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Engineering & construction · Industrials · Fiscal year ends Jan 31
ARGAN reported revenue of $945M in the fiscal year ended Jan 2026, up 8.1% from the year before. Operating income was $135M, an operating margin of 14.3%, and net income was $138M. Operating cash flow of $415M less capital expenditure of $4M left free cash flow of $411M.
Ranks among the 23 engineering & construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 509 | 455 | 573 | 874 | 945 |
| Cost of revenue | 410 | 369 | 492 | 733 | 751 |
| Gross profit | 99.7 | 86.4 | 80.8 | 141 | 194 |
| Selling, general & admin | 47.3 | 44.7 | 44.4 | 52.8 | 59.0 |
| Operating income | 44.5 | 41.7 | 36.5 | 88.2 | 135 |
| Pre-tax income | 47.1 | 46.0 | 48.9 | 111 | 161 |
| Income tax | 11.4 | 11.3 | 16.6 | 25.7 | 22.7 |
| Net income | 38.2 | 33.1 | 32.4 | 85.5 | 138 |
| Diluted EPS | 2.40 | 2.33 | 2.39 | 6.15 | 9.74 |
| Diluted shares | 15.9 | 14.2 | 13.5 | 13.9 | 14.1 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 350 | 174 | 197 | 145 | 339 |
| Receivables | 27.0 | 50.1 | 47.3 | 176 | 134 |
| Current assets | 507 | 439 | 547 | 781 | 1,132 |
| Net PP&E | 10.5 | 10.4 | 11.0 | 14.5 | 16.6 |
| Goodwill | 28.0 | 28.0 | 28.0 | 28.0 | 28.0 |
| Total assets | 554 | 489 | 598 | 836 | 1,186 |
| Payables | 41.8 | 56.4 | 39.5 | 97.3 | 108 |
| Deferred revenue | 128 | 96.3 | 181 | 299 | 514 |
| Current liabilities | 223 | 203 | 302 | 480 | 711 |
| Total liabilities | 228 | 209 | 307 | 484 | 724 |
| Shareholders' equity | 326 | 281 | 291 | 352 | 462 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 28.4 | −30.1 | 117 | 168 | 415 |
| Capital expenditure | 1.4 | 3.4 | 2.8 | 6.6 | 3.9 |
| Free cash flow | 27.0 | −33.4 | 114 | 161 | 411 |
| Depreciation & amortisation | 3.4 | 3.0 | 2.0 | 1.9 | 1.9 |
| Stock-based compensation | 3.5 | 4.0 | 4.5 | 4.5 | 7.9 |
| Share buybacks | 20.4 | 68.2 | 12.5 | 1.5 | 9.9 |
| Dividends paid | 15.7 | 14.0 | 14.7 | 18.3 | 24.3 |
| Dividend per share | 1.00 | 1.00 | 1.10 | 1.35 | 1.75 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −10.7% | 26.0% | 52.5% | 8.1% |
| Operating income growth (YoY) | – | −6.4% | −12.5% | 141.9% | 52.7% |
| EPS growth (YoY) | – | −2.9% | 2.6% | 157.3% | 58.4% |
| Gross margin | 19.6% | 19.0% | 14.1% | 16.1% | 20.5% |
| Operating margin | 8.7% | 9.2% | 6.4% | 10.1% | 14.3% |
| Net margin | 7.5% | 7.3% | 5.6% | 9.8% | 14.6% |
| Return on equityBlank when equity is negative | 11.7% | 11.8% | 11.1% | 24.3% | 29.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.5% | 14.5% | 12.3% | 24.7% | 28.4% |
| Free cash flow margin | 5.3% | −7.3% | 19.9% | 18.4% | 43.5% |
| Cash conversion (CFO ÷ net income) | 0.74x | −0.91x | 3.61x | 1.96x | 3.01x |
| Receivable days | 19 | 40 | 30 | 73 | 52 |
| Payable days | 37 | 56 | 29 | 48 | 52 |
| Current ratio | 2.27x | 2.17x | 1.81x | 1.63x | 1.59x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.