Argan S.A. (ARG.PA) 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

-39.6%

€40.53

vs €67.10 price

Levered DCF

€138.58

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.7

Distress zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	6.81×	6.07×	-7.45×	18.18×	3.92×	6.68×	6.39×	4.95×
P/B	0.7×	0.67×	1.04×	0.78×	1.23×	1.26×	1.11×	1.1×
P/S	6.71×	6.24×	8.89×	8.74×	14.1×	10.89×	13.47×	8.39×
EV / EBITDA	11.81×	11.09×	-17.58×	23.95×	29.21×	26.71×	12.4×	18.88×
Gross margin	85.4%	84.1%	81.8%	81.4%	82.7%	81.0%	81.4%	97.9%
Operating margin	79.2%	77.7%	-91.1%	59.0%	381.4%	184.8%	41.2%	91.2%
Net margin	97.5%	102.8%	-119.3%	48.0%	359.8%	163.0%	210.7%	169.3%
Current ratio	0.15×	0.77×	0.48×	0.79×	1.26×	0.53×	0.11×	0.49×
Debt / equity	0.74×	0.84×	1.06×	0.92×	1.04×	1.2×	1.28×	1.22×
Interest coverage	4.51×	4.06×	-4.29×	3.41×	20.9×	9.5×	1.75×	4×
Dividend yield	3.9%	3.5%	3.1%	1.3%	1.0%	2.0%	0.7%	1.3%
Payout ratio	26.7%	21.4%	-23.4%	22.9%	3.8%	13.7%	4.7%	6.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.2%	11.0%	-14.0%	4.3%	31.4%	18.9%	17.4%	22.1%
Return on invested capital	4.6%	4.5%	-5.1%	2.7%	16.1%	9.7%	1.5%	5.3%
Return on assets	5.6%	5.8%	-6.5%	2.1%	14.8%	8.2%	7.3%	9.4%
Free cash flow yield	11.1%	11.6%	9.5%	7.8%	1.8%	-8.1%	-7.4%	-15.3%
Earnings yield	14.5%	16.5%	-13.4%	5.5%	25.5%	15.0%	15.6%	20.2%
Enterprise value	€3.5B	€3.3B	€3.9B	€3.6B	€4.3B	€3.6B	€2.9B	€1.5B
Net debt / EBITDA	6.03×	6.04×	-8.78×	12.44×	11.45×	12.86×	6.61×	9.79×
Cash conversion cycle (days)	-2	4	-76	-210	-121	-76	-284	-901