Argan Inc (NYSE: AGX) is a power generation construction company that provides engineering, procurement, and construction (EPC) services for natural gas-fired power plants, renewable energy facilities, and related infrastructure. Revenue is generated primarily through fixed-price and other EPC contracts with power plant owners, utilities, and independent power producers. The Power segment produced $756.5 million in revenue for Fiscal 2026 (fiscal year ended January 31, 2026), representing 80.1% of consolidated revenue, with an EPC project backlog exceeding $2.7 billion as of January 31, 2026. A secondary Industrial segment, focused on industrial construction, field services, and pipe and vessel fabrication primarily in the Southeastern United States, contributed $167.6 million in Fiscal 2026 revenue, or approximately 17.7% of consolidated totals. International operations in Ireland and the U.K. serve major electric utilities, data center operators, and original equipment manufacturers. As of January 31, 2026, Argan employed 1,409 people.

Revenue model

Project-based EPC services contracts, priced on a per-project basis with revenue recognized over the construction cycle. The Power segment accounts for the substantial majority of consolidated revenue. The Industrial segment contributes field service construction and fabrication project revenue.

Products and services

EPC services for natural gas-fired combined-cycle and simple cycle power plants, biomass plants, solar fields, wind farms, and biofuel processing facilities. Industrial construction field services and pipe and vessel fabrication through the Industrial segment. Turbine, boiler, and large rotating equipment engineering, procurement, installation, commissioning, and outage services through international Power segment operations.

Customers and end markets

Power plant project owners, electric utilities, independent power producers, major data center operators, and original equipment manufacturers. Domestic end markets center on U.S. power generation capacity additions, both gas-fired and renewable. International customers in Ireland and the U.K. include major electric utilities and data center operators. Industrial segment customers are primarily industrial companies in the Southeastern United States.

Value-chain role

Full-scope EPC contractor. Argan handles engineering design, equipment procurement, construction, and commissioning for power generation projects. It does not manufacture major equipment but procures from turbine and component suppliers and may assist project owners with direct procurement.

Geographic exposure

Primary operations in the United States. Industrial segment operations concentrated in the Southeastern United States, with a fabrication facility near Greenville, North Carolina. International Power segment operations in Ireland and the United Kingdom.

Source: SEC 10-K, filed 2026-03-26

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