Argan's Record Backlog Fuels Debate on Growth Durability and Risks

Argan, Inc. reported record project backlog, higher fiscal year revenue, and net income. The company highlighted strong cash generation and a debt-free balance sheet supporting its recent performance. Management pointed to diversified activity across multiple industrial sectors as a key driver of its current momentum. Investors are weighing the risks and rewards of Argan's strong run, with a 5.3% weekly gain and 17.1% monthly gain, driven by its mix of record backlog, profitability, and debt-free balance sheet.