Tearsheet

Argan (AGX)

Market Price (5/17/2026): $726.0 | Market Cap: $10.1 Bil
Sector: Industrials | Industry: Construction & Engineering

Argan (AGX)

Market Price (5/17/2026): $726.0
Market Cap: $10.1 Bil
Sector: Industrials
Industry: Construction & Engineering

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 43%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, and Hydrogen Economy. Themes include Solar Energy Generation, Wind Energy Development, Show more.

Trading close to highs
Dist 52W High is -2.5%, Dist 3Y High is -2.5%

Expensive valuation multiples
P/SPrice/Sales ratio is 11x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 75x, P/EPrice/Earnings or Price/(Net Income) is 73x

Stock price has recently run up significantly
6M Rtn6 month market price return is 106%, 12M Rtn12 month market price return is 285%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 124%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5%

Key risks
AGX key risks include [1] potential losses from cost overruns on its fixed-price contracts, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 43%
1	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, and Hydrogen Economy. Themes include Solar Energy Generation, Wind Energy Development, Show more.
2	Trading close to highs Dist 52W High is -2.5%, Dist 3Y High is -2.5%
3	Expensive valuation multiples P/SPrice/Sales ratio is 11x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 75x, P/EPrice/Earnings or Price/(Net Income) is 73x
4	Stock price has recently run up significantly 6M Rtn6 month market price return is 106%, 12M Rtn12 month market price return is 285%
5	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 124%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5%
7	Key risks AGX key risks include [1] potential losses from cost overruns on its fixed-price contracts, Show more.

Valuation, Metrics & Events

	5/17/26	2025	2024	2023
Share Price CYE	$726.00	$313.32	$137.04	$46.79
Market Cap CYE ($ Bil)	10.1	4.3	1.9	0.6
Total Debt ($ Bil)	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.9	0.7	0.5	0.4
Enterprise Value ($ Bil)	9.2	4.3	1.9	0.6
Valuation Ratios
P/S TTM	10.7	4.7	2.3	1.2
P/EBIT TTM	74.9	36.2	27.6	18.2
P/E TTM	73.2	36.1	28.0	18.4
P/FCF TTM	24.6	15.3	13.1	4.7
Sector Ratios
P/S TTM (Sector)	1.7	1.7	1.5	1.4
P/EBIT TTM (Sector)	10.9	11.1	11.7	10.9
P/E TTM (Sector)	15.4	15.6	15.8	14.6
P/FCF TTM (Sector)	12.7	13.0	13.1	10.8

	5/17/26	2025	2024
Share Price CYE	$726.00	$313.32	$137.04
Market Cap CYE ($ Bil)	10.1	4.3	1.9
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.9	0.7	0.5
Enterprise Value ($ Bil)	9.2	4.3	1.9
Valuation Ratios
P/S TTM	10.7	4.7	2.3
P/EBIT TTM	74.9	36.2	27.6
P/E TTM	73.2	36.1	28.0
P/FCF TTM	24.6	15.3	13.1
Sector Ratios
P/S TTM (Sector)	1.7	1.7	1.5
P/EBIT TTM (Sector)	10.9	11.1	11.7
P/E TTM (Sector)	15.4	15.6	15.8
P/FCF TTM (Sector)	12.7	13.0	13.1

	AGX	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.9
Rev Chg Q	12.7%	8.7%
Rev Chg LTM	8.1%	7.4%
Rev Chg 3Y Avg	28.8%	5.8%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.4
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	14.3%	18.4%
CFO/Rev LTM	43.9%	21.1%
Net Inc Mgn	14.6%	13.0%
VALUATION	HIGH
P/S	10.7	3.1
P/CFO	24.3	14.7
P/FCF	24.6	18.8
P/E	73.2	23.3
STABILITY	VERY GOOD
Debt/Equity	0.00	0.22
Cash/Assets	0.75	0.07

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Metric	Value	Date	Source
Project Backlog	2.0 billion USD	7312025	Link
Backlog Project Mix - Natural Gas	61%	7312025	Link
Backlog Project Mix - Renewables	29%	7312025	Link

Upcoming
6/03/2026	Earnings Release	Rev: $256 Mil (E) EPS: $2.27 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Argan (AGX) stock has gained about 110% since 1/31/2026 because of the following key factors:

1. Argan (AGX) reported exceptional financial performance for its fourth quarter and fiscal year ended January 31, 2026, significantly beating analyst expectations. The company announced a diluted earnings per share (EPS) of $3.47, surpassing analysts' estimates of $1.98 by 75.25%. Net income for the quarter surged 57% year-over-year to $49.2 million, on consolidated revenues of $262.1 million, a 12.7% increase from the prior-year quarter. Additionally, Argan's gross margin expanded to 25.0% from 20.5% in the comparable period, driven by strong project execution, including the early completion of the Trumbull Energy Center. The company also maintained a robust financial position with $895.0 million in cash, cash equivalents, and investments and no debt as of January 31, 2026.

2. The company achieved a record project backlog, largely fueled by macroeconomic demand for AI and data center infrastructure. As of January 31, 2026, Argan's project backlog increased to a substantial $2.9 billion, a significant rise from $1.4 billion in the prior year. Management highlighted a "robust pipeline of opportunities" for new gas-fired power plants, driven by the rapid growth of artificial intelligence (AI), data centers, and the broader trend of electrification, all of which are placing increased pressure on existing power grids.

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Stock Movement Drivers

Fundamental Drivers

The 108.3% change in AGX stock from 1/31/2026 to 5/16/2026 was primarily driven by a 82.1% change in the company's P/E Multiple.

(LTM values as of)	1312026	5162026	Change
Stock Price ($)	346.83	722.31	108.3%
Change Contribution By:
Total Revenues ($ Mil)	915	945	3.2%
Net Income Margin (%)	13.1%	14.6%	11.3%
P/E Multiple	40.0	72.8	82.1%
Shares Outstanding (Mil)	14	14	-0.5%
Cumulative Contribution			108.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/16/2026

	Return	Correlation
AGX	108.3%
Market (SPY)	7.1%	9.4%
Sector (XLI)	3.9%	21.0%

Fundamental Drivers

The 136.4% change in AGX stock from 10/31/2025 to 5/16/2026 was primarily driven by a 103.5% change in the company's P/E Multiple.

(LTM values as of)	10312025	5162026	Change
Stock Price ($)	305.58	722.31	136.4%
Change Contribution By:
Total Revenues ($ Mil)	921	945	2.6%
Net Income Margin (%)	12.7%	14.6%	14.6%
P/E Multiple	35.8	72.8	103.5%
Shares Outstanding (Mil)	14	14	-1.2%
Cumulative Contribution			136.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/16/2026

	Return	Correlation
AGX	136.4%
Market (SPY)	9.0%	19.8%
Sector (XLI)	11.2%	24.9%

Fundamental Drivers

The 374.4% change in AGX stock from 4/30/2025 to 5/16/2026 was primarily driven by a 200.7% change in the company's P/E Multiple.

(LTM values as of)	4302025	5162026	Change
Stock Price ($)	152.25	722.31	374.4%
Change Contribution By:
Total Revenues ($ Mil)	874	945	8.1%
Net Income Margin (%)	9.8%	14.6%	49.2%
P/E Multiple	24.2	72.8	200.7%
Shares Outstanding (Mil)	14	14	-2.1%
Cumulative Contribution			374.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/16/2026

	Return	Correlation
AGX	374.4%
Market (SPY)	34.8%	25.2%
Sector (XLI)	32.4%	29.3%

Fundamental Drivers

The 1772.8% change in AGX stock from 4/30/2023 to 5/16/2026 was primarily driven by a 362.1% change in the company's P/E Multiple.

(LTM values as of)	4302023	5162026	Change
Stock Price ($)	38.57	722.31	1772.8%
Change Contribution By:
Total Revenues ($ Mil)	455	945	107.6%
Net Income Margin (%)	7.3%	14.6%	100.5%
P/E Multiple	15.8	72.8	362.1%
Shares Outstanding (Mil)	14	14	-2.6%
Cumulative Contribution			1772.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/16/2026

	Return	Correlation
AGX	1772.8%
Market (SPY)	84.7%	29.1%
Sector (XLI)	79.2%	33.6%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
AGX Return	-12%	-2%	30%	198%	131%	137%	1738%
Peers Return	37%	11%	27%	40%	35%	13%	314%
S&P 500 Return	27%	-19%	24%	23%	16%	10%	100%
Monthly Win Rates [3]
AGX Win Rate	25%	50%	75%	83%	75%	100%
Peers Win Rate	45%	48%	53%	48%	50%	68%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
AGX Max Drawdown	-31%	-23%	-15%	-15%	-44%	-14%
Peers Max Drawdown	-21%	-23%	-21%	-13%	-41%	-33%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: DY, FLR, GVA, MGN, PWR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)

Event	AGX	S&P 500
2025 US Tariff Shock
% Loss	-28.0%	-18.8%
% Gain to Breakeven	38.9%	23.1%
Time to Breakeven	32 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-17.3%	-24.5%
% Gain to Breakeven	21.0%	32.4%
Time to Breakeven	107 days	427 days
2020 COVID-19 Crash
% Loss	-32.9%	-33.7%
% Gain to Breakeven	49.1%	50.9%
Time to Breakeven	106 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-14.1%	-19.2%
% Gain to Breakeven	16.4%	23.8%
Time to Breakeven	34 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-27.7%	-12.2%
% Gain to Breakeven	38.2%	13.9%
Time to Breakeven	118 days	62 days
2014-2016 Oil Price Collapse
% Loss	-25.4%	-6.8%
% Gain to Breakeven	34.0%	7.3%
Time to Breakeven	240 days	15 days

Compare to DY, FLR, GVA, MGN, PWR

In The Past

Argan's stock fell -28.0% during the 2025 US Tariff Shock. Such a loss loss requires a 38.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	AGX	S&P 500
2025 US Tariff Shock
% Loss	-28.0%	-18.8%
% Gain to Breakeven	38.9%	23.1%
Time to Breakeven	32 days	79 days
2020 COVID-19 Crash
% Loss	-32.9%	-33.7%
% Gain to Breakeven	49.1%	50.9%
Time to Breakeven	106 days	140 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-27.7%	-12.2%
% Gain to Breakeven	38.2%	13.9%
Time to Breakeven	118 days	62 days
2014-2016 Oil Price Collapse
% Loss	-25.4%	-6.8%
% Gain to Breakeven	34.0%	7.3%
Time to Breakeven	240 days	15 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-24.2%	-15.4%
% Gain to Breakeven	31.8%	18.2%
Time to Breakeven	353 days	125 days
2008-2009 Global Financial Crisis
% Loss	-30.8%	-53.4%
% Gain to Breakeven	44.5%	114.4%
Time to Breakeven	14 days	1085 days

Compare to DY, FLR, GVA, MGN, PWR

In The Past

Argan's stock fell -28.0% during the 2025 US Tariff Shock. Such a loss loss requires a 38.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Argan (AGX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Argan, Inc., through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical, and consulting services to the power generation and renewable energy markets. The company operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments. The Power Industry Services segment offers engineering, procurement, and construction contracting services to the owners of alternative energy facilities, such as biomass plants, wind farms, and solar fields; and design, construction, project management, start-up, and operation services for projects with approximately 15 gigawatts of power-generating capacity. This segment serves independent power project owners, public utilities, power plant equipment suppliers, and energy plant construction companies. The Industrial Fabrication and Field Services segment provides industrial field, and pipe and vessel fabrication services for forest products, industrial gas, fertilizer, and mining companies in southeast region of the United States. The Telecommunications Infrastructure Services segment offers trenchless directional boring and excavation for underground communication and power networks, as well as aerial cabling services; and installs buried cable, high and low voltage electric lines, and private area outdoor lighting systems. It also provides structured cabling, terminations, and connectivity that offers the physical transport for high-speed data, voice, video, and security networks. This segment serves state and local government agencies, regional communications service providers, electric utilities, and other commercial customers, as well as federal government facilities comprising cleared facilities in the mid-Atlantic region of the United States. Argan, Inc. was incorporated in 1961 and is headquartered in Rockville, Maryland.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Argan (AGX):

Imagine a smaller Quanta Services, building and maintaining power plants (especially renewable energy), industrial facilities, and telecom networks.
An engineering and construction (EPC) company for power generation and critical infrastructure, similar to a specialized Fluor or Bechtel.

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Power Industry EPC & Operations: Argan provides comprehensive engineering, procurement, and construction (EPC) services, alongside operations management, maintenance, and consulting for power generation and renewable energy facilities.
Industrial Fabrication & Field Services: The company offers specialized industrial field services and fabricates pipes and vessels for various industrial clients.
Telecommunications & Electrical Infrastructure Services: Argan builds and maintains telecommunications and electrical networks, including underground and aerial cabling, directional boring, and structured cabling systems.

AI Analysis | Feedback

Argan (AGX) primarily sells its services to other companies and governmental entities. Its major customers can be categorized as:

Power and Energy Sector: Independent power project owners, public utilities, power plant equipment suppliers, and energy plant construction companies.
Industrial Sector: Companies in the forest products, industrial gas, fertilizer, and mining industries.
Telecommunications and Government Sector: State and local government agencies, federal government facilities, regional communications service providers, electric utilities, and other commercial customers.

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David H. Watson, President and Chief Executive Officer

David H. Watson was appointed President and Chief Executive Officer of Argan, Inc. in August 2022 and has served on the Board since that time. Prior to his role as CEO, he served as Senior Vice President, Chief Financial Officer, Treasurer, and Corporate Secretary of Argan from October 2015 to August 2022. Before joining Argan, Mr. Watson held CFO and Treasurer positions at Gladstone Investment (NASDAQ: GAIN) and Gladstone Capital (NASDAQ: GLAD), both publicly traded business development companies.

Joshua S. Baugher, Senior Vice President, Chief Financial Officer, and Treasurer

Joshua S. Baugher became Senior Vice President, Chief Financial Officer, and Treasurer of Argan, Inc. on September 16, 2024, succeeding Richard H. Deily upon his retirement. Before this appointment, Mr. Baugher served as Vice President and Corporate Controller for Argan since 2022. His previous experience includes overseeing financial reporting and technical accounting at Charles River Associates (NASDAQ: CRAI), a publicly traded international consulting firm, from October 2018 to December 2022. Mr. Baugher began his career at CohnReznick, a national accounting firm, where he managed a diverse client portfolio for nine years. He is a licensed Certified Public Accountant with a Bachelor of Science in Accounting from George Mason University.

Charles Collins IV, Chief Executive Officer, Gemma Power Systems

Charles Collins IV serves as the Chief Executive Officer of Gemma Power Systems, LLC, a key subsidiary of Argan, Inc. He continues in this role, as indicated by his employment agreement dated September 16, 2024.

Sean Terrell, Chief Executive Officer, The Roberts Company

Sean Terrell was promoted to Chief Executive Officer of The Roberts Company (TRC), a wholly-owned subsidiary of Argan, Inc., effective April 30, 2025. He previously served as TRC's President since 2023. Mr. Terrell brings over 30 years of leadership and operational experience, including senior positions at Overland Contracting, Inc. and Black & Veatch, where he managed significant international projects. He also has prior experience with Gemma Power Systems, another Argan subsidiary, and holds a Bachelor of Science in Construction Engineering from Iowa State University.

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Key Business Risks for Argan (AGX):

Project Execution and Fixed-Price Contract Risk: Argan's business relies heavily on large, complex, fixed-price Engineering, Procurement, and Construction (EPC) contracts. There is an inherent risk that the company may experience reduced profits or incur losses if project costs increase above estimates, due to factors such as unforeseen issues, cost overruns, supply chain delays, or inefficient execution. A single significant loss-making project could materially impact earnings and investor confidence.
Customer Concentration and Dependence on New Large Projects: The company's project backlog and revenues are often concentrated in a few large, multi-year projects and a limited number of significant customers. The success of Argan is highly dependent on its ability to secure new large EPC contracts. Delays in existing projects or the failure to win new contracts could lead to a significant decline in its backlog and negatively impact future revenues and stock performance.
Material Cost Volatility and Supply Chain Disruptions: Argan operates in an industry susceptible to fluctuations in material costs, particularly for commodities like steel and aluminum, and is sensitive to changes in trade policies and tariffs. Such volatility or disruptions in the supply chain can lead to increased project costs and delays, potentially affecting the company's profitability, competitive positioning, and ability to deliver projects within budget and on time.

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The proliferation and advancement of wireless communication technologies, such as 5G and satellite internet services, pose a clear emerging threat to Argan's Telecommunications Infrastructure Services segment. As these wireless alternatives become more robust and widespread, they could reduce the demand for new physical wired infrastructure installations, including trenchless directional boring, excavation for underground networks, aerial cabling, and traditional structured cabling for high-speed data, voice, and video. This shift could potentially diminish the need for the extensive physical infrastructure build-out that forms a core part of Argan's telecom offerings.

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Argan, Inc. (AGX) operates across diverse sectors, and the addressable markets for its main products and services demonstrate significant scale, primarily within North America and globally.

Power Industry Services

Argan's Power Industry Services segment, encompassing engineering, procurement, and construction (EPC) for alternative energy facilities and broader power generation projects, addresses substantial markets:

The global Power EPC market was valued at USD 690 billion in 2023 and is projected to reach USD 1,103 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2033.
In the United States, the power EPC market size reached USD 110.14 billion in 2026 and is forecast to hit USD 126.76 billion by 2031, exhibiting a CAGR of 2.85% between 2026 and 2031.
The U.S. renewable energy market size reached USD 260.4 billion in 2025 and is expected to reach USD 579.9 billion by 2034, demonstrating a growth rate (CAGR) of 9.30% during 2026-2034.
The North America utility solar EPC market was estimated at USD 22.6 billion in 2024 and is expected to grow from USD 23.7 billion in 2025 to USD 54 billion by 2034, at a CAGR of 5.3%.

Industrial Fabrication and Field Services

The Industrial Fabrication and Field Services segment, which includes industrial field, and pipe and vessel fabrication services, operates within the following market sizes:

The North America contract fabrication services market size was estimated at USD 65.95 billion in 2025 and is projected to reach USD 103.68 billion by 2033, growing at a CAGR of 5.9% from 2026 to 2033.
The United States metal fabrication market size is USD 7257.4 million in 2025.
The global pipe fabrication market size was estimated at USD 57.43 billion in 2024 and is projected to grow from USD 60.23 billion in 2025 to USD 96.82 billion by 2035, exhibiting a CAGR of 4.86% during the forecast period 2025-2035.
The North America pipe fabrication market was valued at USD 7.14 billion in 2024.

Telecommunications Infrastructure Services

Argan's Telecommunications Infrastructure Services segment, offering trenchless directional boring, cabling, and network installation, operates within these market landscapes:

The demand for telecom network infrastructure in the USA is estimated to be USD 72.6 billion in 2025, rising to USD 76.9 billion in 2026, and is forecasted to reach USD 129.8 billion by 2035.
The North America fiber optic installation market was valued at USD 2.274 billion in 2024 and is projected to increase significantly to USD 4.135 billion by 2035.
The Wireless Tower Construction industry in the United States has a market size of USD 14.1 billion in 2026.
The U.S. fiber-optic cable market generated a revenue of USD 1,431.3 million in 2025 and is expected to reach USD 1,910.2 million by 2033.

AI Analysis | Feedback

Argan, Inc. (AGX) is anticipated to drive future revenue growth over the next 2-3 years through several key factors:

Record Project Backlog: Argan has reported a record project backlog of approximately $3.0 billion as of the third quarter of fiscal year 2026 (ended October 31, 2025), nearly doubling its position from the start of the year. This substantial backlog provides strong visibility into future revenue streams and indicates a multi-year runway for growth. The company's operational focus for 2026 is centered on "Backlog Monetization," aiming to convert these secured projects into revenue.
Surging Demand for Power Infrastructure (Natural Gas and Renewables): The significant increase in Argan's backlog is largely fueled by major gas-fired projects, particularly in Texas, addressing the urgent industry need for replacing aging facilities and supporting growing electrification. Argan is strategically positioned to benefit from the "Electrification of Everything" trend, driven by the increasing demand from AI and data centers, electric vehicles, and renewable energy infrastructure. The company is actively diversifying its project portfolio to encompass both natural gas and renewable energy facilities, including solar, wind, and battery storage projects.
Increased Project Capacity and Operational Efficiency: Management anticipates increasing its project capacity to approximately 10 to 12 jobs for the foreseeable future, up from 7-9 jobs in previous fiscal years, thereby expanding opportunities for revenue generation. Argan has demonstrated improved gross margins and operational efficiency in recent quarters, indicating effective project management and the ability to convert increased capacity into profitable revenue streams.
Growth in Industrial Fabrication and Field Services: The Industrial Construction Services segment experienced a 19% increase in revenue in Q3 Fiscal 2026 compared to the same period in the prior year. Management commentary also highlights strong demand in this segment as a driver for future growth.
Strategic Acquisitions and Partnerships: Argan's robust balance sheet, characterized by substantial cash reserves and no debt, provides the financial flexibility to pursue new opportunities, including strategic mergers and acquisitions. These acquisitions could accelerate market entry and allow the company to acquire specialized capabilities in areas such as carbon capture, hydrogen integration, and other specialty engineering services, further broadening its service offerings and revenue potential.

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Share Repurchases

Argan has returned approximately $101.6 million to shareholders through share repurchases since November 2021, acquiring about 2.7 million shares, which represented 17% of shares outstanding at the program's inception.
The company spent over $100 million on share repurchase programs in the past five years.
In April 2025, Argan's Board of Directors approved an increase to its existing share repurchase program from $125 million to $150 million.

Share Issuance

Argan's shares outstanding were 0.014 billion in 2025, a 2.64% increase from 2024.
In Q4 2025, shares outstanding stood at $13.9 million, an increase of 224.26% from the same period last year.

Capital Expenditures

Argan's capital expenditures were $8.60 million in 2025, $4.83 million in 2024, and $2.81 million in 2023.
Over the last 12 months, capital expenditures were -$4.04 million.
Capital expenditures in the most recent quarter totaled -$0.58 million.

Interactive Breakdown

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SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for AGX: 28.8% | 10.6x)

FIX (31.9% | 6.9x)

Comfort Systems USA

AXON (32.8% | 10.5x)

Axon Enterprise

ZS (30.8% | 8.6x)

Zscaler

FTAI (46.5% | 8.6x)

FTAI Aviation

RBA (46.6% | 4.0x)

RB Global

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AGX: 28.8% | 74.5x)

FIX (31.9% | 44.1x)

Comfort Systems USA

FTAI (46.5% | 30.6x)

FTAI Aviation

RBA (46.6% | 24.7x)

RB Global

GTLS (40.3% | 18.9x)

Chart Industries

ROAD (32.0% | 23.7x)

Construction Partners

Higher Rev Chg LTM (Value for AGX: 8.1%)

BA (32.7%)

Boeing

GE (21.8%)

GE Aerospace

CAT (11.8%)

Caterpillar

RTX (10.6%)

RTX

GEV (10.3%)

GE Vernova

Higher Rev Chg 3Y Avg (Value for AGX: 28.8%)

FTAI (46.5%)

FTAI Aviation

RKLB (45.4%)

Rocket Lab

AXON (32.8%)

Axon Enterprise

FIX (31.9%)

Comfort Systems USA

ZS (30.8%)

Zscaler

Higher Op Mgn LTM (Value for AGX: 14.3%)

UNP (40.2%)

Union Pacific

GE (18.6%)

GE Aerospace

ETN (18.2%)

Eaton

DE (18.0%)

Deere

CAT (16.5%)

Caterpillar

Higher CFO/Rev LTM (Value for AGX: 43.9%)

VRSK (44.5%)

Verisk Analytics

Higher Total Yield (Value for AGX: 1.6%)

UNP (6.5%)

Union Pacific

RTX (4.7%)

RTX

GEV (3.4%)

GE Vernova

CAT (3.0%)

Caterpillar

GE (2.9%)

GE Aerospace

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for AGX: 28.8% | 10.6x)

APH (28.9% | 5.9x)

Amphenol

NEM (30.0% | 4.7x)

Newmont

BX (44.0% | 7.4x)

Blackstone

AEM (32.5% | 6.7x)

Agnico Eagle Mines

KKR (65.2% | 4.5x)

KKR

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AGX: 28.8% | 74.5x)

NVDA (101.8% | 42.0x)

NVIDIA

LLY (37.9% | 26.3x)

Eli Lilly

MU (45.3% | 29.0x)

Micron Technology

SNDK (35.6% | 38.0x)

SanDisk

APP (37.0% | 35.6x)

AppLovin

Higher Rev Chg LTM (Value for AGX: 8.1%)

NVDA (65.5%)

NVIDIA

MSFT (17.9%)

Microsoft

GOOGL (17.5%)

Alphabet

AMZN (14.2%)

Amazon.com

AAPL (12.8%)

Apple

Higher Rev Chg 3Y Avg (Value for AGX: 28.8%)

NVDA (101.8%)

NVIDIA

MU (45.3%)

Micron Technology

PLTR (39.6%)

Palantir Technologies

LLY (37.9%)

Eli Lilly

SNDK (35.6%)

SanDisk

Higher Op Mgn LTM (Value for AGX: 14.3%)

NVDA (60.4%)

NVIDIA

MSFT (46.8%)

Microsoft

AVGO (41.5%)

Broadcom

GOOGL (32.7%)

Alphabet

AAPL (32.6%)

Apple

Higher CFO/Rev LTM (Value for AGX: 43.9%)

META (57.7%)

Meta Platforms

MSFT (53.5%)

Microsoft

V (52.9%)

Visa

MU (52.7%)

Micron Technology

NVDA (47.6%)

NVIDIA

Higher FCF/Rev LTM (Value for AGX: 43.5%)

PLTR (51.5%)

Palantir Technologies

MA (50.3%)

Mastercard

V (49.2%)

Visa

BAC (48.8%)

Bank of America

NVDA (44.8%)

NVIDIA

Higher Total Yield (Value for AGX: 1.6%)

MSFT (4.8%)

Microsoft

GOOGL (3.5%)

Alphabet

AMZN (3.2%)

Amazon.com

AAPL (3.1%)

Apple

NVDA (2.2%)

NVIDIA

Best Bets in Industrials

What You Pay

P/EBIT (Value for AGX: 74.5x)

GATX (8.4x)

GATX

AGX (74.5x)

Argan

PCTY (15.6x)

Paylocity

TDG (15.1x)

TransDigm

PAYC (10.7x)

Paycom Software

STRL (51.3x)

Sterling Infrastructure

WOR (17.1x)

Worthington Enterprises

CSW (24.4x)

CSW Industrials

NXT (28.3x)

Nextpower

HEI (38.1x)

Heico

P/E (Value for AGX: 72.8x)

GATX (18.1x)

GATX

AGX (72.8x)

Argan

PCTY (22.3x)

Paylocity

TDG (32.1x)

TransDigm

PAYC (14.8x)

Paycom Software

STRL (75.1x)

Sterling Infrastructure

WOR (23.4x)

Worthington Enterprises

CSW (33.4x)

CSW Industrials

NXT (36.2x)

Nextpower

HEI (56.5x)

Heico

What You Get

Rev Chg 3Y Avg (Value for AGX: 28.8%)

GATX (13.7%)

GATX

AGX (28.8%)

Argan

PCTY (16.5%)

Paylocity

TDG (17.3%)

TransDigm

PAYC (12.5%)

Paycom Software

STRL (17.7%)

Sterling Infrastructure

WOR (51.4%)

Worthington Enterprises

CSW (11.0%)

CSW Industrials

NXT (25.5%)

Nextpower

HEI (25.9%)

Heico

Rev Chg LTM (Value for AGX: 8.1%)

GATX (16.9%)

GATX

AGX (8.1%)

Argan

PCTY (11.3%)

Paylocity

TDG (13.3%)

TransDigm

PAYC (9.4%)

Paycom Software

STRL (37.0%)

Sterling Infrastructure

WOR (15.0%)

Worthington Enterprises

CSW (16.9%)

CSW Industrials

NXT (30.0%)

Nextpower

HEI (16.1%)

Heico

Rev Chg Q (Value for AGX: 12.7%)

GATX (38.4%)

GATX

AGX (12.7%)

Argan

PCTY (10.5%)

Paylocity

TDG (18.3%)

TransDigm

PAYC (7.8%)

Paycom Software

STRL (91.6%)

Sterling Infrastructure

WOR (24.4%)

Worthington Enterprises

CSW (20.3%)

CSW Industrials

NXT (33.9%)

Nextpower

HEI (14.4%)

Heico

FCF/Rev 3Y Avg (Value for AGX: 27.3%)

GATX (37.6%)

GATX

AGX (27.3%)

Argan

PCTY (22.7%)

Paylocity

TDG (21.2%)

TransDigm

PAYC (19.1%)

Paycom Software

STRL (19.1%)

Sterling Infrastructure

WOR (18.2%)

Worthington Enterprises

CSW (18.0%)

CSW Industrials

NXT (16.6%)

Nextpower

HEI (16.3%)

Heico

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Argan Stock Shares Rally 38% In A Day, Should You Buy The Stock?	03/28/2026
2	Argan Stock Plummets 14% With 5-Day Losing Streak	03/27/2026
3	Argan Stock (+13%): S&P SmallCap 600 Inclusion Spurs Forced Buying	03/10/2026
4	Argan Stock Pre-Market (+7.7%): Peer's Strong Guidance Validates Data Center Power Thesis	03/06/2026
5	Argan Stock (+16%): Record Backlog Ignites Institutional Accumulation	01/17/2026
6	Does Argan Stock Lead the Pack?	01/17/2026
7	Argan Earnings Notes	12/29/2026
8	ARTICLES
9	Mid Cap Stocks Trading At 52-Week High	05/05/2026
10	Small Cap Stocks Trading At 52-Week High	04/21/2026
11	Buy or Sell Argan Stock?	03/28/2026
12	Argan Stock Plummets -14% With 5-Day Losing Streak	03/27/2026
13	Argan Stock (+13%): Data Center Power Demand Lifts Sector	03/10/2026

	Title
0	DASHBOARDS
1	Argan Stock Shares Rally 38% In A Day, Should You Buy The Stock?
2	Argan Stock Plummets 14% With 5-Day Losing Streak
3	Argan Stock (+13%): S&P SmallCap 600 Inclusion Spurs Forced Buying
4	Argan Stock Pre-Market (+7.7%): Peer's Strong Guidance Validates Data Center Power Thesis
5	Argan Stock (+16%): Record Backlog Ignites Institutional Accumulation
6	Does Argan Stock Lead the Pack?
7	Argan Earnings Notes
8	ARTICLES
9	Mid Cap Stocks Trading At 52-Week High
10	Small Cap Stocks Trading At 52-Week High
11	Buy or Sell Argan Stock?
12	Argan Stock Plummets -14% With 5-Day Losing Streak
13	Argan Stock (+13%): Data Center Power Demand Lifts Sector

Trade Ideas

Select ideas related to AGX.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GEO_4302026_Dip_Buyer_ValueBuy	04302026	GEO	GEO	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
RUN_4302026_Short_Squeeze	04302026	RUN	Sunrun	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	0.0%	0.0%	0.0%
RSG_4172026_Monopoly_xInd_xCD_Getting_Cheaper	04172026	RSG	Republic Services	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.8%	0.8%	-1.1%
VRSK_4102026_Dip_Buyer_FCFYield	04102026	VRSK	Verisk Analytics	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.3%	12.3%	0.0%
UHAL_4102026_Monopoly_xInd_xCD_Getting_Cheaper	04102026	UHAL	U-Haul	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.3%	0.3%	-1.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SEDG	SolarEdge Technologies	3.7	22.9%	114.1%
SG	Sweetgreen	1.0	17.4%	19.7%
GLOB	Globant	1.7	14.2%	-40.5%
SATL	Satellogic	1.3	13.9%	426.2%
FIG	Figma	11.8	13.2%	-38.7%
SHLS	Shoals Technologies	1.7	11.3%	21.5%
KOS	Kosmos Energy	1.5	10.2%	256.0%
ENPH	Enphase Energy	6.9	10.2%	65.0%
SOC	Sable Offshore	1.8	10.0%	67.7%
VG	Venture Global	34.9	9.4%	108.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
POET	POET Technologies	2.0	-22.4%	152.3%
TNGX	Tango Therapeutics	2.7	-17.3%	132.1%
YSS	York Space Systems	3.0	-17.0%	-28.5%
IDR	Idaho Strategic Resources	0.6	-14.4%	-5.2%
NX	Quanex Building Products	0.8	-13.2%	8.5%
USAS	Americas Gold And Silver	1.8	-12.6%	22.3%
AQST	Aquestive Therapeutics	0.5	-11.8%	-35.4%
RUM	Rumble	2.4	-11.8%	14.0%
GAU	Galiano Gold	0.6	-11.8%	-8.3%
FRMI	Fermi	4.0	-11.7%	-18.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FCEL	FuelCell Energy	1.0	55.9%	192.2%
AEVA	Aeva Technologies	1.2	50.9%	54.2%
SEDG	SolarEdge Technologies	3.7	49.5%	114.1%
POET	POET Technologies	2.0	45.8%	152.3%
ENPH	Enphase Energy	6.9	45.1%	65.0%
VPG	Vishay Precision	1.3	44.7%	152.8%
MOVE	Corvex	1.3	42.7%	225.2%
SLS	SELLAS Life Sciences	1.0	41.3%	87.8%
OUST	Ouster	2.1	38.3%	61.1%
LQDA	Liquidia	5.0	34.6%	65.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PSIX	Power Solutions International	0.9	-49.0%	-32.2%
GTM	ZoomInfo Technologies	1.2	-39.5%	-62.0%
MVST	Microvast	0.5	-33.3%	-49.3%
LMRI	Lumexa Imaging	0.7	-32.5%	-62.0%
YSS	York Space Systems	3.0	-31.0%	-28.5%
BTGO	BitGo	1.0	-29.3%	-51.9%
CERT	Certara	0.7	-29.0%	-49.1%
OPTU	Optimum Communications	0.4	-28.8%	-51.3%
REZI	Resideo Technologies	4.2	-28.7%	-19.3%
NABL	N-able	0.6	-27.7%	-54.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MXL	MaxLinear	8.1	295.5%	429.8%
FCEL	FuelCell Energy	1.0	190.6%	192.2%
BAND	Bandwidth	1.7	164.3%	249.3%
WOLF	Wolfspeed	1.7	134.1%	256.9%
INOD	Innodata	3.1	121.3%	88.6%
POET	POET Technologies	2.0	117.6%	152.3%
STRL	Sterling Infrastructure	26.1	92.4%	177.2%
VPG	Vishay Precision	1.3	89.4%	152.8%
PCT	PureCycle Technologies	2.3	84.6%	46.6%
XMTR	Xometry	4.4	83.5%	44.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
EMBC	Embecta	0.2	-67.0%	-73.2%
CAR	Avis Budget	5.3	-66.6%	17.0%
FWRD	Forward Air	0.3	-58.0%	-65.0%
CABO	Cable One	0.3	-54.6%	-56.8%
PSIX	Power Solutions International	0.9	-53.0%	-32.2%
TRDA	Entrada Therapeutics	0.3	-52.9%	-37.9%
OPTU	Optimum Communications	0.4	-47.4%	-51.3%
ERAS	Erasca	2.9	-43.9%	175.0%
TMDX	TransMedics	2.2	-42.1%	-48.0%
CHTR	Charter Communications	17.6	-40.5%	-32.8%

Peer Comparisons

Peers to compare with:

Financials

	AGX	DY	FLR	GVA	MGN	PWR	Median
Name	Argan	Dycom In.	Fluor	Granite .	Megan	Quanta S.
Mkt Price	722.31	437.37	44.36	138.55	0.16	769.99	287.96
Mkt Cap	10.0	12.9	6.5	6.0	-	115.3	10.0
Rev LTM	945	5,546	15,185	4,637	-	30,121	5,546
Op Inc LTM	135	425	-430	270	-	1,691	270
FCF LTM	411	402	-41	302	-	1,682	402
FCF 3Y Avg	229	180	204	251	-	1,484	229
CFO LTM	415	643	9	434	-	2,379	434
CFO 3Y Avg	233	417	308	385	-	2,080	385

Growth & Margins

	AGX	DY	FLR	GVA	MGN	PWR	Median
Name	Argan	Dycom In.	Fluor	Granite .	Megan	Quanta S.
Rev Chg LTM	8.1%	17.9%	-8.3%	14.9%	-	21.1%	14.9%
Rev Chg 3Y Avg	28.8%	13.4%	2.1%	13.1%	-	19.8%	13.4%
Rev Chg Q	12.7%	34.4%	-8.0%	30.4%	-	26.3%	26.3%
QoQ Delta Rev Chg LTM	3.2%	7.2%	-2.1%	4.8%	-	5.8%	4.8%
Op Inc Chg LTM	52.7%	24.8%	-197.5%	33.6%	-	21.6%	24.8%
Op Inc Chg 3Y Avg	60.7%	27.9%	320.2%	113.0%	-	26.0%	60.7%
Op Mgn LTM	14.3%	7.7%	-2.8%	5.8%	-	5.6%	5.8%
Op Mgn 3Y Avg	10.2%	7.5%	0.8%	4.1%	-	5.5%	5.5%
QoQ Delta Op Mgn LTM	1.2%	-0.6%	-1.0%	-0.1%	-	0.0%	-0.1%
CFO/Rev LTM	43.9%	11.6%	0.1%	9.4%	-	7.9%	9.4%
CFO/Rev 3Y Avg	27.8%	8.4%	1.9%	9.3%	-	8.2%	8.4%
FCF/Rev LTM	43.5%	7.2%	-0.3%	6.5%	-	5.6%	6.5%
FCF/Rev 3Y Avg	27.3%	3.4%	1.2%	6.1%	-	5.9%	5.9%

Valuation

	AGX	DY	FLR	GVA	MGN	PWR	Median
Name	Argan	Dycom In.	Fluor	Granite .	Megan	Quanta S.
Mkt Cap	10.0	12.9	6.5	6.0	-	115.3	10.0
P/S	10.6	2.3	0.4	1.3	-	3.8	2.3
P/Op Inc	74.5	30.2	-15.1	22.4	-	68.2	30.2
P/EBIT	74.5	29.6	-23.8	17.9	-	66.4	29.6
P/E	72.8	45.7	18.5	32.6	-	104.4	45.7
P/CFO	24.2	20.0	719.6	13.9	-	48.5	24.2
Total Yield	1.6%	2.2%	5.4%	3.3%	-	1.0%	2.2%
Dividend Yield	0.2%	0.0%	0.0%	0.2%	-	0.1%	0.1%
FCF Yield 3Y Avg	10.5%	2.4%	3.3%	7.0%	-	3.1%	3.3%
D/E	0.0	0.2	0.2	0.2	-	0.1	0.2
Net D/E	-0.1	0.2	-0.4	0.2	-	0.1	0.1

Returns

	AGX	DY	FLR	GVA	MGN	PWR	Median
Name	Argan	Dycom In.	Fluor	Granite .	Megan	Quanta S.
1M Rtn	20.1%	9.2%	-7.4%	12.3%	-29.7%	31.1%	10.7%
3M Rtn	76.3%	2.3%	-2.5%	5.9%	-92.5%	47.0%	4.1%
6M Rtn	105.8%	50.2%	4.6%	35.4%	-89.9%	79.4%	42.8%
12M Rtn	285.4%	124.5%	15.3%	60.0%	-86.2%	123.5%	91.8%
3Y Rtn	1,682.9%	347.5%	59.1%	280.7%	-86.2%	355.4%	314.1%
1M Excs Rtn	14.9%	4.0%	-12.6%	7.0%	-34.9%	25.9%	5.5%
3M Excs Rtn	68.0%	-6.1%	-10.8%	-2.4%	-100.8%	38.6%	-4.2%
6M Excs Rtn	90.3%	39.8%	-11.1%	27.4%	-99.0%	63.3%	33.6%
12M Excs Rtn	279.8%	100.5%	-11.2%	36.1%	-111.9%	98.9%	67.5%
3Y Excs Rtn	1,659.5%	277.6%	-14.3%	202.4%	-165.2%	271.9%	237.1%

Comparison Analyses

	Title
0	DY Looks Stronger Than AGX With 20% Return Potential

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 1/31	LTM	2026	2025	2024	2023	2022	2021
Period End	1/31/2026	1/31/2026	1/31/2025	1/31/2024	1/31/2023	1/31/2022	1/31/2021
Filing Date	3/26/2026	3/26/2026	3/27/2025	4/11/2024	4/17/2023	4/13/2022	4/14/2021
Key Financials
Total Revenue	945	945	874	573	455	509	392
EBITDA	142	141	94	40	47	57	28
Operating Income	135	135	88	36	42	52	23
Net Income	138	138	85	32	33	38	24
EPS	9.98	10.00	6.35	2.42	2.35	2.43	1.52
Growth Rates
Total Revenue Growth	8.1%	8.1%	52.5%	26.0%	-10.7%	29.9%	64.1%
EBITDA Growth	50.5%	50.1%	132.4%	-14.5%	-16.7%	104.9%	159.7%
Operating Income Growth	52.7%	52.7%	141.9%	-12.5%	-20.5%	127.6%	145.2%
Net Income Growth	61.2%	61.2%	164.1%	-2.2%	-13.5%	60.3%	155.9%
Margins
EBITDA Margin	15.0%	14.9%	10.7%	7.0%	10.4%	11.1%	7.0%
Operating Income Margin	14.3%	14.3%	10.1%	6.4%	9.2%	10.3%	5.9%
Net Income Margin	14.6%	14.6%	9.8%	5.6%	7.3%	7.5%	6.1%
Cash & Debt
Total Cash	895	895	525	412	325	440	457
Total Debt	3	3	3	3	2	1	0
Net Debt / (Cash)	-892	-892	-522	-410	-324	-439	-457
Cash Flows
Net Cash from Operations	415	415	168	117	-30	28	176
Free Cash from Operations	411	411	161	114	-33	27	174
Returns to Shareholders
Dividends	24	24	18	15	14	16	47
Share Repurchases	10	10	2	12	68	20	-0

$ Mil \| FY: 1/31	2026Q4	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1
Period End	1/31/2026	10/31/2025	7/31/2025	4/30/2025	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023
Filing Date	3/26/2026	12/4/2025	9/4/2025	6/4/2025	3/27/2025	12/5/2024	9/5/2024	6/6/2024	4/11/2024	12/6/2023	9/6/2023	6/8/2023
Key Financials Quarterly
Total Revenue	262	251	238	194	232	257	227	158	165	164	141	104
Ebitda	52	33	30	26	37	31	19	8	14	8	14	4
Operating Income	48	33	30	24	33	30	19	7	12	8	13	4
Net Income	49	31	35	23	31	28	18	8	12	5	13	2
EPS	3.54	2.22	2.57	1.65	2.31	2.07	1.36	0.59	0.90	0.41	0.95	0.16
Key Financials TTM
Total Revenue TTM	945	915	921	910	874	806	713	627	573	528	482	458
Ebitda TTM	142	126	124	112	94	71	49	44	40	39	41	41
Operating Income TTM	135	120	117	106	88	67	45	39	36	34	36	36
Net Income TTM	138	120	117	100	85	66	44	38	32	34	36	28
Growth Rates Quarterly
Total Revenue Growth	12.7%	-2.3%	4.7%	22.8%	41.3%	56.9%	60.6%	52.1%	38.5%	38.9%	19.7%	3.4%
EBITDA Growth	41.9%	7.7%	60.9%	239.1%	167.3%	264.2%	35.1%	78.7%	13.4%	-19.5%	-3.9%	-57.8%
Operating Income Growth	45.9%	7.6%	60.9%	273.4%	178.6%	285.9%	41.1%	79.4%	22.6%	-17.6%	-1.2%	-60.4%
Net Income Growth	56.9%	9.7%	93.8%	186.1%	161.0%	412.6%	42.5%	273.7%	-11.8%	-29.6%	202.4%	-71.8%
Margins Quarterly
EBITDA Margin	20.0%	13.2%	12.6%	13.4%	15.9%	12.0%	8.2%	4.8%	8.4%	5.2%	9.8%	4.1%
Operating Income Margin	18.2%	13.0%	12.6%	12.6%	14.1%	11.8%	8.2%	4.1%	7.1%	4.8%	9.4%	3.5%
Net Income Margin	18.8%	12.2%	14.8%	11.6%	13.5%	10.9%	8.0%	5.0%	7.3%	3.3%	9.0%	2.0%
Cash & Debt
Total Cash	895	727	572	546	525	506	485	416	412	398	346	317
Total Debt	3	3	2	3	3	3	4	3	3	1	2	1
Net Debt / (Cash)	-892	-724	-570	-544	-522	-504	-481	-413	-410	-396	-345	-315
Cash Flows Quarterly
FCF from Operations	172	172	35	35	45	32	73	18	25	58	36	-1
Cash Flows TTM
FCF from Operations TTM	415	287	146	185	168	148	173	136	117	135	61	8
Returns to Shareholders Quarterly
Dividends	7	7	5	5	5	5	4	4	4	4	3	3
Share Repurchases	3	-0	0	7	1	0	-0	0	4	2	3	4
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2026	2025	2024	2023	2022
Power	693	416	346	398	319
Industrial	168	143	93	98	65
Teledata	14	14	16	13	8
Other		0	0
Total	874	573	455	509	392

Operating Income by Segment

$ Mil	2026	2025	2024	2023	2022
Power	85	34	46	45	31
Industrial	15	12	7	8	1
Teledata	0	1	-0	0	-0
Other		-11	-11	-9	-8
Total	100	36	42	45	23

Assets by Segment

$ Mil	2026	2025	2024	2023	2022
Power	651	412	335	346	394
Corporate	117
Industrial	62	76	60	44	43
Teledata	6	7	7	7	3
Other		104	88	157	162
Total	836	598	489	554	603

Price Behavior

Price Behavior

Market Price	$722.31
Market Cap ($ Bil)	10.0
First Trading Date	08/18/1995
Distance from 52W High	-2.5%
	50 Days	200 Days
DMA Price	$582.23	$379.23
DMA Trend	up	up
Distance from DMA	24.1%	90.5%
	3M	1YR
Volatility	93.9%	74.1%
Downside Capture	32.46	107.04
Upside Capture	233.82	239.35
Correlation (SPY)	7.5%	26.3%

AGX Betas & Captures as of 4/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.05	0.20	0.35	1.09	1.40	1.15
Up Beta	1.27	1.34	1.25	2.00	1.86	1.39
Down Beta	-1.14	-4.57	-2.08	0.36	0.51	0.99
Up Capture	172%	230%	229%	267%	439%	501%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	14	21	33	65	141	408
Down Capture	-216%	-4%	-71%	16%	85%	86%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	8	22	31	60	111	342

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AGX
AGX	307.8%	73.9%	2.19	-
Sector ETF (XLI)	23.7%	15.4%	1.17	29.9%
Equity (SPY)	27.4%	12.1%	1.71	26.2%
Gold (GLD)	42.5%	26.8%	1.30	20.4%
Commodities (DBC)	45.4%	18.5%	1.88	3.2%
Real Estate (VNQ)	11.5%	13.5%	0.56	4.1%
Bitcoin (BTCUSD)	-23.7%	41.8%	-0.54	11.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AGX
AGX	74.6%	50.4%	1.28	-
Sector ETF (XLI)	11.9%	17.5%	0.53	34.9%
Equity (SPY)	13.6%	17.1%	0.63	29.8%
Gold (GLD)	19.4%	17.9%	0.88	11.5%
Commodities (DBC)	10.9%	19.4%	0.45	10.7%
Real Estate (VNQ)	2.9%	18.8%	0.06	19.1%
Bitcoin (BTCUSD)	7.2%	55.9%	0.34	11.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AGX
AGX	39.3%	45.8%	0.89	-
Sector ETF (XLI)	13.9%	20.0%	0.61	37.3%
Equity (SPY)	15.5%	17.9%	0.74	33.6%
Gold (GLD)	13.0%	16.0%	0.67	6.9%
Commodities (DBC)	8.3%	17.9%	0.38	14.1%
Real Estate (VNQ)	5.0%	20.7%	0.21	26.8%
Bitcoin (BTCUSD)	67.4%	66.9%	1.06	6.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	4302026
Short Interest: Shares Quantity	0.8 Mil
Short Interest: % Change Since 4152026	-12.3%
Average Daily Volume	0.3 Mil
Days-to-Cover Short Interest	2.5 days
Basic Shares Quantity	13.9 Mil
Short % of Basic Shares	5.7%

Returns Analyses

	Title
0	Would You Still Hold Argan Stock If It Fell Another 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
3/26/2026	37.9%	40.0%	61.0%
12/4/2025	-12.0%	-7.2%	-5.4%
9/4/2025	-11.1%	-2.2%	10.3%
3/27/2025	19.9%	11.7%	32.2%
12/5/2024	-1.1%	-3.1%	0.9%
9/5/2024	26.0%	24.1%	51.7%
4/11/2024	21.1%	23.6%	35.5%
12/6/2023	-12.4%	-8.4%	-5.0%
...
SUMMARY STATS
# Positive	7	9	9
# Negative	12	10	10
Median Positive	19.9%	7.8%	13.6%
Median Negative	-6.0%	-6.1%	-5.2%
Max Positive	37.9%	40.0%	61.0%
Max Negative	-12.4%	-8.4%	-9.8%

	Forward Returns
3/26/2026	37.9%	40.0%	61.0%
12/4/2025	-12.0%	-7.2%	-5.4%
9/4/2025	-11.1%	-2.2%	10.3%
3/27/2025	19.9%	11.7%	32.2%
12/5/2024	-1.1%	-3.1%	0.9%
9/5/2024	26.0%	24.1%	51.7%
4/11/2024	21.1%	23.6%	35.5%
12/6/2023	-12.4%	-8.4%	-5.0%
9/6/2023	9.2%	7.8%	13.6%
4/17/2023	-0.7%	2.6%	9.4%
12/7/2022	-7.8%	-4.8%	-1.1%
9/8/2022	7.0%	4.2%	-1.3%
4/13/2022	-6.8%	-6.4%	-7.0%
12/8/2021	-5.3%	-8.2%	-3.4%
9/7/2021	3.8%	-8.3%	-6.9%
4/14/2021	-1.6%	-2.8%	-9.8%
12/10/2020	-4.5%	-5.9%	-1.0%
9/10/2020	-2.2%	6.1%	1.3%
4/14/2020	-6.8%	1.4%	-8.6%
SUMMARY STATS
# Positive	7	9	9
# Negative	12	10	10
Median Positive	19.9%	7.8%	13.6%
Median Negative	-6.0%	-6.1%	-5.2%
Max Positive	37.9%	40.0%	61.0%
Max Negative	-12.4%	-8.4%	-9.8%

SEC Filings

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Report Date	Filing Date	Filing
01/31/2026	03/26/2026	10-K
10/31/2025	12/04/2025	10-Q
07/31/2025	09/04/2025	10-Q
04/30/2025	06/04/2025	10-Q
01/31/2025	03/27/2025	10-K
10/31/2024	12/05/2024	10-Q
07/31/2024	09/05/2024	10-Q
04/30/2024	06/06/2024	10-Q
01/31/2024	04/11/2024	10-K
10/31/2023	12/06/2023	10-Q
07/31/2023	09/06/2023	10-Q
04/30/2023	06/08/2023	10-Q
01/31/2023	04/17/2023	10-K
10/31/2022	12/07/2022	10-Q
07/31/2022	09/08/2022	10-Q
04/30/2022	06/08/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2026 Earnings Reported 3/26/2026

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Prior: Q3 2026 Earnings Reported 12/4/2025

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Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Leimkuhler, William F		Direct	Sell	4292026	617.41	5,000	3,087,050	22,532,378	Form
2	Leimkuhler, William F		Self as Trustee for Emily K Leimkuhler Trust	Sell	4292026	621.14	400	248,456	310,570	Form
3	Leimkuhler, William F		Self as Trustee for Elizabeth K Leimkuhler Trust	Sell	4292026	618.61	400	247,444	309,305	Form
4	Jeffrey, John Ronald JR		Direct	Sell	4292026	664.84	2,698	1,793,738	1,329,680	Form
5	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	4222026	621.61	11,068	6,879,979	18,847,215	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Leimkuhler, William F		Direct	Sell	4292026	617.41	5,000	3,087,050	22,532,378	Form
2	Leimkuhler, William F		Self as Trustee for Emily K Leimkuhler Trust	Sell	4292026	621.14	400	248,456	310,570	Form
3	Leimkuhler, William F		Self as Trustee for Elizabeth K Leimkuhler Trust	Sell	4292026	618.61	400	247,444	309,305	Form
4	Jeffrey, John Ronald JR		Direct	Sell	4292026	664.84	2,698	1,793,738	1,329,680	Form
5	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	4222026	621.61	11,068	6,879,979	18,847,215	Form
6	Jeffrey, John Ronald JR		Direct	Sell	4222026	615.40	3,636			Form
7	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	4222026	610.00	2,500	1,525,000	18,495,200	Form
8	Watson, David Hibbert	PRESIDENT AND CEO	Direct	Sell	4202026	602.11	19,310	11,626,744	30,104,296	Form
9	Baugher, Joshua Scott	Chief Financial Officer	Direct	Sell	4202026	605.60	600	363,360	895,682	Form
10	Leimkuhler, William F		Direct	Sell	4152026	598.49	8,444	5,053,650	24,834,343	Form
11	Getsinger, Peter W		Direct	Sell	4022026	552.73	2,581	1,426,596	5,995,462	Form
12	Jeffrey, John Ronald JR		Direct	Sell	4022026	539.85	4,556	2,459,557	1,962,895	Form
13	Jeffrey, John Ronald JR		Direct	Sell	1292026	360.78	5,000	1,803,900	2,955,510	Form
14	Flanders, Cynthia		Direct	Sell	1232026	386.70	19,000	7,347,300	10,134,247	Form
15	Jeffrey, John Ronald JR		Direct	Sell	1212026	380.60	2,700	1,027,620	5,020,875	Form
16	Leimkuhler, William F		Direct	Sell	1212026	379.15	11,044	4,187,333	18,934,372	Form
17	Leimkuhler, William F		Direct	Sell	1142026	320.53	4,212	1,350,072	19,546,881	Form
18	Leimkuhler, William F		Direct	Sell	1142026	318.28	2,164	688,758	20,750,265	Form
19	Getsinger, Peter W		Direct	Sell	1092026	313.71	6,595	2,068,917	2,461,682	Form
20	Getsinger, Peter W		Direct	Sell	1092026	328.34	4,000	1,313,360	2,576,484	Form
21	Leimkuhler, William F		Self as Trustee for Emily K Leimkuhler Trust	Sell	12292025	337.01	100	33,701	303,309	Form
22	Leimkuhler, William F		Self as Trustee for Elizabeth K Leimkuhler Trust	Sell	12292025	337.93	100	33,793	304,137	Form
23	Quinn, James W		The Quinn Family Fund (DAF)	Sell	12102025	328.04	1,000			Form
24	Getsinger, Peter W		Direct	Sell	10212025	294.39	6,493	1,911,474	2,913,578	Form
25	Getsinger, Peter W		Direct	Sell	10212025	292.00	2,000	584,000	4,785,880	Form
26	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	10172025	309.37	10,000	3,093,700	6,498,626	Form
27	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	10152025	292.09	10,000	2,920,900	6,135,643	Form
28	Watson, David Hibbert	PRESIDENT AND CEO	Direct	Sell	10102025	277.01	4,441	1,230,201	13,210,884	Form
29	Watson, David Hibbert	PRESIDENT AND CEO	Held in The David and Laura Watson Foundation	Sell	10102025	272.27	559			Form
30	Flanders, Cynthia		Direct	Sell	10082025	271.96	15,000	4,079,400	4,467,759	Form
31	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	10032025	275.00	5,000	1,375,000	5,776,650	Form
32	Leimkuhler, William F		Direct	Sell	10012025	274.73	11,802	3,242,363	10,668,865	Form
33	Quinn, James W		the James W. Quinn 2025 GRAT No.1	Sell	10012025	269.12	13,444	3,618,049	13,340,278	Form
34	Jeffrey, John Ronald JR		Direct	Sell	10012025	268.60	4,698	1,261,883	1,223,742	Form
35	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	9262025	267.00	5,000	1,335,000	5,608,602	Form
36	Getsinger, Peter W		Direct	Sell	9232025	264.54	1,000	264,540	3,146,968	Form
37	Quinn, James W		Direct	Sell	9222025	259.35	4,660			Form
38	Sweeney, Karen		Direct	Sell	9222025	264.25	390	103,058	347,489	Form
39	Quinn, James W		Direct	Sell	9222025	260.73	11,897	3,101,905	1,215,002	Form
40	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	9222025	257.39	7,500	1,930,425	5,406,734	Form
41	Getsinger, Peter W		Direct	Sell	9172025	239.68	2,609	625,325	3,090,913	Form
42	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	8012025	245.00	5,000	1,225,000	3,553,970	Form
43	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	8012025	241.50	1,500	362,250	4,710,699	Form
44	Deily, Richard H	Compliance Officer, Former CFO	Direct	Sell	7312025	242.77	1,604	389,403	1,894,092	Form
45	Jeffrey, John Ronald JR		Direct	Sell	7312025	235.63	2,621	617,586	2,180,520	Form
46	Flanders, Cynthia		Cynthia Flanders Charitable Trust GRAT	Sell	7302025	234.56	2,000			Form
47	Leimkuhler, William F		Direct	Sell	6302025	222.03	7,604	1,688,316	11,242,711	Form
48	Leimkuhler, William F		Direct	Sell	6302025	221.25	4,051	896,284	12,885,600	Form
49	Getsinger, Peter W		Direct	Sell	6302025	212.01	3,456	732,707	3,157,889	Form
50	Flanders, Cynthia		Direct	Sell	6172025	220.47	15,000	3,307,050	7,369,871	Form
51	Bosselmann, Rainer H		Direct	Sell	6112025	221.58	13,728	3,041,850	43,589,882	Form
52	Watson, David Hibbert	PRESIDENT AND CEO	Direct	Sell	6112025	211.02	17,969	3,791,818	11,000,895	Form
53	Leimkuhler, William F		Direct	Sell	6112025	219.31	8,345	1,830,142	13,661,039	Form
54	Quinn, James W		Direct	Sell	6112025	207.92	40,000	8,316,800	3,442,531	Form
55	Watson, David Hibbert	PRESIDENT AND CEO	Direct	Sell	6112025	230.38	2,031	467,902	16,149,868	Form
56	Collins, Charles Edwin IV	CHIEF EXECUTIVE OFFICER, GEMMA	Direct	Sell	6112025	241.29	1,265	305,232	5,068,538	Form
57	Jeffrey, John Ronald JR		Direct	Sell	6112025	217.79	5,500	1,197,845	2,501,318	Form
58	Deily, Richard H	Compliance Officer, Former CFO	Direct	Sell	5012025	152.32	1,565	238,381	1,188,401	Form
59	Watson, David Hibbert	PRESIDENT AND CEO	Held in The David and Laura Watson Foundation	Sell	4212025	139.89	500			Form
60	Getsinger, Peter W		Direct	Sell	4162025	145.03	5,000	725,150	1,667,265	Form
61	Getsinger, Peter W		Direct	Sell	4162025	150.35	2,292	344,602	1,428,325	Form
62	Flanders, Cynthia		Direct	Sell	4032025	133.64	4,092	546,855	2,115,788	Form
63	Bosselmann, Rainer H		Direct	Sell	4032025	129.35	25,000	3,233,750	25,207,599	Form

AGX Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Diversification Alternatives

How Is The Market Pricing AGX?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What AGX Makes & Who Pays

TTM figures based on

AGX Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Argan (AGX)

Market Price (5/17/2026): $726.0 | Market Cap: $10.1 BilSector: Industrials | Industry: Construction & Engineering

Argan (AGX)

Market Price (5/17/2026): $726.0Market Cap: $10.1 BilSector: IndustrialsIndustry: Construction & Engineering

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Argan (AGX)

Power Industry Services

Industrial Fabrication and Field Services

Telecommunications Infrastructure Services

Interactive Breakdown

Better Bets vs. Argan (AGX)

INDUSTRY: Construction & Engineering

Higher Rev Chg 3Y Avg | Lower P/S (Values for AGX: 28.8% | 10.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AGX: 28.8% | 74.5x)

Higher Rev Chg LTM (Value for AGX: 8.1%)

Higher Rev Chg 3Y Avg (Value for AGX: 28.8%)

Higher Op Mgn LTM (Value for AGX: 14.3%)

Higher Total Yield (Value for AGX: 1.6%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for AGX: 28.8% | 10.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AGX: 28.8% | 74.5x)

Higher Rev Chg LTM (Value for AGX: 8.1%)

Higher Rev Chg 3Y Avg (Value for AGX: 28.8%)

Higher Op Mgn LTM (Value for AGX: 14.3%)

Higher CFO/Rev LTM (Value for AGX: 43.9%)

Higher Total Yield (Value for AGX: 1.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for AGX: 28.8% | 10.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AGX: 28.8% | 74.5x)

Higher Rev Chg LTM (Value for AGX: 8.1%)

Higher Rev Chg 3Y Avg (Value for AGX: 28.8%)

Higher Op Mgn LTM (Value for AGX: 14.3%)

Higher CFO/Rev LTM (Value for AGX: 43.9%)

Higher FCF/Rev LTM (Value for AGX: 43.5%)

Higher Total Yield (Value for AGX: 1.6%)

Best Bets in Industrials

P/EBIT (Value for AGX: 74.5x)

P/E (Value for AGX: 72.8x)

Rev Chg 3Y Avg (Value for AGX: 28.8%)

Rev Chg LTM (Value for AGX: 8.1%)

Rev Chg Q (Value for AGX: 12.7%)

FCF/Rev 3Y Avg (Value for AGX: 27.3%)

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Market Price (5/17/2026): $726.0 | Market Cap: $10.1 Bil
Sector: Industrials | Industry: Construction & Engineering

Market Price (5/17/2026): $726.0
Market Cap: $10.1 Bil
Sector: Industrials
Industry: Construction & Engineering