Is Argan, Inc. overvalued or undervalued?

As of 14 November 2025, Argan, Inc. moved from fair to expensive in its valuation grade. The company is currently overvalued, with a P/E ratio of 33, a Price to Book Value of 9.11, and an EV to EBITDA of 25.15. In comparison, IES Holdings, Inc. has a P/E of 27.82, while Primoris Services Corp. has a P/E of 25.49, indicating that Argan, Inc. is trading at a premium relative to its peers.
Despite its strong performance, with a year-to-date return of 156.60% compared to the S&P 500's 14.49%, the high valuation ratios suggest that the stock may not be justified at its current price level.