Recent News
June 4, 2026 — Argan issued a press release reporting first-quarter fiscal 2027 results and accompanying Form 8-K announcing those results. June 10, 2026 — the Board declared a regular quarterly cash dividend of $0.50 per share, payable July 31, 2026 to holders of record on July 23, 2026.
Technical Analysis
ADX registers at 30.65, indicating a strong directional market environment; that strength favors the dominant negative directional indicator and implies sustained price bias rather than range-bound noise.
DI+ at 15.84, decreasing, signals diminishing upside pressure; DI- at 36.44, increasing, signals growing downside control—this directional pair projects bearish price bias against the current valuation.
MACD at -35.78, decreasing, and below its signal line (-26.96) denotes bearish momentum and increasing downside acceleration relative to recent price levels.
MRO at -0.36, decreasing, places price slightly below the model target with mild mechanical potential for upward mean reversion; the small magnitude limits the scale of that reversion versus the prevailing negative momentum.
RSI at 40.72, decreasing, shows weakening buying momentum without reaching classical oversold thresholds, so any reversion would require new buying conviction rather than automatic technical relief.
Price sits below the 20‑day ($528), 50‑day ($613.46) and 200‑day ($510.33) averages while the 12‑day EMA trends down, which converts moving averages into near-term resistance levels that reinforce the bearish directional indicators.
Bollinger positioning places the close ($459.96) below the 1‑sigma lower band ($469.54), indicating price dispersion from recent volatility bands and raising the probability of volatile intraperiod moves rather than smooth mean reversion.
Fundamental Analysis
Operating performance shows strength: operating margin at 15.60% and EBIT margin at 15.60% reflect improvement year-over-year (+24.13% YoY) despite a QoQ contraction (-14.24% QoQ). The EBIT margin sits above the industry peer mean (12.19%) and median (10.62%) while remaining below the industry peer high (25.57%).
EPS came in at $3.24 versus an estimate of $2.33, a positive surprise of 39.06%, which supports the company’s recent upward revaluation. Forward EPS stands at $3.9975 with a forward P/E of 130.12, implying elevated forward expectations relative to trailing multiples.
Revenue totaled $290,954,000 with a headline revenue growth figure of 11.03%; quarter-over-quarter revenue shows a sharp rise (+154.21% QoQ) while the year-over-year figure provided registers as -166.06% YoY, indicating a material discrepancy between short‑term acceleration and longer comparative baselines that requires contextual reconciliation on company filings.
Balance sheet and cash flow metrics present notable strength: cash of $355,847,000 and cash & short‑term investments of $973,555,000; free cash flow of $110,951,000 and a free cash flow yield of 1.32% exceed the industry peer mean (0.71%). Total debt remains minimal at $9,577,000, producing a debt-to-assets ratio of 0.74% and a debt-to-equity ratio of 2.02%, both well below the industry peer mean levels; interest coverage at 72.17 signals ample earnings capacity to cover interest.
Efficiency metrics display contrasts: asset turnover at 0.235 (below the industry peer mean of 0.396) implies lower revenue generation per asset dollar, while cash conversion cycle at -10.82 days (well better than the industry peer mean of 41.36 days) indicates rapid cash collection and working capital efficiency.
Valuation reads rich across multiple multiples. Trailing P/E at 185.23 sits above the industry peer mean (109.68), median (118.72) and above the industry peer high (162.59). Price-to-sales at 28.92 and enterprise multiple at 156.59 both exceed typical peer ranges. WMDST values the stock as over‑valued given stretched multiples relative to operational scale, even after accounting for strong cash generation and a large net cash position.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-04-30 |
| REPORT DATE: | 2026-06-04 |
| NEXT REPORT DATE: | 2026-09-03 |
| CASH FLOW | Begin Period Cash Flow | $ 339.5 M |
| Operating Cash Flow | $ 113.4 M | |
| Capital Expenditures | $ -2.43 M | |
| Change In Working Capital | $ 64.0 M | |
| Dividends Paid | $ -7.00 M | |
| Cash Flow Delta | $ 16.4 M | |
| End Period Cash Flow | $ 355.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 291.0 M | |
| Forward Revenue | $ 88.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 229.8 M | |
| Depreciation | $ 2.2 M | |
| Depreciation and Amortization | $ 2.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 245.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 61.1 M | |
| EBITDA | $ 47.6 M | |
| EBIT | $ 45.4 M | |
| Operating Income | $ 45.4 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 53.8 M | |
| Tax Provision | $ 7.7 M | |
| Tax Rate | 14.3 % | |
| Net Income | $ 46.1 M | |
| Net Income From Continuing Operations | $ 46.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.33 | |
| EPS Actual | $ 3.24 | |
| EPS Difference | $ 0.91 | |
| EPS Surprise | 39.056 % | |
| Forward EPS | $ 4.00 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.3 B | |
| Intangible Assets | $ 29.4 M | |
| Net Tangible Assets | $ 444.1 M | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 973.6 M | |
| Cash | $ 355.8 M | |
| Net Receivables | $ 105.7 M | |
| Inventory | $ 12.2 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 123.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 794.7 M | |
| Net Debt | — | |
| Total Debt | $ 9.6 M | |
| Total Liabilities | $ 812.9 M | |
| EQUITY | ||
| Total Equity | $ 473.5 M | |
| Retained Earnings | $ 445.3 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 33.77 | |
| Shares Outstanding | 14.020 M | |
| Revenue Per-Share | $ 20.75 | |
| VALUATION | Market Capitalization | $ 8.4 B |
| Enterprise Value | $ 7.5 B | |
| Enterprise Multiple | 156.588 | |
| Enterprise Multiple QoQ | 72.057 % | |
| Enterprise Multiple YoY | 138.53 % | |
| Enterprise Multiple IPRWA | AGX: 156.588 high: 142.549 mean: 70.725 median: 57.928 low: -38.212 |
|
| EV/R | 25.606 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.717 | |
| Asset To Liability | 1.582 | |
| Debt To Capital | 0.02 | |
| Debt To Assets | 0.007 | |
| Debt To Assets QoQ | 250.943 % | |
| Debt To Assets YoY | 120.118 % | |
| Debt To Assets IPRWA | high: 0.678 mean: 0.183 median: 0.105 low: 0.034 AGX: 0.007 |
|
| Debt To Equity | 0.02 | |
| Debt To Equity QoQ | 271.875 % | |
| Debt To Equity YoY | 174.864 % | |
| Debt To Equity IPRWA | high: 2.301 mean: 0.552 median: 0.293 low: 0.063 AGX: 0.02 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 17.77 | |
| Price To Book QoQ | 45.016 % | |
| Price To Book YoY | 187.902 % | |
| Price To Book IPRWA | high: 19.365 AGX: 17.77 mean: 10.133 median: 8.638 low: -0.625 |
|
| Price To Earnings (P/E) | 185.226 | |
| Price To Earnings QoQ | 58.299 % | |
| Price To Earnings YoY | 79.962 % | |
| Price To Earnings IPRWA | AGX: 185.226 high: 162.586 median: 118.722 mean: 109.684 low: -2.431 |
|
| PE/G Ratio | -27.946 | |
| Price To Sales (P/S) | 28.919 | |
| Price To Sales QoQ | 33.788 % | |
| Price To Sales YoY | 149.352 % | |
| Price To Sales IPRWA | AGX: 28.919 high: 19.079 mean: 10.43 median: 6.835 low: 0.361 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 130.119 | |
| Forward PE/G | -19.632 | |
| Forward P/S | 96.842 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.433 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.235 | |
| Asset Turnover Ratio QoQ | 0.452 % | |
| Asset Turnover Ratio YoY | -1.068 % | |
| Asset Turnover Ratio IPRWA | high: 0.647 median: 0.409 mean: 0.396 AGX: 0.235 low: 0.031 |
|
| Receivables Turnover | 2.431 | |
| Receivables Turnover Ratio QoQ | 41.027 % | |
| Receivables Turnover Ratio YoY | 77.178 % | |
| Receivables Turnover Ratio IPRWA | high: 4.377 AGX: 2.431 mean: 1.722 median: 1.539 low: 0.229 |
|
| Inventory Turnover | 19.837 | |
| Inventory Turnover Ratio QoQ | -10.449 % | |
| Inventory Turnover Ratio YoY | -90.524 % | |
| Inventory Turnover Ratio IPRWA | high: 33.075 median: 24.366 AGX: 19.837 mean: 17.775 low: 0.777 |
|
| Days Sales Outstanding (DSO) | 37.538 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -10.819 | |
| Cash Conversion Cycle Days QoQ | -204.501 % | |
| Cash Conversion Cycle Days YoY | -141.983 % | |
| Cash Conversion Cycle Days IPRWA | high: 146.889 median: 57.061 mean: 41.365 AGX: -10.819 low: -34.364 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.69 | |
| CapEx To Revenue | -0.008 | |
| CapEx To Depreciation | -1.115 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 473.5 M | |
| Net Invested Capital | $ 473.5 M | |
| Invested Capital | $ 473.5 M | |
| Net Tangible Assets | $ 444.1 M | |
| Net Working Capital | $ 421.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.225 | |
| Current Ratio | 1.53 | |
| Current Ratio QoQ | -3.871 % | |
| Current Ratio YoY | -12.308 % | |
| Current Ratio IPRWA | high: 3.543 AGX: 1.53 mean: 1.53 median: 1.287 low: 0.443 |
|
| Quick Ratio | 1.515 | |
| Quick Ratio QoQ | -3.903 % | |
| Quick Ratio YoY | -13.048 % | |
| Quick Ratio IPRWA | high: 2.46 AGX: 1.515 mean: 1.362 median: 1.247 low: 0.429 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.201 | |
| Cost Of Debt | 8.912 % | |
| Interest Coverage Ratio | 72.17 | |
| Interest Coverage Ratio QoQ | -4.774 % | |
| Interest Coverage Ratio YoY | 86.488 % | |
| Interest Coverage Ratio IPRWA | high: 96.086 AGX: 72.17 mean: 26.569 median: 9.467 low: -66.975 |
|
| Operating Cash Flow Ratio | 0.115 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 53.739 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 6.576 | |
| Dividend Payout Ratio | 0.152 | |
| Dividend Rate | $ 0.50 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 8.436 % | |
| Revenue Growth | 11.03 % | |
| Revenue Growth QoQ | 154.206 % | |
| Revenue Growth YoY | -166.064 % | |
| Revenue Growth IPRWA | high: 59.554 % mean: 18.313 % median: 13.971 % AGX: 11.03 % low: -36.659 % |
|
| Earnings Growth | -6.628 % | |
| Earnings Growth QoQ | -111.064 % | |
| Earnings Growth YoY | -76.268 % | |
| Earnings Growth IPRWA | high: 200.0 % mean: 33.693 % median: 32.456 % AGX: -6.628 % low: -220.0 % |
|
| MARGINS | ||
| Gross Margin | 21.005 % | |
| Gross Margin QoQ | -16.091 % | |
| Gross Margin YoY | 10.349 % | |
| Gross Margin IPRWA | high: 40.759 % mean: 21.473 % AGX: 21.005 % median: 20.821 % low: 4.135 % |
|
| EBIT Margin | 15.602 % | |
| EBIT Margin QoQ | -14.237 % | |
| EBIT Margin YoY | 24.131 % | |
| EBIT Margin IPRWA | high: 25.572 % AGX: 15.602 % mean: 12.186 % median: 10.618 % low: -1.54 % |
|
| Return On Sales (ROS) | 15.602 % | |
| Return On Sales QoQ | -14.237 % | |
| Return On Sales YoY | 24.131 % | |
| Return On Sales IPRWA | high: 25.688 % AGX: 15.602 % mean: 11.929 % median: 10.618 % low: -1.416 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 111.0 M | |
| Free Cash Flow Yield | 1.319 % | |
| Free Cash Flow Yield QoQ | -56.339 % | |
| Free Cash Flow Yield YoY | -15.122 % | |
| Free Cash Flow Yield IPRWA | high: 3.917 % AGX: 1.319 % median: 0.733 % mean: 0.708 % low: -5.203 % |
|
| Free Cash Growth | -35.164 % | |
| Free Cash Growth QoQ | 7594.53 % | |
| Free Cash Growth YoY | 81.933 % | |
| Free Cash Growth IPRWA | high: 313.524 % mean: 12.161 % median: -22.957 % AGX: -35.164 % low: -427.273 % |
|
| Free Cash To Net Income | 2.409 | |
| Cash Flow Margin | 31.382 % | |
| Cash Flow To Earnings | 1.982 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.726 % | |
| Return On Assets QoQ | -15.299 % | |
| Return On Assets YoY | 34.513 % | |
| Return On Assets IPRWA | high: 7.165 % median: 3.738 % AGX: 3.726 % mean: 3.402 % low: -6.5 % |
|
| Return On Capital Employed (ROCE) | 9.231 % | |
| Return On Equity (ROE) | 0.097 | |
| Return On Equity QoQ | -8.623 % | |
| Return On Equity YoY | 56.979 % | |
| Return On Equity IPRWA | high: 0.137 AGX: 0.097 median: 0.09 mean: 0.084 low: -0.185 |
|
| DuPont ROE | 9.845 % | |
| Return On Invested Capital (ROIC) | 8.213 % | |
| Return On Invested Capital QoQ | -10.358 % | |
| Return On Invested Capital YoY | 62.184 % | |
| Return On Invested Capital IPRWA | high: 13.533 % AGX: 8.213 % mean: 7.061 % median: 5.638 % low: -5.648 % |
|