Is Argan, Inc. overvalued or undervalued?

As of 21 November 2025, Argan, Inc. has moved from expensive to fair in its valuation grade. The company appears to be fairly valued based on its current metrics. Key ratios include a P/E ratio of 33, a Price to Book Value of 9.11, and an EV to EBITDA of 25.15. In comparison to peers, IES Holdings, Inc. has a P/E of 27.82, while Primoris Services Corp. shows a P/E of 25.49, indicating that Argan, Inc. is competitively positioned within its industry.
The company's recent stock performance has significantly outpaced the S&P 500, with a year-to-date return of 171.42% compared to the index's 12.26%. This strong performance reinforces the notion that Argan, Inc. is fairly valued, reflecting investor confidence despite its relatively high valuation ratios.