ARGAN INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ARGAN INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	675	893	482	239	392	509	455	573	874	945
Cost of revenue	528	743	400	246	330	410	369	492	733	751
Gross profit	147	149	82.4	-6.82	62.1	99.7	86.4	80.8	141	194
Selling, general and administrative	32.5	41.8	40.7	44.1	39	47.3	44.7	44.4	52.8	59
Operating income	112	107	40.2	-55.8	23	44.5	41.7	36.5	88.2	135
Other non-operating income	2.28	5.65	6.98	8.08	1.86	2.55	4.33	12.5	23	25.8
Pre-tax income	115	113	47.2	-47.8	24.9	47.1	46	48.9	111	161
Income tax	37.1	40.3	-4.65	-7.05	1.07	11.4	11.3	16.6	25.7	22.7
Net income to minority interests	7.1	0.34	-0.17	1.98	-0.04	-2.54	1.61
Net income	70.3	72	52	-42.7	23.9	38.2	33.1	32.4	85.5	138
EBITDA	114	110	43.7	-52.3	26.7	47.9	44.7	38.5	90.1	137
EPS, basic	4.67	4.64	3.34	-2.73	1.52	2.43	2.35	2.42	6.35	10.00
EPS, diluted	4.50	4.56	3.32	-2.73	1.51	2.40	2.33	2.39	6.15	9.74
Shares, basic (weighted)	15.1	15.5	15.6	15.6	15.7	15.7	14.1	13.4	13.4	13.8
Shares, diluted (weighted)	15.6	15.8	15.7	15.6	15.8	15.9	14.2	13.5	13.9	14.1
Dividend per share	1.00	1.00	1.00	1.00	3.00	1.00	1.00	1.10	1.35	1.75

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	167	122	164	167	367	350	174	197	145	339
Short-term investments							152	109	153	152
Receivables	54.8	26.3	36.2	37.2	28.7	27	50.1	47.3	176	134
Other current assets	6.93	10.9	25.3	23.3	34.1	34.9	38.3	39.3	51.9	60.2
Total current assets	588	485	416	422	546	507	439	547	781	1,132
Property, plant and equipment	13.1	15.3	19.8	22.5	20.4	10.5	10.4	11	14.5	16.6
Lease right-of-use assets			0.29	2.41	3.76	3.6	4.8	5.3	5.3	6.3
Goodwill	34.9	34.3	32.8	27.9	27.9	28	28	28	28	28
Intangible assets	8.18	7.15	6.14	5	4.1	3.32	2.61	2.22	1.83	1.45
Other non-current assets	0.09	0.43	0.29
Total assets	644	543	477	488	603	554	489	598	836	1,186
Accounts payable	102	100	39.9	35.4	53.3	41.8	56.4	39.5	97.3	108
Accrued liabilities	39.5	35.4	33.1	35.9	50.8	53.3	49.9	81.7	83.3	89.7
Deferred revenue		47.7	8.35	72.7	172	128	96.3	181	299	514
Total current liabilities	351	183	81.3	144	276	223	203	302	480	711
Lease liabilities				0.64	1.27	2.29	3.22	2.59	2.59	3.87
Other non-current liabilities			0.96	2.48	4.14	4.96
Total liabilities	352	185	82.3	147	280	228	209	307	484	724
Paid-in capital	135	143	145	149	153	158	162	164	169	167
Retained earnings	155	211	248	189	166	189	208	226	293	406
Treasury stock					-0.03	-20.4	-88.6	-97.5	-106	-114
Other comprehensive income	-0.76	1.42	-0.35	-1.12	-1.08	-2.45	-2.88	-3.6	-6.54	0.82
Shareholders' equity	292	358	395	339	321	326	281	291	352	462
Minority interests	0.94	0.04	-0.2	1.78	1.74	-0.8
Total equity	293	358	394	341	322	326	281	291	352	462
Total liabilities and equity	644	543	477	488	603	554	489	598	836	1,186
Shares outstanding	15.5	15.6	15.6	15.6	15.7	15.3	13.4	13.2	13.6	14

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	77.4	72.3	51.9	-40.7	23.8	35.7	34.7	32.4	85.5	138
Depreciation and amortization	2.04	2.78	3.42	3.51	3.72	3.37	2.98	2.01	1.91	1.91
Stock-based compensation	2.34	4.65	1.65	2.13	2.94	3.46	3.96	4.46	4.46	7.87
Deferred income tax	1.24	-0.06	-2.14	-6.64	7.65	-0.21	-3.23	1.33	1.87	6.28
Change in receivables	0.82	-5.69	-10.2	-1.04	8.46	-0.48	-23.2	2.76	-129	42.3
Change in payables	59.5	-6.16	-60.2	-3.28	31.4	-5.74	9.08	14.8	66.2	28.6
Cash from operations	259	-72.8	-112	53.6	176	28.4	-30.1	117	168	415
Capital expenditures	-2.81	-4.83	-8.6	-7.06	-1.7	-1.42	-3.37	-2.76	-6.58	-3.88
Acquisitions						-0.6
Purchases of investments								-104	-140	-227
Sales and maturities of investments								0	0	0
Cash from investing	-244	38.7	171	-36.1	67	-7.04	-63.1	-67.6	-194	-182
Stock issued	15.9	3.16	0.1	1.63	1.64	1.43	0.07	1.1
Share buybacks						-20.4	-68.2	-12.5	-1.52	-9.88
Dividends paid	-15.3	-15.5	-15.6	-15.6	-47	-15.7	-14	-14.7	-18.3	-24.3
Cash from financing	-8.86	-13.6	-15.5	-14	-45.4	-34.6	-82.8	-26.1	-26.1	-42.6
Exchange rate effect	-0.09	2.65	-0.55	-0.47	1.73	-2.97	-0.54	-0.12	0.32	4.11
Net change in cash	6.29	-45.1	42.2	3.05	199	-16.2	-177	23.1	-51.8	194
Free cash flow	256	-77.6	-121	46.5	174	27	-33.4	114	161	411
Interest paid			0.66
Income taxes paid	36.9	44.3	3.9	3.1	5.5	13.9	6.67	14.3	30.8	29.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $364.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.9%	Gross profit / revenue.
Operating margin	15.4%	Operating income / revenue.
EBITDA margin	15.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.2%	Pre-tax income / revenue.
Net margin	15.1%	Net income / revenue.
FCF margin	45.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	46.7%	Cash from operations / revenue.
Effective tax rate	16.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	35.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.8%	Net income / average total assets.
Return on invested capital (ROIC)	106.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	5.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	37.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	30.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	25.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	52.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	47.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	42.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	51.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	45.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	38.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	61.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	60.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	42.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	58.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	61.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	45.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	147.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	18.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	155.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	18.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	29.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	20.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-10.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	31.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	41.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	34.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.50x	Current assets / current liabilities.
Quick ratio	0.83x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.62x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	63.8%	Total liabilities / total assets.
Working capital	$440.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$470.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.85x	Revenue / average total assets.
Fixed asset turnover	52.1x	Revenue / average property, plant and equipment.
Receivables turnover	6.59x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
FCF conversion	304.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.66	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$83.88	Revenue / diluted weighted shares.
FCF per share	$38.53	Free cash flow / diluted weighted shares.
Operating cash flow per share	$39.20	Cash from operations / diluted weighted shares.
Book value per share	$36.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$33.50	Tangible book value / shares outstanding.
Cash per share	$39.04	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	5.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	2.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.11B	Share price x shares outstanding.
Enterprise value	$4.56B	Market cap + total debt - cash - short-term investments.
P/E	28.5x	Market cap / net income. Only when net income is positive.
P/S	4.30x	Market cap / revenue.
P/B	10.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.9x	Market cap / tangible book value, when positive.
P/FCF	9.36x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.20x	Market cap / cash from operations, when positive.
EV/Sales	3.84x	Enterprise value / revenue.
EV/EBIT	25.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.35x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.7%	Free cash flow / market cap.
Earnings yield	3.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.47x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ARGAN INC's revenue in fiscal 2026?

ARGAN INC reported revenue of $944.6M for fiscal 2026, 8.1% higher than the year before.

Was ARGAN INC profitable in fiscal 2026?

Yes. Net income was $137.8M, a net margin of 14.6%.

How much free cash flow did ARGAN INC generate in fiscal 2026?

Cash from operations of $414.7M minus capital expenditures of $3.9M left free cash flow of $410.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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