Argan's 2026 Outlook: $2.5 Billion Project Backlog Drives Reliable Power Infrastructure Expansion

Argan (AGX) has achieved a $2.5 billion project backlog driven by strong demand for power infrastructure and data center construction. The company maintains a debt-free balance sheet with over $1 billion in cash, operates an asset-light model, and delivered record Q2 revenue of $384 million (56.5% YoY growth). However, the stock trades at a trailing P/E of 31.68, which leaves limited margin for error if project awards slow or execution issues arise.