Forensic Analysis · Homebuilders & Residential Construction · as of Nov 9, 2026

Argan Inc (AGX)

A forensic read on Argan Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

4.9

Distress distance

Clean

Earnings quality

Forensic signals

33.8%

ROE

8.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Argan Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 4.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+2.2%/yr

FY2024–FY2026

Share-count dilution. Diluted share count changed +4% over the last 2 years to FY2026 (+2.2%/yr). The count is growing — 13.5M shares in FY2024, 14.1M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~4%.

0.8% of rev

FY2026

Stock-based comp load. Stock-based compensation ran 0.8% of revenue and 2% of free cash flow in FY2026 — about $0.56 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.2% a year across FY2024–FY2026, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$944.6M

Revenue Growth YoY+8.1%

Revenue CAGR (2yr)+28.4%

Net Margin14.6%

Free Cash Flow$410.8M

Return on Equity33.8%

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Argan Inc's actual 10-K/10-Q/8-K filings?

Generate the AI investment read →

No credit card · informational only, not investment advice · see the track record

← Browse all forensic stock analyses

Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.