Argan Q2 FY2027: Revenue Up 61.5% to $384M, Net Income $53.3M, ValCor Acquisition Closed
AGX has more than doubled off its 52-week low of $197.
Summary
Argan reported record Q2 FY2027 results with revenue up 61.5% to $384M and net income of $53.3M, driven by strong Power segment execution. The 10-Q also discloses the ValCor acquisition closing, a $50M increase in share repurchase authorization, and a decline in backlog to $2.5B.
Key Events · Earnings and Guidance · AGX
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Record Q2 Revenue and Profit
Revenue rose 61.5% YoY to $384.0M; net income more than doubled to $53.3M ($3.76 diluted EPS), with gross margin expanding to 19.3% from 18.6%.
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Power Segment Drives Growth
Power segment revenue grew 53% YoY to $301M at a 22.4% gross margin, reflecting continued ramp-up of construction activities on the 1.4 GW Thermal Project, 700 MW Combined-Cycle Project, 1.2 GW Power Station, and 860 MW Thermal Project.
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Strong Balance Sheet
Cash, cash equivalents and investments reached $1.03B, up $133.5M from January 31, 2026, with no debt and net liquidity of $440.4M.
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Backlog Declines
Project backlog fell to $2.5B from $2.9B at January 31, 2026, indicating a need for new contract wins to sustain growth; 48% of RUPO expected to be recognized as revenue in the next 12 months.
Analysis · AGX · Real Estate & Construction
Record Q2 FY2027 results underscore Argan's momentum, with revenue up 61.5% to $384.0M and net income more than doubling to $53.3M ($3.76 diluted EPS), driven by a 53% jump in Power segment revenue to $301M at a 22.4% gross margin. The balance sheet remains fortress-like with $1.03B in cash and investments, no debt, and net liquidity of $440.4M. However, project backlog declined to $2.5B from $2.9B at January 31, 2026, signaling a need for new contract wins to sustain growth. The filing also discloses the July 31, 2026 closing of the ValCor Communications acquisition for $9.4M, expanding the Teledata segment into defense and aerospace markets in New England. The company repurchased 17,717 shares at an average of $544.62 per share during the six months, and the board increased the repurchase authorization by $50M to $200M on April 8, 2026.
How filings like this one have moved
In the 30 days to Sep 12, 2026, 29.9% of the 1939 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.15%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, AGX was trading at $442.09 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $5.8B. The 52-week trading range was $197.00 to $805.75. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.