TacticScaleWhat Argan Does & How It Makes Money (AGX)
Updated October 2026 · reflects Argan's latest reported financials
Builds power plants and provides industrial and telecom construction services. It earns revenue mainly from engineering, procurement and construction (EPC) contracts for power generation projects, plus fees for industrial field services, fabrication, maintenance and telecom/utility construction work.
How Argan makes money
It earns revenue mainly from engineering, procurement and construction (EPC) contracts for power generation projects, plus fees for industrial field services, fabrication, maintenance and telecom/utility construction work.
What Argan does
Argan, Inc. is an engineering and construction company headquartered in Arlington, Virginia, and incorporated in 1961. Its main business is the Power segment, which handles engineering, procurement and construction of large energy projects. That work covers design, building, commissioning, project management, start-up and technical consulting, as well as turbine, boiler and large rotating equipment. Customers include independent power producers, public utilities, power plant equipment suppliers and other commercial firms in the US, Ireland and the UK. The Industrial segment provides field services for new plant construction, maintenance turnarounds, shutdowns and emergency mobilizations. It also fabricates and installs metal components such as piping systems and pressure vessels. The Teledata segment does directional boring, cabling, electric line work and structured wiring for communication and power networks. Its customers are electricity cooperatives, government agencies, municipalities and customers in the mid-Atlantic region.
Products & services
- Power plant EPC (engineering, procurement, construction)
- Power project commissioning and technical consulting
- Industrial field services and maintenance turnarounds
- Piping systems and pressure vessel fabrication
- Directional boring and underground cable installation
- Structured cabling and technology wiring
What is Argan worth?
On an owner-earnings DCF, Argan's most-likely value is about $433 versus a recent price near $393 (10% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$189) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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