Argan (AGX) Financials

$145.19 -2.42 (-1.64%)

Closing price 03:59 PM Eastern

Extended Trading

$145.99 +0.80 (+0.55%)

As of 07:18 PM Eastern

Annual Income Statements for Argan

This table shows Argan's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net Income / (Loss) Attributable to Common Shareholders	30	36	70	72	52	-43	24	38	33	32	85
Consolidated Net Income / (Loss)	43	50	77	72	52	-41	24	36	35	32	85
Net Income / (Loss) Continuing Operations	43	50	77	72	52	-41	24	36	35	32	85
Total Pre-Tax Income	64	76	115	113	47	-48	25	47	46	49	111
Total Operating Income	64	74	112	107	40	-56	23	45	42	36	88
Total Gross Profit	84	99	147	149	82	-6.82	62	100	86	81	141
Total Revenue	383	413	675	893	482	239	392	509	455	573	874
Operating Revenue	383	413	675	893	482	239	392	509	455	573	874
Total Cost of Revenue	300	314	528	743	400	246	330	410	369	492	733
Operating Cost of Revenue	300	314	528	743	400	246	330	410	369	492	733
Total Operating Expenses	19	25	34	42	42	49	39	55	45	44	53
Selling, General & Admin Expense	19	25	32	42	41	44	39	47	45	44	53
Total Other Income / (Expense), net	0.23	1.10	2.28	5.65	6.98	8.08	1.86	2.55	4.33	12	23
Other Income / (Expense), net	0.23	1.10	2.28	5.65	6.98	8.08	1.86	2.55	4.33	12	23
Income Tax Expense	21	25	37	40	-4.65	-7.05	1.07	11	11	17	26
Net Income / (Loss) Attributable to Noncontrolling Interest	13	14	7.10	0.34	-0.17	1.98	-0.04	-2.54	1.61	0.00	0.00
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	-	0.00	0.00	-0.20	0.62
Basic Earnings per Share	$2.11	$2.46	$4.67	$4.64	$3.34	($2.73)	$1.52	$2.43	$2.35	$2.42	$6.35
Weighted Average Basic Shares Outstanding	14.43M	14.76M	15.07M	15.52M	15.57M	15.62M	15.67M	15.72M	14.08M	13.37M	13.45M
Diluted Earnings per Share	$2.05	$2.42	$4.50	$4.56	$3.32	($2.73)	$1.51	$2.40	$2.33	$2.39	$6.15
Weighted Average Diluted Shares Outstanding	14.82M	15.02M	15.63M	15.78M	15.69M	15.62M	15.83M	15.91M	14.18M	13.55M	13.91M
Weighted Average Basic & Diluted Shares Outstanding	14.40M	14.80M	15.10M	15.50M	15.60M	15.64M	15.72M	14.82M	13.40M	13.24M	13.63M
Cash Dividends to Common per Share	$0.70	$0.70	$1.00	$1.00	$1.00	$1.00	$3.00	$1.00	$1.00	$1.10	$1.35

This table shows Argan's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Net Income / (Loss) Attributable to Common Shareholders	3.54	7.11	15	2.51	12	4.16	14	6.12	19	26	33
Consolidated Net Income / (Loss)	4.22	7.76	15	2.11	13	5.46	12	7.88	18	28	31
Net Income / (Loss) Continuing Operations	4.22	7.76	15	2.11	13	5.46	12	7.88	18	28	31
Total Pre-Tax Income	14	10	12	3.00	17	12	17	11	24	37	39
Total Operating Income	13	9.54	9.56	3.63	13	7.86	12	6.52	19	30	33
Total Gross Profit	24	22	20	14	24	19	24	18	31	44	48
Total Revenue	118	118	119	104	141	164	165	158	227	257	232
Operating Revenue	118	118	119	104	141	164	165	158	227	257	232
Total Cost of Revenue	94	96	99	89	118	145	141	140	196	213	185
Operating Cost of Revenue	94	96	99	89	118	145	141	140	196	213	185
Total Operating Expenses	11	13	10	11	11	11	12	11	12	14	15
Selling, General & Admin Expense	11	13	10	11	11	11	12	11	12	14	15
Total Other Income / (Expense), net	0.51	0.77	2.46	-0.63	4.12	3.73	5.25	4.79	5.60	6.65	5.97
Other Income / (Expense), net	0.51	0.77	2.46	-0.63	4.12	3.73	5.25	4.79	5.60	6.65	5.97
Income Tax Expense	9.69	2.55	-3.21	0.90	4.59	6.13	4.96	3.43	6.08	8.97	7.26
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	0.69	0.65	-	-0.40	0.87	1.31	-1.97	1.76	-1.27	1.62	-1.48
Basic Earnings per Share	$0.30	$0.56	$0.99	$0.16	$0.95	$0.41	$0.90	$0.59	$1.36	$2.07	$2.33
Weighted Average Basic Shares Outstanding	14.13M	13.78M	14.08M	13.41M	13.40M	13.33M	13.37M	13.26M	13.40M	13.53M	13.45M
Diluted Earnings per Share	$0.30	$0.56	$0.97	$0.16	$0.94	$0.40	$0.89	$0.58	$1.31	$2.00	$2.26
Weighted Average Diluted Shares Outstanding	14.25M	13.81M	14.18M	13.55M	13.54M	13.56M	13.55M	13.57M	13.88M	14.03M	13.91M
Weighted Average Basic & Diluted Shares Outstanding	13.88M	13.58M	13.40M	13.41M	13.32M	13.33M	13.24M	13.35M	13.50M	13.58M	13.63M
Cash Dividends to Common per Share	$0.25	$0.25	$0.25	$0.25	$0.25	$0.30	$0.30	$0.30	$0.30	$0.38	$0.38

This table details how cash moves in and out of Argan's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net Change in Cash & Equivalents	61	-173	6.37	-48	43	3.05	199	-16	-177	23	-52
Net Cash From Operating Activities	93	-33	259	-73	-112	54	176	28	-30	117	168
Net Cash From Continuing Operating Activities	93	-33	259	-73	-112	54	176	28	-30	117	168
Net Income / (Loss) Continuing Operations	43	50	77	72	52	-41	24	36	35	32	85
Consolidated Net Income / (Loss)	43	50	77	72	52	-41	24	36	35	32	85
Depreciation Expense	0.55	0.78	2.04	2.78	3.42	3.51	3.72	3.37	2.98	2.01	1.91
Amortization Expense	0.24	0.53	1.16	1.03	1.01	1.14	0.90	0.87	2.55	1.91	3.76
Non-Cash Adjustments To Reconcile Net Income	2.02	2.23	118	-131	-42	34	12	39	-16	-18	25
Changes in Operating Assets and Liabilities, net	47	-87	60	-18	-127	56	136	-51	-54	99	51
Net Cash From Investing Activities	-3.55	-131	-244	39	171	-36	67	-7.04	-63	-68	-194
Net Cash From Continuing Investing Activities	-3.55	-131	-244	39	171	-36	67	-7.04	-63	-68	-194
Purchase of Property, Plant & Equipment	-2.94	-3.12	-2.81	-4.83	-8.60	-7.06	-1.70	-1.42	-3.37	-2.76	-6.58
Acquisitions	-	-17	-	-	-	0.00	-1.33	-5.62	0.00	-5.11	-16
Purchase of Investments	-	-252	-595	-543	-191	-195	-100	-90	-250	-219	-315
Sale and/or Maturity of Investments	-	138	354	588	370	166	170	90	190	160	149
Other Investing Activities, net	-0.61	3.96	-	-1.50	0.23	-	-	-	0.00	0.00	-5.02
Net Cash From Financing Activities	-28	-8.65	-8.86	-14	-16	-14	-45	-35	-83	-26	-26
Net Cash From Continuing Financing Activities	-28	-8.65	-8.86	-14	-16	-14	-45	-35	-83	-26	-26
Repurchase of Common Equity	-	-	-	-	-	0.00	0.00	-20	-68	-12	-1.52
Payment of Dividends	-35	-10	-25	-17	-16	-16	-47	-16	-15	-15	-18
Other Financing Activities, net	6.87	1.73	16	3.16	0.10	1.63	1.64	1.43	0.07	1.10	-6.27
Effect of Exchange Rate Changes	-	-0.57	-	-	-	-0.47	1.73	-2.97	-0.54	-0.12	0.32
Cash Income Taxes Paid	19	26	37	44	-	-	-	14	6.67	14	31

This table details how cash moves in and out of Argan's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Net Change in Cash & Equivalents	-49	-7.28	38	22	8.85	-19	11	11	25	-57	-30
Net Cash From Operating Activities	-17	-16	43	-1.25	36	58	25	18	73	32	45
Net Cash From Continuing Operating Activities	-17	-16	43	-1.25	36	58	25	18	73	32	45
Net Income / (Loss) Continuing Operations	4.22	7.76	15	2.11	13	5.46	12	7.88	18	28	31
Consolidated Net Income / (Loss)	4.22	7.76	15	2.11	13	5.46	12	7.88	18	28	31
Depreciation Expense	0.75	0.74	0.69	0.55	0.49	0.49	0.49	0.48	0.46	0.43	0.53
Amortization Expense	0.23	0.21	1.94	0.10	0.10	0.10	1.61	0.10	0.10	0.10	3.46
Non-Cash Adjustments To Reconcile Net Income	-0.61	-1.28	-13	21	-14	-2.87	-23	-4.38	11	3.65	15
Changes in Operating Assets and Liabilities, net	-22	-24	38	-25	37	55	33	14	44	-0.41	-5.59
Net Cash From Investing Activities	-0.40	23	-0.79	29	-20	-70	-5.72	-1.73	-43	-82	-67
Net Cash From Continuing Investing Activities	-0.40	23	-0.79	29	-20	-70	-5.72	-1.73	-43	-82	-67
Purchase of Property, Plant & Equipment	-0.40	-1.94	-0.79	-0.65	-0.39	-1.11	-0.61	-0.32	-2.35	-2.55	-1.37
Acquisitions	-	-	-	0.00	-	-	-5.11	-3.31	-	-	-13
Purchase of Investments	-	-75	-	-120	-30	-69	-	-87	-55	-102	-70
Sale and/or Maturity of Investments	-	100	-	150	10	-	-	89	15	23	23
Net Cash From Financing Activities	-30	-13	-9.03	-6.49	-6.00	-5.56	-8.00	-5.12	-5.56	-6.93	-8.45
Net Cash From Continuing Financing Activities	-30	-13	-9.03	-6.49	-6.00	-5.56	-8.00	-5.12	-5.56	-6.93	-8.45
Repurchase of Common Equity	-26	-10	-4.98	-3.68	-3.06	-1.73	-4.00	-0.19	-	-0.46	-0.88
Payment of Dividends	-3.48	-3.40	-4.05	-3.36	-3.34	-3.99	-4.00	-4.03	-4.04	-5.20	-5.01
Other Financing Activities, net	-	-	-	0.54	0.40	0.16	-0.01	-0.91	-1.52	-1.28	-2.56
Effect of Exchange Rate Changes	-	-	4.77	0.99	-0.66	-1.04	0.59	-0.13	-0.15	0.10	0.51
Cash Income Taxes Paid	-	-	0.36	0.51	2.76	3.75	7.28	3.31	5.83	6.00	16

This table presents Argan's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	391	410	644	543	477	488	603	554	489	598	836
Total Current Assets	364	351	588	485	416	422	546	507	439	547	781
Cash & Equivalents	334	161	167	122	164	167	367	350	174	197	145
Short-Term Investments	-	114	356	312	132	160	90	90	152	215	380
Accounts Receivable	27	64	55	26	36	37	29	27	50	47	176
Other Current Assets	0.46	4.08	3.19	25	84	57	61	40	63	87	80
Plant, Property, & Equipment, net	6.52	12	13	15	20	23	20	10	10	11	14
Total Noncurrent Assets	20	47	43	42	41	43	36	32	40	40	40
Goodwill	18	37	35	34	33	28	28	28	28	28	28
Intangible Assets	1.85	9.34	8.18	7.15	6.14	5.00	4.10	3.32	2.61	2.22	1.83
Noncurrent Deferred & Refundable Income Taxes	-	-	0.24	0.44	1.26	7.89	0.25	0.46	3.69	2.26	0.55
Other Noncurrent Operating Assets	-	0.12	0.09	0.43	0.29	2.41	3.76	-	6.02	7.52	10
Total Liabilities & Shareholders' Equity	391	410	644	543	477	488	603	554	489	598	836
Total Liabilities	216	188	352	185	82	147	280	228	209	307	484
Total Current Liabilities	215	188	351	183	81	144	276	223	203	302	480
Accounts Payable	38	46	102	100	40	35	53	42	56	39	97
Accrued Expenses	16	35	40	35	33	36	51	53	50	82	83
Other Current Liabilities	-	-	-	48	8.35	73	172	128	96	181	299
Total Noncurrent Liabilities	0.81	0.22	1.20	1.28	0.96	2.48	4.14	4.96	6.09	5.03	4.51
Other Noncurrent Operating Liabilities	-	-	-	-	0.96	2.48	4.14	-	6.09	5.03	4.51
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	175	222	293	358	394	341	322	326	281	291	352
Total Preferred & Common Equity	185	219	292	358	395	339	321	326	281	291	352
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	185	219	292	358	395	339	321	326	281	291	352
Common Stock	112	120	138	146	147	151	156	161	165	167	171
Retained Earnings	74	100	155	211	248	189	166	189	208	226	293
Treasury Stock	-	-	-	-	-	-	-0.03	-20	-89	-98	-106
Accumulated Other Comprehensive Income / (Loss)	-	-0.57	-0.76	1.42	-0.35	-1.12	-1.08	-2.45	-2.88	-3.60	-6.54

This table presents Argan's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Total Assets	613	493	423	411	476	506	564	624	727	769
Total Current Assets	560	448	378	365	425	455	514	574	675	717
Cash & Equivalents	392	192	143	136	196	205	186	208	233	175
Short-Term Investments	90	175	176	151	121	142	212	209	252	331
Accounts Receivable	36	36	25	38	61	45	50	60	95	132
Other Current Assets	42	44	34	40	47	64	67	98	95	79
Plant, Property, & Equipment, net	18	9.94	9.51	11	11	10	11	11	12	14
Total Noncurrent Assets	35	35	35	35	40	40	39	39	40	38
Goodwill	28	28	28	28	28	28	28	28	28	28
Intangible Assets	3.42	3.18	2.94	2.73	2.51	2.41	2.32	2.12	2.02	1.92
Noncurrent Deferred & Refundable Income Taxes	0.00	4.08	4.40	4.67	3.61	3.91	3.13	2.31	1.64	1.25
Other Noncurrent Operating Assets	3.69	-	-	-	5.88	5.76	5.32	6.80	7.83	6.37
Total Liabilities & Shareholders' Equity	613	493	423	411	476	506	564	624	727	769
Total Liabilities	263	191	146	139	198	221	279	331	419	440
Total Current Liabilities	259	186	142	135	192	216	274	328	415	436
Accounts Payable	40	40	38	45	36	32	35	66	100	87
Accrued Expenses	43	39	40	40	45	68	83	61	62	78
Other Current Liabilities	176	107	64	49	111	116	156	200	254	271
Total Noncurrent Liabilities	4.31	4.52	4.02	4.62	5.35	5.07	4.93	3.66	3.38	4.00
Other Noncurrent Operating Liabilities	4.18	4.52	4.02	-	5.35	5.07	4.93	3.66	3.38	4.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	350	302	277	272	278	285	285	293	308	329
Total Preferred & Common Equity	348	303	278	273	278	285	285	293	308	329
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	348	303	278	273	278	285	285	293	308	329
Common Stock	160	162	163	164	164	165	166	167	168	171
Retained Earnings	190	192	193	198	207	216	217	229	244	266
Treasury Stock	-	-47	-74	-84	-90	-92	-94	-98	-100	-103
Accumulated Other Comprehensive Income / (Loss)	-1.81	-3.72	-4.40	-5.05	-2.47	-3.34	-4.65	-5.36	-4.08	-5.70

This table displays calculated financial ratios and metrics derived from Argan's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	68.43%	7.87%	63.34%	32.26%	-46.00%	-50.43%	64.11%	29.87%	-10.67%	26.00%	52.47%
EBITDA Growth	-7.08%	17.89%	53.27%	-1.11%	-55.64%	-183.47%	168.43%	73.87%	0.46%	2.55%	121.12%
EBIT Growth	-7.17%	17.31%	51.69%	-1.67%	-58.08%	-201.16%	152.10%	89.12%	-2.26%	6.38%	127.26%
NOPAT Growth	5.05%	14.26%	53.39%	-9.45%	-35.68%	-188.43%	156.37%	53.27%	-6.91%	-23.31%	181.13%
Net Income Growth	0.26%	15.53%	54.22%	-6.56%	-28.30%	-178.49%	158.49%	49.96%	-2.81%	-6.76%	164.10%
EPS Growth	-26.26%	18.05%	85.95%	1.33%	-27.19%	-182.23%	155.31%	58.94%	-2.92%	2.58%	157.32%
Operating Cash Flow Growth	-5.16%	-135.39%	884.22%	-128.10%	-54.30%	147.69%	228.60%	-83.86%	-205.79%	488.74%	43.41%
Free Cash Flow Firm Growth	-12.11%	-164.06%	551.14%	-133.90%	-50.93%	135.19%	271.87%	-92.08%	-382.93%	366.03%	18.39%
Invested Capital Growth	-38.72%	66.52%	-333.52%	67.07%	228.93%	-86.54%	-1,120.03%	15.15%	60.90%	-172.58%	-42.66%
Revenue Q/Q Growth	12.59%	3.52%	15.46%	-4.00%	-14.52%	-7.60%	14.36%	1.66%	-1.47%	8.68%	8.42%
EBITDA Q/Q Growth	-3.00%	-11.54%	31.87%	-15.33%	-18.74%	-19.17%	260.51%	-19.41%	36.76%	13.40%	27.30%
EBIT Q/Q Growth	-3.02%	-12.12%	32.40%	-15.83%	-20.30%	-16.89%	604.16%	-20.60%	36.18%	11.26%	24.18%
NOPAT Q/Q Growth	-0.27%	-18.08%	38.55%	-16.93%	-18.82%	-11.25%	808.53%	-23.70%	79.37%	-13.10%	36.52%
Net Income Q/Q Growth	-0.36%	-1.41%	17.66%	-15.95%	-15.26%	-13.77%	238.13%	-21.66%	81.30%	-9.05%	29.27%
EPS Q/Q Growth	-9.69%	2.54%	21.29%	-14.93%	-14.87%	-12.81%	228.26%	-16.08%	55.33%	-3.24%	28.66%
Operating Cash Flow Q/Q Growth	-40.44%	16.20%	30.39%	-242.75%	24.70%	1,894.23%	-2.34%	-62.19%	65.16%	-13.56%	13.57%
Free Cash Flow Firm Q/Q Growth	-44.12%	-26.01%	45.13%	-313.51%	21.86%	728.98%	-1.34%	-78.85%	63.48%	-22.39%	4.41%
Invested Capital Q/Q Growth	2.77%	8.90%	-29.45%	43.99%	15.49%	-76.83%	-19.32%	13.51%	-333.89%	-7.80%	2.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.82%	24.07%	21.73%	16.73%	17.10%	-2.85%	15.83%	19.58%	18.98%	14.10%	16.13%
EBITDA Margin	17.01%	18.59%	17.44%	13.04%	10.71%	-18.04%	7.52%	10.07%	11.33%	9.22%	13.37%
Operating Margin	16.74%	18.00%	16.63%	11.98%	8.35%	-23.36%	5.87%	8.74%	9.16%	6.36%	10.09%
EBIT Margin	16.80%	18.27%	16.97%	12.61%	9.79%	-19.99%	6.34%	9.24%	10.11%	8.53%	12.72%
Profit (Net Income) Margin	11.34%	12.15%	11.47%	8.10%	10.76%	-17.03%	6.07%	7.01%	7.63%	5.64%	9.78%
Tax Burden Percent	67.51%	66.49%	67.60%	64.24%	109.85%	85.23%	95.68%	75.87%	75.44%	66.13%	76.85%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	32.49%	33.51%	32.40%	35.76%	-9.85%	0.00%	4.32%	24.13%	24.56%	33.87%	23.15%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	402.66%	-70.42%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	400.56%	-69.90%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	-388.88%	59.35%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	26.12%	25.30%	30.10%	22.24%	13.79%	-11.07%	7.18%	11.02%	11.44%	11.32%	26.59%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-132.39%	82.13%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	18.02%	18.85%	21.73%	18.97%	9.26%	-9.91%	4.57%	8.14%	8.82%	9.00%	15.50%
Return on Assets (ROA)	12.16%	12.54%	14.69%	12.19%	10.18%	-8.44%	4.37%	6.18%	6.65%	5.95%	11.92%
Return on Common Equity (ROCE)	26.83%	25.76%	29.85%	22.20%	13.79%	-11.05%	7.14%	11.00%	11.46%	11.32%	26.59%
Return on Equity Simple (ROE_SIMPLE)	23.43%	22.98%	26.55%	20.20%	13.15%	-12.00%	7.43%	10.94%	12.35%	11.12%	24.29%
Net Operating Profit after Tax (NOPAT)	43	49	76	69	44	-39	22	34	31	24	68
NOPAT Margin	11.30%	11.97%	11.24%	7.70%	9.17%	-16.36%	5.62%	6.63%	6.91%	4.21%	7.75%
Net Nonoperating Expense Percent (NNEP)	0.05%	0.24%	0.39%	0.76%	2.10%	-0.52%	0.45%	0.43%	0.85%	2.24%	3.77%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	11.19%	8.29%	19.26%
Cost of Revenue to Revenue	78.18%	75.93%	78.27%	83.27%	82.90%	102.85%	84.17%	80.42%	81.02%	85.90%	83.87%
SG&A Expenses to Revenue	5.08%	6.06%	4.81%	4.68%	8.44%	18.46%	9.95%	9.29%	9.82%	7.74%	6.04%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	5.08%	6.06%	5.10%	4.74%	8.75%	20.51%	9.95%	10.84%	9.82%	7.74%	6.04%
Earnings before Interest and Taxes (EBIT)	64	76	115	113	47	-48	25	47	46	49	111
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	65	77	118	116	52	-43	30	51	52	53	117
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.84	1.61	3.10	1.54	1.40	1.67	1.94	1.68	1.81	2.00	5.28
Price to Tangible Book Value (P/TBV)	2.07	2.05	3.64	1.74	1.55	1.85	2.16	1.86	2.03	2.24	5.77
Price to Revenue (P/Rev)	0.89	0.85	1.34	0.62	1.14	2.37	1.59	1.08	1.12	1.02	2.12
Price to Earnings (P/E)	11.21	9.68	12.87	7.66	10.61	0.00	26.12	14.34	15.37	18.01	21.73
Dividend Yield	2.98%	2.95%	0.51%	2.82%	3.53%	2.76%	3.15%	2.87%	2.67%	2.52%	0.99%
Earnings Yield	8.92%	10.33%	7.77%	13.05%	9.43%	0.00%	3.83%	6.98%	6.51%	5.55%	4.60%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	2.61	18.21	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.19	0.57	0.13	0.53	1.00	0.43	0.21	0.40	0.30	1.52
Enterprise Value to EBITDA (EV/EBITDA)	0.00	1.04	3.25	1.01	4.94	0.00	5.69	2.09	3.55	3.22	11.40
Enterprise Value to EBIT (EV/EBIT)	0.00	1.06	3.34	1.05	5.41	0.00	6.75	2.27	3.98	3.48	11.98
Enterprise Value to NOPAT (EV/NOPAT)	0.00	1.62	5.05	1.71	5.78	0.00	7.62	3.17	5.83	7.06	19.65
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	1.48	0.00	0.00	4.48	0.95	3.77	0.00	1.46	7.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	1.51	0.00	0.00	5.26	0.99	7.97	0.00	1.69	11.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.82	-1.53	-1.55	-1.47	-0.97	-0.85	-1.18	-1.38	-1.26	-1.29	-1.46
Leverage Ratio	2.15	2.02	2.05	1.82	1.35	1.31	1.64	1.78	1.72	1.90	2.23
Compound Leverage Factor	2.15	2.02	2.05	1.82	1.35	1.31	1.64	1.78	1.72	1.90	2.23
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-6.01%	1.51%	0.32%	0.01%	-0.05%	0.52%	0.54%	-0.24%	0.00%	0.00%	0.00%
Common Equity to Total Capital	106.01%	98.50%	99.68%	99.99%	100.05%	99.48%	99.46%	100.24%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.19	3.56	3.95	5.34	6.93	3.71	3.04	3.74	3.88	3.39	4.71
Noncontrolling Interest Sharing Ratio	-2.72%	-1.81%	0.83%	0.15%	-0.02%	0.22%	0.53%	0.15%	-0.13%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.69	1.87	1.68	2.65	5.12	2.93	1.98	2.27	2.17	1.81	1.63
Quick Ratio	1.68	1.81	1.65	2.51	4.09	2.53	1.76	2.10	1.85	1.52	1.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	88	-56	253	-86	-130	46	170	13	-38	101	120
Operating Cash Flow to CapEx	3,178.78%	-1,059.40%	9,215.37%	-1,508.35%	-1,306.22%	758.93%	10,372.01%	1,998.24%	-891.49%	4,240.13%	2,545.71%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.07	1.03	1.28	1.50	0.95	0.50	0.72	0.88	0.87	1.05	1.22
Accounts Receivable Turnover	15.02	9.03	11.34	22.01	15.44	6.52	11.90	18.29	11.80	11.77	7.84
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	71.60	43.90	53.11	62.85	27.49	11.30	18.28	33.05	43.57	53.46	68.61
Accounts Payable Turnover	9.94	7.46	7.12	7.35	5.71	6.53	7.44	8.61	7.51	10.28	10.72
Days Sales Outstanding (DSO)	24.30	40.41	32.18	16.58	23.64	56.02	30.67	19.95	30.93	31.02	46.58
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	36.73	48.90	51.24	49.63	63.97	55.91	49.05	42.38	48.61	35.52	34.05
Cash Conversion Cycle (CCC)	-12.43	-8.49	-19.06	-33.05	-40.33	0.11	-18.39	-22.42	-17.68	-4.50	12.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-159	-53	-230	-76	98	13	-134	-114	-45	-121	-173
Invested Capital Turnover	-2.80	-3.90	-4.76	-5.83	43.92	4.31	-6.47	-4.10	-5.74	-6.91	-5.93
Increase / (Decrease) in Invested Capital	-44	106	-177	155	174	-85	-147	20	69	-77	-52
Enterprise Value (EV)	-2.93	80	383	118	255	240	168	107	183	170	1,332
Market Capitalization	341	352	905	552	552	566	623	548	509	583	1,857
Book Value per Share	$12.76	$14.74	$19.05	$23.03	$25.34	$21.70	$20.44	$20.77	$20.69	$21.83	$25.92
Tangible Book Value per Share	$11.37	$11.59	$16.24	$20.36	$22.84	$19.59	$18.40	$18.77	$18.43	$19.56	$23.72
Total Capital	175	222	293	358	394	341	322	326	281	291	352
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-334	-275	-523	-434	-297	-328	-457	-440	-325	-412	-525
Capital Expenditures (CapEx)	2.94	3.12	2.81	4.83	8.60	7.06	1.70	1.42	3.37	2.76	6.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-185	-112	-286	-132	39	-50	-187	-156	-89	-167	-224
Debt-free Net Working Capital (DFNWC)	149	163	237	302	335	278	270	284	236	245	301
Net Working Capital (NWC)	149	163	237	302	335	278	270	284	236	245	301
Net Nonoperating Expense (NNE)	-0.16	-0.73	-1.54	-3.63	-7.67	1.62	-1.78	-1.94	-3.27	-8.25	-18
Net Nonoperating Obligations (NNO)	-334	-275	-523	-434	-297	-328	-457	-440	-325	-412	-525
Total Depreciation and Amortization (D&A)	0.79	1.31	3.21	3.81	4.43	4.65	4.62	4.24	5.54	3.92	5.66
Debt-free, Cash-free Net Working Capital to Revenue	-48.23%	-27.13%	-42.33%	-14.81%	7.99%	-20.98%	-47.58%	-30.67%	-19.62%	-29.21%	-25.59%
Debt-free Net Working Capital to Revenue	38.87%	39.42%	35.14%	33.80%	69.49%	116.20%	68.88%	55.81%	51.91%	42.72%	34.48%
Net Working Capital to Revenue	38.87%	39.42%	35.14%	33.80%	69.49%	116.20%	68.88%	55.81%	51.91%	42.72%	34.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.11	$2.46	$4.67	$4.64	$3.34	($2.73)	$1.52	$2.43	$2.35	$2.42	$6.35
Adjusted Weighted Average Basic Shares Outstanding	14.43M	14.76M	15.07M	15.52M	15.57M	15.62M	15.67M	15.72M	14.08M	13.37M	13.45M
Adjusted Diluted Earnings per Share	$2.05	$2.42	$4.50	$4.56	$3.32	($2.73)	$1.51	$2.40	$2.33	$2.39	$6.15
Adjusted Weighted Average Diluted Shares Outstanding	14.82M	15.02M	15.63M	15.78M	15.69M	15.62M	15.83M	15.91M	14.18M	13.55M	13.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.63M	14.84M	15.47M	15.57M	15.58M	15.64M	15.72M	14.82M	13.40M	13.24M	13.63M
Normalized Net Operating Profit after Tax (NOPAT)	43	49	77	69	29	-36	22	40	31	24	68
Normalized NOPAT Margin	11.30%	11.97%	11.44%	7.74%	6.06%	-14.92%	5.62%	7.81%	6.91%	4.21%	7.75%
Pre Tax Income Margin	16.80%	18.27%	16.97%	12.61%	9.79%	-19.99%	6.34%	9.24%	10.11%	8.53%	12.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	80.93%	20.67%	31.98%	23.19%	30.16%	-38.37%	197.59%	43.87%	42.17%	45.38%	21.38%
Augmented Payout Ratio	80.93%	20.67%	31.98%	23.19%	30.16%	-38.37%	197.59%	100.92%	238.79%	83.90%	23.16%

This table displays calculated financial ratios and metrics derived from Argan's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.20%	-5.28%	-5.41%	3.39%	19.68%	38.92%	38.54%	52.09%	60.61%	56.95%	41.28%
EBITDA Growth	-17.95%	-32.60%	1,727.31%	-66.00%	20.53%	8.16%	30.18%	225.84%	38.43%	207.96%	123.41%
EBIT Growth	-18.48%	-34.18%	6,266.67%	-69.22%	24.81%	12.46%	41.18%	276.60%	39.88%	218.97%	127.55%
NOPAT Growth	-68.86%	-37.61%	1,569.52%	-63.71%	139.35%	-48.40%	-31.51%	78.07%	43.74%	520.20%	219.61%
Net Income Growth	-67.20%	-37.40%	4,817.96%	-71.82%	202.39%	-29.57%	-21.14%	273.73%	42.54%	412.63%	161.02%
EPS Growth	-62.96%	-28.21%	592.86%	-68.00%	213.33%	-28.57%	-8.25%	262.50%	39.36%	400.00%	153.93%
Operating Cash Flow Growth	-157.13%	-195.57%	423.15%	96.86%	310.03%	455.97%	-42.71%	1,517.15%	105.29%	-44.93%	81.44%
Free Cash Flow Firm Growth	-230.29%	-472.23%	-170.57%	62.27%	127.80%	192.83%	248.72%	470.86%	343.09%	-17.19%	-8.06%
Invested Capital Growth	72.21%	92.21%	60.90%	40.45%	-46.31%	-997.20%	-172.58%	-216.00%	-187.74%	-57.59%	-42.66%
Revenue Q/Q Growth	17.78%	-0.20%	0.77%	-12.72%	36.34%	15.85%	0.49%	-4.18%	43.97%	13.21%	-9.55%
EBITDA Q/Q Growth	38.71%	-24.36%	30.14%	-71.57%	391.78%	-32.13%	56.63%	-32.30%	108.93%	50.99%	13.63%
EBIT Q/Q Growth	42.53%	-25.88%	16.65%	-75.02%	477.86%	-33.22%	46.44%	-33.36%	114.63%	52.29%	4.47%
NOPAT Q/Q Growth	-42.11%	76.47%	68.77%	-78.95%	281.81%	-61.96%	124.03%	-45.27%	208.19%	64.14%	15.45%
Net Income Q/Q Growth	-43.59%	83.75%	96.43%	-86.16%	505.36%	-57.20%	119.95%	-34.42%	130.88%	53.92%	11.99%
EPS Q/Q Growth	-40.00%	86.67%	73.21%	-83.51%	487.50%	-57.45%	122.50%	-34.83%	125.86%	52.67%	13.00%
Operating Cash Flow Q/Q Growth	57.10%	4.89%	364.79%	-102.91%	2,968.67%	61.20%	-57.38%	-28.09%	315.55%	-56.76%	40.42%
Free Cash Flow Firm Q/Q Growth	-65.41%	-8.95%	49.89%	58.23%	221.87%	263.83%	-19.71%	4.17%	45.61%	-32.01%	-10.85%
Invested Capital Q/Q Growth	35.92%	75.52%	-333.89%	12.51%	-57.43%	-83.58%	-7.80%	-1.43%	-43.35%	-0.55%	2.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.65%	18.84%	16.86%	13.72%	16.80%	11.75%	14.36%	11.38%	13.70%	17.25%	20.48%
EBITDA Margin	12.61%	9.55%	12.34%	3.52%	12.70%	7.44%	11.59%	7.54%	10.94%	14.59%	18.33%
Operating Margin	11.35%	8.09%	8.05%	3.50%	9.37%	4.80%	7.12%	4.13%	8.23%	11.80%	14.05%
EBIT Margin	11.78%	8.75%	10.12%	2.90%	12.28%	7.08%	10.32%	7.17%	10.70%	14.39%	16.62%
Profit (Net Income) Margin	3.57%	6.58%	12.83%	2.03%	9.03%	3.34%	7.30%	5.00%	8.02%	10.90%	13.49%
Tax Burden Percent	30.36%	75.25%	126.73%	70.21%	73.55%	47.13%	70.79%	69.67%	74.95%	75.75%	81.20%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	69.64%	24.75%	-26.73%	29.79%	26.45%	52.87%	29.21%	30.33%	25.05%	24.25%	18.80%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	7.70%	6.16%	11.44%	10.11%	13.48%	12.79%	11.32%	13.35%	14.69%	21.55%	26.59%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	10.26%	7.89%	8.83%	2.74%	12.74%	7.66%	10.88%	8.18%	12.38%	17.41%	20.25%
Return on Assets (ROA)	3.12%	5.94%	11.19%	1.93%	9.37%	3.61%	7.70%	5.70%	9.28%	13.19%	16.45%
Return on Common Equity (ROCE)	7.69%	6.15%	11.46%	10.13%	13.50%	12.80%	11.32%	13.35%	14.69%	21.55%	26.59%
Return on Equity Simple (ROE_SIMPLE)	8.56%	7.02%	0.00%	10.55%	13.29%	12.49%	0.00%	13.01%	14.14%	20.11%	0.00%
Net Operating Profit after Tax (NOPAT)	4.07	7.18	12	2.55	9.74	3.70	8.30	4.54	14	23	27
NOPAT Margin	3.44%	6.09%	10.20%	2.46%	6.89%	2.26%	5.04%	2.88%	6.17%	8.94%	11.41%
Net Nonoperating Expense Percent (NNEP)	0.04%	0.15%	0.82%	-0.13%	0.91%	0.52%	1.01%	0.91%	1.01%	1.11%	1.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-	4.31%	-	-	-	2.85%	-	-	-	7.54%
Cost of Revenue to Revenue	79.35%	81.16%	83.14%	86.28%	83.20%	88.25%	85.64%	88.62%	86.30%	82.75%	79.52%
SG&A Expenses to Revenue	9.30%	10.75%	8.81%	10.22%	7.43%	6.95%	7.24%	7.25%	5.47%	5.45%	6.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.30%	10.75%	8.81%	10.22%	7.43%	6.95%	7.24%	7.25%	5.47%	5.45%	6.43%
Earnings before Interest and Taxes (EBIT)	14	10	12	3.00	17	12	17	11	24	37	39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	15	11	15	3.65	18	12	19	12	25	38	43
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.81	1.69	1.81	1.88	1.75	2.10	2.00	2.71	3.42	5.42	5.28
Price to Tangible Book Value (P/TBV)	2.04	1.91	2.03	2.12	1.96	2.35	2.24	3.02	3.79	5.97	5.77
Price to Revenue (P/Rev)	1.07	1.00	1.12	1.14	1.04	1.13	1.02	1.27	1.48	2.21	2.12
Price to Earnings (P/E)	19.61	22.70	15.37	18.62	13.68	17.83	18.01	22.10	24.21	27.10	21.73
Dividend Yield	2.83%	3.01%	2.67%	2.56%	2.69%	2.34%	2.52%	1.92%	1.52%	0.97%	0.99%
Earnings Yield	5.10%	4.41%	6.51%	5.37%	7.31%	5.61%	5.55%	4.53%	4.13%	3.69%	4.60%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.39	0.38	0.40	0.45	0.32	0.38	0.30	0.60	0.80	1.58	1.52
Enterprise Value to EBITDA (EV/EBITDA)	4.24	4.63	3.55	4.85	3.34	4.30	3.22	6.35	8.57	13.90	11.40
Enterprise Value to EBIT (EV/EBIT)	4.67	5.16	3.98	5.27	3.57	4.56	3.48	6.61	8.87	14.25	11.98
Enterprise Value to NOPAT (EV/NOPAT)	8.37	9.95	5.83	7.66	4.78	7.23	7.06	14.44	18.73	25.71	19.65
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	24.56	2.49	1.48	1.46	2.79	3.28	8.65	7.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	395.34	2.97	1.54	1.69	3.43	3.91	11.14	11.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.31	-1.23	-1.26	-1.18	-1.18	-1.22	-1.29	-1.28	-1.40	-1.47	-1.46
Leverage Ratio	1.74	1.65	1.72	1.67	1.65	1.75	1.90	1.93	2.08	2.17	2.23
Compound Leverage Factor	1.74	1.65	1.72	1.67	1.65	1.75	1.90	1.93	2.08	2.17	2.23
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.29%	-0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.29%	100.29%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	4.59	4.54	3.65	3.77	3.59	3.34	3.21	3.49	3.50	4.56	4.42
Noncontrolling Interest Sharing Ratio	0.15%	0.15%	-0.13%	-0.14%	-0.14%	-0.14%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.66	2.71	2.17	2.21	2.11	1.88	1.81	1.75	1.63	1.64	1.63
Quick Ratio	2.42	2.41	1.85	1.96	1.81	1.63	1.52	1.45	1.40	1.46	1.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-105	-114	-57	-24	29	106	85	89	129	88	78
Operating Cash Flow to CapEx	-4,261.50%	-833.95%	5,433.80%	-193.49%	9,274.87%	5,189.75%	4,012.23%	5,492.55%	3,128.78%	1,247.70%	3,269.16%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.87	0.90	0.87	0.95	1.04	1.08	1.05	1.14	1.16	1.21	1.22
Accounts Receivable Turnover	13.78	12.53	11.80	9.47	13.88	12.01	11.77	10.39	10.20	8.88	7.84
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	32.62	31.97	43.57	44.51	48.25	49.56	53.46	58.38	63.22	64.67	68.61
Accounts Payable Turnover	9.11	8.76	7.51	9.90	11.52	11.29	10.28	10.56	9.47	11.33	10.72
Days Sales Outstanding (DSO)	26.50	29.12	30.93	38.54	26.30	30.38	31.02	35.12	35.80	41.10	46.58
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	40.05	41.67	48.61	36.87	31.69	32.34	35.52	34.56	38.56	32.20	34.05
Cash Conversion Cycle (CCC)	-13.55	-12.55	-17.68	1.68	-5.39	-1.96	-4.50	0.56	-2.76	8.90	12.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-42	-10	-45	-39	-61	-113	-121	-123	-177	-178	-173
Invested Capital Turnover	-4.86	-6.50	-5.74	-8.78	-9.32	-8.58	-6.91	-7.74	-5.99	-5.56	-5.93
Increase / (Decrease) in Invested Capital	109	121	69	26	-19	-102	-77	-84	-115	-65	-52
Enterprise Value (EV)	183	174	183	207	153	201	170	378	569	1,276	1,332
Market Capitalization	503	462	509	524	499	598	583	795	1,054	1,782	1,857
Book Value per Share	$19.56	$19.63	$20.69	$20.75	$21.25	$21.39	$21.83	$22.14	$23.07	$24.35	$25.92
Tangible Book Value per Share	$17.38	$17.41	$18.43	$18.47	$18.98	$19.11	$19.56	$19.86	$20.82	$22.13	$23.72
Total Capital	277	272	281	278	285	285	291	293	308	329	352
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-319	-287	-325	-317	-346	-398	-412	-416	-485	-506	-525
Capital Expenditures (CapEx)	0.40	1.94	0.79	0.65	0.39	1.11	0.61	0.32	2.35	2.55	1.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-83	-56	-89	-84	-107	-157	-167	-170	-225	-225	-224
Debt-free Net Working Capital (DFNWC)	236	230	236	233	240	240	245	247	260	281	301
Net Working Capital (NWC)	236	230	236	233	240	240	245	247	260	281	301
Net Nonoperating Expense (NNE)	-0.15	-0.58	-3.12	0.44	-3.03	-1.76	-3.72	-3.34	-4.20	-5.03	-4.84
Net Nonoperating Obligations (NNO)	-319	-282	-325	-317	-346	-398	-412	-416	-485	-506	-525
Total Depreciation and Amortization (D&A)	0.98	0.95	2.63	0.65	0.59	0.59	2.10	0.58	0.56	0.53	3.99
Debt-free, Cash-free Net Working Capital to Revenue	-17.68%	-12.17%	-19.62%	-18.40%	-22.19%	-29.82%	-29.21%	-27.04%	-31.54%	-27.94%	-25.59%
Debt-free Net Working Capital to Revenue	50.42%	49.89%	51.91%	50.74%	49.73%	45.53%	42.72%	39.33%	36.44%	34.85%	34.48%
Net Working Capital to Revenue	50.42%	49.89%	51.91%	50.74%	49.73%	45.53%	42.72%	39.33%	36.44%	34.85%	34.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$0.56	$0.99	$0.16	$0.95	$0.41	$0.90	$0.59	$1.36	$2.07	$2.33
Adjusted Weighted Average Basic Shares Outstanding	14.13M	13.78M	14.08M	13.41M	13.40M	13.33M	13.37M	13.26M	13.40M	13.53M	13.45M
Adjusted Diluted Earnings per Share	$0.30	$0.56	$0.97	$0.16	$0.94	$0.40	$0.89	$0.58	$1.31	$2.00	$2.26
Adjusted Weighted Average Diluted Shares Outstanding	14.25M	13.81M	14.18M	13.55M	13.54M	13.56M	13.55M	13.57M	13.88M	14.03M	13.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	13.88M	13.58M	13.40M	13.41M	13.32M	13.33M	13.24M	13.35M	13.50M	13.58M	13.63M
Normalized Net Operating Profit after Tax (NOPAT)	9.38	7.18	6.69	2.55	9.74	5.50	8.30	4.54	14	23	27
Normalized NOPAT Margin	7.94%	6.09%	5.64%	2.46%	6.89%	3.36%	5.04%	2.88%	6.17%	8.94%	11.41%
Pre Tax Income Margin	11.78%	8.75%	10.12%	2.90%	12.28%	7.08%	10.32%	7.17%	10.70%	14.39%	16.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	62.97%	75.34%	42.17%	48.68%	37.34%	41.40%	45.38%	40.26%	36.85%	26.11%	21.38%
Augmented Payout Ratio	372.26%	512.20%	238.79%	201.58%	94.91%	79.21%	83.90%	63.78%	50.42%	33.13%	23.16%

Frequently Asked Questions About Argan's Financials

When does Argan's fiscal year end?

According to the most recent income statement we have on file, Argan's financial year ends in January. Their financial year 2025 ended on January 31, 2025.

How has Argan's net income changed over the last 10 years?

Over the last 10 years, Argan's net income changed from $43.46 million in 2015 to $85.46 million in 2025, a change of 96.7%.

What is Argan's operating income?

Argan's total operating income in 2025 was $88.20 million, based on the following breakdown:

Total Gross Profit: $140.99 million
Total Operating Expenses: $52.79 million

How has Argan revenue changed over the last 10 years?

Over the last 10 years, Argan's total revenue changed from $383.11 million in 2015 to $874.18 million in 2025, a change of 128.2%.

How much debt does Argan have?

Argan's total liabilities were at $484.37 million at the end of 2025, a 57.6% increase from 2024, and a 124.0% increase since 2015.

How much cash does Argan have?

In the past 10 years, Argan's cash and equivalents has ranged from $122.11 million in 2018 to $366.67 million in 2021, and is currently $145.26 million as of their latest financial filing in 2025.

How has Argan's book value per share changed over the last 10 years?

Over the last 10 years, Argan's book value per share changed from 12.76 in 2015 to 25.92 in 2025, a change of 103.1%.

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This page (NYSE:AGX) was last updated on 4/15/2025 by MarketBeat.com Staff

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Argan (AGX) Financials

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Argan (AGX) Financials

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