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ARGAN (ARG.PA) Stock Fundamental Analysis

EPA:ARG - FR0010481960 - REIT

63.9 EUR
+0.9 (+1.43%)
Last: 9/5/2025, 5:24:46 PM
Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to ARG. ARG was compared to 41 industry peers in the Diversified REITs industry. ARG has an excellent profitability rating, but there are concerns on its financial health. ARG is valued quite cheap, while showing a decent growth score. This is a good combination! ARG also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

ARG had positive earnings in the past year.
ARG had a positive operating cash flow in the past year.
Of the past 5 years ARG 4 years were profitable.
In the past 5 years ARG always reported a positive cash flow from operatings.
ARG.PA Yearly Net Income VS EBIT VS OCF VS FCFARG.PA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M 600M

1.2 Ratios

ARG has a better Return On Assets (6.75%) than 100.00% of its industry peers.
Looking at the Return On Equity, with a value of 12.65%, ARG belongs to the top of the industry, outperforming 97.56% of the companies in the same industry.
ARG has a Return On Invested Capital (3.47%) which is comparable to the rest of the industry.
ARG had an Average Return On Invested Capital over the past 3 years of 3.13%. This is in line with the industry average of 3.48%.
The last Return On Invested Capital (3.47%) for ARG is above the 3 year average (3.13%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 6.75%
ROE 12.65%
ROIC 3.47%
ROA(3y)0.48%
ROA(5y)4.9%
ROE(3y)0.46%
ROE(5y)10.33%
ROIC(3y)3.13%
ROIC(5y)3.04%
ARG.PA Yearly ROA, ROE, ROICARG.PA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 30

1.3 Margins

Looking at the Profit Margin, with a value of 139.47%, ARG belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
In the last couple of years the Profit Margin of ARG has declined.
ARG has a Operating Margin of 92.63%. This is amongst the best in the industry. ARG outperforms 92.68% of its industry peers.
In the last couple of years the Operating Margin of ARG has grown nicely.
Industry RankSector Rank
OM 92.63%
PM (TTM) 139.47%
GM N/A
OM growth 3Y-0.31%
OM growth 5Y17.53%
PM growth 3Y-33.91%
PM growth 5Y-10.3%
GM growth 3YN/A
GM growth 5YN/A
ARG.PA Yearly Profit, Operating, Gross MarginsARG.PA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 -100 200 300 400

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3

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so ARG is destroying value.
The number of shares outstanding for ARG has been increased compared to 1 year ago.
The number of shares outstanding for ARG has been increased compared to 5 years ago.
The debt/assets ratio for ARG has been reduced compared to a year ago.
ARG.PA Yearly Shares OutstandingARG.PA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M 25M
ARG.PA Yearly Total Debt VS Total AssetsARG.PA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B

2.2 Solvency

ARG has an Altman-Z score of 1.28. This is a bad value and indicates that ARG is not financially healthy and even has some risk of bankruptcy.
ARG's Altman-Z score of 1.28 is amongst the best of the industry. ARG outperforms 85.37% of its industry peers.
ARG has a debt to FCF ratio of 9.50. This is a negative value and a sign of low solvency as ARG would need 9.50 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 9.50, ARG is in the better half of the industry, outperforming 78.05% of the companies in the same industry.
ARG has a Debt/Equity ratio of 0.76. This is a neutral value indicating ARG is somewhat dependend on debt financing.
ARG's Debt to Equity ratio of 0.76 is in line compared to the rest of the industry. ARG outperforms 46.34% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.76
Debt/FCF 9.5
Altman-Z 1.28
ROIC/WACC0.62
WACC5.6%
ARG.PA Yearly LT Debt VS Equity VS FCFARG.PA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B 2B

2.3 Liquidity

A Current Ratio of 0.52 indicates that ARG may have some problems paying its short term obligations.
With a Current ratio value of 0.52, ARG perfoms like the industry average, outperforming 56.10% of the companies in the same industry.
ARG has a Quick Ratio of 0.52. This is a bad value and indicates that ARG is not financially healthy enough and could expect problems in meeting its short term obligations.
The Quick ratio of ARG (0.52) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 0.52
Quick Ratio 0.52
ARG.PA Yearly Current Assets VS Current LiabilitesARG.PA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

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5

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 188.61% over the past year.
Measured over the past years, ARG shows a decrease in Earnings Per Share. The EPS has been decreasing by -3.87% on average per year.
ARG shows a small growth in Revenue. In the last year, the Revenue has grown by 7.89%.
The Revenue has been growing by 14.50% on average over the past years. This is quite good.
EPS 1Y (TTM)188.61%
EPS 3Y-30.53%
EPS 5Y-3.87%
EPS Q2Q%39.97%
Revenue 1Y (TTM)7.89%
Revenue growth 3Y8.41%
Revenue growth 5Y14.5%
Sales Q2Q%7.59%

3.2 Future

Based on estimates for the next years, ARG will show a small growth in Earnings Per Share. The EPS will grow by 2.70% on average per year.
Based on estimates for the next years, ARG will show a small growth in Revenue. The Revenue will grow by 3.39% on average per year.
EPS Next Y8.03%
EPS Next 2Y4.26%
EPS Next 3Y3.05%
EPS Next 5Y2.7%
Revenue Next Year6.38%
Revenue Next 2Y4.25%
Revenue Next 3Y4.26%
Revenue Next 5Y3.39%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
ARG.PA Yearly Revenue VS EstimatesARG.PA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 50M 100M 150M 200M
ARG.PA Yearly EPS VS EstimatesARG.PA Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 2 4 6

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7

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 5.60, the valuation of ARG can be described as very cheap.
Based on the Price/Earnings ratio, ARG is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 27.06, ARG is valued rather cheaply.
A Price/Forward Earnings ratio of 10.46 indicates a reasonable valuation of ARG.
Compared to the rest of the industry, the Price/Forward Earnings ratio of ARG indicates a somewhat cheap valuation: ARG is cheaper than 73.17% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of ARG to the average of the S&P500 Index (22.69), we can say ARG is valued rather cheaply.
Industry RankSector Rank
PE 5.6
Fwd PE 10.46
ARG.PA Price Earnings VS Forward Price EarningsARG.PA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

ARG's Enterprise Value to EBITDA is on the same level as the industry average.
ARG's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. ARG is cheaper than 78.05% of the companies in the same industry.
Industry RankSector Rank
P/FCF 8.53
EV/EBITDA 17.69
ARG.PA Per share dataARG.PA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

ARG's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
ARG has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.7
PEG (5Y)N/A
EPS Next 2Y4.26%
EPS Next 3Y3.05%

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7

5. Dividend

5.1 Amount

ARG has a Yearly Dividend Yield of 5.08%, which is a nice return.
ARG's Dividend Yield is comparable with the industry average which is at 5.44.
ARG's Dividend Yield is rather good when compared to the S&P500 average which is at 2.32.
Industry RankSector Rank
Dividend Yield 5.08%

5.2 History

The dividend of ARG is nicely growing with an annual growth rate of 32.61%!
Dividend Growth(5Y)32.61%
Div Incr Years2
Div Non Decr Years2
ARG.PA Yearly Dividends per shareARG.PA Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

ARG pays out 22.49% of its income as dividend. This is a sustainable payout ratio.
The dividend of ARG is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP22.49%
EPS Next 2Y4.26%
EPS Next 3Y3.05%
ARG.PA Yearly Income VS Free CF VS DividendARG.PA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M 600M
ARG.PA Dividend Payout.ARG.PA Dividend Payout, showing the Payout Ratio.ARG.PA Dividend Payout.PayoutRetained Earnings

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ARGAN

EPA:ARG (9/5/2025, 5:24:46 PM)

63.9

+0.9 (+1.43%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)07-17 2025-07-17
Earnings (Next)10-01 2025-10-01
Inst Owners34.29%
Inst Owner ChangeN/A
Ins Owners36.31%
Ins Owner ChangeN/A
Market Cap1.64B
Analysts78.33
Price Target79.94 (25.1%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.08%
Yearly Dividend2.17
Dividend Growth(5Y)32.61%
DP22.49%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-1.73%
PT rev (3m)-2.14%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)1.5%
EPS NY rev (3m)1.5%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.07%
Revenue NY rev (3m)-0.14%
Valuation
Industry RankSector Rank
PE 5.6
Fwd PE 10.46
P/S 7.89
P/FCF 8.53
P/OCF 8.53
P/B 0.72
P/tB 0.73
EV/EBITDA 17.69
EPS(TTM)11.41
EY17.86%
EPS(NY)6.11
Fwd EY9.56%
FCF(TTM)7.49
FCFY11.72%
OCF(TTM)7.49
OCFY11.73%
SpS8.1
BVpS89.25
TBVpS87.09
PEG (NY)0.7
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 6.75%
ROE 12.65%
ROCE 4.72%
ROIC 3.47%
ROICexc 3.5%
ROICexgc 3.55%
OM 92.63%
PM (TTM) 139.47%
GM N/A
FCFM 92.46%
ROA(3y)0.48%
ROA(5y)4.9%
ROE(3y)0.46%
ROE(5y)10.33%
ROIC(3y)3.13%
ROIC(5y)3.04%
ROICexc(3y)3.21%
ROICexc(5y)3.17%
ROICexgc(3y)3.25%
ROICexgc(5y)3.22%
ROCE(3y)4.26%
ROCE(5y)4.13%
ROICexcg growth 3Y3.68%
ROICexcg growth 5Y17.66%
ROICexc growth 3Y3.74%
ROICexc growth 5Y18.7%
OM growth 3Y-0.31%
OM growth 5Y17.53%
PM growth 3Y-33.91%
PM growth 5Y-10.3%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.05
Health
Industry RankSector Rank
Debt/Equity 0.76
Debt/FCF 9.5
Debt/EBITDA 8.99
Cap/Depr 69.58%
Cap/Sales 0.09%
Interest Coverage 250
Cash Conversion 99.78%
Profit Quality 66.3%
Current Ratio 0.52
Quick Ratio 0.52
Altman-Z 1.28
F-Score6
WACC5.6%
ROIC/WACC0.62
Cap/Depr(3y)57.59%
Cap/Depr(5y)2471.73%
Cap/Sales(3y)0.08%
Cap/Sales(5y)39.63%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)188.61%
EPS 3Y-30.53%
EPS 5Y-3.87%
EPS Q2Q%39.97%
EPS Next Y8.03%
EPS Next 2Y4.26%
EPS Next 3Y3.05%
EPS Next 5Y2.7%
Revenue 1Y (TTM)7.89%
Revenue growth 3Y8.41%
Revenue growth 5Y14.5%
Sales Q2Q%7.59%
Revenue Next Year6.38%
Revenue Next 2Y4.25%
Revenue Next 3Y4.26%
Revenue Next 5Y3.39%
EBIT growth 1Y7.58%
EBIT growth 3Y8.07%
EBIT growth 5Y34.57%
EBIT Next Year-10.14%
EBIT Next 3Y-1.47%
EBIT Next 5Y-0.68%
FCF growth 1Y5.49%
FCF growth 3Y0.28%
FCF growth 5YN/A
OCF growth 1Y5.46%
OCF growth 3Y0.29%
OCF growth 5Y66.22%