Argan (AGX) Cash Flow: Operating & Free Cash Flow

Argan (AGX) Cash Flow Statement

In fiscal 2026 (fiscal year ended Jan 31, 2026), Argan generated $414.72M of operating cash flow and spent $3.88M on capital expenditures. That left free cash flow of $410.84M, up 155.2% from $161.00M a year earlier, or 43.5% of revenue. It returned $34.15M to shareholders through $24.27M in dividends and $9.88M in share buybacks.

Argan Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Argan, Inc. (AGX) - Annual data in millions USD
Breakdown	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jan 2026	Jan 2025	Jan 2024	Jan 2023	Jan 2022	Jan 2021	Jan 2020	Jan 2019	Jan 2018	Jan 2017
Operating Activities
Net Income	137.77	85.46	32.36	34.70	35.71	23.81	-40.71	51.87	72.35	77.43
Depreciation & Amortization	1.91	5.66	3.92	3.72	4.24	4.62	4.65	4.43	3.81	3.21
Deferred Income Tax	6.28	1.87	1.33	-3.23	-0.21	7.65	-6.64	-2.14	-0.06	1.24
Stock Based Compensation	7.87	4.46	4.46	3.96	3.46	4.84	3.83	1.65	4.65	2.34
Change in Working Capital	257.39	67.88	77.97	-69.01	-28.88	133.21	87.35	-169.32	-152.87	172.34
Change in Accounts Receivable	27.29	-128.61	-20.65	-23.25	-0.48	8.46	-1.04	-10.20	-39.59	9.22
Change in Inventory	0.00	0.00	0.00	-9.08	5.74	-31.44	3.28	0.00	0.00	0.00
Change in Accounts Payable	28.64	66.23	0.00	9.08	-5.74	31.44	-3.28	-60.19	-6.16	59.52
Change in Other Working Capital	201.47	13.32	98.62	-45.77	-28.40	124.74	88.39	-159.12	-113.29	163.12
Other Operating Activities	3.49	2.88	-3.18	-0.20	14.10	0.56	6.79	1.19	-0.66	2.50
Net Cash from Operating Activities	414.72	167.58	116.86	-30.06	28.42	174.68	53.57	-112.32	-72.79	259.04
Investing Activities
Capital Expenditures	-3.88	-6.58	-2.76	-3.37	-1.42	-1.70	-7.06	-8.60	-4.83	-2.81
Acquisitions	0.00	0.00	-5.11	59.75	-0.60	-1.33	29.00	0.00	0.00	0.00
Purchases of Investments	-376.65	-314.92	-219.49	-249.75	-95.02	-100.00	-195.00	-191.00	-542.50	-595.00
Sales/Maturities of Investments	150.00	149.23	159.75	190.00	90.00	170.00	166.00	370.00	587.50	354.00
Other Investing Activities	48.50	-21.34	0.00	-59.75	0.00	1.33	-29.00	0.23	-1.50	-241.00
Net Cash from Investing Activities	-182.02	-193.62	-67.61	-63.12	-7.04	68.30	-36.06	170.63	38.67	-243.81
Financing Activities
Common Stock Issued	0.00	0.00	1.10	0.00	1.43	1.64	1.63	0.10	3.16	15.90
Common Stock Repurchased	-9.88	-1.52	-12.46	-68.24	-20.37	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-24.28	-18.27	-14.68	-13.96	-15.66	-47.05	-15.62	-15.64	-15.55	-15.26
Other Financing Activities	-8.44	-6.27	0.00	-0.61	1.43	0.00	1.63	0.03	1.93	6.40
Net Cash from Financing Activities	-42.59	-26.06	-26.05	-82.80	-34.61	-45.41	-13.99	-15.54	-13.62	-8.86
Summary
Effect of Forex Changes on Cash	4.11	0.32	-0.12	-0.54	-2.97	1.73	-0.47	-0.55	2.65	-0.09
Net Change in Cash	194.22	-51.77	23.09	-176.53	-16.20	199.31	3.05	42.21	-45.09	6.29
Cash at Beginning of Period	145.26	197.03	173.95	350.47	366.67	167.36	164.32	122.11	167.20	160.91
Cash at End of Period	339.48	145.26	197.03	173.95	350.47	366.67	167.36	164.32	122.11	167.20
Free Cash Flow	410.84	161.00	114.10	-33.43	26.99	172.98	46.51	-120.92	-77.62	256.23
Supplemental Disclosures
Income Taxes Paid	-	30.83	14.30	6.67	13.90	4.50	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 31, 2026. Data sources and methodology

Frequently Asked Questions About Argan Cash Flow

What is Argan's free cash flow?

Argan generated free cash flow of $410.84M in fiscal 2026 (fiscal year ended Jan 31, 2026), operating cash flow of $414.72M minus $3.88M of capital expenditures. That was up 155.2% from $161.00M a year earlier. Free cash flow equaled 43.5% of revenue.

How much does Argan spend on capital expenditures?

Argan spent $3.88M on capital expenditures in fiscal 2026, compared with $6.58M a year earlier. That equals 0.9% of operating cash flow.

Does Argan pay dividends or buy back shares?

Yes. In fiscal 2026 Argan returned $24.27M in dividends and $9.88M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition