5.4% | 6.0% | 6.5% | 3.5% | — | 7.9% | 10.5% | 6.1% |
| FCF Yield | 4.0% | 8.3% | 8.5% | 19.0% | — | 4.6% | 25.3% | 7.1% | — | — | 22.2% |
| Buyback Yield | 0.1% | 0.2% | 0.1% | 2.1% | 12.3% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.7% | 1.0% | 4.5% | 14.9% | 6.1% | 6.9% | 2.4% | 2.4% | 2.3% | 1.3% |
| Shares Outstanding | — | $14M | $14M | $14M | $14M | $16M | $16M | $16M | $16M | $16M | $16M |
Project-based revenue lumpiness
According to current market data, Argan trades at a P/E of 78.67, which appears significantly elevated compared to peers like Primoris Services, suggesting that investors are pricing in substantial growth expectations or assigning a premium to the company's unique, debt-free balance sheet and cash-rich status.
The high forward P/E of 63.32 implies that the market anticipates a sustained acceleration in project wins, likely tied to grid stability initiatives. However, investors should monitor whether this valuation is sustainable if the company fails to deploy its massive cash reserves into higher-yielding organic growth opportunities.
Based on reported financial figures, Argan's ROIC has demonstrated significant volatility, peaking at 29.2% in 2026Q4, which indicates that the company's asset-light model is highly effective at generating returns when project execution aligns with favorable contract milestones and efficient cost management.
The fluctuation in ROIC, ranging from 5.3% to 29.2% over the last ten quarters, highlights the sensitivity of capital returns to the timing of large-scale EPC project completions. This trend suggests that Argan's ability to compound capital is less about structural efficiency and more about the successful navigation of complex, lumpy project lifecycles.
As reported in recent quarterly filings, Argan's cash conversion cycle has fluctuated between 24 and 48 days, reflecting the inherent variability in billing and collection cycles typical of large-scale engineering and construction projects that rely on milestone-based revenue recognition.
The variation in DSO, which reached as high as 95 days in 2026Q1, suggests that Argan occasionally faces extended collection periods that could strain liquidity if not for the company's substantial cash buffer. Investors should monitor these working capital swings as they directly influence the timing of free cash flow realization.
Based on the provided financial statements, Argan maintains a debt-to-equity ratio of effectively zero, a position that stands in stark contrast to more leveraged peers like MasTec and Primoris, providing the company with an exceptional degree of financial flexibility in a high-interest-rate environment.
This lack of leverage suggests that Argan is well-positioned to weather sector-specific downturns without the burden of interest expense, though it also raises questions about whether management is being too conservative with capital allocation. The absence of debt service obligations allows the company to prioritize project bonding capacity, which is critical for securing large-scale infrastructure contracts.
As indicated by the company's unique financial structure, the P/E ratio is a frequently misapplied metric for Argan because it fails to account for the significant interest income generated by the company's massive cash pile, which artificially inflates the earnings base relative to core operations.
Analysts should instead focus on EV/EBITDA or P/FCF to better isolate the performance of the underlying EPC business from the non-operating income. Relying solely on P/E may lead to an overestimation of the company's operational profitability and a misunderstanding of its true valuation relative to its engineering peers.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AGX stock.
Argan, Inc.'s current P/E ratio is 74.5x. The historical average is 16.4x. This places it at the 100th percentile of its historical range.
Argan, Inc.'s current EV/EBITDA is 71.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
Argan, Inc.'s return on equity (ROE) is 33.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.2%.
Based on historical data, Argan, Inc. is trading at a P/E of 74.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Argan, Inc.'s current dividend yield is 0.24% with a payout ratio of 17.6%.
Argan, Inc. has 20.5% gross margin and 14.3% operating margin. Operating margin between 10-20% is typical for established companies.
Argan, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.