Argan
Argan, Inc. (NYSE: AGX) is a publicly traded holding company that delivers lump-sum, fixed-price engineering, procurement, and construction (EPC) services for large-scale natural gas-fired and renewable power plants through subsidiaries Gemma Power Systems, Atlantic Projects Company, The Roberts Company, and SMC Infrastructure Solutions, serving utilities, AI data center operators, and industrial customers.
- Company typePublic
- Founded1961
- HeadquartersRockville, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Argan does
Argan, Inc. (NYSE: AGX) is a publicly traded holding company incorporated in Delaware and headquartered in Arlington, Virginia, that delivers engineering, procurement, and construction (EPC) services for power generation facilities through four wholly-owned operating subsidiaries: Gemma Power Systems (U.S. gas-fired and renewable power plant EPC), Atlantic Projects Company (international power projects in Ireland and Northern Ireland), The Roberts Company (industrial fabrication and plant services), and SMC Infrastructure Solutions (telecommunications infrastructure). The company specializes in lump-sum, fixed-price, turnkey EPC contracts for large-scale natural gas-fired combined-cycle and simple-cycle power plants, ranging from 100 MW to over 1,875 MW in capacity, and has approximately 4.1+ gigawatts currently under construction across four U.S. projects.
Argan's revenue model is project-based, with earnings recognized over multi-year construction timelines under fixed-price contracts secured through competitive bidding and direct negotiation with utilities, independent power producers, and data center operators. The Power segment contributed 78% of total revenues in Q1 FY2027. Primary customers include utilities (93% of backlog), AI data center operators, and domestic manufacturers; named end-customers include SSE/ESB (Ireland), CPV, Sandow Lakes, and the Trumbull Energy Center in Ohio. The company is debt-free with approximately $895 million in cash, enabling competitive bidding on large projects and self-funded growth.
The business has scaled rapidly, with FY2026 revenue of $944.6 million (up 8.1% YoY) and Q1 FY2027 revenue of $291 million (up 50.2% YoY), backed by a $2.8 billion project backlog representing 49.1% YoY growth. Capital allocation combines organic project execution, a $200 million share repurchase authorization through January 2030, and disciplined M&A, exemplified by the 2015 acquisition of The Roberts Company. Leadership transitioned in August 2022 when CEO David Watson succeeded founder Rainer Bosselmann, and the company has subsequently gained index inclusion in the S&P SmallCap 600 and Russell 2000 Dynamic Index, reflecting growing institutional recognition.
Argan firmographics
Firmographics- Name
- Argan
- Legal name
- Argan, Inc.
- Website
- http://arganinc.com
- Company type
- Public
- Founded year
- 1961
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Argan, Inc. (NYSE: AGX) is a publicly traded holding company that delivers lump-sum, fixed-price engineering, procurement, and construction (EPC) services for large-scale natural gas-fired and renewable power plants through subsidiaries Gemma Power Systems, Atlantic Projects Company, The Roberts Company, and SMC Infrastructure Solutions, serving utilities, AI data center operators, and industrial customers.
- Ownership category
- akta.pro rank
Argan industry classification
Industry- Product category
- Power Infrastructure Construction
- NAICS
- Electric Power Generation (22111), Management of Companies and Enterprises (55111), Electric Power Generation, Transmission and Distribution (2211), Offices of Other Holding Companies (551112)
- SIC
- Oil & Gas Field Services, Nec (1389)
- akta.pro primary industry
- Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls) (EUAEAAAM)
- akta.pro secondary industries
- Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB), Solar Balance-of-Plant EPC (Piles/Foundations, Trenching, Combiner Networks) (EUAEADAJ), Substation & Interconnection EPC (Collector/POI Substations, Switchyards) (EUAEADAC)
Keywords
Where Argan is headquartered
LocationHeadquarters
- HQ city
- Rockville
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Argan business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Power Industry Construction Services: Revenue generated from EPC contracts for construction of natural gas-fired power plants, serving utilities, independent power producers, and data center operators. The Power segment contributed 78% of total revenues in Q1 FY2027. Projects are typically large-scale, fixed-price contracts with multi-year execution timelines.
- Industrial Fabrication Services: Revenue from The Roberts Company providing industrial fabrication, construction and plant services for power and related industrial sectors.
- Telecommunications Infrastructure: SMC Infrastructure Solutions provides telecommunications infrastructure services, contributing to overall company revenues.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
Argan product offering
Product offeringCore offering
Argan, Inc. is a publicly traded holding company that provides engineering, procurement, and construction (EPC) services for power generation facilities, primarily natural gas-fired combined-cycle and simple-cycle power plants. The company operates through wholly-owned subsidiaries including Gemma Power Systems, Atlantic Projects Company, The Roberts Company, and SMC Infrastructure Solutions, executing large-scale fixed-price lump-sum turnkey contracts for utilities, independent power producers, and data center operators.
Product overview
Argan, Inc. is a power infrastructure construction holding company that delivers services through four operating subsidiaries: Gemma Power Systems (primary EPC contractor for gas-fired and renewable power plants), Atlantic Projects Company (international power projects), The Roberts Company (fabrication and plant services), and SMC Infrastructure Solutions (telecommunications infrastructure). The company operates as a unified platform providing engineering, procurement, and construction services for power generation facilities, with a focus on large-scale gas-fired combined-cycle power plants serving AI data center demand and domestic manufacturing reshoring. The product portfolio spans from project development through construction completion, supported by in-house fabrication capabilities.
Differentiator
Problem solved
Functional benefit
Products and services
- Gemma Power Systems Primary subsidiary providing EPC services for gas-fired power plants and renewable energy projects across the United States, handling large-scale power infrastructure projects including combined-cycle gas turbine facilities.
- Atlantic Projects Company International subsidiary focused on power plant construction and engineering services outside the continental United States, including projects in Ireland and Northern Ireland.
- The Roberts Company Fully integrated fabrication, construction, and plant services subsidiary providing industrial fabrication and construction support for power generation facilities.
- SMC Infrastructure Solutions Subsidiary focused on telecommunications and infrastructure construction services.
- Gemma Renewable Power Renewable energy project subsidiary recognized for solar and sustainable power infrastructure projects, recipient of the 2025 Nexus Award for Partner of the Year.
Quantifiable outcome
- Revenue growth of 50% year-over-year to $291 million in Q1 FY2027
- +3 more outcomes
Companies that use Argan
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles1 record
Argan technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Argan partnerships and signals
Strategic signalScale indicators8 records
Recent moves7 records
Expansion highlights6 records
Argan competitors and assessment
Company assessmentDirect peers
- MYR Group: Specialty electrical construction services firm focused on transmission, distribution, and commercial/industrial power. Comparable to Argan's electrical EPC work, particularly balance-of-plant and substation scope.
- Primoris Services: Infrastructure construction company providing power, pipeline, and civil services to utilities, IPPs, and energy developers. Comparable to Argan in targeting power generation EPC and balance-of-plant work in North America.
- Quanta Services: Largest U.S. infrastructure EPC firm focused on electric power, renewables, and communications. Directly comparable as a scaled, publicly traded power infrastructure construction platform serving utilities, IPPs, and increasingly data center customers.
- MasTec: Diversified infrastructure construction company with material exposure to power delivery, oil & gas, and communications. Comparable to Argan in targeting large energy infrastructure projects including power generation and transmission.
Regional players
- Granite Construction: Heavy civil construction firm with exposure to energy, utility, and infrastructure markets in the U.S. Comparable in providing large-scale site/civil and infrastructure construction to energy customers, though more weighted to transportation and water.
Broad incumbents
- KBR Inc. Global engineering and government services firm with a power and energy EPC practice. Comparable to Argan's EPC capabilities for large energy infrastructure projects, though KBR's portfolio is broader and includes government services.
- Fluor Corporation: Global engineering, procurement, fabrication, construction, and maintenance firm with a long history in power generation EPC. Comparable on large fixed-price power project execution, though much more diversified across energy, mining, and government.
- EMCOR Group: Large electrical and mechanical construction firm serving commercial, industrial, and utility customers. Comparable as a scaled specialty contractor with significant power/industrial exposure, though broader in end markets than Argan.
Emerging players
- IES Holdings: Electrical and mechanical contractor serving industrial, commercial, and data center customers. Comparable to Argan's electrical infrastructure scope, with growing exposure to data center power demand similar to Argan's.
Others
- Construction Partners: Civil infrastructure company focused on roads, highways, and energy-related site work in the Sun Belt. Adjacent to Argan via shared exposure to energy infrastructure site development and civil construction.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Argan social profiles
Digital presenceArgan financial estimates
Financial estimateRevenue estimate
Valuation estimate
Argan leadership team
Management profileNumber of profiles
Profiles4 records
Argan subsidiaries and ownership
Company hierarchySubsidiaries4 records
Argan funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Argan M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Argan
What does Argan do?
Argan, Inc. is a publicly traded holding company that provides engineering, procurement, and construction (EPC) services for power generation facilities, primarily natural gas-fired combined-cycle and simple-cycle power plants. The company operates through wholly-owned subsidiaries including Gemma Power Systems, Atlantic Projects Company, The Roberts Company, and SMC Infrastructure Solutions, executing large-scale fixed-price lump-sum turnkey contracts for utilities, independent power producers, and data center operators.
Is Argan a public or private company?
Argan is a public company. It is classified as public and is currently operating.
When was Argan founded?
Argan was founded in 1961. It employs 1,001 to 5,000 people.
Where is Argan based?
Argan is headquartered in Rockville, United States, in the North America region.
How does Argan make money?
Three revenue lines are on record. Power Industry Construction Services are the primary driver. The others are industrial Fabrication Services and telecommunications Infrastructure.
Who are Argan's main competitors?
Direct peers on record are MYR Group, Primoris Services, Quanta Services and MasTec. Granite Construction is listed as a regional player. Broad incumbents are KBR Inc., Fluor Corporation and EMCOR Group. IES Holdings is listed as an emerging player. Construction Partners is listed as an others.
Does Argan have an API?
No public API is recorded for Argan.
What industry is Argan in?
Argan's product category is Power Infrastructure Construction. Its primary akta.pro industry code is EUAEAAAM, Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls), with a secondary code of EUAEAAAG, Solar PV Power Plant EPC (Utility-Scale). Its NAICS code is 22111 and its SIC code is 1389.