Argan Inc. (AGX) intrinsic value & 10-year financials
Argan Inc. (AGX) has a Graham intrinsic value of $205.88 per share. At $345.56 on Oct 17, 2026, the stock trades 68% above that value. Over the last 10 fiscal years revenue grew 3.8% a year to $944.6M, with an average return on invested capital of 16.7%.
- Graham intrinsic value
- $205.88
- Share price (Oct 17, 2026)
- $345.56
- Price vs Graham value
- 68% above
- Market cap
- $4.9B
- Revenue (FY2026)
- $944.6M
- Revenue growth (10-yr CAGR)
- 3.8%
- ROIC (10-yr avg)
- 16.7%
- Free cash flow (FY2026)
- $410.8M
AGX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $944.6M | $137.8M | $9.74 | $410.8M | 14.3% | 68.9% |
| FY2025 | $874.2M | $85.5M | $6.15 | $161.0M | 10.1% | 44.3% |
| FY2024 | $573.3M | $32.4M | $2.39 | $114.1M | 6.4% | 23.3% |
| FY2023 | $455.0M | $33.1M | $2.33 | -$33.4M | 9.2% | 70.3% |
| FY2022 | $509.4M | $38.2M | $2.40 | $27.0M | 8.7% | -103.2% |
| FY2021 | $392.2M | $23.9M | $1.51 | $173.0M | 5.9% | 34.5% |
| FY2020 | $239.0M | -$42.7M | -$2.73 | $46.5M | -23.4% | -27.8% |
| FY2019 | $482.2M | $52.0M | $3.32 | -$120.9M | 8.3% | 10.7% |
| FY2018 | $892.8M | $72.0M | $4.56 | -$77.6M | 12.0% | 21.1% |
| FY2017 | $675.0M | $70.3M | $4.50 | $256.2M | 16.6% | 25.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ARGAN INC has demonstrated mature, steady growth, with revenue compounding at 3.8% annually over the past decade.
ARGAN INC has earned high returns on invested capital, averaging 16.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
ARGAN INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ARGAN INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $205.88 per share.