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Argan cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$91.7M in Q2 FY27 · $546M over twelve months

Operating cash flow$97.0M
Capital spending−$5.3M
Free cash flow+$91.7M
Cash / net income1.8×
Cash conversion cycle2 days

Analysis

In Q2 FY27, Argan generated $97.0M of operating cash flow and spent $5.3M on capital projects, leaving free cash flow of $91.7M. That is $58.8M more than in Q2 FY26 ($32.9M).

Over the twelve months to Jul 31, 2026, operating cash flow was $555M; the largest uses were other investing ($289M), other financing ($28.9M), dividends ($28.1M); the cash balance rose by $187M.

Operating cash flow was $97.0M against net income of $53.3M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$61.2M, receivables −$47.3M, payables +$23.5M.

Its cash conversion cycle was 2 days (receivables 37 + inventory 0 − payables 36).

Free cash flow

Argan: free cash flow by quarterArgan: free cash flow by quarter$29.2MQ3 FY25$43.3MQ4 FY25$34.9MQ1 FY26$32.9MQ2 FY26$172MQ3 FY26$171MQ4 FY26$111MQ1 FY27$91.7MQ2 FY27
Operating cash flow less capital spending.
Argan: operating cash flow against capital spendingArgan: operating cash flow against capital spendingOperating cash flowCapital spending$31.8M$2.5MQ3 FY25$44.6M$1.4MQ4 FY25$35.3M$395KQ1 FY26$34.6M$1.7MQ2 FY26$172M$583KQ3 FY26$172M$1.2MQ4 FY26$113M$2.4MQ1 FY27$97.0M$5.3MQ2 FY27
Latest (Q2 FY27): Operating cash flow $97.0M, Capital spending $5.3M.

Capital allocation, year by year

Argan: where the cash came from (up) and went (down), by fiscal yearArgan: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $28.4MFY22: Shares issued $1.4MFY22: Capital spending −$1.4MFY22: Acquisitions −$600KFY22: Buybacks −$20.4MFY22: Dividends −$15.7M$29.8MFY22FY23: Operating cash flow −$30.1MFY23: Shares issued $66KFY23: Capital spending −$3.4MFY23: Buybacks −$68.2MFY23: Dividends −$14.0M$66KFY23FY24: Operating cash flow $117MFY24: Shares issued $1.1MFY24: Capital spending −$2.8MFY24: Buybacks −$12.5MFY24: Dividends −$14.7M$118MFY24FY25: Operating cash flow $168MFY25: Capital spending −$6.6MFY25: Buybacks −$1.5MFY25: Dividends −$18.3M$168MFY25FY26: Operating cash flow $415MFY26: Capital spending −$3.9MFY26: Buybacks −$9.9MFY26: Dividends −$24.3M$415MFY26
Over these 5 years operating cash flow totalled $698M; the largest uses were buybacks ($112M) and dividends ($86.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$548M
Debtnone
Net cash$548M

Argan funds itself: free cash flow was $546M over the last twelve months, with $548M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Argan: sources (+) and uses (−) of cash, Q2 FY27Argan: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$97.0MOther investing−$58.0MCash drawn (+) / kept (−)−$8.6MDividends−$7.0MExchange rates−$7.0MBuybacks−$6.7MCapital spending−$5.3MOther financing−$4.4M
Argan: sources (+) and uses (−) of cash, TTM to Q2 FY27Argan: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$555MOther investing−$289MCash drawn (+) / kept (−)−$187MOther financing−$28.9MDividends−$28.1MBuybacks−$12.5MCapital spending−$9.5MExchange rates−$643K

From profit to cash

Argan: net income to operating cash flow, Q2 FY27Argan: net income to operating cash flow, Q2 FY27Net income$53.3MDepreciation & amortization$720KStock-based pay$2.4MDeferred taxes−$513KOther non-cash$200KReceivables−$47.3MPayables$23.5MDeferred revenue$61.2MContract assets$1.3MPrepaid and other assets$932KOperating cash flow$97.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2737—362
Q1 FY2740—45-4
Q4 FY2653—495
Q3 FY2664—4420
Q2 FY2655—3916
Q1 FY2665—4718
Q4 FY2561—4615
Q3 FY2541—400

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q2 FY27$97.0M−$5.3M−$6.7M−$7.0M−$8.6M$91.7M
Q1 FY27$113M−$2.4M−$3.0M−$7.0M−$16.4M$111M
Q4 FY26$172M−$1.2M−$2.8M−$7.0M−$33.2M$171M
Q3 FY26$172M−$583K—−$7.1M−$128M$172M
Q2 FY26$34.6M−$1.7M−$199K−$5.2M$11.4M$32.9M
Q1 FY26$35.3M−$395K−$6.8M−$5.1M−$44.0M$34.9M
Q4 FY25$44.6M−$1.4M−$878K−$5.0M$30.1M$43.3M
Q3 FY25$31.8M−$2.5M−$459K−$5.2M$57.3M$29.2M

Argan: income statement and cash flow

Argan, Q2 FY27: revenue $384M (+62% year over year), operating margin 14.8%. The chart follows the revenue to costs, profit and cash.

Argan: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.