Is Argan, Inc. overvalued or undervalued?

As of 21 November 2025, Argan, Inc. moved from expensive to fair in its valuation grade. The company appears to be fairly valued based on its current metrics, with a P/E ratio of 33, a Price to Book Value of 9.11, and an EV to EBITDA ratio of 25.15. In comparison to peers, IES Holdings, Inc. has a P/E of 27.82, while Primoris Services Corp. shows a lower P/E of 25.49, indicating that Argan's valuation is competitive within its industry.
Despite a recent decline in stock price, Argan has delivered impressive returns year-to-date at 144.69%, significantly outperforming the S&P 500's return of 12.26% over the same period. This strong performance suggests that while the stock may be fairly valued, it has been a strong performer relative to broader market indices.