Argan, Inc. (AGX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-47.1%

$179.66

vs $339.51 price

Levered DCF

$358.70

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.37

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	34.71×	21.54×	18.32×	16.59×	15.29×	28.53×	-15.31×	12.64×
P/B	10.43×	5.23×	2.04×	1.95×	1.79×	2.12×	1.94×	1.67×
P/S	5.11×	2.1×	1.03×	1.21×	1.15×	1.73×	2.75×	1.36×
EV / EBITDA	27.58×	14.52×	7.76×	7.58×	4.14×	11.32×	-10.59×	10.68×
Gross margin	20.5%	16.1%	14.1%	19.0%	19.6%	15.8%	-2.9%	17.1%
Operating margin	14.3%	10.1%	6.4%	9.2%	8.7%	5.9%	-23.4%	8.3%
Net margin	14.6%	9.8%	5.6%	7.3%	7.5%	6.1%	-18.0%	10.8%
Current ratio	1.6×	1.63×	1.81×	2.17×	2.27×	1.98×	2.93×	5.06×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	4.16×	0×	0×	0×
Dividend yield	0.5%	1.0%	2.5%	2.5%	2.7%	6.9%	2.4%	2.4%
Payout ratio	17.6%	21.4%	45.4%	42.2%	41.0%	197.3%	-36.4%	30.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	29.8%	24.3%	11.1%	11.8%	11.7%	7.4%	-12.7%	13.2%
Return on invested capital	24.0%	18.9%	8.1%	10.9%	10.2%	6.7%	-14.6%	10.2%
Return on assets	11.6%	10.2%	5.4%	6.8%	6.9%	4.0%	-8.8%	10.9%
Free cash flow yield	8.5%	8.8%	19.3%	-6.1%	4.6%	25.5%	7.1%	-18.4%
Earnings yield	2.9%	4.6%	5.5%	6.0%	6.6%	3.5%	-6.5%	7.9%
Enterprise value	$4.5B	$1.7B	$398.2M	$376.7M	$234.7M	$312.9M	$490.4M	$493M
Net debt / EBITDA	-2.05×	-1.22×	-3.78×	-3.47×	-6.16×	-13.26×	3.62×	-3.56×
Cash conversion cycle (days)	35	52	51	28	-14	-7	55	35