Report published September 2, 2026
Argan Inc. (AGX): Goldman Sachs 2FQ27 Earnings Analysis & Research Report
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 2026
- Analysis as of
- September 1, 2026
Authors / editors: Neil Mehta, Alexa Petrick Breno, Caitlin Donohue
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Argan Inc. posted 2FQ27 EBITDA of $70 million, comfortably exceeding GS and consensus estimates on strong Power segment execution and 18.2% EBITDA margins. Goldman Sachs reiterates a Buy rating with a $739 12-month price target.
Key Takeaways
- 1.Argan reported 2FQ27 EBITDA of $70.0 million, materially beating the Goldman Sachs estimate of $50.4 million and Bloomberg consensus of $48 million.
- 2.Outperformance was driven by higher EBITDA margins of 18.2% and revenue of $384.0 million (+20.6% vs. GS estimate), led by execution on existing backlog in Power.
- 3.Total backlog declined 11% sequentially to $2.5 billion as the company worked through existing project backlog.
Table of Contents
- Argan Inc. (AGX): 2FQ27 First Take: EBITDA Beat on Strong Execution In Power; Focus on Forward Contract Opportunities
- Exhibit 1: 2FQ27 Actual vs. GS
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
Report data
Exhibit 1: 2FQ27 Actual vs. GS - Argan Inc Variance Table — as of September 1, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Total EBITDA | 70.0 USD millions | Reported EBITDA compared to GS estimate of $50.4 million and Bloomberg consensus of $48 million. |
| Total Revenue | 384.0 USD millions | Actual total revenue versus GS estimate of $318.5 million. |
| EBITDA Margin | 18.2% | Actual EBITDA margin versus GS estimate of 15.8% and consensus of 16.2%. |
| Total Backlog | 2.5 USD billions | Ending project backlog as the company works through existing project commitments. |
| Diluted EPS | 3.76 USD | Reported diluted EPS versus GS estimate of $3.00. |
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Authors / Editors
Reported Data Context
- Total EBITDA: 70.0 USD millions (2FQ27) · Source: Company data, Goldman Sachs Global Investment Research
- Total Revenue: 384.0 USD millions (2FQ27) · Source: Company data, Goldman Sachs Global Investment Research
- EBITDA Margin: 18.2 % (2FQ27) · Source: Company data, Goldman Sachs Global Investment Research
- Total Backlog: 2.5 USD billions (2FQ27) · Source: Company data
- Diluted EPS: 3.76 USD (2FQ27) · Source: Company data, Goldman Sachs Global Investment Research
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