Argan (AGX) financial statements
Argan reported revenue of $945M in fiscal 2026, up 3.8% a year over 9 years.
Net income was $138M and the operating margin 14.3%, against 16.6% in 2017.
Free cash flow was $411M, and the company returned $24M in dividends and $10M in net buybacks.
The diluted share count fell 9% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Argan's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $675M | $893M | $482M | $239M | $392M | $509M | $455M | $573M | $874M | $945M |
| Cost of revenue | $528M | $743M | $400M | $246M | $330M | $410M | $369M | $492M | $733M | $751M |
| Gross profit | $147M | $149M | $82M | -$7M | $62M | $100M | $86M | $81M | $141M | $194M |
| Selling, general and admin | $32M | $42M | $41M | $44M | $39M | $47M | $45M | $44M | $53M | $59M |
| Operating income | $112M | $107M | $40M | -$56M | $23M | $45M | $42M | $36M | $88M | $135M |
| Pre-tax income | $115M | $113M | $47M | -$48M | $25M | $47M | $46M | $49M | $111M | $161M |
| Income tax | $37M | $40M | -$5M | -$7M | $1M | $11M | $11M | $17M | $26M | $23M |
| Net income | $70M | $72M | $52M | -$43M | $24M | $38M | $33M | $32M | $85M | $138M |
| EPS (diluted) | $4.50 | $4.56 | $3.32 | -$2.73 | $1.51 | $2.40 | $2.33 | $2.39 | $6.15 | $9.74 |
| Diluted shares | 16M | 16M | 16M | 16M | 16M | 16M | 14M | 14M | 14M | 14M |
| Gross margin | 21.7% | 16.7% | 17.1% | -2.9% | 15.8% | 19.6% | 19.0% | 14.1% | 16.1% | 20.5% |
| Operating margin | 16.6% | 12.0% | 8.3% | -23.4% | 5.9% | 8.7% | 9.2% | 6.4% | 10.1% | 14.3% |
| Net margin | 10.4% | 8.1% | 10.8% | -17.9% | 6.1% | 7.5% | 7.3% | 5.6% | 9.8% | 14.6% |
Balance sheet
Fiscal years, from Argan's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $167M | $122M | $164M | $167M | $367M | $350M | $325M | $307M | $298M | $491M |
| Receivables | $55M | $26M | $36M | $37M | $29M | $27M | $50M | $47M | $176M | $134M |
| Total current assets | $588M | $485M | $416M | $422M | $546M | $507M | $439M | $547M | $781M | $1.1B |
| Property, plant and equipment | $13M | $15M | $20M | $23M | $20M | $10M | $10M | $11M | $14M | $17M |
| Goodwill | $35M | $34M | $33M | $28M | $28M | $28M | $28M | $28M | $28M | $28M |
| Total assets | $644M | $543M | $477M | $488M | $603M | $554M | $489M | $598M | $836M | $1.2B |
| Total current liabilities | $351M | $183M | $81M | $144M | $276M | $223M | $203M | $302M | $480M | $711M |
| Total liabilities | $352M | $185M | $82M | $147M | $280M | $228M | $209M | $307M | $484M | $724M |
| Shareholders' equity | $292M | $358M | $395M | $339M | $321M | $326M | $281M | $291M | $352M | $462M |
| Net debt | -$167M | -$122M | -$164M | -$167M | -$367M | -$350M | -$174M | -$197M | -$145M | -$339M |
Cash flow
Fiscal years, from Argan's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $259M | -$73M | -$112M | $54M | $176M | $28M | -$30M | $117M | $168M | $415M |
| Capital spending | $3M | $5M | $9M | $7M | $2M | $1M | $3M | $3M | $7M | $4M |
| Free cash flow | $256M | -$78M | -$121M | $47M | $174M | $27M | -$33M | $114M | $161M | $411M |
| Stock-based compensation | $2M | $5M | $2M | $2M | $3M | $3M | $4M | $4M | $4M | $8M |
| Dividends paid | — | — | — | — | $47M | $16M | $14M | $15M | $18M | $24M |
| Share buybacks (net) | — | — | — | — | — | -$20M | -$68M | -$12M | -$2M | -$10M |
| Free cash flow margin | 38.0% | -8.7% | -25.1% | 19.5% | 44.4% | 5.3% | -7.3% | 19.9% | 18.4% | 43.5% |
| Dividends per share | — | — | — | — | $2.97 | $0.98 | $0.98 | $1.08 | $1.31 | $1.72 |
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Open AGX in InvestinglyQuestions
What was Argan's revenue in 2026?
$945M in fiscal 2026, from its 10-K filing.
How much free cash flow does Argan generate?
$411M in fiscal 2026 (operating cash flow minus capital spending).
From Argan's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.