Argan (AGX)
Market Price (10/24/2026): $326.06 | Market Cap: $4.6 BilSector: Industrials | Industry: Construction & Engineering
Argan (AGX)
Market Price (10/24/2026): $326.06Market Cap: $4.6 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -63% Attractive yieldFCF Yield is 12% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Hydrogen Economy. Themes include Solar Energy Generation, Wind Energy Development, Show more. | Key risksAGX key risks include [1] potential losses from cost overruns on its fixed-price contracts, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -22% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -63% |
| Attractive yieldFCF Yield is 12% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Hydrogen Economy. Themes include Solar Energy Generation, Wind Energy Development, Show more. |
| Key risksAGX key risks include [1] potential losses from cost overruns on its fixed-price contracts, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/14/2026
Argan (AGX) stock has lost about 60% since 6/30/2026 because of the following key factors:
1. Overvaluation and Subsequent Valuation Reset. Argan's stock was identified as significantly overvalued in early July 2026, trading at a substantial premium to its intrinsic value, which led to a "valuation reset." For example, InvestingPro's Fair Value models flagged the stock as 37% overvalued when it traded at $706.15 on July 3, 2026, preceding a 41% decline to $417.99 by early September 2026. The stock's sharp rally through the first half of fiscal 2027, driven by investor positioning related to AI-driven power demand, made it vulnerable to this sentiment shift. As of October 8, 2026, Argan was still trading 65.7% above its GF Value™ of $244.01, indicating continued overvaluation concerns.
2. Negative Analyst Sentiment and Downgrades. Despite reporting strong fiscal Q2 2027 results on September 2, 2026, with earnings per share of $3.76 significantly beating analyst estimates of $2.64, the stock experienced downgrades and a shift to a more cautious outlook from analysts. For instance, Piper Sandler initiated coverage with an "Underweight" rating in September 2026, citing limited upside, which contributed to an approximately 8% single-day drop in the stock on September 9, 2026. Wall Street Zen also downgraded Argan from a "buy" to a "hold" rating around October 2026.
Show more
Argan (AGX) stock has lost about 60% since 6/30/2026 because of the following key factors:
1. Overvaluation and Subsequent Valuation Reset. Argan's stock was identified as significantly overvalued in early July 2026, trading at a substantial premium to its intrinsic value, which led to a "valuation reset." For example, InvestingPro's Fair Value models flagged the stock as 37% overvalued when it traded at $706.15 on July 3, 2026, preceding a 41% decline to $417.99 by early September 2026. The stock's sharp rally through the first half of fiscal 2027, driven by investor positioning related to AI-driven power demand, made it vulnerable to this sentiment shift. As of October 8, 2026, Argan was still trading 65.7% above its GF Value™ of $244.01, indicating continued overvaluation concerns.
2. Negative Analyst Sentiment and Downgrades. Despite reporting strong fiscal Q2 2027 results on September 2, 2026, with earnings per share of $3.76 significantly beating analyst estimates of $2.64, the stock experienced downgrades and a shift to a more cautious outlook from analysts. For instance, Piper Sandler initiated coverage with an "Underweight" rating in September 2026, citing limited upside, which contributed to an approximately 8% single-day drop in the stock on September 9, 2026. Wall Street Zen also downgraded Argan from a "buy" to a "hold" rating around October 2026.
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Updated on 10/14/2026
Argan (AGX) stock has lost about 60% since 6/30/2026 because of the following key factors:
1. Overvaluation and Subsequent Valuation Reset. Argan's stock was identified as significantly overvalued in early July 2026, trading at a substantial premium to its intrinsic value, which led to a "valuation reset." For example, InvestingPro's Fair Value models flagged the stock as 37% overvalued when it traded at $706.15 on July 3, 2026, preceding a 41% decline to $417.99 by early September 2026. The stock's sharp rally through the first half of fiscal 2027, driven by investor positioning related to AI-driven power demand, made it vulnerable to this sentiment shift. As of October 8, 2026, Argan was still trading 65.7% above its GF Value™ of $244.01, indicating continued overvaluation concerns.
2. Negative Analyst Sentiment and Downgrades. Despite reporting strong fiscal Q2 2027 results on September 2, 2026, with earnings per share of $3.76 significantly beating analyst estimates of $2.64, the stock experienced downgrades and a shift to a more cautious outlook from analysts. For instance, Piper Sandler initiated coverage with an "Underweight" rating in September 2026, citing limited upside, which contributed to an approximately 8% single-day drop in the stock on September 9, 2026. Wall Street Zen also downgraded Argan from a "buy" to a "hold" rating around October 2026.
3. Shrinking Project Backlog and Margin Pressures. Argan experienced a decrease in its consolidated project backlog, which fell from $2.9 billion at the end of fiscal year 2026 (January 31, 2026) to $2.5 billion as of July 31, 2026, primarily because project execution outpaced new large contract awards. Additionally, consolidated gross margin declined over three consecutive quarters, with the Industrial segment's profitability expected to remain below historical norms for another one to two quarters.
4. Significant Insider Selling Activity. Several key insiders engaged in substantial stock sales during the period. William F. Jr. Griffin, Non-Executive Chairman, sold shares totaling $36,984,100 and $32,173,000 in separate transactions in June 2026. David Hibbert Watson, President and CEO, also sold shares worth $7,837,459 in June 2026. These transactions individually exceeded the $5 million threshold, signaling a potential lack of insider confidence.
Show less
Argan (AGX) stock has lost about 60% since 6/30/2026 because of the following key factors:
1. Overvaluation and Subsequent Valuation Reset. Argan's stock was identified as significantly overvalued in early July 2026, trading at a substantial premium to its intrinsic value, which led to a "valuation reset." For example, InvestingPro's Fair Value models flagged the stock as 37% overvalued when it traded at $706.15 on July 3, 2026, preceding a 41% decline to $417.99 by early September 2026. The stock's sharp rally through the first half of fiscal 2027, driven by investor positioning related to AI-driven power demand, made it vulnerable to this sentiment shift. As of October 8, 2026, Argan was still trading 65.7% above its GF Value™ of $244.01, indicating continued overvaluation concerns.
2. Negative Analyst Sentiment and Downgrades. Despite reporting strong fiscal Q2 2027 results on September 2, 2026, with earnings per share of $3.76 significantly beating analyst estimates of $2.64, the stock experienced downgrades and a shift to a more cautious outlook from analysts. For instance, Piper Sandler initiated coverage with an "Underweight" rating in September 2026, citing limited upside, which contributed to an approximately 8% single-day drop in the stock on September 9, 2026. Wall Street Zen also downgraded Argan from a "buy" to a "hold" rating around October 2026.
3. Shrinking Project Backlog and Margin Pressures. Argan experienced a decrease in its consolidated project backlog, which fell from $2.9 billion at the end of fiscal year 2026 (January 31, 2026) to $2.5 billion as of July 31, 2026, primarily because project execution outpaced new large contract awards. Additionally, consolidated gross margin declined over three consecutive quarters, with the Industrial segment's profitability expected to remain below historical norms for another one to two quarters.
4. Significant Insider Selling Activity. Several key insiders engaged in substantial stock sales during the period. William F. Jr. Griffin, Non-Executive Chairman, sold shares totaling $36,984,100 and $32,173,000 in separate transactions in June 2026. David Hibbert Watson, President and CEO, also sold shares worth $7,837,459 in June 2026. These transactions individually exceeded the $5 million threshold, signaling a potential lack of insider confidence.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -58.4% change in AGX stock from 6/30/2026 to 10/23/2026 was primarily driven by a -62.4% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 796.28 | 331.03 | -58.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,042 | 1,188 | 14.0% |
| Net Income Margin (%) | 15.5% | 15.1% | -2.5% |
| P/E Multiple | 68.9 | 25.9 | -62.4% |
| Shares Outstanding (Mil) | 14 | 14 | -0.5% |
| Cumulative Contribution | -58.4% |
Market Drivers
6/30/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| AGX | -58.4% | |
| Market (SPY) | 1.8% | 43.2% |
| Sector (XLI) | -11.1% | 43.9% |
Fundamental Drivers
The -39.0% change in AGX stock from 3/31/2026 to 10/23/2026 was primarily driven by a -52.7% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 542.66 | 331.03 | -39.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 945 | 1,188 | 25.8% |
| Net Income Margin (%) | 14.6% | 15.1% | 3.5% |
| P/E Multiple | 54.7 | 25.9 | -52.7% |
| Shares Outstanding (Mil) | 14 | 14 | -0.9% |
| Cumulative Contribution | -39.0% |
Market Drivers
3/31/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| AGX | -39.0% | |
| Market (SPY) | 17.2% | 40.7% |
| Sector (XLI) | 2.0% | 45.5% |
Fundamental Drivers
The 23.4% change in AGX stock from 9/30/2025 to 10/23/2026 was primarily driven by a 29.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 268.22 | 331.03 | 23.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 921 | 1,188 | 29.0% |
| Net Income Margin (%) | 12.7% | 15.1% | 18.6% |
| P/E Multiple | 31.4 | 25.9 | -17.6% |
| Shares Outstanding (Mil) | 14 | 14 | -2.1% |
| Cumulative Contribution | 23.4% |
Market Drivers
9/30/2025 to 10/23/2026| Return | Correlation | |
|---|---|---|
| AGX | 23.4% | |
| Market (SPY) | 15.0% | 29.8% |
| Sector (XLI) | 7.7% | 35.0% |
Fundamental Drivers
The 655.8% change in AGX stock from 9/30/2023 to 10/23/2026 was primarily driven by a 146.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.80 | 331.03 | 655.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 482 | 1,188 | 146.7% |
| Net Income Margin (%) | 7.5% | 15.1% | 100.4% |
| P/E Multiple | 16.2 | 25.9 | 60.0% |
| Shares Outstanding (Mil) | 13 | 14 | -4.5% |
| Cumulative Contribution | 655.8% |
Market Drivers
9/30/2023 to 10/23/2026| Return | Correlation | |
|---|---|---|
| AGX | 655.8% | |
| Market (SPY) | 83.9% | 31.2% |
| Sector (XLI) | 68.9% | 36.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AGX Return | -12% | -2% | 30% | 198% | 131% | 6% | 722% |
| Peers Return | 55% | 15% | 43% | 61% | 52% | 8% | 569% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| AGX Win Rate | 25% | 50% | 75% | 83% | 75% | 50% | |
| Peers Win Rate | 60% | 57% | 70% | 63% | 62% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AGX Max Drawdown | -31% | -23% | -15% | -15% | -44% | -59% | |
| Peers Max Drawdown | -25% | -27% | -25% | -16% | -36% | -37% | |
| 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, PWR, FIX.
[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 10/23/2026 (YTD)
How Low Can It Go
| 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 |
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
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| 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 |
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)
Argan, Inc. (AGX) is a holding company that provides a diverse range of engineering, procurement, and construction (EPC) and related technical services across several key infrastructure markets. Primarily, Argan is a significant player in the power generation and renewable energy sectors. Through its Power Industry Services segment, the company offers comprehensive EPC contracting, project management, and operational services for facilities such as biomass, wind, and solar plants, as well as other power-generating projects. Its main customers in this area include independent power producers, public utilities, and power plant equipment suppliers.
Beyond power, Argan also operates in two other distinct segments. Its Industrial Fabrication and Field Services segment provides specialized industrial field services and fabrication of pipes and vessels for clients in industries like forest products, industrial gas, fertilizer, and mining, primarily concentrated in the southeastern United States. The Telecommunications Infrastructure Services segment focuses on building and maintaining critical communication and power networks. This involves services such as trenchless directional boring, aerial cabling, installation of buried cable and electric lines, and structured cabling for high-speed data, voice, and video systems. Customers for these telecommunications and industrial services include state and local government agencies, electric utilities, regional communication providers, and various commercial and federal clients.
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.
AI Analysis | Feedback
- 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.
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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 TreasurerJoshua 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 SystemsCharles 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 CompanySean 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
Peer Outperformance in Construction & Engineering
AGX has outperformed 90% of its 29 Construction & Engineering peers over 5Y. Among the peers that beat it is FIX. Construction & Engineering ranks 1st of 23 industries in Industrials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Construction & Engineering constituents that AGX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
85%
of 34 industry peers · 20.5% return
3Y
97%
of 31 industry peers · 683.7% return
5Y
90%
of 29 industry peers · 714.2% return
Construction & Engineering peers with revenue growth within 4pp of AGX's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| AGX | Argan | 35.4% | 25.9x | 20.5% | 683.7% | 714.2% | — |
| FIX | Comfort Systems USA | 36.5% | 25.0x | 41.0% | 657.0% | 1307.7% | +594pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Construction & Engineering is AGX's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering ← | 30 | -6.8% | 105.0% | 140.2% | STRL 1461% · FIX 1308% · AGX 714% |
| Marine Transportation | 5 | 55.1% | 53.2% | 134.3% | MATX 189% · KEX 134% |
| Construction Machinery & Heavy Transportation Equipment | 13 | -4.4% | 55.3% | 92.6% | CAT 271% · ALSN 231% · WAB 203% |
| Aerospace & Defense | 52 | -14.4% | 56.1% | 58.8% | ATI 882% · FTAI 704% · HWM 519% |
| Trading Companies & Distributors | 19 | 11.3% | 33.9% | 50.6% | DXPE 378% · AIT 230% · URI 210% |
| Diversified Support Services | 34 | 8.5% | 39.6% | 37.5% | CXW 234% · OPLN 153% · CACI 122% |
| Industrial Machinery & Supplies & Components | 72 | 3.1% | 51.3% | 36.9% | CRS 842% · MLI 371% · SYM 297% |
| Rail Transportation | 7 | 31.2% | 56.7% | 27.9% | CSX 53% · UNP 38% · NSC 28% |
| Building Products | 33 | -10.7% | 12.1% | 22.7% | GFF 344% · TT 162% · JCI 115% |
| Cargo Ground Transportation | 16 | 35.3% | 10.4% | 15.9% | XPO 252% · R 243% · ARCB 47% |
| Electrical Components & Equipment | 37 | -12.6% | 71.0% | 3.2% | POWL 1789% · BE 857% · VRT 711% |
| Industrial Conglomerates | 17 | 7.3% | 6.4% | -6.8% | CSW 121% · DD 74% · CSL 60% |
| Research & Consulting Services | 13 | 2.3% | -13.9% | -8.2% | HURN 295% · FCN 10% · BAH 4% |
| Agricultural & Farm Machinery | 16 | 1.0% | -6.3% | -12.8% | DE 102% · TTC 15% · AGCO -6% |
| Data Processing & Outsourced Services | 6 | -22.9% | 0.4% | -16.2% | EXLS 70% · BR 9% · G -14% |
| Security & Alarm Services | 9 | -48.6% | 15.4% | -20.8% | BCO 99% |
| Office Services & Supplies | 9 | 17.9% | 18.6% | -23.9% | PBI 198% · TILE 147% · HNI 41% |
| Environmental & Facilities Services | 29 | -32.0% | 33.2% | -33.5% | GEO 237% · CLH 178% · RSG 92% |
| Passenger Airlines | 11 | -1.4% | 17.5% | -36.1% | LTM 3065% · UAL 110% · DAL 101% |
| Passenger Ground Transportation | 3 | -29.5% | 50.9% | -36.5% | UBER 47% · CAR -36% · LYFT -65% |
| Air Freight & Logistics | 12 | -25.9% | -19.6% | -40.1% | FDX 77% · EXPD 69% · CHRW 59% |
| Human Resource & Employment Services | 22 | 20.2% | -8.9% | -41.0% | ADP 56% · PAYX 11% · FA 10% |
| Airport Services | 4 | -69.6% | -69.4% | -83.6% | JOBY -47% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 275.30 |
| Mkt Cap | 6.4 |
| Rev LTM | 9,712 |
| Op Inc LTM | 415 |
| FCF LTM | 509 |
| FCF 3Y Avg | 306 |
| CFO LTM | 662 |
| CFO 3Y Avg | 455 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 27.7% |
| Rev Chg 3Y Avg | 20.8% |
| Rev Chg Q | 43.3% |
| QoQ Delta Rev Chg LTM | 9.6% |
| Op Inc Chg LTM | 39.5% |
| Op Inc Chg 3Y Avg | 79.0% |
| Op Mgn LTM | 7.0% |
| Op Mgn 3Y Avg | 6.7% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 11.3% |
| CFO/Rev 3Y Avg | 9.7% |
| FCF/Rev LTM | 8.4% |
| FCF/Rev 3Y Avg | 7.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.4 |
| P/S | 1.7 |
| P/Op Inc | 17.6 |
| P/EBIT | 22.2 |
| P/E | 22.7 |
| P/CFO | 8.8 |
| Total Yield | 3.0% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Power | 756 | 693 | 416 | 346 | 398 |
| Industrial | 168 | 168 | 143 | 93 | 98 |
| Teledata | 21 | 14 | 14 | 16 | 13 |
| Other | 0 | 0 | |||
| Total | 945 | 874 | 573 | 455 | 509 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Power | 136 | 85 | 34 | 46 | 45 |
| Industrial | 13 | 15 | 12 | 7 | 8 |
| Teledata | 0 | 0 | 1 | -0 | 0 |
| Other | -11 | -9 | |||
| Total | 149 | 100 | 48 | 42 | 45 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Power | 904 | 651 | 412 | 335 | 346 |
| Corporate | 178 | 117 | 104 | ||
| Industrial | 96 | 62 | 76 | 60 | 44 |
| Teledata | 9 | 6 | 7 | 7 | 7 |
| Other | 88 | 157 | |||
| Total | 1,186 | 836 | 598 | 489 | 554 |
Price Behavior
Price Behavior
| Market Price | $331.03 | |
| Market Cap ($ Bil) | 4.6 | |
| First Trading Date | 08/18/1995 | |
| Distance from 52W High | -58.4% | |
| 50 Days | 200 Days | |
| DMA Price | $408.83 | $518.65 |
| DMA Trend | down | up |
| Distance from DMA | -19.0% | -36.2% |
| 3M | 1YR | |
| Volatility | 65.7% | 77.6% |
| Downside Capture | 416.52 | 146.16 |
| Upside Capture | 73.92 | 150.19 |
| Correlation (S&P 500) | 49.0% | 27.3% |
AGX Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.48 | 1.42 | 2.60 | 2.01 | 1.73 | 1.31 |
| Up Beta | -4.12 | 2.20 | 5.78 | 3.32 | 3.21 | 1.58 |
| Down Beta | 2.98 | 1.55 | 2.20 | 0.62 | 0.37 | 0.92 |
| Up Capture | 29% | -18% | -12% | 122% | 272% | 633% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 18 | 27 | 66 | 128 | 404 |
| Down Capture | 177% | 344% | 343% | 227% | 138% | 103% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 24 | 37 | 60 | 124 | 345 |
[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 | 24.6% | 77.6% | 0.59 | - |
| Sector ETF (XLI) | 8.7% | 17.2% | 0.31 | 33.9% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 27.1% |
| Gold (GLD) | -2.8% | 28.5% | -0.11 | 26.9% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -2.3% |
| Real Estate (VNQ) | 4.3% | 13.9% | 0.06 | -6.1% |
| Bitcoin (BTCUSD) | -24.8% | 43.5% | -0.54 | 11.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AGX | |
|---|---|---|---|---|
| AGX | 52.3% | 54.0% | 0.97 | - |
| Sector ETF (XLI) | 11.5% | 17.6% | 0.49 | 35.6% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 29.6% |
| Gold (GLD) | 17.3% | 18.9% | 0.73 | 13.9% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 7.4% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 14.9% |
| Bitcoin (BTCUSD) | 5.7% | 51.7% | 0.29 | 12.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AGX | |
|---|---|---|---|---|
| AGX | 22.2% | 47.5% | 0.59 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.57 | 37.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 33.3% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 8.9% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 12.0% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 24.3% |
| Bitcoin (BTCUSD) | 62.4% | 66.2% | 1.02 | 7.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/2/2026 | 0.3% | -3.4% | -6.5% |
| 6/4/2026 | 0.8% | -9.5% | -3.8% |
| 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% |
| 6/4/2025 | 8.0% | 3.0% | -7.0% |
| 3/27/2025 | 19.9% | 11.7% | 32.2% |
| 12/5/2024 | -1.1% | -3.1% | 0.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 9 | 9 |
| # Negative | 11 | 15 | 15 |
| Median Positive | 8.0% | 10.9% | 13.6% |
| Median Negative | -6.8% | -6.4% | -6.5% |
| Max Positive | 37.9% | 40.0% | 61.0% |
| Max Negative | -13.7% | -9.5% | -12.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/2/2026 | 0.3% | -3.4% | -6.5% |
| 6/4/2026 | 0.8% | -9.5% | -3.8% |
| 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% |
| 6/4/2025 | 8.0% | 3.0% | -7.0% |
| 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% |
| 6/6/2024 | 10.4% | 10.9% | 1.8% |
| 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% |
| 6/8/2023 | -13.7% | -8.8% | -8.3% |
| 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% |
| 6/8/2022 | 0.7% | -7.1% | -12.8% |
| 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% |
| 6/8/2021 | 0.1% | -2.5% | -7.1% |
| 4/14/2021 | -1.6% | -2.8% | -9.8% |
| 12/10/2020 | -4.5% | -5.9% | -1.0% |
| SUMMARY STATS | |||
| # Positive | 13 | 9 | 9 |
| # Negative | 11 | 15 | 15 |
| Median Positive | 8.0% | 10.9% | 13.6% |
| Median Negative | -6.8% | -6.4% | -6.5% |
| Max Positive | 37.9% | 40.0% | 61.0% |
| Max Negative | -13.7% | -9.5% | -12.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/02/2026 | 10-Q |
| 04/30/2026 | 06/04/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/02/2026 | 10-Q |
| 04/30/2026 | 06/04/2026 | 10-Q |
| 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 |
| 01/31/2022 | 04/13/2022 | 10-K |
| 10/31/2021 | 12/08/2021 | 10-Q |
| 07/31/2021 | 09/07/2021 | 10-Q |
| 04/30/2021 | 06/08/2021 | 10-Q |
| 01/31/2021 | 04/14/2021 | 10-K |
| 10/31/2020 | 12/09/2020 | 10-Q |
| 07/31/2020 | 09/09/2020 | 10-Q |
| 04/30/2020 | 06/09/2020 | 10-Q |
| 01/31/2020 | 04/14/2020 | 10-K |
| 10/31/2019 | 12/10/2019 | 10-Q |
Insider Activity
Updated 9/23/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jeffrey, John Ronald JR | Direct | Sell | 8042026 | 579.64 | 5,716 | 3,313,222 | 1,468,228 | Form | |
| 2 | Griffin, William F JR | William F Griffin Jr GRAT II dtd Oct 6, 2025 | Sell | 6232026 | 760.43 | 20,000 | 15,208,600 | 31,159,380 | Form | |
| 3 | Griffin, William F JR | William F Griffin Jr GRAT II dtd Oct 6, 2025 | Sell | 6232026 | 725.85 | 30,000 | 21,775,500 | 44,259,430 | Form | |
| 4 | Baugher, Joshua Scott | Chief Financial Officer | Direct | Sell | 6182026 | 733.30 | 760 | 557,308 | 1,084,550 | Form |
| 5 | Sweeney, Karen | Direct | Sell | 6172026 | 705.00 | 300 | 211,500 | 1,091,340 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jeffrey, John Ronald JR | Direct | Sell | 8042026 | 579.64 | 5,716 | 3,313,222 | 1,468,228 | Form | |
| 2 | Griffin, William F JR | William F Griffin Jr GRAT II dtd Oct 6, 2025 | Sell | 6232026 | 760.43 | 20,000 | 15,208,600 | 31,159,380 | Form | |
| 3 | Griffin, William F JR | William F Griffin Jr GRAT II dtd Oct 6, 2025 | Sell | 6232026 | 725.85 | 30,000 | 21,775,500 | 44,259,430 | Form | |
| 4 | Baugher, Joshua Scott | Chief Financial Officer | Direct | Sell | 6182026 | 733.30 | 760 | 557,308 | 1,084,550 | Form |
| 5 | Sweeney, Karen | Direct | Sell | 6172026 | 705.00 | 300 | 211,500 | 1,091,340 | Form | |
| 6 | Getsinger, Peter W | Direct | Sell | 6172026 | 699.00 | 2,000 | 1,398,000 | 3,411,120 | Form | |
| 7 | Getsinger, Peter W | Direct | Sell | 6172026 | 708.65 | 4,728 | 3,350,497 | 4,875,512 | Form | |
| 8 | Watson, David Hibbert | PRESIDENT AND CEO | Direct | Sell | 6162026 | 707.35 | 1,880 | 1,329,818 | 28,297,537 | Form |
| 9 | Flanders, Cynthia | Direct | Sell | 6162026 | 666.31 | 2,596 | 1,729,741 | 15,421,079 | Form | |
| 10 | Watson, David Hibbert | PRESIDENT AND CEO | Direct | Sell | 6162026 | 651.22 | 9,993 | 6,507,641 | 26,052,056 | Form |
| 11 | Griffin, William F JR | William F Griffin Jr GRAT II dtd Oct 6, 2025 | Sell | 6162026 | 643.46 | 50,000 | 32,173,000 | 58,539,417 | Form | |
| 12 | Getsinger, Peter W | Direct | Sell | 4302026 | 628.36 | 3,000 | 1,885,080 | 4,302,381 | Form | |
| 13 | Larroque, Alexander Lisa | Direct | Sell | 4302026 | 630.58 | 350 | 220,703 | 220,703 | Form | |
| 14 | Leimkuhler, William F | Direct | Sell | 4292026 | 617.41 | 5,000 | 3,087,050 | 22,532,378 | Form | |
| 15 | Leimkuhler, William F | Self as Trustee for Emily K Leimkuhler Trust | Sell | 4292026 | 621.14 | 400 | 248,456 | 310,570 | Form | |
| 16 | Leimkuhler, William F | Self as Trustee for Elizabeth K Leimkuhler Trust | Sell | 4292026 | 618.61 | 400 | 247,444 | 309,305 | Form | |
| 17 | Jeffrey, John Ronald JR | Direct | Sell | 4292026 | 664.84 | 2,698 | 1,793,738 | 1,329,680 | Form | |
| 18 | Collins, Charles Edwin IV | CHIEF EXECUTIVE OFFICER, GEMMA | Direct | Sell | 4222026 | 621.61 | 11,068 | 6,879,979 | 18,847,215 | Form |
| 19 | Jeffrey, John Ronald JR | Direct | Sell | 4222026 | 615.40 | 3,636 | Form | |||
| 20 | Collins, Charles Edwin IV | CHIEF EXECUTIVE OFFICER, GEMMA | Direct | Sell | 4222026 | 610.00 | 2,500 | 1,525,000 | 18,495,200 | Form |
| 21 | Watson, David Hibbert | PRESIDENT AND CEO | Direct | Sell | 4202026 | 602.11 | 19,310 | 11,626,744 | 30,104,296 | Form |
| 22 | Baugher, Joshua Scott | Chief Financial Officer | Direct | Sell | 4202026 | 605.60 | 600 | 363,360 | 895,682 | Form |
| 23 | Leimkuhler, William F | Direct | Sell | 4152026 | 598.49 | 8,444 | 5,053,650 | 24,834,343 | Form | |
| 24 | Getsinger, Peter W | Direct | Sell | 4022026 | 552.73 | 2,581 | 1,426,596 | 5,995,462 | Form | |
| 25 | Jeffrey, John Ronald JR | Direct | Sell | 4022026 | 539.85 | 4,556 | 2,459,557 | 1,962,895 | Form | |
| 26 | Jeffrey, John Ronald JR | Direct | Sell | 1292026 | 360.78 | 5,000 | 1,803,900 | 2,955,510 | Form | |
| 27 | Flanders, Cynthia | Direct | Sell | 1232026 | 386.70 | 19,000 | 7,347,300 | 10,134,247 | Form | |
| 28 | Jeffrey, John Ronald JR | Direct | Sell | 1212026 | 380.60 | 2,700 | 1,027,620 | 5,020,875 | Form | |
| 29 | Leimkuhler, William F | Direct | Sell | 1212026 | 379.15 | 11,044 | 4,187,333 | 18,934,372 | Form | |
| 30 | Leimkuhler, William F | Direct | Sell | 1142026 | 320.53 | 4,212 | 1,350,072 | 19,546,881 | Form | |
| 31 | Leimkuhler, William F | Direct | Sell | 1142026 | 318.28 | 2,164 | 688,758 | 20,750,265 | Form | |
| 32 | Getsinger, Peter W | Direct | Sell | 1092026 | 313.71 | 6,595 | 2,068,917 | 2,461,682 | Form | |
| 33 | Getsinger, Peter W | Direct | Sell | 1092026 | 328.34 | 4,000 | 1,313,360 | 2,576,484 | Form | |
| 34 | Leimkuhler, William F | Self as Trustee for Emily K Leimkuhler Trust | Sell | 12292025 | 337.01 | 100 | 33,701 | 303,309 | Form | |
| 35 | Leimkuhler, William F | Self as Trustee for Elizabeth K Leimkuhler Trust | Sell | 12292025 | 337.93 | 100 | 33,793 | 304,137 | Form | |
| 36 | Quinn, James W | The Quinn Family Fund (DAF) | Sell | 12102025 | 328.04 | 1,000 | Form | |||
| 37 | Getsinger, Peter W | Direct | Sell | 10212025 | 294.39 | 6,493 | 1,911,474 | 2,913,578 | Form | |
| 38 | Getsinger, Peter W | Direct | Sell | 10212025 | 292.00 | 2,000 | 584,000 | 4,785,880 | Form | |
| 39 | Collins, Charles Edwin IV | CHIEF EXECUTIVE OFFICER, GEMMA | Direct | Sell | 10172025 | 309.37 | 10,000 | 3,093,700 | 6,498,626 | Form |
| 40 | Collins, Charles Edwin IV | CHIEF EXECUTIVE OFFICER, GEMMA | Direct | Sell | 10152025 | 292.09 | 10,000 | 2,920,900 | 6,135,643 | Form |
| 41 | Watson, David Hibbert | PRESIDENT AND CEO | Direct | Sell | 10102025 | 277.01 | 4,441 | 1,230,201 | 13,210,884 | Form |
| 42 | Watson, David Hibbert | PRESIDENT AND CEO | Held in The David and Laura Watson Foundation | Sell | 10102025 | 272.27 | 559 | Form | ||
| 43 | Flanders, Cynthia | Direct | Sell | 10082025 | 271.96 | 15,000 | 4,079,400 | 4,467,759 | Form | |
| 44 | Collins, Charles Edwin IV | CHIEF EXECUTIVE OFFICER, GEMMA | Direct | Sell | 10032025 | 275.00 | 5,000 | 1,375,000 | 5,776,650 | Form |
| 45 | Leimkuhler, William F | Direct | Sell | 10012025 | 274.73 | 11,802 | 3,242,363 | 10,668,865 | Form | |
| 46 | Quinn, James W | the James W. Quinn 2025 GRAT No.1 | Sell | 10012025 | 269.12 | 13,444 | 3,618,049 | 13,340,278 | Form | |
| 47 | Jeffrey, John Ronald JR | Direct | Sell | 10012025 | 268.60 | 4,698 | 1,261,883 | 1,223,742 | Form | |
| 48 | Collins, Charles Edwin IV | CHIEF EXECUTIVE OFFICER, GEMMA | Direct | Sell | 9262025 | 267.00 | 5,000 | 1,335,000 | 5,608,602 | Form |
| 49 | Getsinger, Peter W | Direct | Sell | 9232025 | 264.54 | 1,000 | 264,540 | 3,146,968 | Form | |
| 50 | Quinn, James W | Direct | Sell | 9222025 | 259.35 | 4,660 | Form | |||
| 51 | Sweeney, Karen | Direct | Sell | 9222025 | 264.25 | 390 | 103,058 | 347,489 | Form | |
| 52 | Quinn, James W | Direct | Sell | 9222025 | 260.73 | 11,897 | 3,101,905 | 1,215,002 | Form | |
| 53 | Collins, Charles Edwin IV | CHIEF EXECUTIVE OFFICER, GEMMA | Direct | Sell | 9222025 | 257.39 | 7,500 | 1,930,425 | 5,406,734 | Form |
| 54 | Getsinger, Peter W | Direct | Sell | 9172025 | 239.68 | 2,609 | 625,325 | 3,090,913 | Form |
Investor Activity (13F)
Updated Oct 24, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| AltraVue Capital, LLC | $60.9 Mil | 5.2% | 49 | TRIM -21.8% | 13F |
| Thames Capital Management LLC | $19.9 Mil | 3.6% | 43 | TRIM -29.6% | 13F |
| Forest Avenue Capital Management LP | $40.6 Mil | 2.6% | 25 | TRIM -59.8% | 13F |
| Valiant Capital Management, L.P. | $32.3 Mil | 2.5% | 28 | TRIM -55.9% | 13F |
| Kinetic Partners Management, LP | $33.8 Mil | 1.9% | 49 | TRIM -47.0% | 13F |
| Lone Pine Capital LLC | $214.1 Mil | 1.7% | 36 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Value Aligned Research Advisors, LLC | $40.4 Mil | 0.8% | 47 | Exited | Dec 31, 2025 | 13F |
| Forest Avenue Capital Management LP | $40.6 Mil | 2.6% | 25 | TRIM -59.8% | Mar 31, 2026 | 13F |
| Valiant Capital Management, L.P. | $32.3 Mil | 2.5% | 28 | TRIM -55.9% | Mar 31, 2026 | 13F |
| Kinetic Partners Management, LP | $33.8 Mil | 1.9% | 49 | TRIM -47.0% | Mar 31, 2026 | 13F |
| Thames Capital Management LLC | $19.9 Mil | 3.6% | 43 | TRIM -29.6% | Mar 31, 2026 | 13F |
| AltraVue Capital, LLC | $60.9 Mil | 5.2% | 49 | TRIM -21.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lone Pine Capital LLC | $214.1 Mil | 1.7% | 36 | New | 13F |
| AltraVue Capital, LLC | $60.9 Mil | 5.2% | 49 | TRIM -21.8% | 13F |
| Forest Avenue Capital Management LP | $40.6 Mil | 2.6% | 25 | TRIM -59.8% | 13F |
| Kinetic Partners Management, LP | $33.8 Mil | 1.9% | 49 | TRIM -47.0% | 13F |
| Valiant Capital Management, L.P. | $32.3 Mil | 2.5% | 28 | TRIM -55.9% | 13F |
| Thames Capital Management LLC | $19.9 Mil | 3.6% | 43 | TRIM -29.6% | 13F |
Industry Resources
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Core Cache Last Updated: 10/23/2026