Argan, Inc. — Earnings Quality Grade C
AGX · Industrials
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 52 days, change -22 days YoY
AR growth -24.0% vs revenue growth 8.1%
Revenue 8.1%, CFFO 147.5%. Cash follows revenue
Expense Quality
Inventory growth 3330.6% far exceeds COGS 2.4%, margin rising. Fraud signal
CapEx growth -41.1% vs revenue 8.1%. Normal
SG&A/Gross Profit = 30.5%. Normal
Gross margin 20.5%, change +4.4pp. Stable
Cash Flow Quality
CFFO/NI = 3.01. Profits backed by cash
FCF $0.4B, FCF/NI = 2.98
Accruals ratio = -23.3%. Low accruals
Cash $0.9B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 6% of equity. Manageable
Debt/EBITDA = 0.0x. Healthy
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -4.04 (< -2.22). Unlikely manipulator
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25